# EDGAR Filing Document

**Accession Number:** 0000756913
**File Stem:** 0001193125-26-156991
**Filing Date:** 2026-4
**Character Count:** 3728874
**Document Hash:** 5492765da8f72fc4d1d1be806f0fc447
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-156991.hdr.sgml**: 20260415

**ACCESSION NUMBER**: 0001193125-26-156991

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 598

**FILED AS OF DATE**: 20260415

**DATE AS OF CHANGE**: 20260415

**EFFECTIVENESS DATE**: 20260427

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JOHN HANCOCK VARIABLE INSURANCE TRUST
- **CENTRAL INDEX KEY:** 0000756913

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04146
- **FILM NUMBER:** 26864229

**BUSINESS ADDRESS:**
- **STREET 1:** C/O JOHN HANCOCK FUNDS
- **STREET 2:** 200 BERKELEY STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02116
- **BUSINESS PHONE:** 617-663-3000

**MAIL ADDRESS:**
- **STREET 1:** C/O JOHN HANCOCK FUNDS
- **STREET 2:** 200 BERKELEY STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02116

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** JOHN HANCOCK TRUST
- **DATE OF NAME CHANGE:** 20050124

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MANUFACTURERS INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 19971022

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NASL SERIES FUND INC
- **DATE OF NAME CHANGE:** 19881030
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JOHN HANCOCK VARIABLE INSURANCE TRUST
- **CENTRAL INDEX KEY:** 0000756913

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-94157
- **FILM NUMBER:** 26864228

**BUSINESS ADDRESS:**
- **STREET 1:** C/O JOHN HANCOCK FUNDS
- **STREET 2:** 200 BERKELEY STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02116
- **BUSINESS PHONE:** 617-663-3000

**MAIL ADDRESS:**
- **STREET 1:** C/O JOHN HANCOCK FUNDS
- **STREET 2:** 200 BERKELEY STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02116

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** JOHN HANCOCK TRUST
- **DATE OF NAME CHANGE:** 20050124

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MANUFACTURERS INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 19971022

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NASL SERIES FUND INC
- **DATE OF NAME CHANGE:** 19881030

## Series and Classes Contracts Data

### Total Bond Market Trust (Series ID: S000008214)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000022342 | NAV          | JAGUX           |
| C000117965 | Series I     | JTBMX           |
| C000117966 | Series II    | JAGVX           |

### American Growth Trust (Series ID: S000008215)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000022347 | Series I     | JAHJX           |
| C000022348 | Series II    | JAHKX           |
| C000022349 | Series III   | JAHGX           |

### Blue Chip Growth Trust (Series ID: S000008217)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000022354 | NAV          | JAEDX           |
| C000022355 | Series I     | JADZX           |
| C000022356 | Series II    | JADYX           |

### 500 Index Trust (Series ID: S000008219)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000022362 | NAV          | JAGMX           |
| C000117967 | Series I     | JFIVX           |
| C000117968 | Series II    | JAGKX           |

### U.S. Growth Trust (Series ID: S000008220)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000022366 | NAV          | JAFGX           |
| C000022367 | Series I     | JAFHX           |
| C000022368 | Series II    | JAFJX           |

### Core Bond Trust (Series ID: S000008222)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000022374 | NAV          | JVCNX           |
| C000022375 | Series I     | JADKX           |
| C000022376 | Series II    | JAAEX           |

### Equity Income Trust (Series ID: S000008228)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000022398 | NAV          | JAEEX           |
| C000022399 | Series I     | JAEGX           |
| C000022400 | Series II    | JAEFX           |

### Financial Industries Trust (Series ID: S000008229)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000022402 | NAV          | JAFNX           |
| C000022403 | Series I     | JEFSX           |
| C000022404 | Series II    | JEFCX           |

### Global Equity Trust (Series ID: S000008231)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000022410 | NAV          | JAJGX           |
| C000022411 | Series I     | JEFGX           |
| C000022412 | Series II    | JAJFX           |

### Opportunistic Fixed Income Trust (Series ID: S000008233)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000022418 | NAV          | JAEKX           |
| C000022419 | Series I     | JAEJX           |
| C000022420 | Series II    | JAEHX           |

### Active Bond Trust (Series ID: S000008236)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000022430 | NAV          | JAHDX           |
| C000022431 | Series I     | JAHFX           |
| C000022432 | Series II    | JAHEX           |

### Health Sciences Trust (Series ID: S000008239)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000022442 | NAV          | JAFMX           |
| C000022443 | Series I     | JEHSX           |
| C000022444 | Series II    | JAFKX           |

### High Yield Trust (Series ID: S000008240)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000022446 | NAV          | JAEMX           |
| C000022447 | Series I     | JAELX           |
| C000022448 | Series II    | JAEOX           |

### American Growth-Income Trust (Series ID: S000008247)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000022475 | Series I     | JAHQX           |
| C000022476 | Series II    | JAHRX           |
| C000022477 | Series III   | JAHUX           |

### Investment Quality Bond Trust (Series ID: S000008273)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000022567 | NAV          | JAJNX           |
| C000022568 | Series I     | JADUX           |
| C000022569 | Series II    | JADSX           |

### Managed Volatility Growth Portfolio (Series ID: S000008278)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000022588 | NAV          | JAIZX           |
| C000022589 | Series I     | JELGX           |
| C000022590 | Series II    | JAJAX           |

### Managed Volatility Balanced Portfolio (Series ID: S000008279)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000022593 | NAV          | JAIYX           |
| C000022594 | Series I     | JELBX           |
| C000022595 | Series II    | JAJRX           |

### Managed Volatility Moderate Portfolio (Series ID: S000008280)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000022598 | NAV          | JAIVX           |
| C000022599 | Series I     | JELMX           |
| C000022600 | Series II    | JAIWX           |

### Managed Volatility Conservative Portfolio (Series ID: S000008281)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000022603 | NAV          | JAIUX           |
| C000022604 | Series I     | JELCX           |
| C000022605 | Series II    | JAISX           |

### Mid Cap Index Trust (Series ID: S000008285)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000022620 | NAV          | JAEYX           |
| C000022621 | Series I     | JECIX           |
| C000022622 | Series II    | JAEZX           |

### Mid Cap Growth Trust (Series ID: S000008286)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000022624 | NAV          | JAEVX           |
| C000022625 | Series I     | JAETX           |
| C000022626 | Series II    | JAEUX           |

### Mid Value Trust (Series ID: S000008289)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000022636 | NAV          | JAGWX           |
| C000022637 | Series I     | JEMUX           |
| C000022638 | Series II    | JAGYX           |

### Money Market Trust (Series ID: S000008290)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000022640 | NAV          | JABXX           |
| C000022641 | Series I     | JHOXX           |
| C000022642 | Series II    | JAAXX           |

### Fundamental All Cap Core Trust (Series ID: S000008296)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000022664 | NAV          | JADDX           |
| C000022665 | Series I     | JEQAX           |
| C000022666 | Series II    | JFLGX           |

### International Equity Index Trust (Series ID: S000008297)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000022668 | NAV          | JVANX           |
| C000117969 | Series I     | JIEQX           |
| C000117970 | Series II    | JAJEX           |

### International Small Company Trust (Series ID: S000008301)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000022684 | NAV          | JAJDX           |
| C000022685 | Series I     | JAJCX           |
| C000022686 | Series II    | JAADX           |

### Disciplined Value International Trust (Series ID: S000008302)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000022688 | NAV          | JAJJX           |
| C000022689 | Series I     | JAJHX           |
| C000022690 | Series II    | JAJIX           |

### Small Cap Index Trust (Series ID: S000008311)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000022703 | NAV          | JAEWX           |
| C000022704 | Series I     | JESIX           |
| C000022705 | Series II    | JAJOX           |

### Small Cap Opportunities Trust (Series ID: S000008312)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000022707 | NAV          | JADMX           |
| C000022708 | Series I     | JADLX           |
| C000022709 | Series II    | JADPX           |

### Small Cap Core Trust (Series ID: S000008313)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000022711 | Series NAV   | JAHBX           |
| C000022712 | Series I     | JESVX           |
| C000022713 | Series II    | JAGZX           |

### Small Company Value Trust (Series ID: S000008316)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000022723 | NAV          | JAEQX           |
| C000022724 | Series I     | JAEPX           |
| C000022725 | Series II    | JAERX           |

### Strategic Income Opportunities Trust (Series ID: S000008320)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000022739 | NAV          | JVRNX           |
| C000022740 | Series I     | JESNX           |
| C000022741 | Series II    | JESPX           |

### Fundamental Large Cap Value Trust (Series ID: S000008321)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000022743 | NAV          | JADIX           |
| C000022744 | Series I     | JVFLX           |
| C000022745 | Series II    | JADJX           |

### Total Stock Market Index Trust (Series ID: S000008325)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000022759 | NAV          | JAFEX           |
| C000022760 | Series I     | JETSX           |
| C000022761 | Series II    | JAFFX           |

### Real Estate Securities Trust (Series ID: S000008338)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000022811 | NAV          | JAJMX           |
| C000022812 | Series I     | JADBX           |
| C000022813 | Series II    | JAJLX           |

### Science & Technology Trust (Series ID: S000008340)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000022819 | NAV          | JAFSX           |
| C000022820 | Series I     | JESTX           |
| C000022821 | Series II    | JAFUX           |

### Small Cap Stock Trust (Series ID: S000008343)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000022831 | NAV          | JAGPX           |
| C000022832 | Series I     | JESGX           |
| C000022833 | Series II    | JAGQX           |

### American Asset Allocation Trust (Series ID: S000017250)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000047744 | Series I     | JAHZX           |
| C000047745 | Series II    | JAIFX           |
| C000047746 | Series III   | JAIDX           |

### Disciplined Value Emerging Markets Equity Trust (Series ID: S000017255)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000047759 | Series I     | JAJBX           |
| C000047760 | Series II    | JEMTX           |
| C000047761 | NAV          | JHVTX           |

### American Global Growth Trust (Series ID: S000017256)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000047762 | Series II    | JAHWX           |
| C000047763 | Series III   | JAHVX           |
| C000047764 | Series I     | JAJQX           |

### Capital Appreciation Value Trust (Series ID: S000021933)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000063026 | NAV Class       | JAFRX           |
| C000063027 | Series I Class  | JAFPX           |
| C000063028 | Series II Class | JAFQX           |

### Short Term Government Income Trust (Series ID: S000024662)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000073237 | NAV          | JAFYX           |
| C000073238 | Series I     | JAJPX           |
| C000073239 | Series II    | JAFWX           |

### Select Bond Trust (Series ID: S000026132)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000078285 | NAV          | JAGBX           |
| C000078286 | Series I     | JAFZX           |
| C000078287 | Series II    | JHBDX           |

### Ultra Short Term Bond Trust (Series ID: S000029542)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000090649 | Series I     | JAGJX           |
| C000090650 | Series II    | JAGEX           |
| C000090651 | NAV          | JAGFX           |

### Lifestyle Balanced Portfolio (Series ID: S000032004)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000099620 | Series I     | JHBPX           |
| C000099621 | Series II    | JAILX           |
| C000099622 | NAV          | JAINX           |

### Lifestyle Conservative Portfolio (Series ID: S000032005)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000099623 | Series I     | JHCIX           |
| C000099624 | Series II    | JAIRX           |
| C000099625 | NAV          | JAIQX           |

### Lifestyle Growth Portfolio (Series ID: S000032006)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000099626 | Series I     | JHGPX           |
| C000099627 | Series II    | JAIKX           |
| C000099628 | NAV          | JAIJX           |

### Lifestyle Moderate Portfolio (Series ID: S000032007)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000099629 | Series I     | JHMPX           |
| C000099630 | Series II    | JAIPX           |
| C000099631 | NAV          | JAIOX           |

### Strategic Equity Allocation Trust (Series ID: S000036499)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000111802 | Series I     |  |
| C000111803 | Series II    |  |
| C000111804 | Series NAV   | JAFVX           |

?xml version='1.0' encoding='ASCII'? JOHN HANCOCK VARIABLE INSURANCE TRUST

Registration No. 2-94157/811-04146

As filed with the Securities and Exchange

Commission on April 15, 2026

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT

under

THE SECURITIES ACT OF 1933

POST-EFFECTIVE AMENDMENT NO. 128

and/or

THE INVESTMENT COMPANY ACT OF 1940

AMENDMENT NO. 129

_________________________

**JOHN HANCOCK VARIABLE INSURANCE TRUST**

(Exact Name of Registrant as Specified in Charter)

200 Berkeley Street

Boston, Massachusetts 02116

(Address of Principal Executive Offices)

(800) 344-1029

_________________________

Christopher Sechler

Secretary

John Hancock Variable Insurance Trust

200 Berkeley Street

Boston, Massachusetts 02116

(Name and Address of Agent for Service)

Copies to:

Mark P. Goshko, Esq.

K&L Gates LLP

One Congress Street

Suite 2900

Boston, Massachusetts 02114

_________________________

TITLE OF SECURITIES BEING REGISTERED: Shares of beneficial interest ($0.00 par value) of the Registrant.

APPROXIMATE DATE OF PROPOSED PUBLIC OFFERING: As soon as practicable after the effective date of this Registration Statement.

---

| | |
|:---|:---|
| It is proposed that this filing will become effective (check appropriate box): | It is proposed that this filing will become effective (check appropriate box): |
| [ ] | immediately upon filing pursuant to paragraph (b) |
| [X] | on (April 27, 2026) pursuant to paragraph (b) |
| [ ] | 60 days after filing pursuant to paragraph (a)(1) |
| [ ] | on (date) pursuant to paragraph (a)(1) |
| [ ] | on (date) pursuant to paragraph (a)(2) |
| [ ] | 75 days after filing pursuant to paragraph (a)(2) of Rule 485 |
| If appropriate, check the following box: | If appropriate, check the following box: |
| [ ] | this post-effective amendment designates a new effective date for a previously filed post-effective amendment. |

---

------

![](g224548imga28a2b3e1.jpg)

John Hancock Variable Insurance Trust

200 Berkeley Street, Boston, Massachusetts 02116

John Hancock Variable Insurance Trust ("JHVIT" or the "Trust") is an open-end management investment company, commonly known as a mutual fund. Shares of JHVIT are not offered directly to the public but are sold only to insurance companies and their separate accounts as the underlying investment option for variable annuity and variable life insurance contracts ("variable contracts"). JHVIT provides a range of investment objectives through separate investment portfolios or funds (each a "fund," collectively the "funds"). The following funds are described in this Prospectus. JHVIT offers Series NAV, Series I, Series II and Series III shares, although not all funds offer all classes of shares. The class ticker symbols are noted below, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Series**<br> **I**<br>| &nbsp;&nbsp; **Series**<br> **II**<br>| &nbsp;&nbsp; **Series**<br> **III**<br>| &nbsp;&nbsp; **Series**<br> **NAV**<br>|
| 500 Index Trust | JFIVX | JAGKX |  | JAGMX |
| Active Bond Trust | JAHFX | JAHEX |  | JAHDX |
| American Asset Allocation Trust | JAHZX | JAIFX | JAIDX |  |
| American Global Growth Trust | JAJQX | JAHWX | JAHVX |  |
| American Growth Trust | JAHJX | JAHKX | JAHGX |  |
| American Growth-Income Trust | JAHQX | JAHRX | JAHUX |  |
| Blue Chip Growth Trust | JADZX | JADYX |  | JAEDX |
| Capital Appreciation Value Trust | JAFPX | JAFQX |  | JAFRX |
| Core Bond Trust | JADKX | JAAEX |  | JVCNX |
| Disciplined Value Emerging <br> Markets Equity Trust<br>| JAJBX | JEMTX |  | JHVTX |
| Disciplined Value International <br> Trust<br>| JAJHX | JAJIX |  | JAJJX |
| Equity Income Trust | JAEGX | JAEFX |  | JAEEX |
| Financial Industries Trust | JEFSX | JEFCX |  | JAFNX |
| Fundamental All Cap Core Trust | JEQAX | JFLGX |  | JADDX |
| Fundamental Large Cap Value <br> Trust<br>| JVFLX | JADJX |  | JADIX |
| Global Equity Trust | JEFGX | JAJFX |  | JAJGX |
| Health Sciences Trust | JEHSX | JAFKX |  | JAFMX |
| High Yield Trust | JAELX | JAEOX |  | JAEMX |
| International Equity Index Trust | JIEQX | JAJEX |  | JVANX |
| International Small Company <br> Trust<br>| JAJCX | JAADX |  | JAJDX |
| Investment Quality Bond Trust | JADUX | JADSX |  | JAJNX |
| Lifestyle Balanced Portfolio | JHBPX | JAILX |  | JAINX |
| Lifestyle Conservative Portfolio | JHCIX | JAIRX |  | JAIQX |
| Lifestyle Growth Portfolio | JHGPX | JAIKX |  | JAIJX |
| Lifestyle Moderate Portfolio | JHMPX | JAIPX |  | JAIOX |
| Managed Volatility Balanced <br> Portfolio<br>| JELBX | JAJRX |  | JAIYX |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Series**<br> **I**<br>| &nbsp;&nbsp; **Series**<br> **II**<br>| &nbsp;&nbsp; **Series**<br> **III**<br>| &nbsp;&nbsp; **Series**<br> **NAV**<br>|
| Managed Volatility Conservative <br> Portfolio<br>| JELCX | JAISX |  | JAIUX |
| Managed Volatility Growth <br> Portfolio<br>| JELGX | JAJAX |  | JAIZX |
| Managed Volatility Moderate <br> Portfolio<br>| JELMX | JAIWX |  | JAIVX |
| Mid Cap Growth Trust | JAETX | JAEUX |  | JAEVX |
| Mid Cap Index Trust | JECIX | JAEZX |  | JAEYX |
| Mid Value Trust | JEMUX | JAGYX |  | JAGWX |
| Money Market Trust | JHOXX | JAAXX |  | JABXX |
| Opportunistic Fixed Income <br> Trust<br>| JAEJX | JAEHX |  | JAEKX |
| Real Estate Securities Trust | JADBX | JAJLX |  | JAJMX |
| Science & Technology Trust | JESTX | JAFUX |  | JAFSX |
| Select Bond Trust | JAFZX | JHBDX |  | JAGBX |
| Short Term Government Income <br> Trust<br>| JAJPX | JAFWX |  | JAFYX |
| Small Cap Core Trust | JESVX | JAGZX |  | JAHBX |
| Small Cap Index Trust | JESIX | JAJOX |  | JAEWX |
| Small Cap Opportunities Trust | JADLX | JADPX |  | JADMX |
| Small Cap Stock Trust | JESGX | JAGQX |  | JAGPX |
| Small Company Value Trust | JAEPX | JAERX |  | JAEQX |
| Strategic Equity Allocation Trust |  |  |  | JAFVX |
| Strategic Income Opportunities <br> Trust<br>| JESNX | JESPX |  | JVRNX |
| Total Bond Market Trust | JTBMX | JAGVX |  | JAGUX |
| Total Stock Market Index Trust | JETSX | JAFFX |  | JAFEX |
| U.S. Growth Trust (formerly <br> Capital Appreciation Trust)<br>| JAFHX | JAFJX |  | JAFGX |
| Ultra Short Term Bond Trust | JAGJX | JAGEX |  | JAGFX |

---

**As with all mutual funds, the U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission have not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense. No person, including any dealer or salesperson, has been authorized to give any information or to make any representations, unless the information or representation is set forth in this Prospectus. If any such unauthorized information or representation is given, it should not be relied upon as having been authorized by JHVIT, the advisor or any subadvisors to JHVIT or the principal underwriter of the shares. This Prospectus is not an offer to sell shares of JHVIT in any state where such offer or sale would be prohibited.**

Prospectus dated April 27, 2026

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[Table of contents](#xx_34fe295a-2d53-4185-8444-06875c0d29b7__0)

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| | |
|:---|:---|
| [500 Index Trust](#xx_04da9296-1013-442d-9c71-3128d2968987_1) | **1** |
| [Active Bond Trust](#xx_dcb3d58b-19f2-4195-bda2-1cda26ebf8fe_1) | **5** |
| [American Asset Allocation Trust](#xx_042b106c-1b45-45cc-8613-b86743a71407_1) | **10** |
| [American Global Growth Trust](#xx_f5ac0860-7ffa-4b9b-b88d-2865239f3a6a_1) | **14** |
| [American Growth Trust](#xx_ec3550d6-0ec2-4732-8de8-bd98e2ab2d34_1) | **18** |
| [American Growth-Income Trust](#xx_e0ffe70e-96fe-4b5f-8d68-566036b3b7e9_1) | **22** |
| [Blue Chip Growth Trust](#xx_e4be406f-5d5a-4ad6-88d8-a83094164958_1) | **26** |
| [Capital Appreciation Value Trust](#xx_ada19f86-13b9-4061-bd7f-d69313f1929b_1) | **32** |
| [Core Bond Trust](#xx_7e8aee08-a6da-4e8d-bc1d-aa7f4e71bb9c_1) | **37** |
| [Disciplined Value Emerging Markets Equity Trust](#xx_c1a5a1d8-5732-4684-b5c0-bc00c24ba657_1) | **41** |
| [Disciplined Value International Trust](#xx_3ecb654d-e321-4308-8d48-6d2ff1f929bb_1) | **47** |
| [Equity Income Trust](#xx_254a6c80-0f9e-4b81-a4cc-6d008e502e75_1) | **52** |
| [Financial Industries Trust](#xx_583924db-ff11-494a-a3c9-c8bc49411fe6_1) | **57** |
| [Fundamental All Cap Core Trust](#xx_eb51f756-e6c7-456a-9437-7abe3a0588ff_1) | **62** |
| [Fundamental Large Cap Value Trust](#xx_4086fec1-7124-4f93-b1df-a48756a0259b_1) | **67** |
| [Global Equity Trust](#xx_06b2542e-446d-48a7-8461-58c5672efe40_1) | **72** |
| [Health Sciences Trust](#xx_c827ef66-0d30-4d5a-a303-c0ff4723b0a5_1) | **76** |
| [High Yield Trust](#xx_2321fb1f-6a19-46f5-9b0a-0fc67ce68f61_1) | **81** |
| [International Equity Index Trust](#xx_66a57dbd-0c09-4c39-ae84-9a187fb0a8af_1) | **86** |
| [International Small Company Trust](#xx_5ecf4b74-ce7d-43e0-ac0b-ef75e419065a_1) | **90** |
| [Investment Quality Bond Trust](#xx_236667bd-e568-49cf-9a39-924d75414e7f_1) | **95** |
| [Lifestyle Balanced Portfolio](#xx_3c13dc1e-596b-422f-ade2-ca7958a5ed3b_1) | **100** |
| [Lifestyle Conservative Portfolio](#xx_b7ccfe45-268c-4178-9e8d-2a364e7900c6_1) | **107** |
| [Lifestyle Growth Portfolio](#xx_fc54a692-81b5-44a7-b563-3e4adfcb57dc_1) | **114** |
| [Lifestyle Moderate Portfolio](#xx_7165e998-d682-4583-b451-6aa60e50f6b6_1) | **121** |
| [Managed Volatility Balanced Portfolio](#xx_1acfa254-eba5-409e-ae22-b1ccac9f1e7d_1) | **128** |
| [Managed Volatility Conservative Portfolio](#xx_de8c841b-1ff8-4fce-8fc4-bd3fcb96d43b_1) | **137** |
| [Managed Volatility Growth Portfolio](#xx_216dd21f-5889-4f40-a240-3251ceb5d91f_1) | **146** |
| [Managed Volatility Moderate Portfolio](#xx_b257e65e-f3ad-475a-971a-168dc1dc9614_1) | **155** |
| [Mid Cap Growth Trust](#xx_69a1bd07-749e-4bc6-8823-edb2ed756675_1) | **164** |
| [Mid Cap Index Trust](#xx_32d4ed0c-9fd7-4c76-9b48-034fc19134ff_1) | **168** |
| [Mid Value Trust](#xx_b9eb5d69-f361-40db-bdc4-96e324486950_1) | **172** |
| [Money Market Trust](#xx_8b318bc8-36c8-48e4-9dd1-b34f513ba5f2_1) | **176** |
| [Opportunistic Fixed Income Trust](#xx_592f0ac4-8286-4f38-9bf7-0f970da1a205_1) | **180** |
| [Real Estate Securities Trust](#xx_6154965a-44b8-452e-8b7d-c9d10663a680_1) | **185** |
| [Science](#xx_befe8015-5ee9-4c47-945b-4ffa0d898e84_1)[& Technology Trust](#xx_befe8015-5ee9-4c47-945b-4ffa0d898e84_1) | **190**  |

---

------

---

| | |
|:---|:---|
| [Select Bond Trust](#xx_0db71f9e-69b2-43f4-9933-0f4bd330248e_1) | **195** |
| [Short Term Government Income Trust](#xx_0f8541fd-e253-4132-be25-7f54eceb5a29_1) | **199** |
| [Small Cap Core Trust](#xx_c9973677-afa6-426f-8787-e69fa8768023_1) | **204** |
| [Small Cap Index Trust](#xx_8fc7468d-fab0-4f63-a6dc-773f5be6cbce_1) | **209** |
| [Small Cap Opportunities Trust](#xx_879942be-cc2c-41e1-8a03-2278ed6443e8_1) | **213** |
| [Small Cap Stock Trust](#xx_28d76e28-e4f3-4bd4-bc1f-c4a49d73ec9f_1) | **218** |
| [Small Company Value Trust](#xx_ec6cd793-f643-44dd-896c-4b33a71caa7a_1) | **222** |
| [Strategic Equity Allocation Trust](#xx_bf02d693-2017-4e61-a6a2-19cfb3493475_1) | **227** |
| [Strategic Income Opportunities Trust](#xx_b079cd3b-4539-4b21-a929-7be72e9ca26c_1) | **232** |
| [Total Bond Market Trust](#xx_f96c2f16-5588-4382-889a-3a4aba1a9afc_1) | **237** |
| [Total Stock Market Index Trust](#xx_d95311f3-47fa-4aac-92d2-bf21f901e81e_1) | **242** |
| [U.S.](#xx_beeae57e-2189-4bd8-b162-096479272e42_1)[Growth Trust](#xx_beeae57e-2189-4bd8-b162-096479272e42_1) | **246** |
| [Ultra Short Term Bond Trust](#xx_1801cd60-cb8a-4bb9-9b18-f6e19ecdfcc2_1) | **251** |
| **[Additional information about the funds](#xx_289e38e4-f1b4-4e95-971e-30313568349d_1)** | **256** |
| **[Other permitted investments by the funds of funds](#xx_289e38e4-f1b4-4e95-971e-30313568349d_1)** | **256** |
| **[Principal risks of investing](#xx_289e38e4-f1b4-4e95-971e-30313568349d_2)** | **257** |
| **[Additional information about the funds of funds' principal risks](#xx_289e38e4-f1b4-4e95-971e-30313568349d_3)** | **258** |
| **[Additional information about the funds' principal risks](#xx_289e38e4-f1b4-4e95-971e-30313568349d_15)** | **270** |
| **[Additional information about the funds' and the fundS of funds' investment policies](#xx_289e38e4-f1b4-4e95-971e-30313568349d_35)** | **290** |
| **[Management](#xx_289e38e4-f1b4-4e95-971e-30313568349d_36)** | **291** |
| **[Board of Trustees](#xx_289e38e4-f1b4-4e95-971e-30313568349d_36)** | **291** |
| **[Investment Management](#xx_289e38e4-f1b4-4e95-971e-30313568349d_36)** | **291** |
| **[Additional information about fund expenses](#xx_289e38e4-f1b4-4e95-971e-30313568349d_38)** | **293** |
| **[Subadvisors and Portfolio Managers](#xx_289e38e4-f1b4-4e95-971e-30313568349d_39)** | **294** |
| **[Share classes and rule 12b-1](#xx_289e38e4-f1b4-4e95-971e-30313568349d_46)[plans](#xx_289e38e4-f1b4-4e95-971e-30313568349d_46)** | **301** |
| **[Share classes](#xx_289e38e4-f1b4-4e95-971e-30313568349d_46)** | **301** |
| **[Rule](#xx_289e38e4-f1b4-4e95-971e-30313568349d_47)[12b-1 plans](#xx_289e38e4-f1b4-4e95-971e-30313568349d_47)** | **302** |
| **[General information](#xx_289e38e4-f1b4-4e95-971e-30313568349d_47)** | **302** |
| **[Purchase and redemption of shares](#xx_289e38e4-f1b4-4e95-971e-30313568349d_47)** | **302** |
| **[Valuation of shares](#xx_289e38e4-f1b4-4e95-971e-30313568349d_48)** | **303** |
| **[Valuation of securities](#xx_289e38e4-f1b4-4e95-971e-30313568349d_48)** | **303** |
| **[Dividends](#xx_289e38e4-f1b4-4e95-971e-30313568349d_50)** | **305** |
| **[Disruptive short-term trading](#xx_289e38e4-f1b4-4e95-971e-30313568349d_51)** | **306** |
| **[Policy regarding disclosure of fund portfolio holdings](#xx_289e38e4-f1b4-4e95-971e-30313568349d_52)** | **307** |
| **[Financial highlights](#xx_8545e8c4-e7e4-45a3-b6d1-ac2e861b6e88_1)** | **308** |
| **[Appendix](#xx_cd67e4bc-274e-439a-ad11-8919af632648_1)[A — Schedule of management fees](#xx_cd67e4bc-274e-439a-ad11-8919af632648_1)** | **357** |

---

------

Fund summary

500 Index Trust

**Investment objective**

------

To approximate the aggregate total return of a broad-based U.S. domestic equity market index.

**Fees and expenses**

------

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. **The fees and expenses do not reflect fees and expenses of any variable insurance or variable annuities contract that may use the fund as its underlying investment option and would be higher if they did.** 

---

| | | | |
|:---|:---|:---|:---|
| **Annual fund operating expenses (%)** (expenses that you pay each year as a percentage of the value of your investment) | **Series I** | **Series II** | **Series NAV** |
| Management fee | 0.46 | 0.46 | 0.46 |
| Distribution and service (Rule 12b-1) fees | 0.05 | 0.25 | 0.00 |
| Other expenses | 0.05 | 0.05 | 0.05 |
| **Total annual fund operating expenses** | **0.56** | **0.76** | **0.51** |
| Contractual expense reimbursement | -0.26<br> <sup>1</sup><br>| -0.26<br> <sup>1</sup><br>| -0.26<br> <sup>1</sup><br>|
| **Total annual fund operating expenses after expense reimbursements** | **0.30** | **0.50** | **0.25** |

---

**1**

The advisor contractually agrees 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 0.25% 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 April 30, 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 also contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund's reimbursement 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.

**Expense example**

------

The examples are intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The examples assume that $10,000 is invested in the fund for the periods indicated and then all shares are redeemed at the end of those periods. The examples also assume that the investment has a 5% return each year and that the fund's operating expenses remain the same. The expense example does not reflect fees and expenses of any variable insurance contract that may use the fund as its underlying investment option and would be higher if they did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **Expenses ($)** | **Series I** | **Series II** | **Series NAV** |
| 1 year | 31 | 51 | 26 |
| 3 years | 153 | 217 | 137 |
| 5 years | 287 | 397 | 259 |
| 10 years | 677 | 918 | 615 |

---

**Portfolio turnover**

------

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During its most recent fiscal year, the fund's portfolio turnover rate was 2% of the average value of its portfolio.

**1**

------

Fund summary

**Principal investment strategies**

------

Under normal market conditions, the fund seeks to approximate the aggregate total return of a broad-based U.S. domestic equity market index. To pursue this goal, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) at the time of investment in (a) the common stocks that are included in the S&P 500 Index and (b) securities (which may or may not be included in the S&P 500 Index) that the subadvisor believes as a group will behave in a manner similar to the S&P 500 Index. (The fund will provide written notice to shareholders at least 60 days prior to a change in its 80% investment policy.) The subadvisor may determine that the fund's investments in certain instruments, such as index futures, total return swaps and exchanged-traded funds ("ETFs") have similar economic characteristics as securities that are in the S&P 500 Index. As of February 28, 2026, the market capitalizations of companies included in the S&P 500 Index ranged from $5 billion to $4.3 trillion.

An index is an unmanaged group of securities whose overall performance is used as an investment benchmark. Indexes may track broad investment markets, such as the global equity market, or more narrow investment markets, such as the U.S. small cap equity market. In contrast to actively managed funds, which seek to outperform their respective benchmark indexes through research and analysis, index funds are passively managed funds that seek to mirror the performance of their target indexes, minimizing performance differences over time. The fund attempts to match the performance of the S&P 500 Index by: (a) holding all, or a representative sample, of the securities that comprise that index and/or (b) by holding securities (which may or may not be included in the index) that the subadvisor believes as a group will behave in a manner similar to the index. However, an index fund has operating expenses and transaction costs, while a market index does not. Therefore, the fund, while it attempts to track its target index closely, typically will be unable to match the performance of the index exactly. The composition of an index changes from time to time, and the subadvisor will reflect those changes in the composition of the fund's portfolio as soon as practicable.

Use of Hedging and Other Strategic Transactions. The fund may invest in futures contracts, swaps, and depositary receipts. The fund may invest in derivatives (investments whose value is based on securities, indexes or currencies).

The fund may become "non-diversified" as defined in the Investment Company Act of 1940, as amended (the 1940 Act), solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the S&P 500 Index.

**Principal risks**

------

An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.

The fund's main risks are listed below in alphabetical order, not in order of importance. *Before investing, be sure to read the additional descriptions of these risks beginning on page 257 of the prospectus*.

**Credit and counterparty risk.** The counterparty to an over-the-counter derivatives contract or a borrower of fund securities may not make timely payments or otherwise honor its obligations.

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

**Equity securities risk.** The price of equity securities may decline due to changes in a company's financial condition or overall market conditions.

**Exchange-traded fund (ETF) investment risk.** The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF's shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.

**Foreign securities risk.** Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.

**Hedging, derivatives, and other strategic transactions risk.** Hedging, derivatives, and other strategic transactions may increase a fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: futures contracts, depositary receipts, total return swaps, and swaps. Futures contracts and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation.

**2**

------

Fund summary

**Index management risk.** Certain factors may cause a fund that is an index fund to track its target index less closely. For example, a subadvisor may select securities that are not fully representative of the index, and the fund's operating expenses and transaction costs, and the size and timing of its cash flows, may result in the fund's performance being different than that of its index. Moreover, the fund will generally reflect the performance of its target index even when the index does not perform well.

**Information technology companies risk.** 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.

**Large company risk.** Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.

**Liquidity risk.** The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.

**Non-diversified risk.** To the extent the fund is non-diversified, adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**Quantitative modeling risk.** Quantitative models may not accurately predict future market movements or characteristics, which may negatively impact performance. Models also may perform differently than expected due to implementation problems, technological malfunction, or programming or data inaccuracies, among other possible issues.

**S&P 500 Index risk** An investment in the fund involves risks similar to the risks of investing directly in the equity securities included in the S&P 500 Index.

**Sector risk.** When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.

**Past performance**

------

The following information illustrates the variability of the fund's returns and provides some indication of the risks of investing in the fund by showing changes in the fund's performance from year to year and by showing how the fund's average annual returns compared with a broad-based securities market index. Past performance does not indicate future results. All figures assume dividend reinvestment. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHVIT as its underlying investment option. If such fees and expenses had been reflected, performance would be lower.

**Calendar year total returns (%)—Series NAV**

![](g224548imgbbb469fa2.jpg)

---

| | | |
|:---|:---|:---|
| **Best quarter:** | Q2 2020 | 20.49% |
| **Worst quarter:** | Q1 2020 | -19.64% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns (%)—as of 12/31/2025** | **1 year** | **5 year** | **10 year** |
| **Series I** | 17.52 | &nbsp;&nbsp;&nbsp;&nbsp;14.06 | &nbsp;&nbsp;&nbsp;&nbsp;14.47 |
| **Series II** | 17.27 | &nbsp;&nbsp;&nbsp;&nbsp;13.84 | &nbsp;&nbsp;&nbsp;&nbsp;14.24 |
| **Series NAV** | 17.57 | &nbsp;&nbsp;&nbsp;&nbsp;14.12 | &nbsp;&nbsp;&nbsp;&nbsp;14.52 |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 17.88 | &nbsp;&nbsp;&nbsp;&nbsp;14.42 | &nbsp;&nbsp;&nbsp;&nbsp;14.82 |

---

**3**

------

Fund summary

**Investment management**

------

**Investment advisor** John Hancock Variable Trust Advisers LLC

**Subadvisor** Manulife Investment Management (US) LLC

**Portfolio management**

------

The following individuals are jointly and primarily responsible for the day-to-day management of the fund's portfolio.

---

| | |
|:---|:---|
| **Jenny Kim, CFA** | **Boncana Maiga, CFA, CIM** |
| *Portfolio Manager*<br> Managed fund since 2024<br>| &nbsp;&nbsp; *Portfolio Manager*<br> Managed fund since 2021<br>|

---

**Purchase and redemption of fund shares**

------

Shares of the fund are not sold directly to the public but generally may be sold only to insurance companies and their separate accounts as the underlying investment options for variable annuity and variable life insurance contracts issued by such companies, to certain entities affiliated with the insurance companies, to those funds of JHVIT that operate as funds of funds and invest in other funds and to certain qualified retirement plans (qualified plans).

Shares of the fund are offered continuously, without sales charge, and are sold and redeemed each business day (which typically is any day the New York Stock Exchange is open) at a price equal to their net asset value (NAV) determined for that business day as set forth under "Valuation of shares" in this prospectus. The Portfolio does not have minimum initial or subsequent investment requirements. Payment for shares redeemed will generally be made within seven days after receipt of a proper notice of redemption.

**Taxes**

------

Because shares of the fund may be purchased only through variable insurance contracts and qualified plans, it is expected that any dividends or capital gains distributions made by the fund will be exempt from current federal taxation if left to accumulate within the variable contract or qualified plan. Holders of variable insurance contracts should consult the prospectuses of their respective contracts for information on the federal income tax consequences to such holders.

**Compensation of financial intermediaries**

------

The fund is not sold directly to the general public but instead is offered as an underlying investment option for variable insurance contracts. The distributors of these contracts, the insurance companies that issue the contracts and their related companies (Related Parties), may pay compensation to broker-dealers and other intermediaries for distribution and other services and may enter into revenue sharing arrangements with certain intermediaries. The fund pays fees to the Related Parties for management, distribution and other services. Payments by insurance and related companies to intermediaries may create a conflict of interest by influencing them and their salespersons to recommend such contracts over other investments. Ask your salesperson or visit your financial intermediary's website for more information. In addition, payments by the funds to Related Parties may be a factor that an insurance company considers in including the funds as underlying investment options in variable insurance contracts. The prospectus (or other offering document) for your variable insurance contract may contain additional information about these payments.

**4**

------

Fund summary

Active Bond Trust

**Investment objective**

------

To seek income and capital appreciation.

**Fees and expenses**

------

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. **The fees and expenses do not reflect fees and expenses of any variable insurance or variable annuities contract that may use the fund as its underlying investment option and would be higher if they did.** 

---

| | | | |
|:---|:---|:---|:---|
| **Annual fund operating expenses (%)** (expenses that you pay each year as a percentage of the value of your investment) | **Series I** | **Series II** | **Series NAV** |
| Management fee | 0.60 | 0.60 | 0.60 |
| Distribution and service (Rule 12b-1) fees | 0.05 | 0.25 | 0.00 |
| Other expenses | 0.06 | 0.06 | 0.06 |
| **Total annual fund operating expenses** | **0.71** | **0.91** | **0.66** |
| Contractual expense reimbursement | -0.01 <br><sup>1</sup><br>| -0.01 <br><sup>1</sup><br>| -0.01 <br><sup>1</sup><br>|
| **Total annual fund operating expenses after expense reimbursements** | **0.70** | **0.90** | **0.65** |

---

**1**

The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund's reimbursement 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.

**Expense example**

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The examples are intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The examples assume that $10,000 is invested in the fund for the periods indicated and then all shares are redeemed at the end of those periods. The examples also assume that the investment has a 5% return each year and that the fund's operating expenses remain the same. The expense example does not reflect fees and expenses of any variable insurance contract that may use the fund as its underlying investment option and would be higher if they did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | |
|:---|:---|:---|:---|
| **Expenses ($)** | **Series I** | **Series II** | **Series NAV** |
| 1 year | 72 | 92 | 66 |
| 3 years | 226 | 289 | 210 |
| 5 years | 394 | 503 | 367 |
| 10 years | 882 | 1119 | 822 |

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**Portfolio turnover**

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The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During its most recent fiscal year, the fund's portfolio turnover rate was 90% of the average value of its portfolio.

**Principal investment strategies**

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Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in a diversified mix of debt securities and instruments. (The fund will provide written notice to shareholders at least 60 days prior to a change in its 80% investment policy.) The fund seeks to invest its assets in debt securities and instruments with an average duration of plus or minus one year of its benchmark, the Bloomberg US Aggregate Bond Index, however, there is no limit on the fund's average maturity. As part of its investment strategy, the fund may invest in mortgage-backed securities to a significant extent.

**5**

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Fund summary

Eligible investments include, but are not limited to:

● U.S. Treasury and agency securities;

● Asset-backed securities and mortgage-backed securities, both investment grade and below-investment grade, including mortgage pass-through securities, interest-only securities, commercial mortgage-backed securities ("CMBS") and collateralized mortgage obligations ("CMOs");

● Corporate bonds, both U.S. and foreign, and without any limit on credit quality; and

● Foreign government and agency securities.

The fund may invest in asset-backed securities rated, at the time of purchase, less than A (but not rated lower than B by S&P Global Ratings ("S&P") or Moody's Investors Service ("Moody's"), or a comparable rating by another Nationally Recognized Statistical Ratings Organization). The subadvisor uses proprietary research and economic and industry analysis to identify specific bonds, bond sectors and industries that are attractively priced. Because the fund is actively managed, it may have a higher than average portfolio turnover ratio, which may increase expenses and affect performance results.

The foreign securities in which the fund invests may be denominated in U.S. dollars or foreign currency.

Manulife Investment Management (US) LLC manages the fund with two investment teams, each of which employs its own investment approach and independently manages its portion of the fund. The fund is rebalanced periodically so that each team manages the following portions of the fund:

50%\* Securitized Asset Team and 50%\* Core / Core Plus Team

\* Percentages are approximate. Since the fund is only rebalanced periodically, the actual portion of the fund managed by each team will vary. This allocation methodology may change in the future.

**Securitized Asset Team** 

The Securitized Asset Team uses a combination of proprietary research and quantitative tools and seeks to identify bonds and bond sectors that are attractively priced based upon market fundamentals and technical factors. The Securitized Asset Team opportunistically emphasizes bonds with yields in excess of U.S. Treasury securities.

This portion of the fund normally has no more than 10% of its total assets in high yield bonds ("junk bonds") and normally invests in foreign securities only if U.S. dollar-denominated. This portion of the fund normally has an average credit rating of "A" or "AA."

**The Core / Core Plus Team** 

The Core / Core Plus Team uses proprietary research to identify specific bond sectors, industries and bonds that are attractively priced. The team seeks to anticipate shifts in the business cycle, using economic and industry analysis to determine which sectors and industries might benefit over the next 12 months.

This portion of the fund normally has no more than 25% of its total assets in high yield bonds (sometimes referred to as "junk bonds") and may invest in both U.S. dollar-denominated and foreign currency-denominated foreign securities. This portion of the fund normally has an average credit rating of "A" or "AA."

Under normal circumstances, no more than 15% of the total assets of the portion of the fund managed by the Core / Core Plus Team will be invested in asset-backed securities rated lower than A by both rating agencies. The fund's investment policies are based on credit ratings at the time of purchase.

Use of Hedging and Other Strategic Transactions. The fund is authorized to use all of the various investment strategies referred to under "Additional Information About the Funds' Principal Risks — Hedging, derivatives and other strategic transactions risk" including, but not limited to, U.S. Treasury futures and options, index derivatives, credit default swaps and forwards.

**Principal risks**

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An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money. The fund's investment strategy may not produce the intended results.

The fund's main risks are listed below in alphabetical order, not in order of importance. *Before investing, be sure to read the additional descriptions of these risks beginning on page 257 of the prospectus*.

**Changing distribution levels risk.** The fund may cease or reduce the level of its distribution if income or dividends paid from its investments declines.

**Credit and counterparty risk.** The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund's securities could affect the fund's performance.

**6**

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Fund summary

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

**Fixed-income securities risk.** A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security's credit quality may adversely affect fund performance.

**Foreign securities risk.** Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities.

**Hedging, derivatives, and other strategic transactions risk.** Hedging, derivatives, and other strategic transactions may increase a fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: foreign currency forward contracts, futures contracts, options, credit default swaps, foreign currency swaps, interest-rate swaps, swaps, swaptions, equity-linked notes (equity-linked notes generally reflect the risks associated with their underlying securities, depend on the credit of the note's issuer, may be privately placed, and may have a limited secondary market), inverse floating-rate securities, reverse repurchase agreements, total return swaps, and options on futures. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk. An event of default or insolvency of the counterparty to a reverse repurchase agreement could result in delays or restrictions with respect to the fund's ability to dispose of the underlying securities. In addition, a reverse repurchase agreement may be considered a form of leverage and may, therefore, increase fluctuations in the fund's net asset value (NAV) per share.

**High portfolio turnover risk.** Trading securities actively and frequently can increase transaction costs (thus lowering performance) and taxable distributions.

**Liquidity risk.** The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.

**Lower-rated and high-yield fixed-income securities risk.** Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.

**Mortgage-backed and asset-backed securities risk.** Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**Sector risk.** When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.

**U.S. government agency obligations risk.** U.S. government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.

**7**

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Fund summary

**U.S. Treasury obligations risk.** The market value of direct obligations of the U.S. Treasury may vary due to changes in interest rates. In addition, changes to the financial condition or credit rating of the U.S. government may cause the value of the fund's investments in obligations issued by the U.S. Treasury to decline.

**Past performance**

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The following information illustrates the variability of the fund's returns and provides some indication of the risks of investing in the fund by showing changes in the fund's performance from year to year and by showing how the fund's average annual returns compared with a broad-based securities market index. Past performance does not indicate future results. All figures assume dividend reinvestment. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHVIT as its underlying investment option. If such fees and expenses had been reflected, performance would be lower.

**Calendar year total returns (%)—Series NAV**

![](g224548img749b979b3.jpg)

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| | | |
|:---|:---|:---|
| **Best quarter:** | Q4 2023 | 7.14% |
| **Worst quarter:** | Q1 2022 | -6.02% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Average annual total returns (%)—as of 12/31/2025** | **1 year** | **5 year** | **10 year** |
| **Series I** | 7.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;2.61 |
| **Series II** | 7.18 | &nbsp;&nbsp;&nbsp; -0.17 | &nbsp;&nbsp;&nbsp;&nbsp;2.41 |
| **Series NAV** | 7.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;2.67 |
| Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes) | 7.30 | &nbsp;&nbsp;&nbsp; -0.36 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 |

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**Investment management**

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**Investment advisor** John Hancock Variable Trust Advisers LLC

**Subadvisor** Manulife Investment Management (US) LLC

**Portfolio management**

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The following individuals are jointly and primarily responsible for the day-to-day management of the fund's portfolio.

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| | |
|:---|:---|
| **Jeffrey N. Given, CFA** | **Connor Minnaar, CFA** |
| *Senior Portfolio Manager, Co-Head of*<br> *U.S. Core and Core-Plus Fixed Income*<br> Managed fund since 2006<br>| &nbsp;&nbsp; *Portfolio Manager*<br> Managed fund since 2022<br>|
| **Spencer Godfrey, CFA**<br> *Associate Portfolio Manager*<br> Managed fund since 2025<br>| &nbsp;&nbsp; **Pranay Sonalkar, CFA**<br> *Portfolio Manager*<br> Managed fund since 2021<br>|
| **Howard C. Greene, CFA**<sup>1</sup> <br>*Senior Portfolio Manager, Co-Head of*<br> *U.S. Core and Core-Plus Fixed Income*<br> Managed fund since 2005<br>|  |

---

**1**

Effective December 31, 2027, Howard C. Greene, CFA will no longer serve as a portfolio manager of the fund.

**8**

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Fund summary

**Purchase and redemption of fund shares**

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Shares of the fund are not sold directly to the public but generally may be sold only to insurance companies and their separate accounts as the underlying investment options for variable annuity and variable life insurance contracts issued by such companies, to certain entities affiliated with the insurance companies, to those funds of JHVIT that operate as funds of funds and invest in other funds and to certain qualified retirement plans (qualified plans).

Shares of the fund are offered continuously, without sales charge, and are sold and redeemed each business day (which typically is any day the New York Stock Exchange is open) at a price equal to their net asset value (NAV) determined for that business day as set forth under "Valuation of shares" in this prospectus. The Portfolio does not have minimum initial or subsequent investment requirements. Payment for shares redeemed will generally be made within seven days after receipt of a proper notice of redemption.

**Taxes**

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Because shares of the fund may be purchased only through variable insurance contracts and qualified plans, it is expected that any dividends or capital gains distributions made by the fund will be exempt from current federal taxation if left to accumulate within the variable contract or qualified plan. Holders of variable insurance contracts should consult the prospectuses of their respective contracts for information on the federal income tax consequences to such holders.

**Compensation of financial intermediaries**

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The fund is not sold directly to the general public but instead is offered as an underlying investment option for variable insurance contracts. The distributors of these contracts, the insurance companies that issue the contracts and their related companies (Related Parties), may pay compensation to broker-dealers and other intermediaries for distribution and other services and may enter into revenue sharing arrangements with certain intermediaries. The fund pays fees to the Related Parties for management, distribution and other services. Payments by insurance and related companies to intermediaries may create a conflict of interest by influencing them and their salespersons to recommend such contracts over other investments. Ask your salesperson or visit your financial intermediary's website for more information. In addition, payments by the funds to Related Parties may be a factor that an insurance company considers in including the funds as underlying investment options in variable insurance contracts. The prospectus (or other offering document) for your variable insurance contract may contain additional information about these payments.

**9**

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Fund summary

American Asset Allocation Trust

**Investment objective**

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To seek to provide high total return (including income and capital gains) consistent with preservation of capital over the long term.

**Fees and expenses**

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This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. **The fees and expenses do not reflect fees and expenses of any variable insurance or variable annuities contract that may use the fund as its underlying investment option and would be higher if they did.** 

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| | | | |
|:---|:---|:---|:---|
| **Annual fund operating expenses (%)** (expenses that you pay each year as a percentage of the value of your investment) | **Series I** | **Series II** | **Series III** |
| Management fee | 0.26 <br><sup>1</sup><br>| 0.26 <br><sup>1</sup><br>| 0.26 <br><sup>1</sup><br>|
| Distribution and service (Rule 12b-1) fees | 0.60 | 0.75 | 0.25 |
| Other expenses | 0.06 <br><sup>1</sup><br>| 0.06 <br><sup>1</sup><br>| 0.06 <br><sup>1</sup><br>|
| **Total annual fund operating expenses** | **0.92** <br><sup>1</sup><br>| **1.07** <br><sup>1</sup><br>| **0.57** <br><sup>1</sup><br>|
| Contractual expense reimbursement | -0.01 <br><sup>2</sup><br>| -0.01 <br><sup>2</sup><br>| -0.01 <br><sup>2</sup><br>|
| **Total annual fund operating expenses after expense reimbursements** | **0.91** <br><sup>1</sup><br>| **1.06** <br><sup>1</sup><br>| **0.56** <br><sup>1</sup><br>|

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**1**

The table reflects the combined fees of the feeder fund and the master fund.

**2**

The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund's reimbursement 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.

**Expense example**

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The examples are intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The examples assume that $10,000 is invested in the fund for the periods indicated and then all shares are redeemed at the end of those periods. The examples also assume that the investment has a 5% return each year and that the fund's operating expenses remain the same. The expense example does not reflect fees and expenses of any variable insurance contract that may use the fund as its underlying investment option and would be higher if they did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | |
|:---|:---|:---|:---|
| **Expenses ($)** | **Series I** | **Series II** | **Series III** |
| 1 year | 93 | 108 | 57 |
| 3 years | 292 | 339 | 182 |
| 5 years | 508 | 589 | 317 |
| 10 years | 1130 | 1305 | 713 |

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**Portfolio turnover**

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The fund, which operates as a feeder fund, does not pay transaction costs, such as commissions, when it buys and sells shares of the master fund (or "turns over" its portfolio). A master fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the master fund and of the fund. During its most recent fiscal year, the master fund's portfolio turnover rate was 115% of the average value of its portfolio.

**Principal investment strategies**

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The fund invests all of its assets in Class 1 shares of its master fund, the Asset Allocation Fund, a series of American Funds Insurance Series. The master fund invests in a diversified portfolio of common stocks and other equity securities, bonds and other intermediate and long-term debt securities, and money market instruments (debt securities maturing in one year or less). The master fund may invest up to 25% of its debt assets in lower quality debt securities (rated Ba1 or below and BB+ or below by a nationally recognized statistical rating organization ("NRSRO") designated by the master fund's

**10**

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Fund summary

investment advisor or unrated but determined to be of equivalent quality by the master fund's investment advisor). Such securities are sometimes referred to as "junk bonds."

In seeking to pursue its investment objective, the master fund varies its mix of equity securities, debt securities and money market instruments. Under normal market conditions, the master fund's investment advisor expects (but is not required) to maintain an investment mix falling within the following ranges: 40% – 80% in equity securities, 20% – 50% in debt securities and 0% – 40% in money market instruments and cash. As of December 31, 2025, the fund was approximately 65% invested in equity securities, 31% invested in debt securities and 4% invested in money market instruments and cash. The proportion of equities, debt and money market securities held by the master fund will vary with market conditions and the investment advisor's assessment of their relative attractiveness as investment opportunities. The master fund may invest up to 15% of its assets in common stocks and other equity securities of issuers domiciled outside the U.S. and up to 5% of its assets in debt securities tied economically to countries outside the U.S.

The master fund may invest in other funds managed by the investment advisor or its affiliates to more effectively invest in a diversified set of securities in a specific asset class such as money market instruments, bonds and other securities ("Central Funds"). Shares of Central Funds are only offered for purchase to the master fund's investment advisor and its affiliates and other funds, investment vehicles and accounts managed by the master fund's investment advisor and its affiliates. When investing in Central Funds, the master fund bears its proportionate share of the expenses of the Central Funds in which it invests but does not bear additional management fees through its investment in such Central Funds. The investment results of the portion of the master fund's assets invested in the Central Funds will be based upon the investment results of the Central Funds.

The manager considers environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund's investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. Because ESG factors are considered alongside other relevant factors, the manager may determine that an investment is appropriate notwithstanding its relative ESG characteristics.

**Principal risks**

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An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money. The fund's investment strategy may not produce the intended results.

The fund's main risks are listed below in alphabetical order, not in order of importance. *Before investing, be sure to read the additional descriptions of these risks beginning on page 257 of the prospectus*.

**Asset allocation risk.** Although allocation among asset categories generally limits exposure to any one category, the management team may favor a category that performs poorly relative to the others.

**Cash and cash equivalents risk.** Under certain market conditions, such as during a rising stock market, rising interest rate or rising credit spread markets, the use of cash and/or cash equivalents, including money market instruments, could have a negative effect on the fund's ability to achieve its investment objective and may negatively impact the fund's performance.

**Credit and counterparty risk.** The issuer or guarantor of a fixed-income security or a borrower of fund securities may not make timely payments or otherwise honor its obligations. A downgrade or default affecting any of the fund's securities could affect the fund's performance.

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

**Equity securities risk.** The price of equity securities may decline due to changes in a company's financial condition or overall market conditions.

**ESG integration risk.** The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund's investments. Integration of ESG factors into the fund's investment process does not preclude the fund from including companies with low ESG characteristics or excluding companies with high ESG characteristics in the fund's investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.

**Fixed-income securities risk.** A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security's credit quality may adversely affect fund performance.

**11**

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Fund summary

**Foreign securities risk.** Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities.

**Income stock risk.** Income provided by the fund may be affected by changes in the dividend polices of the companies in which the fund invests and the capital resources available for such payments at such companies.

**Investment company securities risk.** Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.

**Large company risk.** Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.

**Liquidity risk.** The extent (if at all) to which a security may be sold without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.

**Lower-rated and high-yield fixed-income securities risk.** Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**Small and mid-sized company risk.** Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.

**Past performance**

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The following information illustrates the variability of the fund's returns and provides some indication of the risks of investing in the fund by showing changes in the fund's performance from year to year and by showing how the fund's average annual returns compared with a broad-based securities market index. Past performance does not indicate future results. The Bloomberg U.S. Aggregate Bond Index and the 60% S&P 500 Index/40% Bloomberg U.S. Aggregate Bond Index show how the fund's performance compares against the returns of similar investments. All figures assume dividend reinvestment. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHVIT as its underlying investment option. If such fees and expenses had been reflected, performance would be lower.

**Calendar year total returns (%)—Series II**

![](g224548img8c721a2e4.jpg)

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| | | |
|:---|:---|:---|
| **Best quarter:** | Q2 2020 | 13.62% |
| **Worst quarter:** | Q1 2020 | -13.59% |

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**12**

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Fund summary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Average annual total returns (%)—as of 12/31/2025** | **1 year** | **5 year** | **10 year** |
| **Series I** | 15.39 | &nbsp;&nbsp;&nbsp;&nbsp;8.57 | &nbsp;&nbsp;&nbsp;&nbsp;9.37 |
| **Series II** | 15.31 | &nbsp;&nbsp;&nbsp;&nbsp;8.47 | &nbsp;&nbsp;&nbsp;&nbsp;9.27 |
| **Series III** | 15.76 | &nbsp;&nbsp;&nbsp;&nbsp;8.94 | &nbsp;&nbsp;&nbsp;&nbsp;9.76 |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 17.88 | &nbsp;&nbsp;&nbsp;&nbsp;14.42 | &nbsp;&nbsp;&nbsp;&nbsp;14.82 |
| Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes) | 7.30 | &nbsp;&nbsp;&nbsp; -0.36 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 |
| 60% S&P 500 Index/40% Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes) | 13.70 | &nbsp;&nbsp;&nbsp;&nbsp;8.47 | &nbsp;&nbsp;&nbsp;&nbsp;9.78 |

---

**Investment management**

------

**Investment advisor of the master fund** Capital Research and Management Company

**Portfolio management**

------

The following individuals are jointly and primarily responsible for the day-to-day management of the master fund's portfolio.

---

| | | |
|:---|:---|:---|
| **Alan N. Berro** | **Tom Chow** | **Emme Kozloff** |
| *Partner - Capital World Investors*<br> Managed fund since 2000<br>| &nbsp;&nbsp; *Partner - Capital Fixed Income Investors*<br> Managed fund since 2025<br>| &nbsp;&nbsp; *Partner - Capital World Investors*<br> Managed fund since 2021<br>|
| **Jin Lee**<br> *Partner - Capital World Investors*<br> Managed fund since 2018<br>| &nbsp;&nbsp; **John R. Queen**<br> *Partner - Capital Fixed Income Investors*<br> Managed fund since 2016<br>| &nbsp;&nbsp; **Justin Toner**<br> *Partner - Capital World Investors*<br> Managed fund since 2016<br>|

---

**Purchase and redemption of fund shares**

------

Shares of the fund are not sold directly to the public but generally may be sold only to insurance companies and their separate accounts as the underlying investment options for variable annuity and variable life insurance contracts issued by such companies, to certain entities affiliated with the insurance companies, to those funds of JHVIT that operate as funds of funds and invest in other funds and to certain qualified retirement plans (qualified plans).

Shares of the fund are offered continuously, without sales charge, and are sold and redeemed each business day (which typically is any day the New York Stock Exchange is open) at a price equal to their net asset value (NAV) determined for that business day as set forth under "Valuation of shares" in this prospectus. The Portfolio does not have minimum initial or subsequent investment requirements. Payment for shares redeemed will generally be made within seven days after receipt of a proper notice of redemption.

**Taxes**

------

Because shares of the fund may be purchased only through variable insurance contracts and qualified plans, it is expected that any dividends or capital gains distributions made by the fund will be exempt from current federal taxation if left to accumulate within the variable contract or qualified plan. Holders of variable insurance contracts should consult the prospectuses of their respective contracts for information on the federal income tax consequences to such holders.

**Compensation of financial intermediaries**

------

The fund is not sold directly to the general public but instead is offered as an underlying investment option for variable insurance contracts. The distributors of these contracts, the insurance companies that issue the contracts and their related companies (Related Parties), may pay compensation to broker-dealers and other intermediaries for distribution and other services and may enter into revenue sharing arrangements with certain intermediaries. The fund pays fees to the Related Parties for management, distribution and other services. Payments by insurance and related companies to intermediaries may create a conflict of interest by influencing them and their salespersons to recommend such contracts over other investments. Ask your salesperson or visit your financial intermediary's website for more information. In addition, payments by the funds to Related Parties may be a factor that an insurance company considers in including the funds as underlying investment options in variable insurance contracts. The prospectus (or other offering document) for your variable insurance contract may contain additional information about these payments.

**13**

------

Fund summary

American Global Growth Trust

**Investment objective**

------

To seek to provide long-term growth of capital.

**Fees and expenses**

------

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. **The fees and expenses do not reflect fees and expenses of any variable insurance or variable annuities contract that may use the fund as its underlying investment option and would be higher if they did.** 

---

| | | | |
|:---|:---|:---|:---|
| **Annual fund operating expenses (%)** (expenses that you pay each year as a percentage of the value of your investment) | **Series I** | **Series II** | **Series III** |
| Management fee | 0.47 <br><sup>1</sup><br>| 0.47 <br><sup>1</sup><br>| 0.47 <br><sup>1</sup><br>|
| Distribution and service (Rule 12b-1) fees | 0.60 | 0.75 | 0.25 |
| Other expenses | 0.12<br> <sup>1</sup><br>| 0.12<br> <sup>1</sup><br>| 0.12<br> <sup>1</sup><br>|
| **Total annual fund operating expenses** | **1.19**<br> <sup>1</sup><br>| **1.34**<br> <sup>1</sup><br>| **0.84**<br> <sup>1</sup><br>|
| Contractual expense reimbursement | -0.12<br> <sup>23</sup><br>| -0.12<br> <sup>23</sup><br>| -0.12<br> <sup>23</sup><br>|
| **Total annual fund operating expenses after expense reimbursements** | **1.07**<br> <sup>1</sup><br>| **1.22**<br> <sup>1</sup><br>| **0.72**<br> <sup>1</sup><br>|

---

**1**

The table reflects the combined fees of the feeder fund and the master fund.

**2**

The investment advisor of the master fund, Capital Research and Management Company, contractually agrees to waive a portion of its management fee. The waiver will be in effect through at least May 1, 2027, and the waiver may only be modified or terminated with the approval of the master fund's Board of Trustees.

**3**

The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund's reimbursement 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.

**Expense example**

------

The examples are intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The examples assume that $10,000 is invested in the fund for the periods indicated and then all shares are redeemed at the end of those periods. The examples also assume that the investment has a 5% return each year and that the fund's operating expenses remain the same. The expense example does not reflect fees and expenses of any variable insurance contract that may use the fund as its underlying investment option and would be higher if they did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **Expenses ($)** | **Series I** | **Series II** | **Series III** |
| 1 year | 109 | 124 | 74 |
| 3 years | 366 | 413 | 256 |
| 5 years | 643 | 723 | 454 |
| 10 years | 1433 | 1602 | 1026 |

---

**Portfolio turnover**

------

The fund, which operates as a feeder fund, does not pay transaction costs, such as commissions, when it buys and sells shares of the master fund (or "turns over" its portfolio). A master fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the master fund and of the fund. During its most recent fiscal year, the master fund's portfolio turnover rate was 45% of the average value of its portfolio.

**Principal investment strategies**

------

The fund invests all of its assets in Class 1 shares of its master fund, the Global Growth Fund, a series of American Funds Insurance Series. The Global Growth Fund invests primarily in common stocks of companies around the world that the advisor believes have potential for growth. As a fund that seeks to invest globally, the Global Growth Fund will allocate its assets among securities of companies in various countries, including the United States and

**14**

------

Fund summary

countries with emerging markets (but in no fewer than three countries). Under normal market conditions, the fund will invest a percentage of its net assets outside the United States. That percentage will represent at least (a) 40% of the fund's net assets, unless market conditions are not deemed favorable by the fund's investment adviser, in which case 30%, or (b) the percentage of the MSCI All Country World Index represented by companies outside the United States minus 5%, whichever is lower.

*Use of Hedging and Other Strategic Transactions*. The fund is authorized to use all of the various investment strategies referred to under "Additional Information About the Funds' Principal Risks — Hedging, derivatives and other strategic transactions risk."

The master fund may invest in other funds managed by the investment advisor or its affiliates to more effectively invest in a diversified set of securities in a specific asset class such as money market instruments, bonds and other securities ("Central Funds"). Shares of Central Funds are only offered for purchase to the master fund's investment advisor and its affiliates and other funds, investment vehicles and accounts managed by the master fund's investment advisor and its affiliates. When investing in Central Funds, the master fund bears its proportionate share of the expenses of the Central Funds in which it invests but does not bear additional management fees through its investment in such Central Funds. The investment results of the portion of the master fund's assets invested in the Central Funds will be based upon the investment results of the Central Funds.

The manager considers environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund's investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. Because ESG factors are considered alongside other relevant factors, the manager may determine that an investment is appropriate notwithstanding its relative ESG characteristics.

**Principal risks**

------

An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money. The fund's investment strategy may not produce the intended results.

The fund's main risks are listed below in alphabetical order, not in order of importance. *Before investing, be sure to read the additional descriptions of these risks beginning on page 257 of the prospectus*.

**Credit and counterparty risk.** The counterparty to an over-the-counter derivatives contract or a borrower of fund securities may not make timely payments or otherwise honor its obligations.

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

**Equity securities risk.** The price of equity securities may decline due to changes in a company's financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations.

**ESG integration risk.** The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund's investments. Integration of ESG factors into the fund's investment process does not preclude the fund from including companies with low ESG characteristics or excluding companies with high ESG characteristics in the fund's investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.

**Foreign securities risk.** Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets.

**Hedging, derivatives, and other strategic transactions risk.** Hedging, derivatives, and other strategic transactions may increase a fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, foreign currency swaps, futures contracts, options on futures, swaptions, interest-rate swaps, options, swaps, equity-linked notes (equity-linked notes generally reflect the risks associated with their underlying securities, depend on the credit of the note's issuer, may be privately placed, and may have a limited secondary market), inverse floating-rate securities, reverse repurchase agreements, and total return swaps. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the

**15**

------

Fund summary

risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk. An event of default or insolvency of the counterparty to a reverse repurchase agreement could result in delays or restrictions with respect to the fund's ability to dispose of the underlying securities. In addition, a reverse repurchase agreement may be considered a form of leverage and may, therefore, increase fluctuations in the fund's net asset value (NAV) per share.

**Information technology companies risk.** 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.

**Investment company securities risk.** Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.

**Large company risk.** Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.

**Liquidity risk.** The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**Sector risk.** When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.

**Small and mid-sized company risk.** Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.

**Past performance**

------

The following information illustrates the variability of the fund's returns and provides some indication of the risks of investing in the fund by showing changes in the fund's performance from year to year and by showing how the fund's average annual returns compared with a broad-based securities market index. Past performance does not indicate future results. All figures assume dividend reinvestment. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHVIT as its underlying investment option. If such fees and expenses had been reflected, performance would be lower.

**Calendar year total returns (%)—Series II**

![](g224548img954bbce95.jpg)

---

| | | |
|:---|:---|:---|
| **Best quarter:** | Q2 2020 | 24.15% |
| **Worst quarter:** | Q2 2022 | -16.69% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns (%)—as of 12/31/2025** | **1 year** | **5 year** | **10 year** |
| **Series I** | 21.17 | &nbsp;&nbsp;&nbsp;&nbsp;7.81 | &nbsp;&nbsp;&nbsp;&nbsp;11.74 |
| **Series II** | 21.08 | &nbsp;&nbsp;&nbsp;&nbsp;7.74 | &nbsp;&nbsp;&nbsp;&nbsp;11.65 |
| **Series III** | 21.55 | &nbsp;&nbsp;&nbsp;&nbsp;8.18 | &nbsp;&nbsp;&nbsp;&nbsp;12.12 |
| MSCI ACWI (reflects no deduction for fees, expenses, or taxes, except foreign withholding taxes on dividends) | 22.34 | &nbsp;&nbsp;&nbsp;&nbsp;11.19 | &nbsp;&nbsp;&nbsp;&nbsp;11.72 |

---

**Investment management**

------

**Investment advisor of the master fund** Capital Research and Management Company

**16**

------

Fund summary

**Portfolio management**

------

The following individuals are jointly and primarily responsible for the day-to-day management of the master fund's portfolio.

---

| | | |
|:---|:---|:---|
| **Mathews Cherian** | **Patrice Collette** | **Matt Hochstetler** |
| *Partner – Capital World Investors*<br> Managed fund since 2026<br>| &nbsp;&nbsp; *Partner – Capital World Investors*<br> Managed fund since 2015<br>| &nbsp;&nbsp; *Partner – Capital World Investors*<br> Managed fund since 2023<br>|
| **Barbara Burtin**<br> *Partner – Capital World Investors*<br> Managed fund since 2025<br>| &nbsp;&nbsp; **Jason B. Smith**<br> *Partner – Capital World Investors*<br> Managed fund since 2025<br>|  |

---

**Purchase and redemption of fund shares**

------

Shares of the fund are not sold directly to the public but generally may be sold only to insurance companies and their separate accounts as the underlying investment options for variable annuity and variable life insurance contracts issued by such companies, to certain entities affiliated with the insurance companies, to those funds of JHVIT that operate as funds of funds and invest in other funds and to certain qualified retirement plans (qualified plans).

Shares of the fund are offered continuously, without sales charge, and are sold and redeemed each business day (which typically is any day the New York Stock Exchange is open) at a price equal to their net asset value (NAV) determined for that business day as set forth under "Valuation of shares" in this prospectus. The Portfolio does not have minimum initial or subsequent investment requirements. Payment for shares redeemed will generally be made within seven days after receipt of a proper notice of redemption.

**Taxes**

------

Because shares of the fund may be purchased only through variable insurance contracts and qualified plans, it is expected that any dividends or capital gains distributions made by the fund will be exempt from current federal taxation if left to accumulate within the variable contract or qualified plan. Holders of variable insurance contracts should consult the prospectuses of their respective contracts for information on the federal income tax consequences to such holders.

**Compensation of financial intermediaries**

------

The fund is not sold directly to the general public but instead is offered as an underlying investment option for variable insurance contracts. The distributors of these contracts, the insurance companies that issue the contracts and their related companies (Related Parties), may pay compensation to broker-dealers and other intermediaries for distribution and other services and may enter into revenue sharing arrangements with certain intermediaries. The fund pays fees to the Related Parties for management, distribution and other services. Payments by insurance and related companies to intermediaries may create a conflict of interest by influencing them and their salespersons to recommend such contracts over other investments. Ask your salesperson or visit your financial intermediary's website for more information. In addition, payments by the funds to Related Parties may be a factor that an insurance company considers in including the funds as underlying investment options in variable insurance contracts. The prospectus (or other offering document) for your variable insurance contract may contain additional information about these payments.

**17**

------

Fund summary

American Growth Trust

**Investment objective**

------

To seek to provide growth of capital.

**Fees and expenses**

------

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. **The fees and expenses do not reflect fees and expenses of any variable insurance or variable annuities contract that may use the fund as its underlying investment option and would be higher if they did.** 

---

| | | | |
|:---|:---|:---|:---|
| **Annual fund operating expenses (%)** (expenses that you pay each year as a percentage of the value of your investment) | **Series I** | **Series II** | **Series III** |
| Management fee | 0.30<br> <sup>1</sup><br>| 0.30<br> <sup>1</sup><br>| 0.30<br> <sup>1</sup><br>|
| Distribution and service (Rule 12b-1) fees | 0.60 | 0.75 | 0.25 |
| Other expenses | 0.06 <br><sup>1</sup><br>| 0.06 <br><sup>1</sup><br>| 0.06 <br><sup>1</sup><br>|
| **Total annual fund operating expenses** | **0.96**<br> <sup>1</sup><br>| **1.11**<br> <sup>1</sup><br>| **0.61**<br> <sup>1</sup><br>|
| Contractual expense reimbursement | -0.01 <br><sup>2</sup><br>| -0.01 <br><sup>2</sup><br>| -0.01 <br><sup>2</sup><br>|
| **Total annual fund operating expenses after expense reimbursements** | **0.95**<br> <sup>1</sup><br>| **1.10**<br> <sup>1</sup><br>| **0.60**<br> <sup>1</sup><br>|

---

**1**

The table reflects the combined fees of the feeder fund and the master fund.

**2**

The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund's reimbursement 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.

**Expense example**

------

The examples are intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The examples assume that $10,000 is invested in the fund for the periods indicated and then all shares are redeemed at the end of those periods. The examples also assume that the investment has a 5% return each year and that the fund's operating expenses remain the same. The expense example does not reflect fees and expenses of any variable insurance contract that may use the fund as its underlying investment option and would be higher if they did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **Expenses ($)** | **Series I** | **Series II** | **Series III** |
| 1 year | 97 | 112 | 61 |
| 3 years | 305 | 352 | 194 |
| 5 years | 530 | 611 | 339 |
| 10 years | 1177 | 1351 | 761 |

---

**Portfolio turnover**

------

The fund, which operates as a feeder fund, does not pay transaction costs, such as commissions, when it buys and sells shares of the master fund (or "turns over" its portfolio). A master fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the master fund and of the fund. During its most recent fiscal year, the master fund's portfolio turnover rate was 27% of the average value of its portfolio.

**Principal investment strategies**

------

The fund invests all of its assets in Class 1 shares of its master fund, the Growth Fund, a series of American Funds Insurance Series. The Growth Fund invests primarily in common stocks and seeks to invest in companies that appear to offer superior opportunities for growth of capital. The Growth Fund may also invest up to 25% of its assets in common stocks and other securities outside the U.S.

**18**

------

Fund summary

The master fund may invest in other funds managed by the investment advisor or its affiliates to more effectively invest in a diversified set of securities in a specific asset class such as money market instruments, bonds and other securities ("Central Funds"). Shares of Central Funds are only offered for purchase to the master fund's investment advisor and its affiliates and other funds, investment vehicles and accounts managed by the master fund's investment advisor and its affiliates. When investing in Central Funds, the master fund bears its proportionate share of the expenses of the Central Funds in which it invests but does not bear additional management fees through its investment in such Central Funds. The investment results of the portion of the master fund's assets invested in the Central Funds will be based upon the investment results of the Central Funds.

The manager considers environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund's investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. Because ESG factors are considered alongside other relevant factors, the manager may determine that an investment is appropriate notwithstanding its relative ESG characteristics.

**Principal risks**

------

An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money. The fund's investment strategy may not produce the intended results.

The fund's main risks are listed below in alphabetical order, not in order of importance. *Before investing, be sure to read the additional descriptions of these risks beginning on page 257 of the prospectus*.

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

**Equity securities risk.** The price of equity securities may decline due to changes in a company's financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations.

**ESG integration risk.** The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund's investments. Integration of ESG factors into the fund's investment process does not preclude the fund from including companies with low ESG characteristics or excluding companies with high ESG characteristics in the fund's investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.

**Foreign securities risk.** Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities.

**Information technology companies risk.** 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.

**Investment company securities risk.** Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.

**Large company risk.** Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.

**Liquidity risk.** The extent (if at all) to which a security may be sold without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**Sector risk.** When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.

**19**

------

Fund summary

**Small and mid-sized company risk.** Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.

**Past performance**

------

The following information illustrates the variability of the fund's returns and provides some indication of the risks of investing in the fund by showing changes in the fund's performance from year to year and by showing how the fund's average annual returns compared with a broad-based securities market index. Past performance does not indicate future results. All figures assume dividend reinvestment. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHVIT as its underlying investment option. If such fees and expenses had been reflected, performance would be lower.

**Calendar year total returns (%)—Series II**

![](g224548img706aced06.jpg)

---

| | | |
|:---|:---|:---|
| **Best quarter:** | Q2 2020 | 28.53% |
| **Worst quarter:** | Q2 2022 | -23.13% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns (%)—as of 12/31/2025** | **1 year** | **5 year** | **10 year** |
| **Series I** | 19.81 | &nbsp;&nbsp;&nbsp;&nbsp;12.95 | &nbsp;&nbsp;&nbsp;&nbsp;17.53 |
| **Series II** | 19.73 | &nbsp;&nbsp;&nbsp;&nbsp;12.88 | &nbsp;&nbsp;&nbsp;&nbsp;17.46 |
| **Series III** | 20.17 | &nbsp;&nbsp;&nbsp;&nbsp;13.35 | &nbsp;&nbsp;&nbsp;&nbsp;17.94 |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 17.88 | &nbsp;&nbsp;&nbsp;&nbsp;14.42 | &nbsp;&nbsp;&nbsp;&nbsp;14.82 |

---

**Investment management**

------

**Investment advisor of the master fund** Capital Research and Management Company

**Portfolio management**

------

The following individuals are jointly and primarily responsible for the day-to-day management of the master fund's portfolio.

---

| | | |
|:---|:---|:---|
| **Julian N. Abdey** | **Paul Benjamin** | **Mark L. Casey** |
| *Partner – Capital International Investors*<br> Managed fund since 2020<br>| &nbsp;&nbsp; *Partner – Capital World Investors*<br> Managed fund since 2018<br>| &nbsp;&nbsp; *Partner – Capital International Investors*<br> Managed fund since 2017<br>|
| **Irfan M. Furniturewala**<br> *Partner – Capital International Investors*<br> Managed fund since 2021<br>| &nbsp;&nbsp; **Anne-Marie Peterson**<br> *Partner – Capital World Investors*<br> Managed fund since 2018<br>| &nbsp;&nbsp; **Andraz Razen**<br> *Partner – Capital World Investors*<br> Managed fund since 2012<br>|
| **Alan J. Wilson**<br> *Partner – Capital World Investors*<br> Managed fund since 2014<br>|  |  |

---

**Purchase and redemption of fund shares**

------

Shares of the fund are not sold directly to the public but generally may be sold only to insurance companies and their separate accounts as the underlying investment options for variable annuity and variable life insurance contracts issued by such companies, to certain entities affiliated with the insurance companies, to those funds of JHVIT that operate as funds of funds and invest in other funds and to certain qualified retirement plans (qualified plans).

Shares of the fund are offered continuously, without sales charge, and are sold and redeemed each business day (which typically is any day the New York Stock Exchange is open) at a price equal to their net asset value (NAV) determined for that business day as set forth under "Valuation of

**20**

------

Fund summary

shares" in this prospectus. The Portfolio does not have minimum initial or subsequent investment requirements. Payment for shares redeemed will generally be made within seven days after receipt of a proper notice of redemption.

**Taxes**

------

Because shares of the fund may be purchased only through variable insurance contracts and qualified plans, it is expected that any dividends or capital gains distributions made by the fund will be exempt from current federal taxation if left to accumulate within the variable contract or qualified plan. Holders of variable insurance contracts should consult the prospectuses of their respective contracts for information on the federal income tax consequences to such holders.

**Compensation of financial intermediaries**

------

The fund is not sold directly to the general public but instead is offered as an underlying investment option for variable insurance contracts. The distributors of these contracts, the insurance companies that issue the contracts and their related companies (Related Parties), may pay compensation to broker-dealers and other intermediaries for distribution and other services and may enter into revenue sharing arrangements with certain intermediaries. The fund pays fees to the Related Parties for management, distribution and other services. Payments by insurance and related companies to intermediaries may create a conflict of interest by influencing them and their salespersons to recommend such contracts over other investments. Ask your salesperson or visit your financial intermediary's website for more information. In addition, payments by the funds to Related Parties may be a factor that an insurance company considers in including the funds as underlying investment options in variable insurance contracts. The prospectus (or other offering document) for your variable insurance contract may contain additional information about these payments.

**21**

------

Fund summary

American Growth-Income Trust

**Investment objective**

------

To seek to provide long-term growth of capital and income.

**Fees and expenses**

------

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. **The fees and expenses do not reflect fees and expenses of any variable insurance or variable annuities contract that may use the fund as its underlying investment option and would be higher if they did.** 

---

| | | | |
|:---|:---|:---|:---|
| **Annual fund operating expenses (%)** (expenses that you pay each year as a percentage of the value of your investment) | **Series I** | **Series II** | **Series III** |
| Management fee | 0.25 <br><sup>1</sup><br>| 0.25 <br><sup>1</sup><br>| 0.25 <br><sup>1</sup><br>|
| Distribution and service (Rule 12b-1) fees | 0.60 | 0.75 | 0.25 |
| Other expenses | 0.06 <br><sup>1</sup><br>| 0.06 <br><sup>1</sup><br>| 0.06 <br><sup>1</sup><br>|
| **Total annual fund operating expenses** | **0.91** <br><sup>1</sup><br>| **1.06** <br><sup>1</sup><br>| **0.56** <br><sup>1</sup><br>|

---

**1**

The table reflects the combined fees of the feeder fund and the master fund.

**Expense example**

------

The examples are intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The examples assume that $10,000 is invested in the fund for the periods indicated and then all shares are redeemed at the end of those periods. The examples also assume that the investment has a 5% return each year and that the fund's operating expenses remain the same. The expense example does not reflect fees and expenses of any variable insurance contract that may use the fund as its underlying investment option and would be higher if they did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **Expenses ($)** | **Series I** | **Series II** | **Series III** |
| 1 year | 93 | 108 | 57 |
| 3 years | 290 | 337 | 179 |
| 5 years | 504 | 585 | 313 |
| 10 years | 1120 | 1294 | 701 |

---

**Portfolio turnover**

------

The fund, which operates as a feeder fund, does not pay transaction costs, such as commissions, when it buys and sells shares of the master fund (or "turns over" its portfolio). A master fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the master fund and of the fund. During its most recent fiscal year, the master fund's portfolio turnover rate was 27% of the average value of its portfolio.

**Principal investment strategies**

------

The fund invests all of its assets in Class 1 shares of its master fund, the Growth-Income Fund, a series of American Funds Insurance Series. The Growth-Income Fund invests primarily in common stocks or other securities that the Growth-Income Fund's investment advisor believes demonstrate the potential for appreciation and/or dividends. The Growth-Income Fund may invest up to 15% of its assets outside the U.S. The Growth-Income Fund is designed for investors seeking both capital appreciation and income.

The master fund may invest in other funds managed by the investment advisor or its affiliates to more effectively invest in a diversified set of securities in a specific asset class such as money market instruments, bonds and other securities ("Central Funds"). Shares of Central Funds are only offered for purchase to the master fund's investment advisor and its affiliates and other funds, investment vehicles and accounts managed by the master fund's investment advisor and its affiliates. When investing in Central Funds, the master fund bears its proportionate share of the expenses of the Central Funds in which it invests but does not bear additional management fees through its investment in such Central Funds. The investment results of the portion of the master fund's assets invested in the Central Funds will be based upon the investment results of the Central Funds.

The manager considers environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund's investment process may change over time and one or more characteristics may not be relevant with

**22**

------

Fund summary

respect to all issuers that are eligible fund investments. Because ESG factors are considered alongside other relevant factors, the manager may determine that an investment is appropriate notwithstanding its relative ESG characteristics.

**Principal risks**

------

An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money. The fund's investment strategy may not produce the intended results.

The fund's main risks are listed below in alphabetical order, not in order of importance. *Before investing, be sure to read the additional descriptions of these risks beginning on page 257 of the prospectus*.

**Changing distribution levels risk.** The fund may cease or reduce the level of its distribution if income or dividends paid from its investments declines.

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

**Equity securities risk.** The price of equity securities may decline due to changes in a company's financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations.

**ESG integration risk.** The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund's investments. Integration of ESG factors into the fund's investment process does not preclude the fund from including companies with low ESG characteristics or excluding companies with high ESG characteristics in the fund's investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.

**Foreign securities risk.** Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities.

**Income stock risk.** Income provided by the fund may be affected by changes in the dividend polices of the companies in which the fund invests and the capital resources available for such payments at such companies.

**Information technology companies risk.** 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.

**Investment company securities risk.** Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.

**Large company risk.** Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.

**Liquidity risk.** The extent (if at all) to which a security may be sold without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**Small and mid-sized company risk.** Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.

**Past performance**

------

The following information illustrates the variability of the fund's returns and provides some indication of the risks of investing in the fund by showing changes in the fund's performance from year to year and by showing how the fund's average annual returns compared with a broad-based securities market index. Past performance does not indicate future results. All figures assume dividend reinvestment. The performance information below does

**23**

------

Fund summary

not reflect fees and expenses of any variable insurance contract which may use JHVIT as its underlying investment option. If such fees and expenses had been reflected, performance would be lower.

**Calendar year total returns (%)—Series II**

![](g224548imgf9ba45927.jpg)

---

| | | |
|:---|:---|:---|
| **Best quarter:** | Q2 2020 | 19.82% |
| **Worst quarter:** | Q1 2020 | -19.87% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns (%)—as of 12/31/2025** | **1 year** | **5 year** | **10 year** |
| **Series I** | 17.65 | &nbsp;&nbsp;&nbsp;&nbsp;13.48 | &nbsp;&nbsp;&nbsp;&nbsp;13.50 |
| **Series II** | 17.53 | &nbsp;&nbsp;&nbsp;&nbsp;13.38 | &nbsp;&nbsp;&nbsp;&nbsp;13.41 |
| **Series III** | 18.10 | &nbsp;&nbsp;&nbsp;&nbsp;13.89 | &nbsp;&nbsp;&nbsp;&nbsp;13.91 |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 17.88 | &nbsp;&nbsp;&nbsp;&nbsp;14.42 | &nbsp;&nbsp;&nbsp;&nbsp;14.82 |

---

**Investment management**

------

**Investment advisor of the master fund** Capital Research and Management Company

**Portfolio management**

------

The following individuals are jointly and primarily responsible for the day-to-day management of the master fund's portfolio.

---

| | |
|:---|:---|
| **Brad Barrett** | **Martin Jacobs** |
| *Partner – Capital Research Global*<br> *Investors*<br> Managed fund since 2026<br>| &nbsp;&nbsp; *Partner – Capital Research Global*<br> *Investors*<br> Managed fund since 2026<br>|
| **Charles E. Ellwein**<br> *Partner – Capital Research Global Investors*<br> Managed fund since 2015<br>| &nbsp;&nbsp; **Caroline Jones**<br> *Partner – Capital Research Global Investors*<br> Managed fund since 2020<br>|
| **Cheryl E. Frank**<br> *Partner – Capital Research Global*<br> *Investors*<br> Managed fund since 2026<br>| &nbsp;&nbsp; **Jessica C. Spaly**<br> *Partner – Capital Research Global*<br> *Investors*<br> Managed fund since 2026<br>|

---

**Purchase and redemption of fund shares**

------

Shares of the fund are not sold directly to the public but generally may be sold only to insurance companies and their separate accounts as the underlying investment options for variable annuity and variable life insurance contracts issued by such companies, to certain entities affiliated with the insurance companies, to those funds of JHVIT that operate as funds of funds and invest in other funds and to certain qualified retirement plans (qualified plans).

Shares of the fund are offered continuously, without sales charge, and are sold and redeemed each business day (which typically is any day the New York Stock Exchange is open) at a price equal to their net asset value (NAV) determined for that business day as set forth under "Valuation of shares" in this prospectus. The Portfolio does not have minimum initial or subsequent investment requirements. Payment for shares redeemed will generally be made within seven days after receipt of a proper notice of redemption.

**Taxes**

------

Because shares of the fund may be purchased only through variable insurance contracts and qualified plans, it is expected that any dividends or capital gains distributions made by the fund will be exempt from current federal taxation if left to accumulate within the variable contract or qualified plan.

**24**

------

Fund summary

Holders of variable insurance contracts should consult the prospectuses of their respective contracts for information on the federal income tax consequences to such holders.

**Compensation of financial intermediaries**

------

The fund is not sold directly to the general public but instead is offered as an underlying investment option for variable insurance contracts. The distributors of these contracts, the insurance companies that issue the contracts and their related companies (Related Parties), may pay compensation to broker-dealers and other intermediaries for distribution and other services and may enter into revenue sharing arrangements with certain intermediaries. The fund pays fees to the Related Parties for management, distribution and other services. Payments by insurance and related companies to intermediaries may create a conflict of interest by influencing them and their salespersons to recommend such contracts over other investments. Ask your salesperson or visit your financial intermediary's website for more information. In addition, payments by the funds to Related Parties may be a factor that an insurance company considers in including the funds as underlying investment options in variable insurance contracts. The prospectus (or other offering document) for your variable insurance contract may contain additional information about these payments.

**25**

------

Fund summary

Blue Chip Growth Trust

**Investment objective**

------

To provide long-term growth of capital. Current income is a secondary objective.

**Fees and expenses**

------

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. **The fees and expenses do not reflect fees and expenses of any variable insurance or variable annuities contract that may use the fund as its underlying investment option and would be higher if they did.** 

---

| | | | |
|:---|:---|:---|:---|
| **Annual fund operating expenses (%)** (expenses that you pay each year as a percentage of the value of your investment) | **Series I** | **Series II** | **Series NAV** |
| Management fee | 0.71<br> <sup>1</sup><br>| 0.71<br> <sup>1</sup><br>| 0.71<br> <sup>1</sup><br>|
| Distribution and service (Rule 12b-1) fees | 0.05 | 0.25 | 0.00 |
| Other expenses | 0.05 | 0.05 | 0.05 |
| **Total annual fund operating expenses** | **0.81** | **1.01** | **0.76** |
| Contractual expense reimbursement | -0.01<br> <sup>2</sup><br>| -0.01<br> <sup>2</sup><br>| -0.01<br> <sup>2</sup><br>|
| **Total annual fund operating expenses after expense reimbursements** | **0.80** | **1.00** | **0.75** |

---

**1**

"Management fee" has been restated to reflect the contractual management fee schedule effective June 1, 2025.

**2**

The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund's reimbursement 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.

**Expense example**

------

The examples are intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The examples assume that $10,000 is invested in the fund for the periods indicated and then all shares are redeemed at the end of those periods. The examples also assume that the investment has a 5% return each year and that the fund's operating expenses remain the same. The expense example does not reflect fees and expenses of any variable insurance contract that may use the fund as its underlying investment option and would be higher if they did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **Expenses ($)** | **Series I** | **Series II** | **Series NAV** |
| 1 year | 82 | 102 | 77 |
| 3 years | 258 | 321 | 242 |
| 5 years | 449 | 557 | 421 |
| 10 years | 1001 | 1235 | 941 |

---

**Portfolio turnover**

------

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During its most recent fiscal year, the fund's portfolio turnover rate was 18% of the average value of its portfolio.

**Principal investment strategies**

------

Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in the common stocks of large and medium-sized blue chip growth companies. (The fund will provide written notice to shareholders at least 60 days prior to a change in its 80% investment policy.) These are firms that, in the subadvisor's view, are well established in their industries and have the potential for above-average earnings growth.

In identifying blue chip companies, the subadvisor generally considers the following characteristics:

**26**

------

Fund summary

*Leading market positions*. Blue chip companies often have leading market positions that are expected to be maintained or enhanced over time. Strong positions, particularly in growing industries, can give a company pricing flexibility as well as the potential for good unit sales. These factors, in turn, can lead to higher earnings growth and greater share price appreciation.

*Seasoned management teams*. Seasoned management teams with a track record of providing superior financial results are important for a company's long-term growth prospects. The subadvisor's analysts will evaluate the depth and breadth of a company's management experience.

*Strong financial fundamentals*. Companies should demonstrate faster earnings growth than their competitors and the market in general; high profit margins relative to competitors; strong cash flow; a healthy balance sheet with relatively low debt; and a high return on equity with a comparatively low dividend payout ratio.

This investment approach reflects the subadvisor's belief that the combination of solid company fundamentals (with emphasis on the potential for above-average growth in earnings) along with a positive industry outlook will ultimately reward investors with strong investment performance. Some of the companies the subadvisor targets will have good prospects for dividend growth. The fund may at times invest significantly in stocks of information technology companies.

While most of the assets of the fund are invested in U.S. common stocks, the fund may also purchase or invest in other types of securities, including (i) U.S. and foreign currency-denominated foreign securities (up to 20% of its net assets) including American Depositary Receipts (ADRs), (ii) convertible stocks, warrants and bonds, and (iii) futures and options. Investments in convertible securities, warrants, preferred stocks and debt securities are limited to 25% of total assets.

The fund may invest in debt securities of any type, including municipal securities, without restrictions on quality or rating. Such securities would be issued by entities which meet the investment criteria for the fund but may include below-investment-grade debt securities ("junk bonds"). The fund will not purchase a below-investment-grade debt security if, immediately after such purchase, the fund would have more than 5% of its total assets invested in such securities.

The fund's debt securities may include privately negotiated notes or loans, including loan participations and assignments ("bank loans"). These investments will only be made in companies, municipalities or entities that meet the fund's investment criteria. Direct investments in loans may be illiquid and holding a loan could expose the fund to the risks of being a direct lender. Since the fund invests primarily in equity securities, the risks associated with fixed-income securities will not affect the fund as much as they would a fund that invests more of its assets in fixed-income securities.

The fund may invest up to 10% of its total assets in hybrid instruments. Hybrid instruments are a type of high-risk derivative which can combine the characteristics of securities, futures and options. Such securities may or may not bear interest or pay dividends at below (or even relatively nominal) rates.

The fund may sell assets for a variety of reasons, including in response to a change in the original investment considerations or to limit losses, adjust the characteristics of the overall portfolio, or redeploy assets into different opportunities.

In pursuing the fund's investment objectives, the subadvisor has the discretion to deviate from its normal investment criteria, as described above, and purchase securities the subadvisor believes will provide an opportunity for substantial appreciation. These situations might arise when the subadvisor believes a security could increase in value for a variety of reasons including a change in management, an extraordinary corporate event, a new product introduction or innovation or a favorable competitive development.

The fund is a non-diversified fund, which means that it may invest in a smaller number of issuers than a diversified fund and may invest more of its assets in the securities of a single issuer.

**Principal risks**

------

An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money. The fund's investment strategy may not produce the intended results.

The fund's main risks are listed below in alphabetical order, not in order of importance. *Before investing, be sure to read the additional descriptions of these risks beginning on page 257 of the prospectus*.

**Communication sector risk.** Because the fund may be concentrated in securities of companies in the communication sector, any market price movements, regulatory or technological changes, or economic conditions affecting companies in the communication sector may have a significant impact on the fund's performance.

**Consumer discretionary sector risk.** The consumer discretionary sector may be affected by fluctuations in supply and demand, and may also be adversely affected by changes in consumer spending as a result of world events, political and economic conditions, commodity price volatility, changes in exchange rates, imposition of import controls, increased competition, depletion of resources, and labor relations.

**27**

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Fund summary

**Credit and counterparty risk.** The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. A downgrade or default affecting any of the fund's securities could affect the fund's performance.

**Currency risk.** Fluctuations in exchange rates may adversely affect the U.S. dollar value of a fund's investments. Foreign currencies may decline in value, which could negatively impact performance.

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

**Equity securities risk.** The price of equity securities may decline due to changes in a company's financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations.

**Fixed-income securities risk.** A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security's credit quality may adversely affect fund performance.

**Foreign securities risk.** Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.

**Hong Kong Stock Connect Program (Stock Connect) risk.** Trading in China A-Shares through Stock Connect, a mutual market access program that enables foreign investment in the People's Republic of China (PRC), is subject to certain restrictions and risks. Securities listed on Stock Connect may lose purchase eligibility, which could adversely affect the fund's performance. Trading through Stock Connect is subject to trading, clearance, and settlement procedures that may continue to develop as the program matures. Any changes in laws, regulations and policies applicable to Stock Connect may affect China A-Share prices. These risks are heightened by the underdeveloped state of the PRC's investment and banking systems in general.

**Hedging, derivatives, and other strategic transactions risk.** Hedging, derivatives, and other strategic transactions may increase a fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: futures contracts, equity-linked notes (equity-linked notes generally reflect the risks associated with their underlying securities, depend on the credit of the notes' issuer, may be privately placed, and may have a limited secondary market), and options. Futures contracts and options generally are subject to counterparty risk.

**Hybrid instrument risk.** Hybrid instruments (a type of potentially high-risk derivative) combine the elements of futures contracts or options with those of debt, preferred equity or a depository instrument. Hybrid instruments entail greater market risk and may be more volatile than traditional debt instruments, may bear interest or pay preferred dividends at below-market rates, and may be illiquid. The risks of investing in hybrid instruments are a combination of the risks of investing in securities, options, futures, and currencies.

**Information technology companies risk.** 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.

**Investment company securities risk.** Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.

**Large company risk.** Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.

**Liquidity risk.** The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.

**28**

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Fund summary

**Loan participations risk.** Participations and assignments involve special types of risks, including credit risk, interest-rate risk, counterparty risk, liquidity risk, risks associated with extended settlement, and the risks of being a lender.

**Lower-rated and high-yield fixed-income securities risk.** Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.

**Media and communications sector risk.** Media and communications companies may be significantly affected by product and service obsolescence due to technological advancement or development, competitive pressures, substantial capital requirements, fluctuating demand, and changes in regulation.

**Mid-sized company risk.** Mid-sized companies are generally less established and may be more volatile than larger companies. Mid-capitalization securities may underperform the market as a whole.

**Municipal bond risk.** The prices of municipal bonds, including general obligation bonds, can decline if the issuer's credit quality declines. Revenue bond prices can decline if related projects become unprofitable. An insured municipal bond is subject to the risk that the insurer may be unable to pay claims and is not insured with respect to the market value of the obligation. Municipal bond income could become taxable in the future. Investments in bonds subject to the alternative minimum tax may result in tax liability for shareholders.

**Non-diversified risk.** Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**Preferred and convertible securities risk.** Preferred stock dividends are payable only if declared by the issuer's board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock's value can depend heavily upon the underlying common stock's value.

**Sector risk.** When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.

**Technology companies risk.** Technology companies can be significantly affected by rapid obsolescence, short product cycles, competition, and government regulation, among other factors. Investments in the technology sector may be susceptible to heightened risk of cybersecurity breaches, which may allow an unauthorized party to gain access to personally identifiable information and other customer data.

**Warrants risk.** The prices of warrants may not precisely reflect the prices of their underlying securities. Warrant holders do not receive dividends or have voting or credit rights. A warrant ceases to have value if not exercised prior to its expiration date.

**Past performance**

------

The following information illustrates the variability of the fund's returns and provides some indication of the risks of investing in the fund by showing changes in the fund's performance from year to year and by showing how the fund's average annual returns compared with a broad-based securities market index. Past performance does not indicate future results. The Russell 1000 Growth Index shows how the fund's performance compares against the returns of similar investments. All figures assume dividend reinvestment. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHVIT as its underlying investment option. If such fees and expenses had been reflected, performance would be lower.

**29**

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Fund summary

**Calendar year total returns (%)—Series I**

![](g224548imgb6e99c6d8.jpg)

---

| | | |
|:---|:---|:---|
| **Best quarter:** | Q2 2020 | 27.72% |
| **Worst quarter:** | Q2 2022 | -24.94% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns (%)—as of 12/31/2025** | **1 year** | **5 year** | **10 year** |
| **Series I** | 18.52 | &nbsp;&nbsp;&nbsp;&nbsp;11.71 | &nbsp;&nbsp;&nbsp;&nbsp;15.56 |
| **Series II** | 18.26 | &nbsp;&nbsp;&nbsp;&nbsp;11.48 | &nbsp;&nbsp;&nbsp;&nbsp;15.33 |
| **Series NAV** | 18.57 | &nbsp;&nbsp;&nbsp;&nbsp;11.76 | &nbsp;&nbsp;&nbsp;&nbsp;15.62 |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 17.88 | &nbsp;&nbsp;&nbsp;&nbsp;14.42 | &nbsp;&nbsp;&nbsp;&nbsp;14.82 |
| Russell 1000 Growth Index (reflects no deduction for fees, expenses, or taxes) | 18.56 | &nbsp;&nbsp;&nbsp;&nbsp;15.32 | &nbsp;&nbsp;&nbsp;&nbsp;18.13 |

---

**Investment management**

------

**Investment advisor** John Hancock Variable Trust Advisers LLC

**Subadvisor** T. Rowe Price Associates, Inc.

**Portfolio management**

------

The following individual is primarily responsible for the day-to-day management of the fund's portfolio.

---

| |
|:---|
| **Paul Greene II** |
| *Vice President*<br> Managed fund since 2021<br>|

---

**Purchase and redemption of fund shares**

------

Shares of the fund are not sold directly to the public but generally may be sold only to insurance companies and their separate accounts as the underlying investment options for variable annuity and variable life insurance contracts issued by such companies, to certain entities affiliated with the insurance companies, to those funds of JHVIT that operate as funds of funds and invest in other funds and to certain qualified retirement plans (qualified plans).

Shares of the fund are offered continuously, without sales charge, and are sold and redeemed each business day (which typically is any day the New York Stock Exchange is open) at a price equal to their net asset value (NAV) determined for that business day as set forth under "Valuation of shares" in this prospectus. The Portfolio does not have minimum initial or subsequent investment requirements. Payment for shares redeemed will generally be made within seven days after receipt of a proper notice of redemption.

**Taxes**

------

Because shares of the fund may be purchased only through variable insurance contracts and qualified plans, it is expected that any dividends or capital gains distributions made by the fund will be exempt from current federal taxation if left to accumulate within the variable contract or qualified plan. Holders of variable insurance contracts should consult the prospectuses of their respective contracts for information on the federal income tax consequences to such holders.

**Compensation of financial intermediaries**

------

The fund is not sold directly to the general public but instead is offered as an underlying investment option for variable insurance contracts. The distributors of these contracts, the insurance companies that issue the contracts and their related companies (Related Parties), may pay compensation to broker-dealers and other intermediaries for distribution and other services and may enter into revenue sharing arrangements with certain intermediaries. The fund pays fees to the Related Parties for management, distribution and other services. Payments by insurance and related

**30**

------

Fund summary

companies to intermediaries may create a conflict of interest by influencing them and their salespersons to recommend such contracts over other investments. Ask your salesperson or visit your financial intermediary's website for more information. In addition, payments by the funds to Related Parties may be a factor that an insurance company considers in including the funds as underlying investment options in variable insurance contracts. The prospectus (or other offering document) for your variable insurance contract may contain additional information about these payments.

**31**

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Fund summary

Capital Appreciation Value Trust

**Investment objective**

------

To seek long-term capital appreciation.

**Fees and expenses**

------

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. **The fees and expenses do not reflect fees and expenses of any variable insurance or variable annuities contract that may use the fund as its underlying investment option and would be higher if they did.** 

---

| | | | |
|:---|:---|:---|:---|
| **Annual fund operating expenses (%)** (expenses that you pay each year as a percentage of the value of your investment) | **Series I** | **Series II** | **Series NAV** |
| Management fee | 0.83 | 0.83 | 0.83 |
| Distribution and service (Rule 12b-1) fees | 0.05 | 0.25 | 0.00 |
| Other expenses | 0.06 | 0.06 | 0.06 |
| **Total annual fund operating expenses** | **0.94** | **1.14** | **0.89** |
| Contractual expense reimbursement | -0.01 <br><sup>1</sup><br>| -0.01 <br><sup>1</sup><br>| -0.01 <br><sup>1</sup><br>|
| **Total annual fund operating expenses after expense reimbursements** | **0.93** | **1.13** | **0.88** |

---

**1**

The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund's reimbursement 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.

**Expense example**

------

The examples are intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The examples assume that $10,000 is invested in the fund for the periods indicated and then all shares are redeemed at the end of those periods. The examples also assume that the investment has a 5% return each year and that the fund's operating expenses remain the same. The expense example does not reflect fees and expenses of any variable insurance contract that may use the fund as its underlying investment option and would be higher if they did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **Expenses ($)** | **Series I** | **Series II** | **Series NAV** |
| 1 year | 95 | 115 | 90 |
| 3 years | 299 | 361 | 283 |
| 5 years | 519 | 627 | 492 |
| 10 years | 1154 | 1385 | 1095 |

---

**Portfolio turnover**

------

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During its most recent fiscal year, the fund's portfolio turnover rate was 127% of the average value of its portfolio.

**Principal investment strategies**

------

Under normal market conditions, the fund invests primarily in common stocks of established U.S. companies that have above-average potential for capital growth. Common stocks typically constitute at least 50% of the fund's total assets. The remaining assets are generally invested in other securities, including corporate and government debt (including mortgage- and asset-backed securities), bank loans (which represent an interest in amounts owed by a borrower to a syndicate of lenders), foreign securities, futures and options. The fund may invest up to 20% of its total assets in foreign securities.

**32**

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Fund summary

The fund's common stocks generally fall into one of two categories: the larger category comprises long-term core holdings whose prices when purchased by the fund are considered low in terms of company assets, earnings, or other factors; the smaller category comprises opportunistic investments whose prices the subadvisor expects to rise in the short term but not necessarily over the long term. There are no limits on the market capitalization of the issuers of the stocks in which the fund invests. Since the subadvisor attempts to prevent losses as well as achieve gains, the subadvisor typically uses a value approach in selecting investments. The subadvisor's in-house research team seeks to identify companies that seem undervalued by various measures, such as price/book value, and may be temporarily out of favor but are believed to have good prospects for capital appreciation. The subadvisor may establish relatively large positions in companies it finds particularly attractive.

In addition, the subadvisor searches for risk/reward values among all types of securities. The portion of the fund invested in a particular type of security, such as common stocks, results largely from case-by-case investment decisions, and the size of the fund's cash reserve may reflect the subadvisor's ability to find companies that meet valuation criteria rather than its market outlook.

Bonds and bank loans may be purchased to gain additional exposure to a company or for their income or other features; maturity and quality are not necessarily major considerations in determining whether to purchase a particular security. Direct investments in loans may be illiquid and holding a loan could expose the fund to the risks of being a direct lender. The fund's investments in below-investment grade debt securities and loans are limited to 30% of total assets. The fund may also purchase other securities, including bank debt, loan participations and assignments and futures and options. The fund's investments in options, if any, will be primarily in an effort to protect against downside risk or to generate additional income.

The fund holds a certain portion of its assets in money market reserves, which can consist of shares of certain T. Rowe Price money market funds as well as U.S. dollar and foreign currency-denominated money market securities, including repurchase agreements, in the two highest rating categories, maturing in one year or less.

The fund may invest up to 10% of its total assets in hybrid instruments. Hybrid instruments are a type of high-risk derivative which can combine the characteristics of securities, futures, currencies and options. Such securities may bear interest or pay dividends at below (or even relatively nominal) rates. In addition, the fund may invest up to 10% of its total assets in mortgage- and asset-backed securities.

The fund may sell securities for a variety of reasons including to realize gains, limit losses or redeploy assets into more promising opportunities. In pursuing the fund's investment objective, the subadvisor has the discretion to purchase some securities that do not meet its normal investment criteria, as described above, when it perceives an unusual opportunity for gain. These special situations might arise when the subadvisor believes a security could increase in value for a variety of reasons including a change in management, an extraordinary corporate event, a new product introduction or a favorable competitive development.

**Principal risks**

------

An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money. The fund's investment strategy may not produce the intended results.

The fund's main risks are listed below in alphabetical order, not in order of importance. *Before investing, be sure to read the additional descriptions of these risks beginning on page 257 of the prospectus*.

**Cash and cash equivalents risk.** Under certain market conditions, such as during a rising stock market, rising interest rate or rising credit spread markets, the use of cash and/or cash equivalents, including money market instruments, could have a negative effect on the fund's ability to achieve its investment objective and may negatively impact the fund's performance.

**Convertible securities risk.** Convertible securities are subject to certain risks of both equity and debt securities. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. As the market price of underlying common stock declines below the conversion price, the market value of the convertible security tends to be increasingly influenced by its yield.

**Credit and counterparty risk.** The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund's securities could affect the fund's performance.

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

**33**

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Fund summary

**Equity securities risk.** The price of equity securities may decline due to changes in a company's financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.

**Fixed-income securities risk.** A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security's credit quality may adversely affect fund performance.

**Foreign securities risk.** Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities.

**Hedging, derivatives, and other strategic transactions risk.** Hedging, derivatives, and other strategic transactions may increase a fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: futures contracts and options. Futures contracts and options generally are subject to counterparty risk.

**Hybrid instrument risk.** Hybrid instruments (a type of potentially high-risk derivative) combine the elements of futures contracts or options with those of debt, preferred equity or a depository instrument. Hybrid instruments entail greater market risk and may be more volatile than traditional debt instruments, may bear interest or pay preferred dividends at below-market rates, and may be illiquid. The risks of investing in hybrid instruments are a combination of the risks of investing in securities, options, futures, and currencies.

**Investment company securities risk.** Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.

**Large company risk.** Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.

**Liquidity risk.** The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.

**Loan participations risk.** Participations and assignments involve special types of risks, including credit risk, interest-rate risk, counterparty risk, liquidity risk, risks associated with extended settlement, and the risks of being a lender.

**Lower-rated and high-yield fixed-income securities risk.** Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.

**Mortgage-backed and asset-backed securities risk.** Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**Repurchase agreements risk.** The risk of a repurchase agreement transaction is limited to the ability of the seller to pay the agreed-upon sum on the delivery date. In the event of bankruptcy or other default by the seller, the instrument purchased may decline in value, interest payable on the instrument may be lost and there may be possible difficulties and delays in obtaining collateral and delays and expense in liquidating the instrument.

**Small and mid-sized company risk.** Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.

**34**

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Fund summary

**U.S. Treasury obligations risk.** The market value of direct obligations of the U.S. Treasury may vary due to changes in interest rates. In addition, changes to the financial condition or credit rating of the U.S. government may cause the value of the fund's investments in obligations issued by the U.S. Treasury to decline.

**Value investment style risk.** Value securities may underperform the market as a whole, which may cause value-oriented funds to underperform equity funds with other investment strategies. Securities the manager believes are undervalued may never perform as expected.

**Past performance**

------

The following information illustrates the variability of the fund's returns and provides some indication of the risks of investing in the fund by showing changes in the fund's performance from year to year and by showing how the fund's average annual returns compared with a broad-based securities market index. Past performance does not indicate future results. The 60% S&P 500 Index/40% Bloomberg U.S. Aggregate Bond Index shows how the fund's performance compares against the returns of similar investments. All figures assume dividend reinvestment. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHVIT as its underlying investment option. If such fees and expenses had been reflected, performance would be lower.

**Calendar year total returns (%)—Series I**

![](g224548img3eb513f39.jpg)

---

| | | |
|:---|:---|:---|
| **Best quarter:** | Q2 2020 | 13.50% |
| **Worst quarter:** | Q1 2020 | -12.03% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns (%)—as of 12/31/2025** | **1 year** | **5 year** | **10 year** |
| **Series I** | 11.61 | &nbsp;&nbsp;&nbsp;&nbsp;9.06 | &nbsp;&nbsp;&nbsp;&nbsp;10.90 |
| **Series II** | 11.35 | &nbsp;&nbsp;&nbsp;&nbsp;8.84 | &nbsp;&nbsp;&nbsp;&nbsp;10.67 |
| **Series NAV** | 11.62 | &nbsp;&nbsp;&nbsp;&nbsp;9.11 | &nbsp;&nbsp;&nbsp;&nbsp;10.95 |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 17.88 | &nbsp;&nbsp;&nbsp;&nbsp;14.42 | &nbsp;&nbsp;&nbsp;&nbsp;14.82 |
| 60% S&P 500 Index/40% Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes) | 13.70 | &nbsp;&nbsp;&nbsp;&nbsp;8.47 | &nbsp;&nbsp;&nbsp;&nbsp;9.78 |

---

**Investment management**

------

**Investment advisor** John Hancock Variable Trust Advisers LLC

**Subadvisor** T. Rowe Price Associates, Inc.

**Sub-Subadvisor** T. Rowe Price Investment Management, Inc.

**Portfolio management**

------

The following individual is primarily responsible for the day-to-day management of the fund's portfolio.

---

| | |
|:---|:---|
| **David R. Giroux, CFA** | **Vivek Rajeswaran** |
| *Vice President*<br> Managed fund since 2008<br>| &nbsp;&nbsp; *Portfolio Manager*<br> Managed fund since 2025<br>|
| **Mike Signore**<br> *Portfolio Manager*<br> Managed fund since 2025<br>| &nbsp;&nbsp; **Brian Solomon**<br> *Portfolio Manager*<br> Managed fund since 2025<br>|

---

**35**

------

Fund summary

**Purchase and redemption of fund shares**

------

Shares of the fund are not sold directly to the public but generally may be sold only to insurance companies and their separate accounts as the underlying investment options for variable annuity and variable life insurance contracts issued by such companies, to certain entities affiliated with the insurance companies, to those funds of JHVIT that operate as funds of funds and invest in other funds and to certain qualified retirement plans (qualified plans).

Shares of the fund are offered continuously, without sales charge, and are sold and redeemed each business day (which typically is any day the New York Stock Exchange is open) at a price equal to their net asset value (NAV) determined for that business day as set forth under "Valuation of shares" in this prospectus. The Portfolio does not have minimum initial or subsequent investment requirements. Payment for shares redeemed will generally be made within seven days after receipt of a proper notice of redemption.

**Taxes**

------

Because shares of the fund may be purchased only through variable insurance contracts and qualified plans, it is expected that any dividends or capital gains distributions made by the fund will be exempt from current federal taxation if left to accumulate within the variable contract or qualified plan. Holders of variable insurance contracts should consult the prospectuses of their respective contracts for information on the federal income tax consequences to such holders.

**Compensation of financial intermediaries**

------

The fund is not sold directly to the general public but instead is offered as an underlying investment option for variable insurance contracts. The distributors of these contracts, the insurance companies that issue the contracts and their related companies (Related Parties), may pay compensation to broker-dealers and other intermediaries for distribution and other services and may enter into revenue sharing arrangements with certain intermediaries. The fund pays fees to the Related Parties for management, distribution and other services. Payments by insurance and related companies to intermediaries may create a conflict of interest by influencing them and their salespersons to recommend such contracts over other investments. Ask your salesperson or visit your financial intermediary's website for more information. In addition, payments by the funds to Related Parties may be a factor that an insurance company considers in including the funds as underlying investment options in variable insurance contracts. The prospectus (or other offering document) for your variable insurance contract may contain additional information about these payments.

**36**

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Fund summary

Core Bond Trust

**Investment objective**

------

To seek total return consisting of income and capital appreciation.

**Fees and expenses**

------

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. **The fees and expenses do not reflect fees and expenses of any variable insurance or variable annuities contract that may use the fund as its underlying investment option and would be higher if they did.** 

---

| | | | |
|:---|:---|:---|:---|
| **Annual fund operating expenses (%)** (expenses that you pay each year as a percentage of the value of your investment) | **Series I** | **Series II** | **Series NAV** |
| Management fee | 0.58 | 0.58 | 0.58 |
| Distribution and service (Rule 12b-1) fees | 0.05 | 0.25 | 0.00 |
| Other expenses | 0.05 | 0.05 | 0.05 |
| **Total annual fund operating expenses** | **0.68** | **0.88** | **0.63** |
| Contractual expense reimbursement | -0.01 <br><sup>1</sup><br>| -0.01 <br><sup>1</sup><br>| -0.01 <br><sup>1</sup><br>|
| **Total annual fund operating expenses after expense reimbursements** | **0.67** | **0.87** | **0.62** |

---

**1**

The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund's reimbursement 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.

**Expense example**

------

The examples are intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The examples assume that $10,000 is invested in the fund for the periods indicated and then all shares are redeemed at the end of those periods. The examples also assume that the investment has a 5% return each year and that the fund's operating expenses remain the same. The expense example does not reflect fees and expenses of any variable insurance contract that may use the fund as its underlying investment option and would be higher if they did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **Expenses ($)** | **Series I** | **Series II** | **Series NAV** |
| 1 year | 68 | 89 | 63 |
| 3 years | 217 | 280 | 201 |
| 5 years | 378 | 487 | 350 |
| 10 years | 846 | 1083 | 785 |

---

**Portfolio turnover**

------

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During its most recent fiscal year, the fund's portfolio turnover rate was 234% of the average value of its portfolio.

**Principal investment strategies**

------

Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in a broad range of investment-grade debt securities, including U.S. government obligations, corporate bonds, mortgage-backed and other asset-backed securities, and money market instruments. (The fund will provide written notice to shareholders at least 60 days prior to a change in its 80% investment policy.)

**37**

------

Fund summary

The fund invests in debt securities that the subadvisor believes offer attractive yields and are undervalued relative to issues of similar credit quality and interest rate sensitivity. The fund may also invest in unrated bonds that the subadvisor believes are comparable to investment-grade debt securities. The fund may invest to a significant extent in mortgage-backed securities, including collateralized mortgage obligations.

Under normal market conditions, the subadvisor expects to maintain an effective duration within 10% (in either direction) of the duration of the Bloomberg U.S. Aggregate Bond Index (the duration of this index as of February 28, 2026 was 5.88 years).

The fund may invest:

● Up to 25% of total assets in asset-backed securities, other than mortgage-backed securities;

● Up to 20% of total assets in U.S. dollar-denominated obligations of foreign issuers; and

● Up to 10% of total assets in U.S. stripped mortgage-backed securities.

As part of a mortgage-backed securities investment strategy, the fund may enter into dollar rolls. The fund may also enter into reverse repurchase agreements to enhance return.

The fund's investment process may, at times, result in a higher than average portfolio turnover ratio and increased trading expenses.

**Principal risks**

------

An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money. The fund's investment strategy may not produce the intended results.

The fund's main risks are listed below in alphabetical order, not in order of importance. *Before investing, be sure to read the additional descriptions of these risks beginning on page 257 of the prospectus*.

**Cash and cash equivalents risk.** Under certain market conditions, such as during a rising stock market, rising interest rate or rising credit spread markets, the use of cash and/or cash equivalents, including money market instruments, could have a negative effect on the fund's ability to achieve its investment objective and may negatively impact the fund's performance.

**Changing distribution levels risk.** The fund may cease or reduce the level of its distribution if income or dividends paid from its investments declines.

**Credit and counterparty risk.** The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund's securities could affect the fund's performance.

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

**Fixed-income securities risk.** A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security's credit quality may adversely affect fund performance.

**Foreign securities risk.** Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities.

**Hedging, derivatives, and other strategic transactions risk.** Hedging, derivatives, and other strategic transactions may increase a fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: reverse repurchase agreements. An event of default or insolvency of the counterparty to a reverse repurchase agreement could result in delays or restrictions with respect to the fund's ability to dispose of the underlying securities. In addition, a reverse repurchase agreement may be considered a form of leverage and may, therefore, increase fluctuations in the fund's net asset value (NAV) per share.

**High portfolio turnover risk.** Trading securities actively and frequently can increase transaction costs (thus lowering performance) and taxable distributions.

**38**

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Fund summary

**Liquidity risk.** The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.

**Mortgage-backed and asset-backed securities risk.** Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.

**Mortgage dollar roll risk.** Under a mortgage dollar roll, a fund sells mortgage-backed securities for delivery in the future (generally within 30 days) and simultaneously contracts to repurchase substantially similar securities (of the same type, coupon and maturity) on a specified future date. During the roll period, a fund forgoes principal and interest paid on the mortgage-backed securities. A fund is compensated by the difference between the current sale price and the lower forward price for the future purchase (often referred to as the "drop"), as well as by the interest earned on the cash proceeds of the initial sale. A fund also may be compensated by receipt of a commitment fee. Dollar roll transactions involve the risk that the market value of the securities sold by a fund may decline below the repurchase price of those securities. A mortgage dollar roll may be considered a form of leveraging, and may, therefore, increase fluctuations in a fund's NAV per share.

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**U.S. government agency obligations risk.** U.S. government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.

**Past performance**

------

The following information illustrates the variability of the fund's returns and provides some indication of the risks of investing in the fund by showing changes in the fund's performance from year to year and by showing how the fund's average annual returns compared with a broad-based securities market index. Past performance does not indicate future results. All figures assume dividend reinvestment. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHVIT as its underlying investment option. If such fees and expenses had been reflected, performance would be lower.

**Calendar year total returns (%)—Series I**

![](g224548imgd96b271610.jpg)

---

| | | |
|:---|:---|:---|
| **Best quarter:** | Q4 2023 | 6.67% |
| **Worst quarter:** | Q1 2022 | -6.18% |

---

**39**

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Fund summary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns (%)—as of 12/31/2025** | **1 year** | **5 year** | **10 year** |
| **Series I** | 6.94 | &nbsp;&nbsp;&nbsp; -0.57 | &nbsp;&nbsp;&nbsp;&nbsp;1.91 |
| **Series II** | 6.77 | &nbsp;&nbsp;&nbsp; -0.78 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 |
| **Series NAV** | 7.03 | &nbsp;&nbsp;&nbsp; -0.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.96 |
| Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes) | 7.30 | &nbsp;&nbsp;&nbsp; -0.36 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 |

---

**Investment management**

------

**Investment advisor** John Hancock Variable Trust Advisers LLC

**Subadvisor** Allspring Global Investments, LLC

**Portfolio management**

------

The following individuals are jointly and primarily responsible for the day-to-day management of the fund's portfolio.

---

| | |
|:---|:---|
| **Maulik Bhansali, CFA** | **Jarad Vasquez** |
| *Senior Portfolio Manager*<br> Managed fund since 2017<br>| &nbsp;&nbsp; *Senior Portfolio Manager*<br> Managed fund since 2017<br>|

---

**Purchase and redemption of fund shares**

------

Shares of the fund are not sold directly to the public but generally may be sold only to insurance companies and their separate accounts as the underlying investment options for variable annuity and variable life insurance contracts issued by such companies, to certain entities affiliated with the insurance companies, to those funds of JHVIT that operate as funds of funds and invest in other funds and to certain qualified retirement plans (qualified plans).

Shares of the fund are offered continuously, without sales charge, and are sold and redeemed each business day (which typically is any day the New York Stock Exchange is open) at a price equal to their net asset value (NAV) determined for that business day as set forth under "Valuation of shares" in this prospectus. The Portfolio does not have minimum initial or subsequent investment requirements. Payment for shares redeemed will generally be made within seven days after receipt of a proper notice of redemption.

**Taxes**

------

Because shares of the fund may be purchased only through variable insurance contracts and qualified plans, it is expected that any dividends or capital gains distributions made by the fund will be exempt from current federal taxation if left to accumulate within the variable contract or qualified plan. Holders of variable insurance contracts should consult the prospectuses of their respective contracts for information on the federal income tax consequences to such holders.

**Compensation of financial intermediaries**

------

The fund is not sold directly to the general public but instead is offered as an underlying investment option for variable insurance contracts. The distributors of these contracts, the insurance companies that issue the contracts and their related companies (Related Parties), may pay compensation to broker-dealers and other intermediaries for distribution and other services and may enter into revenue sharing arrangements with certain intermediaries. The fund pays fees to the Related Parties for management, distribution and other services. Payments by insurance and related companies to intermediaries may create a conflict of interest by influencing them and their salespersons to recommend such contracts over other investments. Ask your salesperson or visit your financial intermediary's website for more information. In addition, payments by the funds to Related Parties may be a factor that an insurance company considers in including the funds as underlying investment options in variable insurance contracts. The prospectus (or other offering document) for your variable insurance contract may contain additional information about these payments.

**40**

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Fund summary

Disciplined Value Emerging Markets Equity Trust

**Investment objective**

------

To seek long-term capital appreciation.

**Fees and expenses**

------

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. **The fees and expenses do not reflect fees and expenses of any variable insurance or variable annuities contract that may use the fund as its underlying investment option and would be higher if they did.** 

---

| | | | |
|:---|:---|:---|:---|
| **Annual fund operating expenses (%)** (expenses that you pay each year as a percentage of the value of your investment) | **Series I** | **Series II** | **Series NAV** |
| Management fee | 0.76 | 0.76 | 0.76 |
| Distribution and service (Rule 12b-1) fees | 0.05 | 0.25 | 0.00 |
| Other expenses | 0.16 | 0.16 | 0.16 |
| **Total annual fund operating expenses** | **0.97** | **1.17** | **0.92** |
| Contractual expense reimbursement | -0.01<br> <sup>1</sup><br>| -0.01<br> <sup>1</sup><br>| -0.01<br> <sup>1</sup><br>|
| **Total annual fund operating expenses after expense reimbursements** | **0.96** | **1.16** | **0.91** |

---

**1**

The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund's reimbursement 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.

**Expense example**

------

The examples are intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The examples assume that $10,000 is invested in the fund for the periods indicated and then all shares are redeemed at the end of those periods. The examples also assume that the investment has a 5% return each year and that the fund's operating expenses remain the same. The expense example does not reflect fees and expenses of any variable insurance contract that may use the fund as its underlying investment option and would be higher if they did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **Expenses ($)** | **Series I** | **Series II** | **Series NAV** |
| 1 year | 98 | 118 | 93 |
| 3 years | 308 | 371 | 292 |
| 5 years | 535 | 643 | 508 |
| 10 years | 1189 | 1419 | 1130 |

---

**Portfolio turnover**

------

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During its most recent fiscal year, the fund's portfolio turnover rate was 199% of the average value of its portfolio.

**Principal investment strategies**

------

The fund will pursue its objective through a value oriented, research-driven strategy of investing in equity securities and financial instruments with equity like characteristics designed to provide exposure to emerging markets. Securities are selected by the subadvisor using its "three circles" approach which combines a quantitative screening with a fundamental bottom-up selection process. This investment strategy is grounded in the following principles: (1) low valuation stocks outperform high valuation stocks; (2) companies with strong fundamentals, e.g., high and sustainable returns on invested capital, outperform companies with weak fundamentals; and (3) stocks with positive business momentum, e.g., rising earnings estimates, outperform stocks with negative business momentum. The subadvisor examines various factors in determining the value characteristics of

**41**

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Fund summary

issuers, including price-to-book value ratios and price-to-earnings ratios. These value characteristics are examined in the context of the issuer's operating and financial fundamentals, such as return-on-equity and earnings growth and cash flow.

The fund intends, under normal circumstances, to invest at least 80% of its net assets (including borrowings for investment purposes) in the equity securities of emerging market issuers, related derivative instruments and other equity investments that are tied economically to emerging market countries. The subadvisor considers an emerging market country to include any country that is: 1) generally recognized to be an emerging market country by the international financial community, including the World Bank; 2) classified by the United Nations as a developing country; or 3) included in the MSCI Emerging Markets Index. Due to the unique relationship between China and its separately administered regions, the advisor includes Hong Kong and Macau as emerging markets, independent of above definitions 1 through 3. The subadvisor determines that an investment is tied economically to an emerging market if such investment satisfies one or more of the following conditions: 1) the issuer's primary trading market is in an emerging market; 2) the issuer is organized under the laws of, derives at least 50% of its revenue from, or has at least 50% of its assets in emerging markets; 3) the investment is included in an index representative of emerging markets; and 4) the investment is exposed to the economic risks and returns of emerging markets.

In managing the fund's portfolio, the subadvisor will seek to identify mispriced publicly traded equity securities of emerging market companies and purchase securities that the subadvisor believes will outperform, emphasizing low valuation, positive business momentum and high quality. The fund generally invests in the equity securities of issuers the manager believes are undervalued. The manager applies a bottom-up stock selection process using a combination of fundamental and quantitative analysis of issuer-specific factors such as price-to-book value, price-to-sales and earnings ratios, dividend yields, strength of management, and cash flow.

The fund's portfolio is rebalanced regularly to maintain the optimal risk/return trade-off. The subadvisor assesses each stock's changing characteristics relative to its contribution to portfolio risk. The subadvisor will sell a stock that the subadvisor believes no longer offers an appropriate return-to-risk tradeoff. The fund's investment subadvisor may engage in active trading, and will not consider portfolio turnover a limiting factor in making decisions for the fund.

The equity securities in which the fund will invest, which may include equity securities of non-U.S. issuers that are traded in the markets of the United States, include equity securities issued by large-, mid- and small- or micro-cap companies, as well as exchange-traded and over-the-counter common and preferred stocks, warrants, options, rights, convertible securities, sponsored and unsponsored depositary receipts and shares, trust certificates, limited partnership interests, shares of other investment companies (including exchanged-traded funds (ETFs)), real estate investment trusts (REITs) and equity participations. An equity participation is a type of loan that gives the lender a portion of equity ownership in a property, in addition to principal and interest payments. A convertible security is a bond, debenture, note, preferred stock or other security that may be converted into or exchanged for a prescribed amount of common stock of the same or a different issuer within a particular period of time at a specified price or formula. The fund may invest in securities of companies operating for three years or less (unseasoned issuers).

The fund may invest up to 20% of its net assets in high yield debt obligations (commonly known as junk bonds), such as bonds and debentures, used by corporations and other business organizations (e.g., trusts or limited liability companies). Such high yield debt obligations are not considered to be investment grade. Junk bonds are rated BB or lower by S&P Global, or have a comparable rating by another nationally recognized statistical rating organization (or, if unrated are determined by the subadvisor to be of comparable quality at the time of investment). The fund may invest in securities of the lowest rating category, including securities in default. The subadvisor may, but is not required to, sell a bond or note held by the fund in the event that its credit rating is downgraded. The fund will primarily invest in fixed income instruments, including high yield debt obligations, when the fund believes that such instruments offer a better risk/reward profile than comparable equity opportunities.

To meet margin requirements, redemptions or pending investments, the fund may also temporarily hold a portion of its assets in full faith and credit obligations of the United States government and in short-term notes, commercial paper or other money market instruments.

The subadvisor will sell a stock when it no longer meets one or more investment criteria, either through obtaining target value or due to an adverse change in fundamentals or business momentum. Each holding has a target valuation established at purchase, which the subadvisor constantly monitors and adjusts as appropriate.

In general, the fund's investments will be spread over a number of industries and, as a matter of policy, the fund is limited to investing less than 25% of its total assets in any one industry, except that the fund may invest in exchange traded funds to the extent permitted by the Investment Company Act of 1940, as amended (1940 Act), and applicable SEC orders.

The fund may participate as a purchaser in initial public offerings of securities (IPOs). An IPO is a company's first offering of stock to the public.

The fund may invest up to 15% of its net assets in illiquid investments, including investments that are illiquid by virtue of the absence of a readily available market or legal or contractual restrictions on resale.

The fund may also seek to increase its income by lending portfolio securities.

**42**

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Fund summary

The fund will invest in derivatives, including put and call options, futures, contracts for differences, forward contracts and swaps, in lieu of investing directly in a security, currency or instrument, for hedging and non-hedging purposes. Contracts for differences offer exposure to price changes in an underlying security without ownership of such security, typically by providing investors the ability to trade on margin. The fund's investments in derivative instruments may be leveraged and result in losses exceeding the amounts invested.

**Principal risks**

------

An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money. The fund's investment strategy may not produce the intended results.

The fund's main risks are listed below in alphabetical order, not in order of importance. *Before investing, be sure to read the additional descriptions of these risks beginning on page 257 of the prospectus*.

**Cash and cash equivalents risk.** Under certain market conditions, such as during a rising stock market, rising interest rate or rising credit spread markets, the use of cash and/or cash equivalents, including money market instruments, could have a negative effect on the fund's ability to achieve its investment objective and may negatively impact the fund's performance.

**Credit and counterparty risk.** The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. A downgrade or default affecting any of the fund's securities could affect the fund's performance.

**Currency risk.** Fluctuations in exchange rates may adversely affect the U.S. dollar value of a fund's investments. Foreign currencies may decline in value, which could negatively impact performance.

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

**Emerging-market risk.** The risks of investing in foreign securities are magnified in emerging markets. Emerging-market countries may experience higher inflation, interest rates, and unemployment and greater social, economic, and political uncertainties than more developed countries.

**Equity securities risk.** The price of equity securities may decline due to changes in a company's financial condition or overall market conditions. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.

**Exchange-traded fund (ETF) investment risk.** The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF's shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.

**Financial services sector risk.** Financial services companies can be significantly affected by economic, market, and business developments, borrowing costs, interest-rate fluctuations, competition, and government regulation, among other factors.

**Fixed-income securities risk.** A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security's credit quality may adversely affect fund performance.

**Foreign securities risk.** Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.

**Greater China risk.** Investments in the Greater China region may be subject to less developed trading markets, acute political risks such as possible negative repercussions resulting from China's relationship with Taiwan or Hong Kong, and restrictions on monetary repatriation or other adverse government actions. For example, a government may restrict investment in companies or industries considered important to national interests, intervene in contractual arrangements, or intervene in the financial markets, such as by imposing trading restrictions, or banning or curtailing short selling. A small number of companies and industries may generally represent a relatively large portion of the Greater China market as a whole.

**Frontier-market risk.** Frontier-market countries generally have smaller economies and less-developed capital markets and political systems than traditional emerging-market countries, which magnifies emerging-market risks.

**43**

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Fund summary

**Hedging, derivatives, and other strategic transactions risk.** Hedging, derivatives, and other strategic transactions may increase a fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: foreign currency forward contracts, futures contracts, options, and swaps. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.

**High portfolio turnover risk.** Trading securities actively and frequently can increase transaction costs (thus lowering performance) and taxable distributions.

**Illiquid and restricted securities risk.** Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security's market price and the fund's ability to sell the security.

**Initial public offerings (IPOs) risk.** IPO share prices are frequently volatile and may significantly impact fund performance.

**Investment company securities risk.** Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.

**Lower-rated and high-yield fixed-income securities risk.** Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.

**Master limited partnership (MLP) risk.** MLPs generally reflect the risks associated with their underlying assets and with pooled investment vehicles. MLPs with credit-related holdings are subject to interest-rate risk and risk of default.

**Preferred and convertible securities risk.** Preferred stock dividends are payable only if declared by the issuer's board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock's value can depend heavily upon the underlying common stock's value.

**Real estate investment trust (REIT) risk.** 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.

**Large company risk.** Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.

**Liquidity risk.** The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**Quantitative modeling risk.** Quantitative models may not accurately predict future market movements or characteristics, which may negatively impact performance. Models also may perform differently than expected due to implementation problems, technological malfunction, or programming or data inaccuracies, among other possible issues.

**Sector risk.** When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors. To the extent that a fund invests in securities of companies in the financial services sector, the fund may be significantly affected by economic, market, and business developments, borrowing costs, interest-rate fluctuations, competition, and government regulation, among other factors, impacting that sector.

**Securities lending risk.** Securities lending involves a possible delay in recovery of the loaned securities or a possible loss of rights in the collateral if the borrower fails financially. The fund could also lose money if the value of the collateral decreases.

**Small and mid-sized company risk.** Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.

**U.S. Treasury obligations risk.** The market value of direct obligations of the U.S. Treasury may vary due to changes in interest rates. In addition, changes to the financial condition or credit rating of the U.S. government may cause the value of the fund's investments in obligations issued by the U.S. Treasury to decline.

**44**

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Fund summary

**Value investment style risk.** Value securities, as a category, may underperform other segments of the market or the market as a whole and following a value-oriented investment strategy may cause the fund, at times, to underperform equity funds that employ a different investment style.

**Warrants risk.** The prices of warrants may not precisely reflect the prices of their underlying securities. Warrant holders do not receive dividends or have voting or credit rights. A warrant ceases to have value if not exercised prior to its expiration date.

**Past performance**

------

The following information illustrates the variability of the fund's returns and provides some indication of the risks of investing in the fund by showing changes in the fund's performance from year to year and by showing how the fund's average annual returns compared with a broad-based securities market index. Past performance does not indicate future results. All figures assume dividend reinvestment. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHVIT as its underlying investment option. If such fees and expenses had been reflected, performance would be lower.

**A note on performance**

Prior to May 30, 2024, the fund was managed by a different subadvisor pursuant to different investment strategies, and thus, the performance presented prior to this date should not be attributed to the current subadvisor. The fund's performance shown below might have differed materially had the current subadvisor managed the fund prior to May 30, 2024.

**Calendar year total returns (%)—Series I**

![](g224548img5d1882e511.jpg)

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| | | |
|:---|:---|:---|
| **Best quarter:** | Q4 2020 | 22.50% |
| **Worst quarter:** | Q1 2020 | -31.87% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Average annual total returns (%)—as of 12/31/2025** | **1 year** | **5 year** | **10 year** |
| **Series I** | 31.88 | &nbsp;&nbsp;&nbsp;&nbsp;7.79 | &nbsp;&nbsp;&nbsp;&nbsp;8.50 |
| **Series II** | 31.68 | &nbsp;&nbsp;&nbsp;&nbsp;7.58 | &nbsp;&nbsp;&nbsp;&nbsp;8.28 |
| **Series NAV** | 32.00 | &nbsp;&nbsp;&nbsp;&nbsp;7.83 | &nbsp;&nbsp;&nbsp;&nbsp;8.56 |
| MSCI Emerging Markets Index (reflects no deduction for fees, expenses, or taxes, except foreign withholding taxes on dividends) | 33.57 | &nbsp;&nbsp;&nbsp;&nbsp;4.20 | &nbsp;&nbsp;&nbsp;&nbsp;8.42 |

---

**Investment management**

------

**Investment advisor** John Hancock Variable Trust Advisers LLC

**Subadvisor** Boston Partners Global Investors, Inc.

**Portfolio management**

------

The following individual is primarily responsible for the day-to-day management of the fund's portfolio.

---

| |
|:---|
| **David Kim** |
| *Portfolio Manager*<br> Managed fund since 2024<br>|

---

**Purchase and redemption of fund shares**

------

Shares of the fund are not sold directly to the public but generally may be sold only to insurance companies and their separate accounts as the underlying investment options for variable annuity and variable life insurance contracts issued by such companies, to certain entities affiliated with the insurance companies, to those funds of JHVIT that operate as funds of funds and invest in other funds and to certain qualified retirement plans (qualified plans).

**45**

------

Fund summary

Shares of the fund are offered continuously, without sales charge, and are sold and redeemed each business day (which typically is any day the New York Stock Exchange is open) at a price equal to their net asset value (NAV) determined for that business day as set forth under "Valuation of shares" in this prospectus. The Portfolio does not have minimum initial or subsequent investment requirements. Payment for shares redeemed will generally be made within seven days after receipt of a proper notice of redemption.

**Taxes**

------

Because shares of the fund may be purchased only through variable insurance contracts and qualified plans, it is expected that any dividends or capital gains distributions made by the fund will be exempt from current federal taxation if left to accumulate within the variable contract or qualified plan. Holders of variable insurance contracts should consult the prospectuses of their respective contracts for information on the federal income tax consequences to such holders.

**Compensation of financial intermediaries**

------

The fund is not sold directly to the general public but instead is offered as an underlying investment option for variable insurance contracts. The distributors of these contracts, the insurance companies that issue the contracts and their related companies (Related Parties), may pay compensation to broker-dealers and other intermediaries for distribution and other services and may enter into revenue sharing arrangements with certain intermediaries. The fund pays fees to the Related Parties for management, distribution and other services. Payments by insurance and related companies to intermediaries may create a conflict of interest by influencing them and their salespersons to recommend such contracts over other investments. Ask your salesperson or visit your financial intermediary's website for more information. In addition, payments by the funds to Related Parties may be a factor that an insurance company considers in including the funds as underlying investment options in variable insurance contracts. The prospectus (or other offering document) for your variable insurance contract may contain additional information about these payments.

**46**

------

Fund summary

Disciplined Value International Trust

**Investment objective**

------

To seek long-term growth of capital.

**Fees and expenses**

------

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. **The fees and expenses do not reflect fees and expenses of any variable insurance or variable annuities contract that may use the fund as its underlying investment option and would be higher if they did.** 

---

| | | | |
|:---|:---|:---|:---|
| **Annual fund operating expenses (%)** (expenses that you pay each year as a percentage of the value of your investment) | **Series I** | **Series II** | **Series NAV** |
| Management fee | 0.67 | 0.67 | 0.67 |
| Distribution and service (Rule 12b-1) fees | 0.05 | 0.25 | 0.00 |
| Other expenses | 0.12 | 0.12 | 0.12 |
| **Total annual fund operating expenses** | **0.84** | **1.04** | **0.79** |

---

**Expense example**

------

The examples are intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The examples assume that $10,000 is invested in the fund for the periods indicated and then all shares are redeemed at the end of those periods. The examples also assume that the investment has a 5% return each year and that the fund's operating expenses remain the same. The expense example does not reflect fees and expenses of any variable insurance contract that may use the fund as its underlying investment option and would be higher if they did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **Expenses ($)** | **Series I** | **Series II** | **Series NAV** |
| 1 year | 86 | 106 | 81 |
| 3 years | 268 | 331 | 252 |
| 5 years | 466 | 574 | 439 |
| 10 years | 1037 | 1271 | 978 |

---

**Portfolio turnover**

------

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During its most recent fiscal year, the fund's portfolio turnover rate was 72% of the average value of its portfolio.

**Principal investment strategies**

------

The Board of Trustees can change the fund's investment objective and strategies without shareholder approval.

The fund pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in a portfolio of equity and equity-related securities issued by non-U.S. companies of any capitalization size. The fund may invest in all types of equity and equity-related securities, including, without limitation, exchange-traded and over-the-counter common and preferred stocks, warrants, options, rights, convertible securities, sponsored and unsponsored depositary receipts and shares, trust certificates, participatory notes, limited partnership interests, shares of other investment companies (including exchange-traded funds (ETFs)), real estate investment trusts (REITs), and equity participations. An equity participation is a type of loan that gives the lender a portion of equity ownership in a property, in addition to principal and interest payments. A convertible security is a bond, debenture, note, preferred stock, or other security that may be converted into or exchanged for a prescribed amount of common stock of the same or a different issuer within a particular period of time at a specified price or formula.

The fund defines non-U.S. companies as companies: (i) that are organized under the laws of a foreign country; (ii) whose principal trading market is in a foreign country; or (iii) that have a majority of their assets, or that derive a significant portion of their revenue or profits, from businesses, investments, or sales outside of the United States. The fund primarily will be invested in issuers located in countries with developed securities markets, but may also invest in issuers located in emerging and frontier markets.

The fund may invest in securities denominated in the currencies of a variety of developed, emerging and frontier market countries.

**47**

------

Fund summary

The fund generally invests in the equity securities of issuers believed by the manager to be undervalued in the marketplace, focusing on issuers that combine attractive valuations with catalysts for change. The manager applies a bottom-up stock selection process (i.e., one that focuses primarily on issuer specific factors) in managing the fund, using a combination of fundamental and quantitative analysis. In selecting investments for the fund, the manager considers various factors, such as price-to-book value, price-to-sales and earnings ratios, dividend yields, strength of management, and cash flow to identify securities that are trading at a price that appears to be lower than the issuer's inherent value.

The fund may (but is not required to) invest in derivatives, including put and call options, futures, forward contracts, and swaps, in lieu of investing directly in a security, currency or instrument, for hedging and nonhedging purposes, including reducing risk, obtaining efficient market exposure, and/or enhancing investment returns.

The fund may invest up to 15% of its net assets in illiquid securities, including securities that are illiquid by virtue of the absence of a readily available market or legal or contractual restrictions on resale.

The fund may participate as a purchaser in Initial Public Offerings (IPOs). An IPO is a company's first offering of stock to the public. The fund may also seek to increase its income by lending portfolio securities.

The manager will sell a stock when it no longer meets one or more investment criteria, either through obtaining target value or due to an adverse change in fundamentals or business momentum. Each holding has a target valuation established at purchase, which the manager constantly monitors and adjusts as appropriate.

The fund may invest in cash or money market instruments for the purpose of meeting redemption requests or making other anticipated cash payments.

**Principal risks**

------

An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money. The fund's investment strategy may not produce the intended results.

The fund's main risks are listed below in alphabetical order, not in order of importance. *Before investing, be sure to read the additional descriptions of these risks beginning on page 257 of the prospectus*.

**Cash and cash equivalents risk.** Under certain market conditions, such as during a rising stock market, rising interest rate or rising credit spread markets, the use of cash and/or cash equivalents, including money market instruments, could have a negative effect on the fund's ability to achieve its investment objective and may negatively impact the fund's performance.

**Credit and counterparty risk.** The counterparty to an over-the-counter derivatives contract or a borrower of fund securities may not make timely payments or otherwise honor its obligations.

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

**Equity securities risk.** The price of equity securities may decline due to changes in a company's financial condition or overall market conditions. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.

**Exchange-traded fund (ETF) investment risk.** The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF's shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.

**Foreign securities risk.** Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.

**Frontier-market risk.** Frontier-market countries generally have smaller economies and less-developed capital markets and political systems than traditional emerging-market countries, which magnifies emerging-market risks.

**Hedging, derivatives, and other strategic transactions risk.** Hedging, derivatives, and other strategic transactions may increase a fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other

**48**

------

Fund summary

strategic transactions that the fund intends to utilize include: foreign currency forward contracts, futures contracts, swaps, equity-linked notes (equity-linked notes generally reflect the risks associated with their underlying securities, depend on the credit of the note's issuer, may be privately placed, and may have a limited secondary market), and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.

**Illiquid and restricted securities risk.** Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security's market price and the fund's ability to sell the security.

**Initial public offerings (IPOs) risk.** IPO share prices are frequently volatile and may significantly impact fund performance.

**Investment company securities risk.** Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.

**Large company risk.** Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.

**Liquidity risk.** The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**Participatory notes risk.** Participatory notes (p-notes) represent interests in securities listed on certain foreign exchanges. Due to transaction costs and other expenses, p-notes will not replicate exactly the performance of their underlying securities. P-notes are general unsecured contractual obligations of the financial institutions issuing the notes and are subject to liquidity risk and a high degree of counterparty risk.

**Preferred and convertible securities risk.** Preferred stock dividends are payable only if declared by the issuer's board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock's value can depend heavily upon the underlying common stock's value.

**Real estate investment trust (REIT) risk.** 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 lending risk.** Securities lending involves a possible delay in recovery of the loaned securities or a possible loss of rights in the collateral if the borrower fails financially. The fund could also lose money if the value of the collateral decreases.

**Small and mid-sized company risk.** Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.

**Value investment style risk.** Value securities may underperform the market as a whole, which may cause value-oriented funds to underperform equity funds with other investment strategies. Securities the manager believes are undervalued may never perform as expected.

**Warrants risk.** The prices of warrants may not precisely reflect the prices of their underlying securities. Warrant holders do not receive dividends or have voting or credit rights. A warrant ceases to have value if not exercised prior to its expiration date.

**Past performance**

------

The following information illustrates the variability of the fund's returns and provides some indication of the risks of investing in the fund by showing changes in the fund's performance from year to year and by showing how the fund's average annual returns compared with a broad-based securities market index. Past performance does not indicate future results. All figures assume dividend reinvestment. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHVIT as its underlying investment option. If such fees and expenses had been reflected, performance would be lower.

**A note on performance**

Prior to February 12, 2020, the fund was managed by a different subadvisor pursuant to different investment strategies, and thus, the performance presented prior to this date should not be attributed to the current subadvisor. The fund's performance shown below might have differed materially had the current subadvisor managed the fund prior to February 12, 2020.

**49**

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Fund summary

**Calendar year total returns (%)—Series I**

![](g224548img805f3c5412.jpg)

---

| | | |
|:---|:---|:---|
| **Best quarter:** | Q4 2022 | 20.55% |
| **Worst quarter:** | Q1 2020 | -28.10% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns (%)—as of 12/31/2025** | **1 year** | **5 year** | **10 year** |
| **Series I** | 40.90 | &nbsp;&nbsp;&nbsp;&nbsp;12.64 | &nbsp;&nbsp;&nbsp;&nbsp;8.92 |
| **Series II** | 40.60 | &nbsp;&nbsp;&nbsp;&nbsp;12.41 | &nbsp;&nbsp;&nbsp;&nbsp;8.69 |
| **Series NAV** | 41.02 | &nbsp;&nbsp;&nbsp;&nbsp;12.70 | &nbsp;&nbsp;&nbsp;&nbsp;8.97 |
| MSCI EAFE Index (reflects no deduction for fees, expenses, or taxes, except foreign withholding taxes on dividends) | 31.22 | &nbsp;&nbsp;&nbsp;&nbsp;8.92 | &nbsp;&nbsp;&nbsp;&nbsp;8.18 |

---

**Investment management**

------

**Investment advisor** John Hancock Variable Trust Advisers LLC

**Subadvisor** Boston Partners Global Investors, Inc.

**Portfolio management**

------

The following individuals are jointly and primarily responsible for the day-to-day management of the fund's portfolio.

---

| | | |
|:---|:---|:---|
| **Christopher Hart, CFA** | **Joshua Jones, CFA** | **Soyoun Song** |
| *Portfolio Manager*<br> Managed fund since 2020<br>| &nbsp;&nbsp; *Portfolio Manager*<br> Managed fund since 2020<br>| &nbsp;&nbsp; *Portfolio Manager*<br> Managed fund since 2024<br>|

---

**Purchase and redemption of fund shares**

------

Shares of the fund are not sold directly to the public but generally may be sold only to insurance companies and their separate accounts as the underlying investment options for variable annuity and variable life insurance contracts issued by such companies, to certain entities affiliated with the insurance companies, to those funds of JHVIT that operate as funds of funds and invest in other funds and to certain qualified retirement plans (qualified plans).

Shares of the fund are offered continuously, without sales charge, and are sold and redeemed each business day (which typically is any day the New York Stock Exchange is open) at a price equal to their net asset value (NAV) determined for that business day as set forth under "Valuation of shares" in this prospectus. The Portfolio does not have minimum initial or subsequent investment requirements. Payment for shares redeemed will generally be made within seven days after receipt of a proper notice of redemption.

**Taxes**

------

Because shares of the fund may be purchased only through variable insurance contracts and qualified plans, it is expected that any dividends or capital gains distributions made by the fund will be exempt from current federal taxation if left to accumulate within the variable contract or qualified plan. Holders of variable insurance contracts should consult the prospectuses of their respective contracts for information on the federal income tax consequences to such holders.

**Compensation of financial intermediaries**

------

The fund is not sold directly to the general public but instead is offered as an underlying investment option for variable insurance contracts. The distributors of these contracts, the insurance companies that issue the contracts and their related companies (Related Parties), may pay compensation to broker-dealers and other intermediaries for distribution and other services and may enter into revenue sharing arrangements with certain intermediaries. The fund pays fees to the Related Parties for management, distribution and other services. Payments by insurance and related

**50**

------

Fund summary

companies to intermediaries may create a conflict of interest by influencing them and their salespersons to recommend such contracts over other investments. Ask your salesperson or visit your financial intermediary's website for more information. In addition, payments by the funds to Related Parties may be a factor that an insurance company considers in including the funds as underlying investment options in variable insurance contracts. The prospectus (or other offering document) for your variable insurance contract may contain additional information about these payments.

**51**

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Fund summary

Equity Income Trust

**Investment objective**

------

To provide substantial dividend income and also long-term growth of capital.

**Fees and expenses**

------

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. **The fees and expenses do not reflect fees and expenses of any variable insurance or variable annuities contract that may use the fund as its underlying investment option and would be higher if they did.** 

---

| | | | |
|:---|:---|:---|:---|
| **Annual fund operating expenses (%)** (expenses that you pay each year as a percentage of the value of your investment) | **Series I** | **Series II** | **Series NAV** |
| Management fee | 0.69 | 0.69 | 0.69 |
| Distribution and service (Rule 12b-1) fees | 0.05 | 0.25 | 0.00 |
| Other expenses | 0.05 | 0.05 | 0.05 |
| **Total annual fund operating expenses** | **0.79** | **0.99** | **0.74** |
| Contractual expense reimbursement | -0.01 <br><sup>1</sup><br>| -0.01 <br><sup>1</sup><br>| -0.01 <br><sup>1</sup><br>|
| **Total annual fund operating expenses after expense reimbursements** | **0.78** | **0.98** | **0.73** |

---

**1**

The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund's reimbursement 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.

**Expense example**

------

The examples are intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The examples assume that $10,000 is invested in the fund for the periods indicated and then all shares are redeemed at the end of those periods. The examples also assume that the investment has a 5% return each year and that the fund's operating expenses remain the same. The expense example does not reflect fees and expenses of any variable insurance contract that may use the fund as its underlying investment option and would be higher if they did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **Expenses ($)** | **Series I** | **Series II** | **Series NAV** |
| 1 year | 80 | 100 | 75 |
| 3 years | 251 | 314 | 236 |
| 5 years | 438 | 546 | 410 |
| 10 years | 977 | 1212 | 917 |

---

**Portfolio turnover**

------

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During its most recent fiscal year, the fund's portfolio turnover rate was 25% of the average value of its portfolio.

**Principal investment strategies**

------

Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities, with at least 65% in common stocks of well-established companies paying above-average dividends. (The fund will provide written notice to shareholders at least 60 days prior to a change in its 80% investment policy.) The fund typically employs a "value" approach and invests in stocks and other securities that appear to be undervalued by various measures and may be temporarily out of favor but have good prospects for capital appreciation and dividend growth. The subadvisor generally seeks investments in large-capitalization companies and the fund's yield, which reflects the level of dividends paid by the fund, is expected to normally exceed the yield of the Russell 1000 Value Index.

**52**

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Fund summary

Under normal market conditions, substantial dividend income means that the yield on the fund's portfolio securities generally is expected to exceed the yield on the fund's benchmark. The subadvisor believes that income can contribute significantly to total return over time and expects the fund's yield to exceed that of the S&P 500 Index. While the price of a company's stock can go up or down in response to earnings or to fluctuations in the general market, stocks paying a high level of dividend income tend to be less volatile than those with below-average dividends and may help offset losses in falling markets.

The fund will generally consider companies in the aggregate with one or more of the following characteristics:

● established operating histories;

● above-average dividend yield relative to the broader equity market;

● low price/earnings ratio relative to the broader equity market;

● sound balance sheets and other positive financial characteristics; and

● low stock price relative to a company's underlying value, as measured by assets, cash flow or business franchises.

The fund may also purchase other types of securities in keeping with its investment objective, including:

● U.S. dollar- and foreign currency-denominated foreign securities including American Depositary Receipts (ADRs) (up to 25% of total assets);

● preferred stocks;

● convertible stocks, bonds, and warrants;

● futures and options; and

● bank debt, loan participations and assignments.

The fund may at times invest significantly in certain sectors, including the financials and healthcare sectors.

The fund may invest in fixed-income securities without restrictions on quality or rating, including up to 10% in below-investment-grade fixed-income securities ("junk bonds"). The fund's fixed-income investments may include privately negotiated notes or loans, including loan participations and assignments ("bank loans"). These investments will only be made in companies, municipalities or entities that meet the fund's investment criteria. Direct investments in loans may be illiquid and holding a loan could expose the fund to the risks of being a direct lender. Since the fund invests primarily in equity securities, the risks associated with fixed income securities will not affect the fund as much as they would a fund that invests more of its assets in fixed-income securities.

The fund may sell securities for a variety of reasons including to realize gains, limit losses or redeploy assets into more promising opportunities.

The fund may invest up to 10% of its total assets in hybrid instruments. Hybrid instruments are a type of high-risk derivative which can combine the characteristics of securities, futures and options. Such securities may bear interest or pay dividends at below market (or even relatively nominal) rates.

In pursuing the fund's investment objective, the subadvisor has the discretion to deviate from its normal investment criteria, as described above, and purchase securities the subadvisor believes will provide an opportunity for substantial appreciation. These special situations might arise when the subadvisor believes a security could increase in value for a variety of reasons including a change in management, an extraordinary corporate event, a new product introduction or a favorable competitive development.

**Principal risks**

------

An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money. The fund's investment strategy may not produce the intended results.

The fund's main risks are listed below in alphabetical order, not in order of importance. *Before investing, be sure to read the additional descriptions of these risks beginning on page 257 of the prospectus*.

**Changing distribution levels risk.** The fund may cease or reduce the level of its distribution if income or dividends paid from its investments declines.

**Credit and counterparty risk.** The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. A downgrade or default affecting any of the fund's securities could affect the fund's performance.

**Currency risk.** Fluctuations in exchange rates may adversely affect the U.S. dollar value of a fund's investments. Foreign currencies may decline in value, which could negatively impact performance.

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact

**53**

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Fund summary

performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

**Equity securities risk.** The price of equity securities may decline due to changes in a company's financial condition or overall market conditions. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.

**Financial services sector risk.** Financial services companies can be significantly affected by economic, market, and business developments, borrowing costs, interest-rate fluctuations, competition, and government regulation, among other factors.

**Fixed-income securities risk.** A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security's credit quality may adversely affect fund performance.

**Foreign securities risk.** Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.

**Healthcare sector risk.** Health sciences companies may be significantly affected by product obsolescence, thin capitalization, limited product lines and markets, civil liability claims, and legislative or regulatory activities, among other factors.

**Hedging, derivatives, and other strategic transactions risk.** Hedging, derivatives, and other strategic transactions may increase a fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: futures contracts and options. Futures contracts and options generally are subject to counterparty risk.

**Hybrid instrument risk.** Hybrid instruments (a type of potentially high-risk derivative) combine the elements of futures contracts or options with those of debt, preferred equity or a depository instrument. Hybrid instruments entail greater market risk and may be more volatile than traditional debt instruments, may bear interest or pay preferred dividends at below-market rates, and may be illiquid. The risks of investing in hybrid instruments are a combination of the risks of investing in securities, options, futures, and currencies.

**Investment company securities risk.** Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.

**Large company risk.** Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.

**Liquidity risk.** The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.

**Loan participations risk.** Participations and assignments involve special types of risks, including credit risk, interest-rate risk, counterparty risk, liquidity risk, risks associated with extended settlement, and the risks of being a lender.

**Lower-rated and high-yield fixed-income securities risk.** Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**Preferred and convertible securities risk.** Preferred stock dividends are payable only if declared by the issuer's board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock's value can depend heavily upon the underlying common stock's value.

**54**

------

Fund summary

**Sector risk.** When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.

**Warrants risk.** The prices of warrants may not precisely reflect the prices of their underlying securities. Warrant holders do not receive dividends or have voting or credit rights. A warrant ceases to have value if not exercised prior to its expiration date.

**Past performance**

------

The following information illustrates the variability of the fund's returns and provides some indication of the risks of investing in the fund by showing changes in the fund's performance from year to year and by showing how the fund's average annual returns compared with a broad-based securities market index. Past performance does not indicate future results. The Russell 1000 Value Index shows how the fund's performance compares against the returns of similar investments. All figures assume dividend reinvestment. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHVIT as its underlying investment option. If such fees and expenses had been reflected, performance would be lower.

**Calendar year total returns (%)—Series I**

![](g224548imgd7adf0e013.jpg)

---

| | | |
|:---|:---|:---|
| **Best quarter:** | Q4 2020 | 20.95% |
| **Worst quarter:** | Q1 2020 | -28.60% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns (%)—as of 12/31/2025** | **1 year** | **5 year** | **10 year** |
| **Series I** | 14.39 | &nbsp;&nbsp;&nbsp;&nbsp;11.10 | &nbsp;&nbsp;&nbsp;&nbsp;10.47 |
| **Series II** | 14.18 | &nbsp;&nbsp;&nbsp;&nbsp;10.88 | &nbsp;&nbsp;&nbsp;&nbsp;10.25 |
| **Series NAV** | 14.42 | &nbsp;&nbsp;&nbsp;&nbsp;11.15 | &nbsp;&nbsp;&nbsp;&nbsp;10.52 |
| Russell 1000 Index (reflects no deduction for fees, expenses, or taxes) | 17.37 | &nbsp;&nbsp;&nbsp;&nbsp;13.59 | &nbsp;&nbsp;&nbsp;&nbsp;14.59 |
| Russell 1000 Value Index (reflects no deduction for fees, expenses, or taxes) | 15.91 | &nbsp;&nbsp;&nbsp;&nbsp;11.33 | &nbsp;&nbsp;&nbsp;&nbsp;10.53 |

---

**Investment management**

------

**Investment advisor** John Hancock Variable Trust Advisers LLC

**Subadvisor** T. Rowe Price Associates, Inc.

**Portfolio management**

------

The following individual is primarily responsible for the day-to-day management of the fund's portfolio.

---

| |
|:---|
| **John D. Linehan, CFA** |
| *Vice President*<br> Managed fund since 2015<br>|

---

**Purchase and redemption of fund shares**

------

Shares of the fund are not sold directly to the public but generally may be sold only to insurance companies and their separate accounts as the underlying investment options for variable annuity and variable life insurance contracts issued by such companies, to certain entities affiliated with the insurance companies, to those funds of JHVIT that operate as funds of funds and invest in other funds and to certain qualified retirement plans (qualified plans).

Shares of the fund are offered continuously, without sales charge, and are sold and redeemed each business day (which typically is any day the New York Stock Exchange is open) at a price equal to their net asset value (NAV) determined for that business day as set forth under "Valuation of

**55**

------

Fund summary

shares" in this prospectus. The Portfolio does not have minimum initial or subsequent investment requirements. Payment for shares redeemed will generally be made within seven days after receipt of a proper notice of redemption.

**Taxes**

------

Because shares of the fund may be purchased only through variable insurance contracts and qualified plans, it is expected that any dividends or capital gains distributions made by the fund will be exempt from current federal taxation if left to accumulate within the variable contract or qualified plan. Holders of variable insurance contracts should consult the prospectuses of their respective contracts for information on the federal income tax consequences to such holders.

**Compensation of financial intermediaries**

------

The fund is not sold directly to the general public but instead is offered as an underlying investment option for variable insurance contracts. The distributors of these contracts, the insurance companies that issue the contracts and their related companies (Related Parties), may pay compensation to broker-dealers and other intermediaries for distribution and other services and may enter into revenue sharing arrangements with certain intermediaries. The fund pays fees to the Related Parties for management, distribution and other services. Payments by insurance and related companies to intermediaries may create a conflict of interest by influencing them and their salespersons to recommend such contracts over other investments. Ask your salesperson or visit your financial intermediary's website for more information. In addition, payments by the funds to Related Parties may be a factor that an insurance company considers in including the funds as underlying investment options in variable insurance contracts. The prospectus (or other offering document) for your variable insurance contract may contain additional information about these payments.

**56**

------

Fund summary

Financial Industries Trust

**Investment objective**

------

To seek growth of capital.

**Fees and expenses**

------

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. **The fees and expenses do not reflect fees and expenses of any variable insurance or variable annuities contract that may use the fund as its underlying investment option and would be higher if they did.** 

---

| | | | |
|:---|:---|:---|:---|
| **Annual fund operating expenses (%)** (expenses that you pay each year as a percentage of the value of your investment) | **Series I** | **Series II** | **Series NAV** |
| Management fee | 0.79 | 0.79 | 0.79 |
| Distribution and service (Rule 12b-1) fees | 0.05 | 0.25 | 0.00 |
| Other expenses | 0.10 | 0.10 | 0.10 |
| **Total annual fund operating expenses** | **0.94** | **1.14** | **0.89** |
| Contractual expense reimbursement | -0.01 <br><sup>1</sup><br>| -0.01 <br><sup>1</sup><br>| -0.01 <br><sup>1</sup><br>|
| **Total annual fund operating expenses after expense reimbursements** | **0.93** | **1.13** | **0.88** |

---

**1**

The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund's reimbursement 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.

**Expense example**

------

The examples are intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The examples assume that $10,000 is invested in the fund for the periods indicated and then all shares are redeemed at the end of those periods. The examples also assume that the investment has a 5% return each year and that the fund's operating expenses remain the same. The expense example does not reflect fees and expenses of any variable insurance contract that may use the fund as its underlying investment option and would be higher if they did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **Expenses ($)** | **Series I** | **Series II** | **Series NAV** |
| 1 year | 95 | 115 | 90 |
| 3 years | 299 | 361 | 283 |
| 5 years | 519 | 627 | 492 |
| 10 years | 1154 | 1385 | 1095 |

---

**Portfolio turnover**

------

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During its most recent fiscal year, the fund's portfolio turnover rate was 75% of the average value of its portfolio.

**Principal investment strategies**

------

Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowing for investment purposes) in companies that are principally engaged in financial services. (The fund will provide written notice to shareholders at least 60 days prior to a change in its 80% investment policy.) These companies include U.S. and foreign financial services companies of any size including banks, thrifts, finance companies, brokerage and advisory firms, real estate-related firms, insurance companies, financial technology companies and financial holding companies. The fund may gain exposure to securities described in these strategies through investing in investment companies and pooled investment vehicles.

**57**

------

Fund summary

In managing the fund, the subadvisor focuses primarily on stock selection rather than industry allocation. In choosing individual stocks, the subadvisor uses fundamental financial analysis to identify securities that appear comparatively undervalued.

The fund concentrates its investments (invests more than 25% of its total assets) in companies that are principally engaged in financial services, and therefore may experience greater volatility than funds investing in a broader range of industries.

Given the industry-wide trend toward consolidation, the subadvisor also invests in companies that appear to be positioned for a merger. The subadvisor generally gathers firsthand information about companies from interviews and company visits.

The fund may invest in U.S. and foreign bonds, including up to 5% of net assets in below investment-grade bonds (i.e., "junk bonds") rated as low as CCC by S&P Global Ratings (S&P) or Caa by Moody's Investors Service, Inc. (Moody's) and their unrated equivalents. It may also invest up to 15% of net assets in investment-grade short-term securities. The fund's investment policies are based on credit ratings at the time of purchase.

In abnormal circumstances, the fund may temporarily invest up to 80% of its assets in investment-grade short-term securities. In these and other cases, the fund might not achieve its investment objective.

The fund may, to a limited extent, engage in derivative transactions that include futures contracts, options and foreign currency forward contracts, in each case for the purpose of reducing risk, obtaining efficient market exposure and/or enhancing investment returns.

The fund may invest in companies located in emerging market countries.

**Principal risks**

------

An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money. The fund's investment strategy may not produce the intended results.

The fund's main risks are listed below in alphabetical order, not in order of importance. *Before investing, be sure to read the additional descriptions of these risks beginning on page 257 of the prospectus*.

**Banking industry risk.** Commercial banks, savings and loan associations, and holding companies of the foregoing are especially subject to adverse effects of volatile interest rates, concentrations of loans in particular industries, and significant competition. Profitability of these businesses depends significantly upon the availability and cost of capital funds. Commercial banks and savings associations are subject to extensive state regulation.

**Concentration risk.** Because the fund may focus on one or more industries or sectors of the economy, its performance depends in large part on the performance of those industries or sectors. As a result, the value of an investment may fluctuate more widely since it is more susceptible to market, economic, political, regulatory, and other conditions and risks affecting those industries or sectors than a fund that invests more broadly across industries and sectors.

**Credit and counterparty risk.** The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. A downgrade or default affecting any of the fund's securities could affect the fund's performance.

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

**Equity securities risk.** The price of equity securities may decline due to changes in a company's financial condition or overall market conditions. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.

**Financial services sector risk.** A fund investing principally in securities of companies in the financial services sector is particularly vulnerable to events affecting that sector. Financial services companies can be significantly affected by economic, market, and business developments, borrowing costs, interest-rate fluctuations, competition, and government regulation, among other factors.

**Fixed-income securities risk.** A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security's credit quality may adversely affect fund performance.

**Foreign securities risk.** Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets.

**58**

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Fund summary

**Hedging, derivatives, and other strategic transactions risk.** Hedging, derivatives, and other strategic transactions may increase a fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: foreign currency forward contracts, futures contracts, and options. Foreign currency forward contracts, futures contracts, and options generally are subject to counterparty risk. Derivatives associated with foreign currency transactions are subject to currency risk.

**Investment company securities risk.** Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.

**Large company risk.** Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.

**Liquidity risk.** The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.

**Lower-rated and high-yield fixed-income securities risk.** Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.

**Master limited partnership (MLP) risk.** MLPs generally reflect the risks associated with their underlying assets and with pooled investment vehicles. MLPs with credit-related holdings are subject to interest-rate risk and risk of default.

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**Preferred and convertible securities risk.** Preferred stock dividends are payable only if declared by the issuer's board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock's value can depend heavily upon the underlying common stock's value.

**Real estate securities risk.** 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.

**Small and mid-sized company risk.** Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.

**Warrants risk.** The prices of warrants may not precisely reflect the prices of their underlying securities. Warrant holders do not receive dividends or have voting or credit rights. A warrant ceases to have value if not exercised prior to its expiration date.

**Past performance**

------

The following information illustrates the variability of the fund's returns and provides some indication of the risks of investing in the fund by showing changes in the fund's performance from year to year and by showing how the fund's average annual returns compared with a broad-based securities market index. Past performance does not indicate future results. The S&P 500 Financials Index and the Lipper Financial Services Index show how the fund's performance compares against the returns of similar investments. All figures assume dividend reinvestment. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHVIT as its underlying investment option. If such fees and expenses had been reflected, performance would be lower.

**59**

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Fund summary

**Calendar year total returns (%)—Series I**

![](g224548img01e773fc14.jpg)

---

| | | |
|:---|:---|:---|
| **Best quarter:** | Q4 2020 | 22.33% |
| **Worst quarter:** | Q1 2020 | -30.18% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns (%)—as of 12/31/2025** | **1 year** | **5 year** | **10 year** |
| **Series I** | 12.00 | &nbsp;&nbsp;&nbsp;&nbsp;11.44 | &nbsp;&nbsp;&nbsp;&nbsp;10.54 |
| **Series II** | 11.82 | &nbsp;&nbsp;&nbsp;&nbsp;11.21 | &nbsp;&nbsp;&nbsp;&nbsp;10.32 |
| **Series NAV** | 12.11 | &nbsp;&nbsp;&nbsp;&nbsp;11.49 | &nbsp;&nbsp;&nbsp;&nbsp;10.60 |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 17.88 | &nbsp;&nbsp;&nbsp;&nbsp;14.42 | &nbsp;&nbsp;&nbsp;&nbsp;14.82 |
| S&P 500 Financials Index (reflects no deduction for fees, expenses, or taxes) | 15.02 | &nbsp;&nbsp;&nbsp;&nbsp;15.27 | &nbsp;&nbsp;&nbsp;&nbsp;13.18 |
| Lipper Financial Services Index (reflects no deduction for fees, expenses, or taxes) | 15.70 | &nbsp;&nbsp;&nbsp;&nbsp;15.44 | &nbsp;&nbsp;&nbsp;&nbsp;12.31 |

---

**Investment management**

------

**Investment advisor** John Hancock Variable Trust Advisers LLC

**Subadvisor** Manulife Investment Management (US) LLC

**Portfolio management**

------

The following individuals are jointly and primarily responsible for the day-to-day management of the fund's portfolio.

---

| | |
|:---|:---|
| **Susan A. Curry** | **Ryan P. Lentell, CFA** |
| *Senior Portfolio Manager*<br> Managed fund since 2014<br>| &nbsp;&nbsp; *Portfolio Manager*<br> Managed fund since 2015<br>|

---

**Purchase and redemption of fund shares**

------

Shares of the fund are not sold directly to the public but generally may be sold only to insurance companies and their separate accounts as the underlying investment options for variable annuity and variable life insurance contracts issued by such companies, to certain entities affiliated with the insurance companies, to those funds of JHVIT that operate as funds of funds and invest in other funds and to certain qualified retirement plans (qualified plans).

Shares of the fund are offered continuously, without sales charge, and are sold and redeemed each business day (which typically is any day the New York Stock Exchange is open) at a price equal to their net asset value (NAV) determined for that business day as set forth under "Valuation of shares" in this prospectus. The Portfolio does not have minimum initial or subsequent investment requirements. Payment for shares redeemed will generally be made within seven days after receipt of a proper notice of redemption.

**Taxes**

------

Because shares of the fund may be purchased only through variable insurance contracts and qualified plans, it is expected that any dividends or capital gains distributions made by the fund will be exempt from current federal taxation if left to accumulate within the variable contract or qualified plan. Holders of variable insurance contracts should consult the prospectuses of their respective contracts for information on the federal income tax consequences to such holders.

**Compensation of financial intermediaries**

------

The fund is not sold directly to the general public but instead is offered as an underlying investment option for variable insurance contracts. The distributors of these contracts, the insurance companies that issue the contracts and their related companies (Related Parties), may pay compensation to broker-dealers and other intermediaries for distribution and other services and may enter into revenue sharing arrangements with certain

**60**

------

Fund summary

intermediaries. The fund pays fees to the Related Parties for management, distribution and other services. Payments by insurance and related companies to intermediaries may create a conflict of interest by influencing them and their salespersons to recommend such contracts over other investments. Ask your salesperson or visit your financial intermediary's website for more information. In addition, payments by the funds to Related Parties may be a factor that an insurance company considers in including the funds as underlying investment options in variable insurance contracts. The prospectus (or other offering document) for your variable insurance contract may contain additional information about these payments.

**61**

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Fund summary

Fundamental All Cap Core Trust

**Investment objective**

------

To seek long-term growth of capital.

**Fees and expenses**

------

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. **The fees and expenses do not reflect fees and expenses of any variable insurance or variable annuities contract that may use the fund as its underlying investment option and would be higher if they did.** 

---

| | | | |
|:---|:---|:---|:---|
| **Annual fund operating expenses (%)** (expenses that you pay each year as a percentage of the value of your investment) | **Series I** | **Series II** | **Series NAV** |
| Management fee | 0.67 | 0.67 | 0.67 |
| Distribution and service (Rule 12b-1) fees | 0.05 | 0.25 | 0.00 |
| Other expenses | 0.05 | 0.05 | 0.05 |
| **Total annual fund operating expenses** | **0.77** | **0.97** | **0.72** |
| Contractual expense reimbursement | -0.01 <br><sup>1</sup><br>| -0.01 <br><sup>1</sup><br>| -0.01 <br><sup>1</sup><br>|
| **Total annual fund operating expenses after expense reimbursements** | **0.76** | **0.96** | **0.71** |

---

**1**

The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund's reimbursement 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.

**Expense example**

------

The examples are intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The examples assume that $10,000 is invested in the fund for the periods indicated and then all shares are redeemed at the end of those periods. The examples also assume that the investment has a 5% return each year and that the fund's operating expenses remain the same. The expense example does not reflect fees and expenses of any variable insurance contract that may use the fund as its underlying investment option and would be higher if they did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **Expenses ($)** | **Series I** | **Series II** | **Series NAV** |
| 1 year | 78 | 98 | 73 |
| 3 years | 245 | 308 | 229 |
| 5 years | 427 | 535 | 400 |
| 10 years | 953 | 1189 | 894 |

---

**Portfolio turnover**

------

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During its most recent fiscal year, the fund's portfolio turnover rate was 41% of the average value of its portfolio.

**Principal investment strategies**

------

Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities. Market capitalizations of these companies will span the capitalization spectrum. Equity securities include common, convertible, and preferred securities and their equivalents.

In managing the fund, the subadvisor looks for companies that are highly differentiated with key growth drivers, sustainable cash flow production, and high returns on capital. The subadvisor seeks to identify companies with sustainable competitive advantages and high barriers to entry, strong

**62**

------

Fund summary

management and a focus on creating value for fund shareholders. Both growth and value opportunities are evaluated with an approach that uses the present value of estimated future cash flows as the core methodology for measuring intrinsic value.

The subadvisor employs a disciplined fundamental research process which produces bottom-up company assessments using key assumptions that drive sales, margins, and asset intensity. Scenario analysis is designed to provide a meaningful range of outcomes and the ability to assess investors' embedded expectations. The subadvisor seeks to purchase companies that meet the criteria above when the shares are selling at a significant discount to intrinsic value. Sell decisions are similarly driven by long term fundamental analysis.

The subadvisor constantly reviews portfolio investments and may sell a holding when it has achieved its valuation target, if it believes there is structural or permanent deterioration in the underlying fundamentals of the business, or if it identifies what it believes is a more attractive investment opportunity.

The fund may invest up to 20% of its net assets in equity securities of foreign issuers, including American Depositary Receipts (ADRs) and similar investments. For purposes of reducing risk and/or obtaining efficient investment exposure, the fund may invest in exchange-traded funds (ETFs) and derivative instruments that include options, futures contracts, and swaps. The fund may also invest in U.S. government securities and other short-term securities such as money market instruments and repurchase agreements.

The fund may focus its investments in a particular sector or sectors of the economy.

*Use of Hedging and Other Strategic Transactions*. The fund is authorized to use all of the various investment strategies referred to under "Additional Information About the Funds' Principal Risks — Hedging, derivatives and other strategic transactions risk."

The manager considers environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund's investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. Because ESG factors are considered alongside other relevant factors, the manager may determine that an investment is appropriate notwithstanding its relative ESG characteristics.

**Principal risks**

------

An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money. The fund's investment strategy may not produce the intended results.

The fund's main risks are listed below in alphabetical order, not in order of importance. *Before investing, be sure to read the additional descriptions of these risks beginning on page 257 of the prospectus*.

**Cash and cash equivalents risk.** Under certain market conditions, such as during a rising stock market, rising interest rate or rising credit spread markets, the use of cash and/or cash equivalents, including money market instruments, could have a negative effect on the fund's ability to achieve its investment objective and may negatively impact the fund's performance.

**Consumer discretionary sector risk.** The consumer discretionary sector may be affected by fluctuations in supply and demand, and may also be adversely affected by changes in consumer spending as a result of world events, political and economic conditions, commodity price volatility, changes in exchange rates, imposition of import controls, increased competition, depletion of resources, and labor relations.

**Credit and counterparty risk.** The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund's securities could affect the fund's performance.

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

**Equity securities risk.** The price of equity securities may decline due to changes in a company's financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.

**ESG integration risk.** The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund's investments. Integration of ESG factors into the fund's investment process does not preclude the fund from including companies with low ESG characteristics or excluding companies with high

**63**

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Fund summary

ESG characteristics in the fund's investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.

**Exchange-traded fund (ETF) investment risk.** The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF's shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.

**Fixed-income securities risk.** A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security's credit quality may adversely affect fund performance.

**Foreign securities risk.** Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.

**Hedging, derivatives, and other strategic transactions risk.** Hedging, derivatives, and other strategic transactions may increase a fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: futures contracts, interest-rate swaps, options, foreign currency forward contracts, credit default swaps, foreign currency swaps, swaptions, equity-linked notes (equity-linked notes generally reflect the risks associated with their underlying securities, depend on the credit of the note's issuer, may be privately placed, and may have a limited secondary market), inverse floating-rate securities, reverse repurchase agreements, total return swaps, and options on futures, and swaps. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk. An event of default or insolvency of the counterparty to a reverse repurchase agreement could result in delays or restrictions with respect to the fund's ability to dispose of the underlying securities. In addition, a reverse repurchase agreement may be considered a form of leverage and may, therefore, increase fluctuations in the fund's net asset value (NAV) per share.

**Information technology companies risk.** 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.

**Large company risk.** Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.

**Liquidity risk.** The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**Preferred and convertible securities risk.** Preferred stock dividends are payable only if declared by the issuer's board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock's value can depend heavily upon the underlying common stock's value.

**Repurchase agreements risk.** The risk of a repurchase agreement transaction is limited to the ability of the seller to pay the agreed-upon sum on the delivery date. In the event of bankruptcy or other default by the seller, the instrument purchased may decline in value, interest payable on the instrument may be lost and there may be possible difficulties and delays in obtaining collateral and delays and expense in liquidating the instrument.

**Sector risk.** When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.

**64**

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Fund summary

**Small and mid-sized company risk.** Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.

**U.S. government agency obligations risk.** U.S. government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.

**Past performance**

------

The following information illustrates the variability of the fund's returns and provides some indication of the risks of investing in the fund by showing changes in the fund's performance from year to year and by showing how the fund's average annual returns compared with a broad-based securities market index. Past performance does not indicate future results. All figures assume dividend reinvestment. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHVIT as its underlying investment option. If such fees and expenses had been reflected, performance would be lower.

**Calendar year total returns (%)—Series I**

![](g224548img4b2d6f8d15.jpg)

---

| | | |
|:---|:---|:---|
| **Best quarter:** | Q2 2020 | 32.27% |
| **Worst quarter:** | Q1 2020 | -24.67% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns (%)—as of 12/31/2025** | **1 year** | **5 year** | **10 year** |
| **Series I** | 4.78 | &nbsp;&nbsp;&nbsp;&nbsp;11.74 | &nbsp;&nbsp;&nbsp;&nbsp;13.74 |
| **Series II** | 4.57 | &nbsp;&nbsp;&nbsp;&nbsp;11.51 | &nbsp;&nbsp;&nbsp;&nbsp;13.51 |
| **Series NAV** | 4.84 | &nbsp;&nbsp;&nbsp;&nbsp;11.79 | &nbsp;&nbsp;&nbsp;&nbsp;13.80 |
| Russell 3000 Index (reflects no deduction for fees, expenses, or taxes) | 17.15 | &nbsp;&nbsp;&nbsp;&nbsp;13.15 | &nbsp;&nbsp;&nbsp;&nbsp;14.29 |

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**Investment management**

------

**Investment advisor** John Hancock Variable Trust Advisers LLC

**Subadvisor** Manulife Investment Management (US) LLC

**Portfolio management**

------

The following individuals are jointly and primarily responsible for the day-to-day management of the fund's portfolio.

---

| | | |
|:---|:---|:---|
| **Michael J. Mattioli, CFA** | **Nicholas P. Renart** | **Jonathan T. White, CFA** |
| *Portfolio Manager and Senior Investment* <br> *Analyst*<br> Managed fund since 2025<br>| &nbsp;&nbsp; *Portfolio Manager and Senior Investment* <br> *Analyst*<br> Managed fund since 2025<br>| &nbsp;&nbsp; *Senior Portfolio Manager*<br> Managed fund since 2015<br>|

---

**65**

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Fund summary

**Purchase and redemption of fund shares**

------

Shares of the fund are not sold directly to the public but generally may be sold only to insurance companies and their separate accounts as the underlying investment options for variable annuity and variable life insurance contracts issued by such companies, to certain entities affiliated with the insurance companies, to those funds of JHVIT that operate as funds of funds and invest in other funds and to certain qualified retirement plans (qualified plans).

Shares of the fund are offered continuously, without sales charge, and are sold and redeemed each business day (which typically is any day the New York Stock Exchange is open) at a price equal to their net asset value (NAV) determined for that business day as set forth under "Valuation of shares" in this prospectus. The Portfolio does not have minimum initial or subsequent investment requirements. Payment for shares redeemed will generally be made within seven days after receipt of a proper notice of redemption.

**Taxes**

------

Because shares of the fund may be purchased only through variable insurance contracts and qualified plans, it is expected that any dividends or capital gains distributions made by the fund will be exempt from current federal taxation if left to accumulate within the variable contract or qualified plan. Holders of variable insurance contracts should consult the prospectuses of their respective contracts for information on the federal income tax consequences to such holders.

**Compensation of financial intermediaries**

------

The fund is not sold directly to the general public but instead is offered as an underlying investment option for variable insurance contracts. The distributors of these contracts, the insurance companies that issue the contracts and their related companies (Related Parties), may pay compensation to broker-dealers and other intermediaries for distribution and other services and may enter into revenue sharing arrangements with certain intermediaries. The fund pays fees to the Related Parties for management, distribution and other services. Payments by insurance and related companies to intermediaries may create a conflict of interest by influencing them and their salespersons to recommend such contracts over other investments. Ask your salesperson or visit your financial intermediary's website for more information. In addition, payments by the funds to Related Parties may be a factor that an insurance company considers in including the funds as underlying investment options in variable insurance contracts. The prospectus (or other offering document) for your variable insurance contract may contain additional information about these payments.

**66**

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Fund summary

Fundamental Large Cap Value Trust

**Investment objective**

------

To seek long-term capital appreciation.

**Fees and expenses**

------

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. **The fees and expenses do not reflect fees and expenses of any variable insurance or variable annuities contract that may use the fund as its underlying investment option and would be higher if they did.** 

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| | | | |
|:---|:---|:---|:---|
| **Annual fund operating expenses (%)** (expenses that you pay each year as a percentage of the value of your investment) | **Series I** | **Series II** | **Series NAV** |
| Management fee | 0.68 | 0.68 | 0.68 |
| Distribution and service (Rule 12b-1) fees | 0.05 | 0.25 | 0.00 |
| Other expenses | 0.05 | 0.05 | 0.05 |
| **Total annual fund operating expenses** | **0.78** | **0.98** | **0.73** |
| Contractual expense reimbursement | -0.01 <br><sup>1</sup><br>| -0.01 <br><sup>1</sup><br>| -0.01 <br><sup>1</sup><br>|
| **Total annual fund operating expenses after expense reimbursements** | **0.77** | **0.97** | **0.72** |

---

**1**

The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund's reimbursement 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.

**Expense example**

------

The examples are intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The examples assume that $10,000 is invested in the fund for the periods indicated and then all shares are redeemed at the end of those periods. The examples also assume that the investment has a 5% return each year and that the fund's operating expenses remain the same. The expense example does not reflect fees and expenses of any variable insurance contract that may use the fund as its underlying investment option and would be higher if they did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | |
|:---|:---|:---|:---|
| **Expenses ($)** | **Series I** | **Series II** | **Series NAV** |
| 1 year | 79 | 99 | 74 |
| 3 years | 248 | 311 | 232 |
| 5 years | 432 | 541 | 405 |
| 10 years | 965 | 1200 | 906 |

---

**Portfolio turnover**

------

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During its most recent fiscal year, the fund's portfolio turnover rate was 15% of the average value of its portfolio.

**Principal investment strategies**

------

Under normal market conditions, the fund invests at least 80% of its net assets in equity securities of large-capitalization companies. The fund considers large-capitalization companies to be those that at the time of purchase have a market capitalization equal to or greater than that of the top 80% of the companies that comprise the Russell 1000 Index. As of February 28, 2026, the lowest market capitalization in this group was $7.3 billion. Equity securities include common, convertible, and preferred securities and their equivalents.

**67**

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Fund summary

In managing the fund, the subadvisor looks for companies that are highly differentiated with key growth drivers, sustainable cash flow production, and high returns on capital. The subadvisor seeks to identify companies with sustainable competitive advantages and high barriers to entry, strong management and a focus on creating value for fund shareholders. Value opportunities are evaluated with an approach that uses the present value of estimated future cash flows as the core methodology for measuring intrinsic value.

The subadvisor employs a disciplined fundamental research process which produces bottom-up company assessments using key assumptions that drive sales, margins, and asset intensity. Scenario analysis is designed to provide a meaningful range of outcomes and the ability to assess investors' embedded expectations. The subadvisor seeks to purchase companies that meet the criteria above when the shares are selling at a significant discount to intrinsic value. Sell decisions are similarly driven by long term fundamental analysis.

The subadvisor constantly reviews portfolio investments and may sell a holding when it has achieved its valuation target, if it believes there is structural or permanent deterioration in the underlying fundamentals of the business, or if it identifies what it believes is a more attractive investment opportunity.

The fund may focus its investments in a particular sector or sectors of the economy.

The fund may invest up to 20% of its net assets in equity securities of foreign issuers, including American Depositary Receipts (ADRs) and similar investments. For purposes of reducing risk and/or obtaining efficient investment exposure, the fund may invest in exchange-traded funds (ETFs) and derivative instruments that include options, futures contracts, and swaps. The fund may also invest in U.S. government securities and other short-term securities such as money market instruments and repurchase agreements.

The manager considers environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund's investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. Because ESG factors are considered alongside other relevant factors, the manager may determine that an investment is appropriate notwithstanding its relative ESG characteristics.

**Principal risks**

------

An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money. The fund's investment strategy may not produce the intended results.

The fund's main risks are listed below in alphabetical order, not in order of importance. *Before investing, be sure to read the additional descriptions of these risks beginning on page 257 of the prospectus*.

**Cash and cash equivalents risk.** Under certain market conditions, such as during a rising stock market, rising interest rate or rising credit spread markets, the use of cash and/or cash equivalents, including money market instruments, could have a negative effect on the fund's ability to achieve its investment objective and may negatively impact the fund's performance.

**Credit and counterparty risk.** The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund's securities could affect the fund's performance.

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

**Equity securities risk.** The price of equity securities may decline due to changes in a company's financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.

**ESG integration risk.** The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund's investments. Integration of ESG factors into the fund's investment process does not preclude the fund from including companies with low ESG characteristics or excluding companies with high ESG characteristics in the fund's investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.

**68**

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Fund summary

**Exchange-traded fund (ETF) investment risk.** The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF's shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.

**Financial services sector risk.** Financial services companies can be significantly affected by economic, market, and business developments, borrowing costs, interest-rate fluctuations, competition, and government regulation, among other factors.

**Fixed-income securities risk.** A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security's credit quality may adversely affect fund performance.

**Foreign securities risk.** Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.

**Hedging, derivatives, and other strategic transactions risk.** Hedging, derivatives, and other strategic transactions may increase a fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: futures contracts, options, and swaps. Futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation.

**Large company risk.** Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.

**Liquidity risk.** The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**Preferred and convertible securities risk.** Preferred stock dividends are payable only if declared by the issuer's board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock's value can depend heavily upon the underlying common stock's value.

**Repurchase agreements risk.** The risk of a repurchase agreement transaction is limited to the ability of the seller to pay the agreed-upon sum on the delivery date. In the event of bankruptcy or other default by the seller, the instrument purchased may decline in value, interest payable on the instrument may be lost and there may be possible difficulties and delays in obtaining collateral and delays and expense in liquidating the instrument.

**Sector risk.** When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors. To the extent that a fund invests in securities of companies in the financial services sector, the fund may be significantly affected by economic, market, and business developments, borrowing costs, interest-rate fluctuations, competition, and government regulation, among other factors, impacting that sector.

**U.S. government agency obligations risk.** U.S. government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.

**69**

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Fund summary

**Value investment style risk.** Value securities may underperform the market as a whole, which may cause value-oriented funds to underperform equity funds with other investment strategies. Securities the manager believes are undervalued may never perform as expected.

**Past performance**

------

The following information illustrates the variability of the fund's returns and provides some indication of the risks of investing in the fund by showing changes in the fund's performance from year to year and by showing how the fund's average annual returns compared with a broad-based securities market index. Past performance does not indicate future results. The Russell 1000 Value Index shows how the fund's performance compares against the returns of similar investments. All figures assume dividend reinvestment. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHVIT as its underlying investment option. If such fees and expenses had been reflected, performance would be lower.

**Calendar year total returns (%)—Series I**

![](g224548imga5a7839c16.jpg)

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| | | |
|:---|:---|:---|
| **Best quarter:** | Q2 2020 | 19.70% |
| **Worst quarter:** | Q1 2020 | -24.95% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Average annual total returns (%)—as of 12/31/2025** | **1 year** | **5 year** | **10 year** |
| **Series I** | 15.93 | &nbsp;&nbsp;&nbsp;&nbsp;14.90 | &nbsp;&nbsp;&nbsp;&nbsp;12.58 |
| **Series II** | 15.71 | &nbsp;&nbsp;&nbsp;&nbsp;14.68 | &nbsp;&nbsp;&nbsp;&nbsp;12.36 |
| **Series NAV** | 16.01 | &nbsp;&nbsp;&nbsp;&nbsp;14.96 | &nbsp;&nbsp;&nbsp;&nbsp;12.64 |
| Russell 1000 Index (reflects no deduction for fees, expenses, or taxes) | 17.37 | &nbsp;&nbsp;&nbsp;&nbsp;13.59 | &nbsp;&nbsp;&nbsp;&nbsp;14.59 |
| Russell 1000 Value Index (reflects no deduction for fees, expenses, or taxes) | 15.91 | &nbsp;&nbsp;&nbsp;&nbsp;11.33 | &nbsp;&nbsp;&nbsp;&nbsp;10.53 |

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**Investment management**

------

**Investment advisor** John Hancock Variable Trust Advisers LLC

**Subadvisor** Manulife Investment Management (US) LLC

**Portfolio management**

------

The following individuals are jointly and primarily responsible for the day-to-day management of the fund's portfolio.

---

| | | |
|:---|:---|:---|
| **Nicholas P. Renart** | **Jonathan T. White, CFA** | **Michael Bokoff, CFA** |
| *Portfolio Manager and Senior Investment* <br> *Analyst*<br> Managed fund since 2015<br>| &nbsp;&nbsp; *Senior Portfolio Manager*<br> Managed fund since 2025<br>| &nbsp;&nbsp; *Portfolio Manager*<br> Managed fund since 2026<br>|

---

**Purchase and redemption of fund shares**

------

Shares of the fund are not sold directly to the public but generally may be sold only to insurance companies and their separate accounts as the underlying investment options for variable annuity and variable life insurance contracts issued by such companies, to certain entities affiliated with the insurance companies, to those funds of JHVIT that operate as funds of funds and invest in other funds and to certain qualified retirement plans (qualified plans).

Shares of the fund are offered continuously, without sales charge, and are sold and redeemed each business day (which typically is any day the New York Stock Exchange is open) at a price equal to their net asset value (NAV) determined for that business day as set forth under "Valuation of shares" in this prospectus. The Portfolio does not have minimum initial or subsequent investment requirements. Payment for shares redeemed will generally be made within seven days after receipt of a proper notice of redemption.

**70**

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Fund summary

**Taxes**

------

Because shares of the fund may be purchased only through variable insurance contracts and qualified plans, it is expected that any dividends or capital gains distributions made by the fund will be exempt from current federal taxation if left to accumulate within the variable contract or qualified plan. Holders of variable insurance contracts should consult the prospectuses of their respective contracts for information on the federal income tax consequences to such holders.

**Compensation of financial intermediaries**

------

The fund is not sold directly to the general public but instead is offered as an underlying investment option for variable insurance contracts. The distributors of these contracts, the insurance companies that issue the contracts and their related companies (Related Parties), may pay compensation to broker-dealers and other intermediaries for distribution and other services and may enter into revenue sharing arrangements with certain intermediaries. The fund pays fees to the Related Parties for management, distribution and other services. Payments by insurance and related companies to intermediaries may create a conflict of interest by influencing them and their salespersons to recommend such contracts over other investments. Ask your salesperson or visit your financial intermediary's website for more information. In addition, payments by the funds to Related Parties may be a factor that an insurance company considers in including the funds as underlying investment options in variable insurance contracts. The prospectus (or other offering document) for your variable insurance contract may contain additional information about these payments.

**71**

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Fund summary

Global Equity Trust

**Investment objective**

------

To seek long-term capital appreciation.

**Fees and expenses**

------

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. **The fees and expenses do not reflect fees and expenses of any variable insurance or variable annuities contract that may use the fund as its underlying investment option and would be higher if they did.** 

---

| | | | |
|:---|:---|:---|:---|
| **Annual fund operating expenses (%)** (expenses that you pay each year as a percentage of the value of your investment) | **Series I** | **Series II** | **Series NAV** |
| Management fee | 0.80 | 0.80 | 0.80 |
| Distribution and service (Rule 12b-1) fees | 0.05 | 0.25 | 0.00 |
| Other expenses | 0.09 | 0.09 | 0.09 |
| **Total annual fund operating expenses** | **0.94** | **1.14** | **0.89** |
| Contractual expense reimbursement | -0.01 <br><sup>1</sup><br>| -0.01 <br><sup>1</sup><br>| -0.01 <br><sup>1</sup><br>|
| **Total annual fund operating expenses after expense reimbursements** | **0.93** | **1.13** | **0.88** |

---

**1**

The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund's reimbursement 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.

**Expense example**

------

The examples are intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The examples assume that $10,000 is invested in the fund for the periods indicated and then all shares are redeemed at the end of those periods. The examples also assume that the investment has a 5% return each year and that the fund's operating expenses remain the same. The expense example does not reflect fees and expenses of any variable insurance contract that may use the fund as its underlying investment option and would be higher if they did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **Expenses ($)** | **Series I** | **Series II** | **Series NAV** |
| 1 year | 95 | 115 | 90 |
| 3 years | 299 | 361 | 283 |
| 5 years | 519 | 627 | 492 |
| 10 years | 1154 | 1385 | 1095 |

---

**Portfolio turnover**

------

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During its most recent fiscal year, the fund's portfolio turnover rate was 42% of the average value of its portfolio.

**Principal investment strategies**

------

The fund seeks to generate capital appreciation by investing at least 80% of net assets (plus borrowings for investment purposes) in a diversified portfolio of equity securities. This policy is subject to change only upon 60 days' prior written notice to shareholders. Under normal market conditions, at least 40% of the value of the fund's net assets will be invested in issuers domiciled outside of the United States ("Foreign Companies"), unless the manager deems market conditions and/or company valuations to be less favorable to Foreign Companies, in which case, the fund will invest at least 30% of the value of its net assets in Foreign Companies. Foreign Companies include issuers domiciled in emerging markets and securities for which the

**72**

------

Fund summary

relevant reference entity is domiciled outside the United States, such as American Depositary Receipts (ADRs), that trade on U.S. exchanges. There are no limits on the market capitalization ranges of the companies in which the fund may invest. The fund may invest in the securities of large, medium, or small companies.

In managing the fund, the manager seeks to identify undervalued companies that exhibit attractive valuations, solid business franchises, sustainable margins/cash flow, disciplined capital allocation, strong management teams, and strong balance sheets.

The manager employs an unconstrained, bottom-up stock selection process based on disciplined fundamental research with the aim to create a diversified portfolio of quality global stocks of any size that not only demonstrate compelling value but also generate sustainable cash flows. Equity securities include common and preferred stocks and their equivalents, including depositary receipts, warrants, rights, and securities convertible into common or preferred stocks.

The decision-making process involves candidate companies being screened for valuation, quality, and dividends, together with a detailed examination of the challenges and opportunities that exist for that business. The manager will assess the valuation opportunity for that company by establishing base-case, upside, and downside price targets. The manager will take into consideration the diversification benefits and the liquidity of the security before making the final investment decision.

The fund may invest in cash, money market instruments, repurchase agreements, or other short-term instruments for the purposes of meeting redemption requests or making other anticipated cash payments.

The manager considers environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund's investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. Because ESG factors are considered alongside other relevant factors, the manager may determine that an investment is appropriate notwithstanding its relative ESG characteristics.

**Principal risks**

------

An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money. The fund's investment strategy may not produce the intended results.

The fund's main risks are listed below in alphabetical order, not in order of importance. *Before investing, be sure to read the additional descriptions of these risks beginning on page 257 of the prospectus*.

**Cash and cash equivalents risk.** Under certain market conditions, such as during a rising stock market, rising interest rate or rising credit spread markets, the use of cash and/or cash equivalents, including money market instruments, could have a negative effect on the fund's ability to achieve its investment objective and may negatively impact the fund's performance.

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

**Equity securities risk.** The price of equity securities may decline due to changes in a company's financial condition or overall market conditions. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.

**ESG integration risk.** The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund's investments. Integration of ESG factors into the fund's investment process does not preclude the fund from including companies with low ESG characteristics or excluding companies with high ESG characteristics in the fund's investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.

**Foreign securities risk.** Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.

**73**

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Fund summary

**Large company risk.** Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**Preferred and convertible securities risk.** Preferred stock dividends are payable only if declared by the issuer's board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock's value can depend heavily upon the underlying common stock's value.

**Repurchase agreements risk.** The risk of a repurchase agreement transaction is limited to the ability of the seller to pay the agreed-upon sum on the delivery date. In the event of bankruptcy or other default by the seller, the instrument purchased may decline in value, interest payable on the instrument may be lost and there may be possible difficulties and delays in obtaining collateral and delays and expense in liquidating the instrument.

**Small and mid-sized company risk.** Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.

**Warrants risk.** The prices of warrants may not precisely reflect the prices of their underlying securities. Warrant holders do not receive dividends or have voting or credit rights. A warrant ceases to have value if not exercised prior to its expiration date.

**Past performance**

------

The following information illustrates the variability of the fund's returns and provides some indication of the risks of investing in the fund by showing changes in the fund's performance from year to year and by showing how the fund's average annual returns compared with a broad-based securities market index. Past performance does not indicate future results. The MSCI World Value Index shows how the fund's performance compares against the returns of similar investments. All figures assume dividend reinvestment. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHVIT as its underlying investment option. If such fees and expenses had been reflected, performance would be lower.

**A note on performance**

Prior to April 27, 2020, the fund was managed by a different subadvisor pursuant to different investment strategies, and thus, the performance presented prior to this date should not be attributed to the current subadvisor. The fund's performance shown below might have differed materially had the current subadvisor managed the fund prior to April 27, 2020.

**Calendar year total returns (%)—Series I**

![](g224548imgc9b4654917.jpg)

---

| | | |
|:---|:---|:---|
| **Best quarter:** | Q2 2020 | 14.79% |
| **Worst quarter:** | Q1 2020 | -21.94% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns (%)—as of 12/31/2025** | **1 year** | **5 year** | **10 year** |
| **Series I** | 18.13 | &nbsp;&nbsp;&nbsp;&nbsp;10.12 | &nbsp;&nbsp;&nbsp;&nbsp;8.34 |
| **Series II** | 17.91 | &nbsp;&nbsp;&nbsp;&nbsp;9.89 | &nbsp;&nbsp;&nbsp;&nbsp;8.13 |
| **Series NAV** | 18.20 | &nbsp;&nbsp;&nbsp;&nbsp;10.17 | &nbsp;&nbsp;&nbsp;&nbsp;8.39 |
| MSCI World Index (reflects no deduction for fees, expenses, or taxes, except foreign withholding taxes on dividends) | 21.09 | &nbsp;&nbsp;&nbsp;&nbsp;12.15 | &nbsp;&nbsp;&nbsp;&nbsp;12.17 |
| MSCI World Value Index (reflects no deduction for fees, expenses, or taxes, except foreign withholding taxes on dividends) | 20.79 | &nbsp;&nbsp;&nbsp;&nbsp;11.35 | &nbsp;&nbsp;&nbsp;&nbsp;9.23 |

---

**74**

------

Fund summary

**Investment management**

------

**Investment advisor** John Hancock Variable Trust Advisers LLC

**Subadvisor** Manulife Investment Management (US) LLC

**Portfolio management**

------

The following individuals are jointly and primarily responsible for the day-to-day management of the fund's portfolio.

---

| | | | |
|:---|:---|:---|:---|
| **Paul Boyne** | **Stephen Hermsdorf** | **Edward Ritchie, ASIP** | **Felicity Smith** |
| *Senior Managing Director and* <br> *Senior Portfolio Manager*<br> Managed fund since 2020<br>| &nbsp;&nbsp; *Portfolio Manager and Analyst*<br> Managed fund since 2020<br>| &nbsp;&nbsp; *Senior Managing Director and* <br> *Head of Japan Equities, Portfolio* <br> *Manager and Analyst*<br> Managed fund since 2023<br>| &nbsp;&nbsp; *Portfolio Manager and Analyst*<br> Managed fund since 2022<br>|

---

**Purchase and redemption of fund shares**

------

Shares of the fund are not sold directly to the public but generally may be sold only to insurance companies and their separate accounts as the underlying investment options for variable annuity and variable life insurance contracts issued by such companies, to certain entities affiliated with the insurance companies, to those funds of JHVIT that operate as funds of funds and invest in other funds and to certain qualified retirement plans (qualified plans).

Shares of the fund are offered continuously, without sales charge, and are sold and redeemed each business day (which typically is any day the New York Stock Exchange is open) at a price equal to their net asset value (NAV) determined for that business day as set forth under "Valuation of shares" in this prospectus. The Portfolio does not have minimum initial or subsequent investment requirements. Payment for shares redeemed will generally be made within seven days after receipt of a proper notice of redemption.

**Taxes**

------

Because shares of the fund may be purchased only through variable insurance contracts and qualified plans, it is expected that any dividends or capital gains distributions made by the fund will be exempt from current federal taxation if left to accumulate within the variable contract or qualified plan. Holders of variable insurance contracts should consult the prospectuses of their respective contracts for information on the federal income tax consequences to such holders.

**Compensation of financial intermediaries**

------

The fund is not sold directly to the general public but instead is offered as an underlying investment option for variable insurance contracts. The distributors of these contracts, the insurance companies that issue the contracts and their related companies (Related Parties), may pay compensation to broker-dealers and other intermediaries for distribution and other services and may enter into revenue sharing arrangements with certain intermediaries. The fund pays fees to the Related Parties for management, distribution and other services. Payments by insurance and related companies to intermediaries may create a conflict of interest by influencing them and their salespersons to recommend such contracts over other investments. Ask your salesperson or visit your financial intermediary's website for more information. In addition, payments by the funds to Related Parties may be a factor that an insurance company considers in including the funds as underlying investment options in variable insurance contracts. The prospectus (or other offering document) for your variable insurance contract may contain additional information about these payments.

**75**

------

Fund summary

Health Sciences Trust

**Investment objective**

------

To seek long-term capital appreciation.

**Fees and expenses**

------

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. **The fees and expenses do not reflect fees and expenses of any variable insurance or variable annuities contract that may use the fund as its underlying investment option and would be higher if they did.** 

---

| | | | |
|:---|:---|:---|:---|
| **Annual fund operating expenses (%)** (expenses that you pay each year as a percentage of the value of your investment) | **Series I** | **Series II** | **Series NAV** |
| Management fee | 0.86 | 0.86 | 0.86 |
| Distribution and service (Rule 12b-1) fees | 0.05 | 0.25 | 0.00 |
| Other expenses | 0.14 | 0.14 | 0.14 |
| **Total annual fund operating expenses** | **1.05** | **1.25** | **1.00** |
| Contractual expense reimbursement | -0.01<br> <sup>1</sup><br>| -0.01<br> <sup>1</sup><br>| -0.01<br> <sup>1</sup><br>|
| **Total annual fund operating expenses after expense reimbursements** | **1.04** | **1.24** | **0.99** |

---

**1**

The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund's reimbursement 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.

**Expense example**

------

The examples are intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The examples assume that $10,000 is invested in the fund for the periods indicated and then all shares are redeemed at the end of those periods. The examples also assume that the investment has a 5% return each year and that the fund's operating expenses remain the same. The expense example does not reflect fees and expenses of any variable insurance contract that may use the fund as its underlying investment option and would be higher if they did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **Expenses ($)** | **Series I** | **Series II** | **Series NAV** |
| 1 year | 106 | 126 | 101 |
| 3 years | 333 | 396 | 317 |
| 5 years | 578 | 685 | 551 |
| 10 years | 1282 | 1510 | 1224 |

---

**Portfolio turnover**

------

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During its most recent fiscal year, the fund's portfolio turnover rate was 68% of the average value of its portfolio.

**Principal investment strategies**

------

Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in common stocks of companies engaged, at the time of investment, in the research, development, production, or distribution of products or services related to health care, medicine, or the life sciences (collectively, "health sciences"). (The fund will provide written notice to shareholders at least 60 days prior to a change in its 80% investment policy.)

While the fund may invest in companies of any size, the majority of its assets are expected to be invested in large- and mid-cap companies.

**76**

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Fund summary

The subadvisor's portfolio managers divide the health sciences sector into four main areas: pharmaceutical companies, health care services companies, medical products and devices providers, and biotechnology firms. Their allocation among these four areas will vary depending on the relative potential within each area and the outlook for the overall health sciences sector. While most assets will be invested in U.S. common stocks, the fund may purchase other securities, including foreign securities, in keeping with its investment objective.

The fund concentrates its investments (invests more than 25% of its total assets) in securities of companies in the health sciences sector, a comparatively narrow segment of the economy, and therefore may experience greater volatility than funds investing in a broader range of industries.

In managing the fund, the subadvisor uses a fundamental, bottom-up analysis that seeks to identify high quality companies and the most compelling investment opportunities. In general, the fund will follow a growth investment strategy, seeking companies whose earnings are expected to grow faster than inflation and the economy in general. When stock valuations seem unusually high, however, a "value" approach, which gives preference to seemingly undervalued companies, may also be emphasized.

The fund may invest up to 35% of its total assets in foreign securities (including emerging market securities) and may have exposure to foreign currencies through its investment in these securities, its direct holdings of foreign currencies or through its use of foreign currency exchange contracts for the purchase or sale of a fixed quantity of a foreign currency at a future date.

In pursuing its investment objective, the fund's management has the discretion to purchase some securities that do not meet its normal investment criteria, as described above, when it perceives an opportunity for substantial appreciation. These situations might arise when the fund's management believes a security could increase in value for a variety of reasons including a change in management, an extraordinary corporate event, or a new product introduction or innovation or a favorable competitive development.

The fund may sell securities for a variety of reasons including to realize gains, limit losses or redeploy assets into more promising opportunities.

*Use of Hedging and Other Strategic Transactions*. The fund is authorized to use all of the various investment strategies referred to under "Additional Information About the Funds' Principal Risks — Hedging, derivatives and other strategic transactions risk" including entering into option transactions.

**Principal risks**

------

An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money. The fund's investment strategy may not produce the intended results.

The fund's main risks are listed below in alphabetical order, not in order of importance. *Before investing, be sure to read the additional descriptions of these risks beginning on page 257 of the prospectus*.

**Concentration risk.** Because the fund may focus on one or more industries or sectors of the economy, its performance depends in large part on the performance of those industries or sectors. As a result, the value of an investment may fluctuate more widely since it is more susceptible to market, economic, political, regulatory, and other conditions and risks affecting those industries or sectors than a fund that invests more broadly across industries and sectors.

**Credit and counterparty risk.** The counterparty to an over-the-counter derivatives contract or a borrower of fund securities may not make timely payments or otherwise honor its obligations.

**Currency risk.** Fluctuations in exchange rates may adversely affect the U.S. dollar value of a fund's investments. Foreign currencies may decline in value, which could negatively impact performance.

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

**Equity securities risk.** The price of equity securities may decline due to changes in a company's financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.

**Foreign securities risk.** Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets.

**Hong Kong Stock Connect Program (Stock Connect) risk.** Trading in China A-Shares through Stock Connect, a mutual market access program that enables foreign investment in the People's Republic of China (PRC), is subject to certain restrictions and risks. Securities listed on Stock Connect may lose purchase eligibility, which could adversely affect the fund's performance. Trading through Stock Connect is subject to trading,

**77**

------

Fund summary

clearance, and settlement procedures that may continue to develop as the program matures. Any changes in laws, regulations and policies applicable to Stock Connect may affect China A-Share prices. These risks are heightened by the underdeveloped state of the PRC's investment and banking systems in general.

**Healthcare sector risk.** Health sciences companies may be significantly affected by product obsolescence, thin capitalization, limited product lines and markets, civil liability claims, and legislative or regulatory activities, among other factors.

**Hedging, derivatives, and other strategic transactions risk.** Hedging, derivatives, and other strategic transactions may increase a fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: foreign currency forward contracts, futures contracts, options, credit default swaps, foreign currency swaps, interest-rate swaps, swaps, swaptions, equity-linked notes (equity-linked notes generally reflect the risks associated with their underlying securities, depend on the credit of the note's issuer, may be privately placed, and may have a limited secondary market), inverse floating-rate securities, reverse repurchase agreements, total return swaps, and options on futures. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk. An event of default or insolvency of the counterparty to a reverse repurchase agreement could result in delays or restrictions with respect to the fund's ability to dispose of the underlying securities. In addition, a reverse repurchase agreement may be considered a form of leverage and may, therefore, increase fluctuations in the fund's net asset value (NAV) per share.

**Investment company securities risk.** Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.

**Large company risk.** Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.

**Liquidity risk.** The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**Small and mid-sized company risk.** Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.

**Past performance**

------

The following information illustrates the variability of the fund's returns and provides some indication of the risks of investing in the fund by showing changes in the fund's performance from year to year and by showing how the fund's average annual returns compared with a broad-based securities market index. Past performance does not indicate future results. The Lipper Health/Biotechnology Index shows how the fund's performance compares against the returns of similar investments. All figures assume dividend reinvestment. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHVIT as its underlying investment option. If such fees and expenses had been reflected, performance would be lower.

**78**

------

Fund summary

**Calendar year total returns (%)—Series I**

![](g224548img1723ab0618.jpg)

---

| | | |
|:---|:---|:---|
| **Best quarter:** | Q2 2020 | 23.63% |
| **Worst quarter:** | Q4 2018 | -16.07% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns (%)—as of 12/31/2025** | **1 year** | **5 year** | **10 year** |
| **Series I** | 19.49 | &nbsp;&nbsp;&nbsp;&nbsp;4.15 | &nbsp;&nbsp;&nbsp;&nbsp;8.70 |
| **Series II** | 19.22 | &nbsp;&nbsp;&nbsp;&nbsp;3.94 | &nbsp;&nbsp;&nbsp;&nbsp;8.48 |
| **Series NAV** | 19.53 | &nbsp;&nbsp;&nbsp;&nbsp;4.19 | &nbsp;&nbsp;&nbsp;&nbsp;8.75 |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 17.88 | &nbsp;&nbsp;&nbsp;&nbsp;14.42 | &nbsp;&nbsp;&nbsp;&nbsp;14.82 |
| Lipper Health/Biotechnology Index (reflects no deduction for fees, expenses, or taxes) | 22.02 | &nbsp;&nbsp;&nbsp;&nbsp;3.26 | &nbsp;&nbsp;&nbsp;&nbsp;8.18 |

---

**Investment management**

------

**Investment advisor** John Hancock Variable Trust Advisers LLC

**Subadvisor** T. Rowe Price Associates, Inc.

**Portfolio management**

------

The following individual is primarily responsible for the day-to-day management of the fund's portfolio.

---

| | |
|:---|:---|
| **Ziad Bakri, MD, CFA**<sup>1</sup> <br>| **Jeff Holford** |
| *Vice President*<br> Managed fund since 2016<br>| &nbsp;&nbsp; *Vice President*<br> Managed fund since 2026<br>|

---

**1**

Effective July 1, 2026, Ziad Bakri will no longer serve as a portfolio manager of the fund.

**Purchase and redemption of fund shares**

------

Shares of the fund are not sold directly to the public but generally may be sold only to insurance companies and their separate accounts as the underlying investment options for variable annuity and variable life insurance contracts issued by such companies, to certain entities affiliated with the insurance companies, to those funds of JHVIT that operate as funds of funds and invest in other funds and to certain qualified retirement plans (qualified plans).

Shares of the fund are offered continuously, without sales charge, and are sold and redeemed each business day (which typically is any day the New York Stock Exchange is open) at a price equal to their net asset value (NAV) determined for that business day as set forth under "Valuation of shares" in this prospectus. The Portfolio does not have minimum initial or subsequent investment requirements. Payment for shares redeemed will generally be made within seven days after receipt of a proper notice of redemption.

**Taxes**

------

Because shares of the fund may be purchased only through variable insurance contracts and qualified plans, it is expected that any dividends or capital gains distributions made by the fund will be exempt from current federal taxation if left to accumulate within the variable contract or qualified plan. Holders of variable insurance contracts should consult the prospectuses of their respective contracts for information on the federal income tax consequences to such holders.

**Compensation of financial intermediaries**

------

The fund is not sold directly to the general public but instead is offered as an underlying investment option for variable insurance contracts. The distributors of these contracts, the insurance companies that issue the contracts and their related companies (Related Parties), may pay compensation to broker-dealers and other intermediaries for distribution and other services and may enter into revenue sharing arrangements with certain

**79**

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Fund summary

intermediaries. The fund pays fees to the Related Parties for management, distribution and other services. Payments by insurance and related companies to intermediaries may create a conflict of interest by influencing them and their salespersons to recommend such contracts over other investments. Ask your salesperson or visit your financial intermediary's website for more information. In addition, payments by the funds to Related Parties may be a factor that an insurance company considers in including the funds as underlying investment options in variable insurance contracts. The prospectus (or other offering document) for your variable insurance contract may contain additional information about these payments.

**80**

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Fund summary

High Yield Trust

**Investment objective**

------

The fund seeks high current income. Capital appreciation is a secondary goal.

**Fees and expenses**

------

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. **The fees and expenses do not reflect fees and expenses of any variable insurance or variable annuities contract that may use the fund as its underlying investment option and would be higher if they did.** 

---

| | | | |
|:---|:---|:---|:---|
| **Annual fund operating expenses (%)** (expenses that you pay each year as a percentage of the value of your investment) | **Series I** | **Series II** | **Series NAV** |
| Management fee | 0.49 <br><sup>1</sup><br>| 0.49 <br><sup>1</sup><br>| 0.49 <br><sup>1</sup><br>|
| Distribution and service (Rule 12b-1) fees | 0.05 | 0.25 | 0.00 |
| Other expenses | 0.21 | 0.21 | 0.21 |
| **Total annual fund operating expenses** | **0.75** | **0.95** | **0.70** |
| Contractual expense reimbursement | -0.01 <br><sup>2</sup><br>| -0.01 <br><sup>2</sup><br>| -0.01 <br><sup>2</sup><br>|
| **Total annual fund operating expenses after expense reimbursements** | **0.74** | **0.94** | **0.69** |

---

**1**

"Management fee" has been restated to reflect the contractual management fee schedule effective February 7, 2025.

**2**

The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund's reimbursement 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.

**Expense example**

------

The examples are intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The examples assume that $10,000 is invested in the fund for the periods indicated and then all shares are redeemed at the end of those periods. The examples also assume that the investment has a 5% return each year and that the fund's operating expenses remain the same. The expense example does not reflect fees and expenses of any variable insurance contract that may use the fund as its underlying investment option and would be higher if they did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **Expenses ($)** | **Series I** | **Series II** | **Series NAV** |
| 1 year | 76 | 96 | 70 |
| 3 years | 239 | 302 | 223 |
| 5 years | 416 | 525 | 389 |
| 10 years | 929 | 1165 | 870 |

---

**Portfolio turnover**

------

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During its most recent fiscal year, the fund's portfolio turnover rate was 147% of the average value of its portfolio.

**Principal investment strategies**

------

Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. and foreign fixed-income securities rated BB/Ba or lower and their unrated equivalents. Bonds that are rated at or below BB by S&P Global Ratings (S&P) or Fitch Ratings, Inc. (Fitch Ratings) or Ba by Moody's Investors Service, Inc. (Moody's) are considered junk bonds. These may include, but are not limited to, domestic and foreign corporate bonds, government obligations, debentures and notes, convertible securities, preferred securities, and domestic and

**81**

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Fund summary

foreign government obligations. No more than 10% of the fund's total assets may be invested in securities that are rated in default by S&P or Moody's. The fund's investment policies are based on credit ratings at the time of purchase. There is no limit on the fund's average maturity.

In managing the fund's portfolio, the manager focuses on industry allocation and securities selection, deciding which types of industries to emphasize at a given time and then which individual securities to buy. The manager uses top-down analysis to determine which industries may benefit from current and future changes in the economy.

The fund may hold up to 20% of its total assets in the securities of companies in any one industry and up to 10% of its total assets in the securities of any individual issuer.

In choosing individual securities, the manager uses bottom-up research to find securities that appear comparatively undervalued. The manager looks at the financial condition of the issuers, as well as the collateralization and other features of the securities themselves. The fund typically invests in a broad range of industries.

The fund may invest in both investment-grade and below-investment-grade asset-backed securities, including asset-backed securities rated BB/Ba or lower by S&P, Fitch Ratings or Moody's and their unrated equivalents.

The fund may use certain higher-risk investments, including restricted or illiquid securities, bank loans and derivatives, which include futures contracts on securities, indexes and foreign currency; options on futures contracts, securities, indexes and foreign currency; interest-rate, foreign currency and credit default swaps; and foreign currency forward contracts, in each case for the purposes of reducing risk, obtaining efficient market exposure, and/or enhancing investment returns. Direct investments in loans may be illiquid and holding a loan could expose the fund to the risk of being a direct lender. In addition, the fund may invest up to 20% of its assets in U.S. and foreign common stocks of companies of any size.

The manager considers environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund's investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments.

The fund may trade securities actively, which could increase its transaction costs (thus lowering performance) and increase your taxable distributions.

The fund may temporarily invest its assets extensively in investment-grade short-term securities or part or all its assets in cash or cash equivalents for the purpose of meeting redemption requests or making other anticipated cash payments.

**Principal risks**

------

An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money. The fund's investment strategy may not produce the intended results.

The fund's main risks are listed below in alphabetical order, not in order of importance. *Before investing, be sure to read the additional descriptions of these risks beginning on page 257 of the prospectus*.

**Asset-backed securities risk.** Asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.

**Cash and cash equivalents risk.** Under certain market conditions, such as during a rising stock market, rising interest rate or rising credit spread markets, the use of cash and/or cash equivalents, including money market instruments, could have a negative effect on the fund's ability to achieve its investment objective and may negatively impact the fund's performance.

**Changing distribution levels risk.** The fund may cease or reduce the level of its distribution if income or dividends paid from its investments declines.

**Credit and counterparty risk.** The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund's securities could affect the fund's performance.

**Defaulted debt risk.** Investing in defaulted debt securities is speculative and involves substantial risks in addition to those of non-defaulted high-yield securities. Defaulted debt securities generally do not generate interest payments. Principal on defaulted debt might not be repaid, and a fund could lose up to its entire investment.

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact

**82**

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Fund summary

performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

**Equity securities risk.** The price of equity securities may decline due to changes in a company's financial condition or overall market conditions.

**ESG integration risk.** The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund's investments. Integration of ESG factors into the fund's investment process does not preclude the fund from including companies with low ESG characteristics or excluding companies with high ESG characteristics in the fund's investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.

**Fixed-income securities risk.** A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security's credit quality may adversely affect fund performance.

**Floating rate loans risk.** Floating rate loans are generally rated below investment-grade and are generally considered speculative because they present a greater risk of loss, including default, than higher quality debt instruments.

**Foreign securities risk.** Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities.

**Hedging, derivatives, and other strategic transactions risk.** Hedging, derivatives, and other strategic transactions may increase a fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, foreign currency swaps, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.

**High portfolio turnover risk.** Trading securities actively and frequently can increase transaction costs (thus lowering performance) and taxable distributions.

**Illiquid and restricted securities risk.** Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security's market price and the fund's ability to sell the security.

**Large company risk.** Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.

**Liquidity risk.** The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.

**Loan participations risk.** Participations and assignments involve special types of risks, including credit risk, interest-rate risk, counterparty risk, liquidity risk, risks associated with extended settlement, and the risks of being a lender.

**Lower-rated and high-yield fixed-income securities risk.** Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**Preferred and convertible securities risk.** Preferred stock dividends are payable only if declared by the issuer's board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock's value can depend heavily upon the underlying common stock's value.

**83**

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Fund summary

**Sector risk.** When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.

**Small and mid-sized company risk.** Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.

**U.S. government agency obligations risk.** The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.

**Past performance**

------

The following information illustrates the variability of the fund's returns and provides some indication of the risks of investing in the fund by showing changes in the fund's performance from year to year and by showing how the fund's average annual returns compared with a broad-based securities market index. Past performance does not indicate future results. The ICE BofA U.S. High Yield Index and the Bloomberg U.S. High Yield 2% Issuer Capped Index show how the fund's performance compares against the returns of similar investments. All figures assume dividend reinvestment. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHVIT as its underlying investment option. If such fees and expenses had been reflected, performance would be lower.

**A note on performance**

Prior to February 7, 2025, the fund was managed by a different subadvisor pursuant to different investment strategies, and thus, the performance presented prior to this date should not be attributed to the current subadvisor. The fund's performance shown below might have differed materially had the current subadvisor managed the fund prior to February 7, 2025.

**Calendar year total returns (%)—Series I**

![](g224548imgef81ef4819.jpg)

---

| | | |
|:---|:---|:---|
| **Best quarter:** | Q2 2020 | 11.06% |
| **Worst quarter:** | Q1 2020 | -14.88% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns (%)—as of 12/31/2025** | **1 year** | **5 year** | **10 year** |
| **Series I** | 7.46 | &nbsp;&nbsp;&nbsp;&nbsp;3.97 | &nbsp;&nbsp;&nbsp;&nbsp;6.07 |
| **Series II** | 7.25 | &nbsp;&nbsp;&nbsp;&nbsp;3.74 | &nbsp;&nbsp;&nbsp;&nbsp;5.86 |
| **Series NAV** | 7.45 | &nbsp;&nbsp;&nbsp;&nbsp;4.02 | &nbsp;&nbsp;&nbsp;&nbsp;6.14 |
| Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes) | 7.30 | &nbsp;&nbsp;&nbsp; -0.36 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 |
| ICE BofA U.S. High Yield Index (reflects no deduction for fees, expenses, or taxes) | 8.50 | &nbsp;&nbsp;&nbsp;&nbsp;4.50 | &nbsp;&nbsp;&nbsp;&nbsp;6.45 |
| Bloomberg U.S. High Yield 2% Issuer Capped Index (reflects no deduction for fees, expenses, or taxes) | 8.62 | &nbsp;&nbsp;&nbsp;&nbsp;4.50 | &nbsp;&nbsp;&nbsp;&nbsp;6.52 |

---

**Investment management**

------

**Investment advisor** John Hancock Variable Trust Advisers LLC

**Subadvisor** Manulife Investment Management (US) LLC

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Fund summary

**Portfolio management**

------

The following individuals are jointly and primarily responsible for the day-to-day management of the fund's portfolio.

---

| | |
|:---|:---|
| **James Gearhart, CFA** | **Jonas Grazulis, CFA** |
| *Portfolio Manager*<br> Managed fund since 2025<br>| &nbsp;&nbsp; *Portfolio Manager*<br> Managed fund since 2025<br>|
| **Caryn E. Rothman, CFA**<br> *Senior Portfolio Manager, Head of Global Credit*<br> Managed fund since 2025<br>|  |

---

**Purchase and redemption of fund shares**

------

Shares of the fund are not sold directly to the public but generally may be sold only to insurance companies and their separate accounts as the underlying investment options for variable annuity and variable life insurance contracts issued by such companies, to certain entities affiliated with the insurance companies, to those funds of JHVIT that operate as funds of funds and invest in other funds and to certain qualified retirement plans (qualified plans).

Shares of the fund are offered continuously, without sales charge, and are sold and redeemed each business day (which typically is any day the New York Stock Exchange is open) at a price equal to their net asset value (NAV) determined for that business day as set forth under "Valuation of shares" in this prospectus. The Portfolio does not have minimum initial or subsequent investment requirements. Payment for shares redeemed will generally be made within seven days after receipt of a proper notice of redemption.

**Taxes**

------

Because shares of the fund may be purchased only through variable insurance contracts and qualified plans, it is expected that any dividends or capital gains distributions made by the fund will be exempt from current federal taxation if left to accumulate within the variable contract or qualified plan. Holders of variable insurance contracts should consult the prospectuses of their respective contracts for information on the federal income tax consequences to such holders.

**Compensation of financial intermediaries**

------

The fund is not sold directly to the general public but instead is offered as an underlying investment option for variable insurance contracts. The distributors of these contracts, the insurance companies that issue the contracts and their related companies (Related Parties), may pay compensation to broker-dealers and other intermediaries for distribution and other services and may enter into revenue sharing arrangements with certain intermediaries. The fund pays fees to the Related Parties for management, distribution and other services. Payments by insurance and related companies to intermediaries may create a conflict of interest by influencing them and their salespersons to recommend such contracts over other investments. Ask your salesperson or visit your financial intermediary's website for more information. In addition, payments by the funds to Related Parties may be a factor that an insurance company considers in including the funds as underlying investment options in variable insurance contracts. The prospectus (or other offering document) for your variable insurance contract may contain additional information about these payments.

**85**

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Fund summary

International Equity Index Trust

**Investment objective**

------

To seek to track the performance of a broad-based equity index of foreign companies primarily in developed countries and, to a lesser extent, in emerging markets.

**Fees and expenses**

------

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. **The fees and expenses do not reflect fees and expenses of any variable insurance or variable annuities contract that may use the fund as its underlying investment option and would be higher if they did.** 

---

| | | | |
|:---|:---|:---|:---|
| **Annual fund operating expenses (%)** (expenses that you pay each year as a percentage of the value of your investment) | **Series I** | **Series II** | **Series NAV** |
| Management fee | 0.52 | 0.52 | 0.52 |
| Distribution and service (Rule 12b-1) fees | 0.05 | 0.25 | 0.00 |
| Other expenses | 0.13 | 0.13 | 0.13 |
| **Total annual fund operating expenses** | **0.70** | **0.90** | **0.65** |
| Contractual expense reimbursement | -0.31<br> <sup>1</sup><br>| -0.31<br> <sup>1</sup><br>| -0.31<br> <sup>1</sup><br>|
| **Total annual fund operating expenses after expense reimbursements** | **0.39** | **0.59** | **0.34** |

---

**1**

The advisor contractually agrees 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 0.34% 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 April 30, 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 also contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund's reimbursement 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.

**Expense example**

------

The examples are intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The examples assume that $10,000 is invested in the fund for the periods indicated and then all shares are redeemed at the end of those periods. The examples also assume that the investment has a 5% return each year and that the fund's operating expenses remain the same. The expense example does not reflect fees and expenses of any variable insurance contract that may use the fund as its underlying investment option and would be higher if they did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **Expenses ($)** | **Series I** | **Series II** | **Series NAV** |
| 1 year | 40 | 60 | 35 |
| 3 years | 193 | 256 | 177 |
| 5 years | 359 | 468 | 332 |
| 10 years | 841 | 1079 | 781 |

---

**Portfolio turnover**

------

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During its most recent fiscal year, the fund's portfolio turnover rate was 4% of the average value of its portfolio.

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Fund summary

**Principal investment strategies**

------

Under normal market conditions, the fund invests at least 80% of its assets in securities listed in the MSCI All Country World Excluding U.S. Index (the "Index"), or American Depositary Receipts (ADRs) or Global Depositary Receipts (GDRs) representing such securities. (The fund will provide written notice to shareholders at least 60 days prior to a change in its 80% investment policy.) As of February 28, 2026, the market capitalization range of the Index was $1,746 million to $1,658 billion.

The fund is an index fund and differs from an actively-managed fund. Actively-managed funds seek to outperform their benchmark indices through research and analysis. Over time, their performance may differ significantly from their benchmark indices. Index funds are passively managed funds that seek to track the risk and return profile of market indices. An index is an unmanaged group of securities whose overall performance is used as an investment benchmark. Indices may track broad investment markets, such as the global equity market, or more narrow investment markets, such as the U.S. small cap equity market. However, an index fund has operating expenses and transaction costs, while a market index does not. Therefore, the fund, while it attempts to track its target index, typically will be unable to match the performance of the index exactly due to such fees and expenses.

The fund uses "sampling" methodology in seeking to track the total return performance of the Index. This means that the fund does not intend and is not required to purchase all of the securities in the Index, but rather intends to hold a representative sample of the securities in the Index in an effort to achieve the fund's investment objective. The quantity of holdings in the fund will be based on a number of factors, including asset size of the fund. Although the subadvisor generally expects the fund to hold less than the total number of securities in the Index, it reserves the right to hold as many securities as it believes necessary to achieve the fund's investment objective.

The fund's assets are normally fully invested. The subadvisor invests in stock index futures to maintain market exposure and manage cash flow. Although the subadvisor may employ foreign currency hedging techniques, it normally maintains the currency exposure of the underlying equity investments.

The fund may purchase other types of securities that are not primary investment vehicles, for example, European Depositary Receipts (EDRs), certain exchange-traded funds (ETFs), cash equivalents, and certain derivatives (investments whose value is based on indices or other securities). In addition, the fund may invest in securities that are not included in the Index, including futures, options, swap contracts and other derivatives, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by the advisor or subadvisor).

**Principal risks**

------

An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.

The fund's main risks are listed below in alphabetical order, not in order of importance. *Before investing, be sure to read the additional descriptions of these risks beginning on page 257 of the prospectus*.

**Cash and cash equivalents risk.** Under certain market conditions, such as during a rising stock market, rising interest rate or rising credit spread markets, the use of cash and/or cash equivalents, including money market instruments, could have a negative effect on the fund's ability to achieve its investment objective and may negatively impact the fund's performance.

**Credit and counterparty risk.** The counterparty to an over-the-counter derivatives contract or a borrower of fund securities may not make timely payments or otherwise honor its obligations.

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

**Equity securities risk.** The price of equity securities may decline due to changes in a company's financial condition or overall market conditions.

**Exchange-traded fund (ETF) investment risk.** The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF's shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.

**Financial services sector risk.** Financial services companies can be significantly affected by economic, market, and business developments, borrowing costs, interest-rate fluctuations, competition, and government regulation, among other factors.

**Foreign securities risk.** Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.

**87**

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Fund summary

**Hedging, derivatives, and other strategic transactions risk.** Hedging, derivatives, and other strategic transactions may increase a fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: futures contracts, options, and swaps. Futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation.

**Index management risk.** Certain factors may cause a fund that is an index fund to track its target index less closely. For example, a subadvisor may select securities that are not fully representative of the index, and the fund's operating expenses and transaction costs, and the size and timing of its cash flows, may result in the fund's performance being different than that of its index. Moreover, the fund will generally reflect the performance of its target index even when the index does not perform well.

**Investment company securities risk.** Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.

**Large company risk.** Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.

**Liquidity risk.** The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**Quantitative modeling risk.** Quantitative models may not accurately predict future market movements or characteristics, which may negatively impact performance. Models also may perform differently than expected due to implementation problems, technological malfunction, or programming or data inaccuracies, among other possible issues.

**Repurchase agreements risk.** The risk of a repurchase agreement transaction is limited to the ability of the seller to pay the agreed-upon sum on the delivery date. In the event of bankruptcy or other default by the seller, the instrument purchased may decline in value, interest payable on the instrument may be lost and there may be possible difficulties and delays in obtaining collateral and delays and expense in liquidating the instrument.

**Small and mid-sized company risk.** Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.

**Past performance**

------

The following information illustrates the variability of the fund's returns and provides some indication of the risks of investing in the fund by showing changes in the fund's performance from year to year and by showing how the fund's average annual returns compared with a broad-based securities market index. Past performance does not indicate future results. All figures assume dividend reinvestment. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHVIT as its underlying investment option. If such fees and expenses had been reflected, performance would be lower.

**Calendar year total returns (%)—Series NAV**

![](g224548imgeeb029bc20.jpg)

---

| | | |
|:---|:---|:---|
| **Best quarter:** | Q2 2020 | 17.11% |
| **Worst quarter:** | Q1 2020 | -23.62% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**88**

------

Fund summary

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns (%)—as of 12/31/2025** | **1 year** | **5 year** | **10 year** |
| **Series I** | 32.50 | &nbsp;&nbsp;&nbsp;&nbsp;7.64 | &nbsp;&nbsp;&nbsp;&nbsp;8.28 |
| **Series II** | 32.26 | &nbsp;&nbsp;&nbsp;&nbsp;7.42 | &nbsp;&nbsp;&nbsp;&nbsp;8.07 |
| **Series NAV** | 32.57 | &nbsp;&nbsp;&nbsp;&nbsp;7.68 | &nbsp;&nbsp;&nbsp;&nbsp;8.33 |
| MSCI ACWI ex USA Index (reflects no deduction for fees, expenses, or taxes, except foreign withholding taxes on dividends) | 32.39 | &nbsp;&nbsp;&nbsp;&nbsp;7.91 | &nbsp;&nbsp;&nbsp;&nbsp;8.41 |

---

**Investment management**

------

**Investment advisor** John Hancock Variable Trust Advisers LLC

**Subadvisor** SSGA Funds Management, Inc.

**Portfolio management**

------

The following individuals are jointly and primarily responsible for the day-to-day management of the fund's portfolio.

---

| | |
|:---|:---|
| **Thomas Coleman, CFA** | **Karl Schneider, CAIA** |
| *Vice President and Senior Portfolio Manager*<br> *in the Systematic Equity Team*<br> Managed fund since 2005<br>| &nbsp;&nbsp; *Managing Director and Co-Head of the*<br> *Systematic Equity Team in the Americas*<br> Managed fund since 2007<br>|

---

**Purchase and redemption of fund shares**

------

Shares of the fund are not sold directly to the public but generally may be sold only to insurance companies and their separate accounts as the underlying investment options for variable annuity and variable life insurance contracts issued by such companies, to certain entities affiliated with the insurance companies, to those funds of JHVIT that operate as funds of funds and invest in other funds and to certain qualified retirement plans (qualified plans).

Shares of the fund are offered continuously, without sales charge, and are sold and redeemed each business day (which typically is any day the New York Stock Exchange is open) at a price equal to their net asset value (NAV) determined for that business day as set forth under "Valuation of shares" in this prospectus. The Portfolio does not have minimum initial or subsequent investment requirements. Payment for shares redeemed will generally be made within seven days after receipt of a proper notice of redemption.

**Taxes**

------

Because shares of the fund may be purchased only through variable insurance contracts and qualified plans, it is expected that any dividends or capital gains distributions made by the fund will be exempt from current federal taxation if left to accumulate within the variable contract or qualified plan. Holders of variable insurance contracts should consult the prospectuses of their respective contracts for information on the federal income tax consequences to such holders.

**Compensation of financial intermediaries**

------

The fund is not sold directly to the general public but instead is offered as an underlying investment option for variable insurance contracts. The distributors of these contracts, the insurance companies that issue the contracts and their related companies (Related Parties), may pay compensation to broker-dealers and other intermediaries for distribution and other services and may enter into revenue sharing arrangements with certain intermediaries. The fund pays fees to the Related Parties for management, distribution and other services. Payments by insurance and related companies to intermediaries may create a conflict of interest by influencing them and their salespersons to recommend such contracts over other investments. Ask your salesperson or visit your financial intermediary's website for more information. In addition, payments by the funds to Related Parties may be a factor that an insurance company considers in including the funds as underlying investment options in variable insurance contracts. The prospectus (or other offering document) for your variable insurance contract may contain additional information about these payments.

**89**

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Fund summary

International Small Company Trust

**Investment objective**

------

To seek long-term capital appreciation.

**Fees and expenses**

------

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. **The fees and expenses do not reflect fees and expenses of any variable insurance or variable annuities contract that may use the fund as its underlying investment option and would be higher if they did.** 

---

| | | | |
|:---|:---|:---|:---|
| **Annual fund operating expenses (%)** (expenses that you pay each year as a percentage of the value of your investment) | **Series I** | **Series II** | **Series NAV** |
| Management fee | 0.80 | 0.80 | 0.80 |
| Distribution and service (Rule 12b-1) fees | 0.05 | 0.25 | 0.00 |
| Other expenses | 0.22 | 0.22 | 0.22 |
| **Total annual fund operating expenses** | **1.07** | **1.27** | **1.02** |
| Contractual expense reimbursement | -0.01<br> <sup>1</sup><br>| -0.01<br> <sup>1</sup><br>| -0.01<br> <sup>1</sup><br>|
| **Total annual fund operating expenses after expense reimbursements** | **1.06** | **1.26** | **1.01** |

---

**1**

The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund's reimbursement 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.

**Expense example**

------

The examples are intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The examples assume that $10,000 is invested in the fund for the periods indicated and then all shares are redeemed at the end of those periods. The examples also assume that the investment has a 5% return each year and that the fund's operating expenses remain the same. The expense example does not reflect fees and expenses of any variable insurance contract that may use the fund as its underlying investment option and would be higher if they did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **Expenses ($)** | **Series I** | **Series II** | **Series NAV** |
| 1 year | 108 | 128 | 103 |
| 3 years | 339 | 402 | 324 |
| 5 years | 589 | 696 | 562 |
| 10 years | 1305 | 1533 | 1247 |

---

**Portfolio turnover**

------

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During its most recent fiscal year, the fund's portfolio turnover rate was 15% of the average value of its portfolio.

**Principal investment strategies**

------

Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in securities of small cap companies in the particular markets in which the fund invests. (The fund will provide written notice to shareholders at least 60 days prior to a change in its 80% investment policy.) Based on market capitalization data as of February 28, 2026, the market capitalization of a small company in any country in which the fund invests would generally be below $17.6 billion. This threshold will vary by country or region. The fund will primarily invest in a broad and diverse group of equity securities of foreign small companies of developed markets, but may also hold equity securities of companies located in emerging markets.

**90**

------

Fund summary

The fund invests its assets in securities listed on bona fide securities exchanges. These exchanges may be either within or outside the issuer's domicile country. The securities may be listed or traded in the form of American Depositary Receipts (ADRs), European Depositary Receipts (EDRs), Global Depositary Receipts (GDRs), Non-Voting Depositary Receipts (NVDRs) or other similar securities, including dual-listed securities.

The subadvisor determines company size on a country or region specific basis and based primarily on market capitalization. In the countries or regions authorized for investment, the subadvisor first ranks eligible companies listed on selected exchanges based on the companies' market capitalizations. The subadvisor then determines the universe of eligible stocks by defining the maximum market capitalization of a small company that may be purchased by the fund with respect to each country or region. This threshold will vary by country or region, and dollar amounts will change due to market conditions.

The fund intends to purchase securities in each applicable country using a market capitalization weighted approach. The subadvisor, using this approach and its judgment, will seek to set country weights based on the relative market capitalizations of eligible small companies within each country. See "Market Capitalization Weighted Approach" below. The weightings of countries in the fund may vary from their weightings in international indices, such as those published by FTSE Russell or MSCI.

The fund also may use derivatives such as futures contracts and options on futures contracts, to increase or decrease equity market exposure based on actual or expected cash inflows to or outflows from the fund. The fund may enter into futures contracts and options on futures contracts for foreign or U.S. equity securities and indices. The fund may also enter into forward currency contracts to facilitate the settlement of equity purchases of foreign securities, repatriation of foreign currency balances or exchange of one foreign currency for another currency. In addition to money market instruments and other short-term investments, the fund may invest in affiliated and unaffiliated unregistered money market funds to manage the fund's cash pending investment in other securities or to maintain liquidity for the payment of redemptions or other purposes. Investments in money market funds may involve a duplication of certain fees and expenses.

Generally, the fund does not seek current income as an investment objective and investments will not be based upon an issuer's dividend payment policy or record. However, many of the companies whose securities will be included in the fund do pay dividends. It is anticipated, therefore, that the fund will receive dividend income.

The subadvisor will determine in its discretion when and whether to invest in countries that have been authorized for investment by its Investment Committee, depending on a number of factors such as asset growth in the fund, constraints imposed within a country's market, and characteristics of each country's market. The subadvisor's Investment Committee may authorize other countries for investment in the future and the fund may continue to hold investments in countries not currently authorized for investment but that had previously been authorized for investment.

**Market Capitalization Weighted Approach** 

The fund structure involves market capitalization weighting in determining individual security weights and, where applicable, country or region weights. Market capitalization weighting means each security is generally purchased based on the issuer's relative market capitalization. Market capitalization weighting may be modified by the subadvisor for a variety of reasons. The subadvisor may adjust the representation in the fund of an eligible company, or exclude a company, after considering such factors as free float, price momentum, short-run reversals, trading strategies, liquidity, size, relative price, profitability, investment characteristics, and other factors the subadvisor determines to be appropriate. An equity issuer is considered to have a low relative price (i.e., a value stock) primarily because it has a low price in relation to its book value. In assessing relative price, the subadvisor may consider additional factors such as price to cash flow or price to earnings ratios. In assessing profitability, the subadvisor considers different ratios, such as that of earnings or profits from operations relative to book value or assets. In assessing a company's investment characteristics, the subadvisor considers ratios such as recent changes in assets divided by total assets. The criteria the subadvisor uses for assessing relative price, profitability and investment characteristics are subject to change from time to time. The subadvisor may deviate from market capitalization weighting to limit or fix the exposure of the fund to a particular country or issuer to a maximum proportion of the assets of the fund. The subadvisor may exclude the stock of a company that meets applicable market capitalization criteria if the subadvisor determines, in its judgment, that the purchase of such stock is inappropriate in light of other conditions. The subadvisor may decrease the allocation of the fund's assets to eligible small capitalization companies that generally have lower profitability and/or higher relative prices. These adjustments will result in a deviation from traditional market capitalization weighting.

Country weights may be based on the total market capitalization of companies within each country. The calculation of country weights may take into consideration the free float of companies within a country or whether these companies are eligible to be purchased for the particular strategy. In addition, to maintain a satisfactory level of diversification, the Investment Committee may limit or fix the exposure to a particular country or region to a maximum proportion of the assets of that vehicle. Country weights may also vary due to general day-to-day trading patterns and price movements. The weighting of countries may vary from their weighting in published international indices.

**91**

------

Fund summary

**Principal risks**

------

An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money. The fund's investment strategy may not produce the intended results.

The fund's main risks are listed below in alphabetical order, not in order of importance. *Before investing, be sure to read the additional descriptions of these risks beginning on page 257 of the prospectus*.

**Cash and cash equivalents risk.** Under certain market conditions, such as during a rising stock market, rising interest rate or rising credit spread markets, the use of cash and/or cash equivalents, including money market instruments, could have a negative effect on the fund's ability to achieve its investment objective and may negatively impact the fund's performance.

**Credit and counterparty risk.** The counterparty to an over-the-counter derivatives contract or a borrower of fund securities may not make timely payments or otherwise honor its obligations.

**Currency risk.** Fluctuations in exchange rates may adversely affect the U.S. dollar value of a fund's investments. Foreign currencies may decline in value, which could negatively impact performance.

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

**Equity securities risk.** The price of equity securities may decline due to changes in a company's financial condition or overall market conditions. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.

**Foreign securities risk.** Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.

**Geographic risk.** A natural or other disaster could occur in a geographic region in which the fund invests, which could affect the economy or particular business operations of companies in the specific geographic region, causing an adverse impact on the fund's investments in the affected region.

**Hedging, derivatives, and other strategic transactions risk.** Hedging, derivatives, and other strategic transactions may increase a fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: foreign currency forward contracts, futures contracts, and options . Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. Derivatives associated with foreign currency transactions are subject to currency risk.

**Industrials sector risk.** Companies in the industrials sector may be affected by general economic conditions, commodity production and pricing, supply and demand fluctuations, environmental and other government regulations, geopolitical events, interest rates, insurance costs, technological developments, liabilities arising from governmental or civil actions, labor relations, input controls, and government spending.

**Investment company securities risk.** Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.

**Liquidity risk.** The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**Quantitative modeling risk.** Quantitative models may not accurately predict future market movements or characteristics, which may negatively impact performance. Models also may perform differently than expected due to implementation problems, technological malfunction, or programming or data inaccuracies, among other possible issues.

**92**

------

Fund summary

**Sector risk.** When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.

**Small and mid-sized company risk.** Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.

**Past performance**

------

The following information illustrates the variability of the fund's returns and provides some indication of the risks of investing in the fund by showing changes in the fund's performance from year to year and by showing how the fund's average annual returns compared with a broad-based securities market index. Past performance does not indicate future results. The MSCI World ex USA Small Cap Index shows how the fund's performance compares against the returns of similar investments. All figures assume dividend reinvestment. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHVIT as its underlying investment option. If such fees and expenses had been reflected, performance would be lower.

**Calendar year total returns (%)—Series NAV**

![](g224548imgdc60f9be21.jpg)

---

| | | |
|:---|:---|:---|
| **Best quarter:** | Q2 2020 | 20.80% |
| **Worst quarter:** | Q1 2020 | -30.16% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns (%)—as of 12/31/2025** | **1 year** | **5 year** | **10 year** |
| **Series I** | 34.98 | &nbsp;&nbsp;&nbsp;&nbsp;7.99 | &nbsp;&nbsp;&nbsp;&nbsp;7.79 |
| **Series II** | 34.67 | &nbsp;&nbsp;&nbsp;&nbsp;7.77 | &nbsp;&nbsp;&nbsp;&nbsp;7.57 |
| **Series NAV** | 35.01 | &nbsp;&nbsp;&nbsp;&nbsp;8.04 | &nbsp;&nbsp;&nbsp;&nbsp;7.85 |
| MSCI World ex-USA Index (reflects no deduction for fees, expenses, or taxes, except foreign withholding taxes on dividends) | 31.85 | &nbsp;&nbsp;&nbsp;&nbsp;9.46 | &nbsp;&nbsp;&nbsp;&nbsp;8.55 |
| MSCI World ex USA Small Cap Index (reflects no deduction for fees, expenses, or taxes, except foreign withholding taxes on dividends) | 34.07 | &nbsp;&nbsp;&nbsp;&nbsp;6.49 | &nbsp;&nbsp;&nbsp;&nbsp;8.05 |

---

**Investment management**

------

**Investment advisor** John Hancock Variable Trust Advisers LLC

**Subadvisor** Dimensional Fund Advisors LP

**Portfolio management**

------

The following individuals are jointly and primarily responsible for the day-to-day management of the fund's portfolio.

---

| | |
|:---|:---|
| **Jed S. Fogdall** | **Brendan J. McAndrews** |
| *Global Head of Portfolio Management, Senior Portfolio Manager*<br> *and Vice President*<br> Managed fund since 2010<br>| &nbsp;&nbsp; *Senior Portfolio Manager and Vice President*<br> Managed fund since 2025<br>|
| **Joel P. Schneider**<br> *Deputy Head of Portfolio Management, North America,*<br> *Senior Portfolio Manager and Vice President*<br> Managed fund since 2022<br>|  |

---

**93**

------

Fund summary

**Purchase and redemption of fund shares**

------

Shares of the fund are not sold directly to the public but generally may be sold only to insurance companies and their separate accounts as the underlying investment options for variable annuity and variable life insurance contracts issued by such companies, to certain entities affiliated with the insurance companies, to those funds of JHVIT that operate as funds of funds and invest in other funds and to certain qualified retirement plans (qualified plans).

Shares of the fund are offered continuously, without sales charge, and are sold and redeemed each business day (which typically is any day the New York Stock Exchange is open) at a price equal to their net asset value (NAV) determined for that business day as set forth under "Valuation of shares" in this prospectus. The Portfolio does not have minimum initial or subsequent investment requirements. Payment for shares redeemed will generally be made within seven days after receipt of a proper notice of redemption.

**Taxes**

------

Because shares of the fund may be purchased only through variable insurance contracts and qualified plans, it is expected that any dividends or capital gains distributions made by the fund will be exempt from current federal taxation if left to accumulate within the variable contract or qualified plan. Holders of variable insurance contracts should consult the prospectuses of their respective contracts for information on the federal income tax consequences to such holders.

**Compensation of financial intermediaries**

------

The fund is not sold directly to the general public but instead is offered as an underlying investment option for variable insurance contracts. The distributors of these contracts, the insurance companies that issue the contracts and their related companies (Related Parties), may pay compensation to broker-dealers and other intermediaries for distribution and other services and may enter into revenue sharing arrangements with certain intermediaries. The fund pays fees to the Related Parties for management, distribution and other services. Payments by insurance and related companies to intermediaries may create a conflict of interest by influencing them and their salespersons to recommend such contracts over other investments. Ask your salesperson or visit your financial intermediary's website for more information. In addition, payments by the funds to Related Parties may be a factor that an insurance company considers in including the funds as underlying investment options in variable insurance contracts. The prospectus (or other offering document) for your variable insurance contract may contain additional information about these payments.

**94**

------

Fund summary

Investment Quality Bond Trust

**Investment objective**

------

To provide a high level of current income consistent with the maintenance of principal and liquidity.

**Fees and expenses**

------

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. **The fees and expenses do not reflect fees and expenses of any variable insurance or variable annuities contract that may use the fund as its underlying investment option and would be higher if they did.** 

---

| | | | |
|:---|:---|:---|:---|
| **Annual fund operating expenses (%)** (expenses that you pay each year as a percentage of the value of your investment) | **Series I** | **Series II** | **Series NAV** |
| Management fee | 0.60 | 0.60 | 0.60 |
| Distribution and service (Rule 12b-1) fees | 0.05 | 0.25 | 0.00 |
| Other expenses | 0.13 | 0.13 | 0.13 |
| **Total annual fund operating expenses** | **0.78** | **0.98** | **0.73** |
| Contractual expense reimbursement | -0.01<br> <sup>1</sup><br>| -0.01<br> <sup>1</sup><br>| -0.01<br> <sup>1</sup><br>|
| **Total annual fund operating expenses after expense reimbursements** | **0.77** | **0.97** | **0.72** |

---

**1**

The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund's reimbursement 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.

**Expense example**

------

The examples are intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The examples assume that $10,000 is invested in the fund for the periods indicated and then all shares are redeemed at the end of those periods. The examples also assume that the investment has a 5% return each year and that the fund's operating expenses remain the same. The expense example does not reflect fees and expenses of any variable insurance contract that may use the fund as its underlying investment option and would be higher if they did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **Expenses ($)** | **Series I** | **Series II** | **Series NAV** |
| 1 year | 79 | 99 | 74 |
| 3 years | 248 | 311 | 232 |
| 5 years | 432 | 541 | 405 |
| 10 years | 965 | 1200 | 906 |

---

**Portfolio turnover**

------

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During its most recent fiscal year, the fund's portfolio turnover rate was 49% of the average value of its portfolio.

**Principal investment strategies**

------

Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in bonds rated investment grade at the time of investment. (The fund will provide written notice to shareholders at least 60 days prior to a change in its 80% investment policy.) The fund will tend to focus on corporate bonds and U.S. government bonds with intermediate-to longer-term maturities.

The subadvisor's investment decisions derive from a three-pronged analysis, including:

● sector analysis,

**95**

------

Fund summary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● credit research, and

● call protection.

Sector analysis focuses on the differences in yields among security types, issuers, and industry sectors. Credit research focuses on both quantitative and qualitative criteria established by the subadvisor, such as call protection (payment guarantees), an issuer's industry, operating and financial profiles, business strategy, management quality, and projected financial and business conditions. Individual purchase and sale decisions are made on the basis of relative value and the contribution of a security to the desired characteristics of the overall fund. Factors considered include:

● relative valuation of available alternatives,

● impact on portfolio yield, quality and liquidity, and

● impact on portfolio maturity and sector weights.

The subadvisor attempts to maintain a high, steady and possibly growing income stream.

At least 80% of the fund's net assets are invested in bonds and debentures, including:

● marketable debt securities of U.S. and foreign issuers (payable in U.S. dollars), rated as investment grade by Moody's or S&P at the time of purchase, including privately placed debt securities, corporate bonds, asset-backed securities, mortgage-backed securities and commercial mortgage-backed securities;

● securities issued or guaranteed as to principal or interest by the U.S. government or its agencies or instrumentalities, including mortgage-backed securities; and

● cash and cash equivalent securities which are authorized for purchase by Money Market Trust, a series of the Trust.

The balance (no more than 20%) of the fund's net assets may be invested in below-investment-grade bonds and other securities including:

● privately placed debt securities,

● U.S. and foreign debt securities,

● preferred stocks,

● convertible securities (including those issued in the Euromarket),

● securities carrying warrants to purchase equity securities,

● foreign exchange contracts for purposes of hedging portfolio exposures to foreign currencies or for purposes of obtaining exposure to foreign currencies,

● hybrid securities, and

● below-investment-grade and investment-grade foreign currency denominated fixed-income securities, including up to 5% emerging market fixed-income securities.

In pursuing its investment objective, the fund may invest up to 20% of its net assets in U.S. and foreign high yield (high risk) corporate and government debt securities (commonly known as "junk bonds"). These instruments are rated "Ba" or below by Moody's or "BB" or below by S&P (or, if unrated, are deemed of comparable quality as determined by the subadvisor). No minimum rating standard is required for a purchase of high yield securities by the fund. While the fund may only invest up to 20% of its net assets in securities rated in these rating categories, it is not required to dispose of bonds that may be downgraded after purchase, even though such downgrade may cause the fund to hold more than 20% of its net assets in high yield securities. The fund's investment policies are based on credit ratings at the time of purchase.

The fund normally maintains an average portfolio duration of between three and seven years. However, the fund may invest in individual securities of any duration. Duration is an approximate measure of the sensitivity of the market value of a security to changes in interest rates.

The fund may invest in derivatives such as interest rate futures and options, interest rate swaps, currency forwards, options on financial indices and credit default swaps to manage duration and yield curve positioning, implement foreign interest rate and currency positions, hedge against risk and/or as a substitute for investing directly in a security.

The fund may make short sales of a security including short sales "against the box."

**Principal risks**

------

An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money. The fund's investment strategy may not produce the intended results.

The fund's main risks are listed below in alphabetical order, not in order of importance. *Before investing, be sure to read the additional descriptions of these risks beginning on page 257 of the prospectus*.

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Fund summary

**Cash and cash equivalents risk.** Under certain market conditions, such as during a rising stock market, rising interest rate or rising credit spread markets, the use of cash and/or cash equivalents, including money market instruments, could have a negative effect on the fund's ability to achieve its investment objective and may negatively impact the fund's performance.

**Changing distribution levels risk.** The fund may cease or reduce the level of its distribution if income or dividends paid from its investments declines.

**Credit and counterparty risk.** The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund's securities could affect the fund's performance.

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

**Equity securities risk.** The price of equity securities may decline due to changes in a company's financial condition or overall market conditions.

**Fixed-income securities risk.** A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security's credit quality may adversely affect fund performance.

**Foreign securities risk.** Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets.

**Hedging, derivatives, and other strategic transactions risk.** Hedging, derivatives, and other strategic transactions may increase a fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, options, and interest-rate swaps. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.

**Hybrid instrument risk.** Hybrid instruments (a type of potentially high-risk derivative) combine the elements of futures contracts or options with those of debt, preferred equity or a depository instrument. Hybrid instruments entail greater market risk and may be more volatile than traditional debt instruments, may bear interest or pay preferred dividends at below-market rates, and may be illiquid. The risks of investing in hybrid instruments are a combination of the risks of investing in securities, options, futures, and currencies.

**Liquidity risk.** The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.

**Lower-rated and high-yield fixed-income securities risk.** Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.

**Mortgage-backed and asset-backed securities risk.** Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.

**TBA mortgage contracts.** To-be-announced (TBA) mortgage contracts involve a risk of loss if the value of the underlying security to be purchased declines prior to delivery date. The yield obtained for such securities may be higher or lower than yields available in the market on delivery date.

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**97**

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Fund summary

**Preferred and convertible securities risk.** Preferred stock dividends are payable only if declared by the issuer's board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock's value can depend heavily upon the underlying common stock's value.

**Short sales risk.** Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.

**U.S. government agency obligations risk.** U.S. government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.

**Warrants risk.** The prices of warrants may not precisely reflect the prices of their underlying securities. Warrant holders do not receive dividends or have voting or credit rights. A warrant ceases to have value if not exercised prior to its expiration date.

**Past performance**

------

The following information illustrates the variability of the fund's returns and provides some indication of the risks of investing in the fund by showing changes in the fund's performance from year to year and by showing how the fund's average annual returns compared with a broad-based securities market index. Past performance does not indicate future results. All figures assume dividend reinvestment. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHVIT as its underlying investment option. If such fees and expenses had been reflected, performance would be lower.

**Calendar year total returns (%)—Series I**

![](g224548img26acf29122.jpg)

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| | | |
|:---|:---|:---|
| **Best quarter:** | Q4 2023 | 7.18% |
| **Worst quarter:** | Q1 2022 | -6.61% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Average annual total returns (%)—as of 12/31/2025** | **1 year** | **5 year** | **10 year** |
| **Series I** | 6.97 | &nbsp;&nbsp;&nbsp; -0.47 | &nbsp;&nbsp;&nbsp;&nbsp;2.37 |
| **Series II** | 6.67 | &nbsp;&nbsp;&nbsp; -0.69 | &nbsp;&nbsp;&nbsp;&nbsp;2.16 |
| **Series NAV** | 6.94 | &nbsp;&nbsp;&nbsp; -0.44 | &nbsp;&nbsp;&nbsp;&nbsp;2.41 |
| Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes) | 7.30 | &nbsp;&nbsp;&nbsp; -0.36 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 |

---

**Investment management**

------

**Investment advisor** John Hancock Variable Trust Advisers LLC

**Subadvisor** Wellington Management Company LLP

**Portfolio management**

------

The following individuals are jointly and primarily responsible for the day-to-day management of the fund's portfolio.

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Fund summary

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| | |
|:---|:---|
| **Robert D. Burn, CFA** | **Connor Fitzgerald, CFA** |
| *Senior Managing Director and Fixed Income Portfolio Manager*<br> Managed fund since 2016<br>| &nbsp;&nbsp; *Senior Managing Director and Fixed Income Portfolio Manager*<br> Managed fund since 2025<br>|
| **Jeremy Forster**<sup>1</sup> <br>*Senior Managing Director and Fixed Income Portfolio Manager*<br> Managed fund since 2026<br>| &nbsp;&nbsp; **Campe Goodman, CFA**<br> *Senior Managing Director and Fixed Income Portfolio Manager*<br> Managed fund since 2010<br>|
| **Joseph F. Marvan, CFA**<sup>1</sup> <br>*Senior Managing Director and Fixed Income Portfolio Manager*<br> *Managed fund since 2010*<br>|  |

---

**1**

Effective June 30, 2026, Jeremy Forster will be added as a portfolio manager of the fund. In addition, effective June 30, 2026, Joseph F. Marvan, CFA, will no longer serve as a portfolio manager of the fund.

**Purchase and redemption of fund shares**

------

Shares of the fund are not sold directly to the public but generally may be sold only to insurance companies and their separate accounts as the underlying investment options for variable annuity and variable life insurance contracts issued by such companies, to certain entities affiliated with the insurance companies, to those funds of JHVIT that operate as funds of funds and invest in other funds and to certain qualified retirement plans (qualified plans).

Shares of the fund are offered continuously, without sales charge, and are sold and redeemed each business day (which typically is any day the New York Stock Exchange is open) at a price equal to their net asset value (NAV) determined for that business day as set forth under "Valuation of shares" in this prospectus. The Portfolio does not have minimum initial or subsequent investment requirements. Payment for shares redeemed will generally be made within seven days after receipt of a proper notice of redemption.

**Taxes**

------

Because shares of the fund may be purchased only through variable insurance contracts and qualified plans, it is expected that any dividends or capital gains distributions made by the fund will be exempt from current federal taxation if left to accumulate within the variable contract or qualified plan. Holders of variable insurance contracts should consult the prospectuses of their respective contracts for information on the federal income tax consequences to such holders.

**Compensation of financial intermediaries**

------

The fund is not sold directly to the general public but instead is offered as an underlying investment option for variable insurance contracts. The distributors of these contracts, the insurance companies that issue the contracts and their related companies (Related Parties), may pay compensation to broker-dealers and other intermediaries for distribution and other services and may enter into revenue sharing arrangements with certain intermediaries. The fund pays fees to the Related Parties for management, distribution and other services. Payments by insurance and related companies to intermediaries may create a conflict of interest by influencing them and their salespersons to recommend such contracts over other investments. Ask your salesperson or visit your financial intermediary's website for more information. In addition, payments by the funds to Related Parties may be a factor that an insurance company considers in including the funds as underlying investment options in variable insurance contracts. The prospectus (or other offering document) for your variable insurance contract may contain additional information about these payments.

**99**

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Fund summary

Lifestyle Balanced Portfolio

**Investment objective**

------

To seek a balance between a high level of current income and growth of capital, with a greater emphasis on growth of capital.

**Fees and expenses**

------

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. **The fees and expenses do not reflect fees and expenses of any variable insurance or variable annuities contract that may use the fund as its underlying investment option and would be higher if they did.** 

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| | | | |
|:---|:---|:---|:---|
| **Annual fund operating expenses (%)** (expenses that you pay each year as a percentage of the value of your investment) | **Series I** | **Series II** | **Series NAV** |
| Management fee | 0.32<br> <sup>1</sup><br>| 0.32<br> <sup>1</sup><br>| 0.32<br> <sup>1</sup><br>|
| Distribution and service (Rule 12b-1) fees | 0.05 | 0.25 | 0.00 |
| Other expenses | 0.04 | 0.04 | 0.04 |
| Acquired fund fees and expenses | 0.52<br> <sup>12</sup><br>| 0.52<br> <sup>12</sup><br>| 0.52<br> <sup>12</sup><br>|
| **Total annual fund operating expenses** | **0.93**<br> <sup>3</sup><br>| **1.13**<br> <sup>3</sup><br>| **0.88**<br> <sup>3</sup><br>|
| Contractual expense reimbursement | -0.14<br> <sup>4</sup><br>| -0.14<br> <sup>4</sup><br>| -0.14<br> <sup>4</sup><br>|
| **Total annual fund operating expenses after expense reimbursements** | **0.79** | **0.99** | **0.74** |

---

**1**

Expense information has been restated to reflect new underlying investment options and asset classes, effective as of July 1, 2026.

**2**

"Acquired fund fees and expenses" are based on indirect net expenses associated with the fund's investments in underlying investment companies.

**3**

The "Total annual fund operating expenses" shown may not correlate to the fund's ratios of expenses to average daily net assets shown in the "Financial highlights" section of the fund's prospectus, which does not include "Acquired fund fees and expenses."

**4**

The Adviser contractually agrees to waive its advisory fee for each Lifestyle Portfolio so that the aggregate advisory fee retained by the Adviser with respect to both the Lifestyle Portfolio and its underlying investments (after payment of subadvisory fees) does not exceed 0.50% of the Lifestyle Portfolios' first $7.5 billion of average daily net assets and 0.49% of the Lifestyle Portfolios' average daily net assets in excess of $7.5 billion. The expense limitation agreement expires on April 30, 2028 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.

**Expense example**

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The examples are intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The examples assume that $10,000 is invested in the fund for the periods indicated and then all shares are redeemed at the end of those periods. The examples also assume that the investment has a 5% return each year and that the fund's operating expenses remain the same. The expense example does not reflect fees and expenses of any variable insurance contract that may use the fund as its underlying investment option and would be higher if they did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | |
|:---|:---|:---|:---|
| **Expenses ($)** | **Series I** | **Series II** | **Series NAV** |
| 1 year | 81 | 101 | 76 |
| 3 years | 282 | 345 | 267 |
| 5 years | 501 | 609 | 474 |
| 10 years | 1130 | 1362 | 1071 |

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**Portfolio turnover**

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The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or "turns over" its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund's portfolio turnover rate was 12% of the average value of its portfolio.

**Principal investment strategies**

------

The fund, except as otherwise described below, operates as a fund of funds and normally invests approximately 50% of its assets in underlying funds that invest primarily in equity securities or in futures contracts on equity markets (the "Equity Allocation") and approximately 50% of its assets in underlying funds that invest primarily in fixed-income securities or in futures contracts on fixed-income markets (the "Fixed Income Allocation"). Underlying funds may include exchange traded funds ("ETFs") and the fund may invest a significant portion of its assets in ETFs. At the discretion of the subadvisor, the Equity Allocation may also include direct investments in equity securities and the Fixed Income Allocation may also include direct

**100**

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Fund summary

investments in fixed-income securities, including inflation-protected securities. The subadvisor may also determine in light of market or economic conditions that the normal percentage limitations should be exceeded to protect the fund or achieve its investment objective.

Within the prescribed percentage allocation, the subadvisor selects the percentage level to be maintained in specific underlying funds and in futures contracts on equity or fixed-income markets. These allocations may be changed at any time by the subadvisor.

The fund may invest in various underlying funds that as a group hold a wide range of equity type securities. These include small-, mid- and large-capitalization stocks, domestic and foreign securities (including emerging market securities) and sector holdings such as utilities, science, and technology stocks. Each of these underlying funds has its own investment strategy which, for example, may focus on growth stocks or value stocks or may employ a strategy combining growth and income stocks and/or may invest in derivatives such as options on securities and futures contracts. The fund may also invest in underlying funds that purchase futures contracts on equity markets.

Certain of these underlying funds focus their investment strategy on fixed-income securities, which may include investment grade and below-investment-grade debt securities with maturities that range from short to longer term. Below-investment-grade debt securities are also referred to as junk bonds. The fixed-income underlying funds collectively hold various types of debt instruments such as corporate bonds, mortgage backed securities, U.S. and foreign government issued securities, domestic and international (including emerging markets) securities, inflation-protected securities, and bank loans.

The fund may invest in derivatives, which are financial contracts with a value that depends on, or is derived from, the value of underlying assets, reference rates or indexes. Derivatives may relate to stocks, bonds, interest rates, currencies or currency exchange rates and related indexes. The fund may use derivatives for hedging and nonhedging purposes including, without limitation, the following purposes:

● To establish a position in the derivatives markets as a method of gaining exposure to a particular security or market;

● To attempt to protect against possible changes in the market value of securities held or to be purchased by the fund or an underlying fund;

● To manage the effective maturity or duration of the securities of the fund or an underlying fund; and

● To facilitate the repatriation of foreign currency and the settlement of purchases of foreign securities.

The fund may invest in other types of investments including exchange-traded notes (ETNs) as described under "Other Permitted Investments of the Fund of Funds."

The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests.

The manager considers environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund's investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. Because ESG factors are considered alongside other relevant factors, the manager may determine that an investment is appropriate notwithstanding its relative ESG characteristics.

**Principal risks**

------

An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money. The fund's investment strategy may not produce the intended results.

The fund's main risks are listed below in alphabetical order, not in order of importance. *Before investing, be sure to read the additional descriptions of these risks beginning on page 257 of the prospectus*.

**<u>Principal risks of investing in the funds of funds</u>**

**Advance trade estimate risk.** The JHVIT Lifestyle Portfolio may seek to mitigate asset transfer risk by adjusting its portfolio based on advance estimates of automatic transfers of Contract value under the Contracts. The John Hancock Issuers have provided the JHVIT Lifestyle Portfolio's subadvisor with an analytical tool that calculates estimates of automatic transfers based on several factors, including the mathematical process for automatic transfers and market movements before the daily close of trading. The subadvisor may, but is not required to, use the tool to adjust the JHVIT Lifestyle Portfolio's portfolio with the goal of trading in securities or purchasing shares of underlying funds as close to the market close as possible in order to limit the JHVIT Lifestyle Portfolio's exposure to cash drag (i.e., holding cash while markets are rising) and adverse overnight market fluctuations. For example, in a rising market, if the analytical tool suggests that the JHVIT Lifestyle Portfolio will receive inflows that day (the "Trade Date"), the subadvisor could buy securities or shares of an underlying fund close to or at the closing prices on the Trade Date, as opposed to the following business day, when the actual transfer amount would be known. In a falling market, if the analytical tool suggests that the JHVIT Lifestyle Portfolio will experience outflows on Trade Date, the subadvisor could sell securities or shares of an underlying fund close to or at the closing prices on Trade Date, as opposed to the following business day, when the actual transfer amount would be known.

**101**

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Fund summary

If the subadvisor relies on the analytical tool or its own judgment and places trades in anticipation of purchases and redemptions of JHVIT Lifestyle shares, there can be no assurance that the prices paid by the JHVIT Lifestyle Portfolio will be better than if the JHVIT Lifestyle Portfolio had traded the following business day. The estimated transfer amount may be different from the actual transfer amount for various reasons, including changes in market direction, contract owner behavior and faulty inputs. If the estimated transfer amount is different from the actual transfer amount, the JHVIT Lifestyle Portfolio will buy or sell securities or shares of an underlying fund the following business day to adjust for this difference. For example, if cash flows into the JHVIT Lifestyle Portfolio are less than estimated, the JHVIT Lifestyle Portfolio could be forced to liquidate positions it had purchased. Conversely, if cash flows out of the JHVIT Lifestyle Portfolio are less than estimated, the JHVIT Lifestyle Portfolio may be required to repurchase positions it had sold. In addition, purchasing securities or shares of an underlying fund early could cause the JHVIT Lifestyle Portfolio to spend more money than it has available and, in the event of a market decline, such leverage will magnify losses because the decline also affects the securities purchased with amounts in excess of the JHVIT Lifestyle Portfolio's assets. Due to these various factors, trading on the basis of advance estimates of automatic transfers may cause higher portfolio turnover than that based solely on automatic transfers of Contract value under the Contracts, increase JHVIT Lifestyle Portfolio expenses and adversely affect the performance of the JHVIT Lifestyle Portfolio.

**Affiliated insurance companies risk.** The advisor may be influenced by the benefits to its affiliated life insurance companies in managing the fund and overseeing its subadvisors. The John Hancock insurance companies issuing guaranteed benefits on variable annuity and insurance contracts investing in the fund have a financial interest in preserving the value of the funds and reducing their volatility due to their obligations for these guaranteed benefits (the cost of providing these guaranteed benefits is related to several factors including the performance and volatility of the fund). To the extent the fund is successful in managing the volatility of returns and downside risk, the John Hancock insurance companies issuing guaranteed benefits on variable annuity and insurance contracts investing in the fund will also benefit from a reduction in their potential investment risk which will reduce their costs of hedging this risk and may reduce their reserve and capital requirements. These financial benefits to the John Hancock insurance companies may be material. The fund and the fund's investment advisor have adopted procedures that are intended to address these conflicts and ensure that the fund is managed in accordance with its disclosed investment objectives and strategies.

**Allocation risk.** The fund is subject to risks related to conflicts of interest associated with the advisor's ability to determine the fund's strategic asset allocation among general investment categories, which are executed by multiple unaffiliated and/or affiliated subadvisors.

**Commodity risk.** Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.

**Credit and counterparty risk.** The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund's securities could affect the fund's performance.

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

**Equity securities risk.** The price of equity securities may decline due to changes in a company's financial condition or overall market conditions.

**ESG integration risk.** The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund's investments. Integration of ESG factors into the fund's investment process does not preclude the fund from including companies with low ESG characteristics or excluding companies with high ESG characteristics in the fund's investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.

**Exchange-traded fund (ETF) investment risk.** The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF's shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.

**Exchange-traded notes (ETNs) risk.** An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.

**Fixed-income securities risk.** A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security's credit quality may adversely affect fund performance.

**Fund of funds risk.** The fund's ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds' performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The

**102**

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Fund summary

fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor's ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.

**Hedging, derivatives, and other strategic transactions risk.** Hedging, derivatives, and other strategic transactions may increase a fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: futures contracts and options. Futures contracts and options generally are subject to counterparty risk.

**Inflation-protected securities risk.** Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.

**Investment company securities risk.** Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.

**JHVIT Lifestyle Portfolio asset transfer risk.** The Lifestyle Balanced Portfolio (the "JHVIT Lifestyle Portfolio") is offered in connection with specific guaranteed benefits under variable annuity contracts (the "Contracts") issued by John Hancock Life Insurance Company (U.S.A.) and John Hancock Life Insurance Company of New York (collectively, the "John Hancock Issuers").

The Contracts provide that the John Hancock Issuers can automatically transfer contract value between the JHVIT Lifestyle Portfolio and the Select Bond Trust through a non-discretionary, systematic mathematical process. The purpose of these transfers is to attempt to protect contract value from declines due to market volatility, and thereby limit the John Hancock Issuers' exposure to risk under the guaranteed benefits under the Contracts. The timing and amount of any transfer of contract value under the John Hancock Issuers' process will depend on several factors including market movements. In general, the higher the equity component of a JHVIT Lifestyle Portfolio, the more likely that contract value will be reallocated from the JHVIT Lifestyle Portfolio to the Select Bond Trust when equity markets fall. These asset flows may negatively affect the performance of the JHVIT Lifestyle Portfolio and an underlying fund in which the JHVIT Lifestyle Portfolio invests by increasing the underlying fund's transaction costs and causing it to purchase or sell securities when it would not normally do so. It could be particularly disadvantageous for the underlying fund if it experiences outflows and needs to sell securities at a time of volatility in the markets, when values could be falling. Because the JHVIT Lifestyle Portfolio bears its proportionate share of the transaction costs of the underlying funds, increased underlying fund expenses may indirectly negatively affect the performance of the JHVIT Lifestyle Portfolio.

**Liquidity risk.** The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**Target allocation risk.** The fund's risk profile will change due to reallocation or rebalancing of portfolio assets.

**<u>Principal risks of investing in the underlying funds</u>**

**Convertible securities risk.** Convertible securities are subject to certain risks of both equity and debt securities. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. As the market price of underlying common stock declines below the conversion price, the market value of the convertible security tends to be increasingly influenced by its yield.

**Credit and counterparty risk.** The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund's securities could affect the fund's performance.

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

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Fund summary

**Equity securities risk.** The price of equity securities may decline due to changes in a company's financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.

**Exchange-traded fund (ETF) investment risk.** The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF's shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.

**Fixed-income securities risk.** A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security's credit quality may adversely affect fund performance.

**Foreign securities risk.** Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets.

**Hedging, derivatives, and other strategic transactions risk.** Hedging, derivatives, and other strategic transactions may increase a fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: futures contracts and options. Futures contracts and options generally are subject to counterparty risk.

**Index management risk.** Certain factors may cause a fund that is an index fund to track its target index less closely. For example, a subadvisor may select securities that are not fully representative of the index, and the fund's operating expenses and transaction costs, and the size and timing of its cash flows, may result in the fund's performance being different than that of its index. Moreover, the fund will generally reflect the performance of its target index even when the index does not perform well.

**Inflation-protected securities risk.** Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.

**Initial public offerings (IPOs) risk.** IPO share prices are frequently volatile and may significantly impact fund performance.

**Large company risk.** Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.

**Liquidity risk.** The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.

**Loan participations risk.** Participations and assignments involve special types of risks, including credit risk, interest-rate risk, counterparty risk, liquidity risk, risks associated with extended settlement, and the risks of being a lender.

**Lower-rated and high-yield fixed-income securities risk.** Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.

**Mortgage-backed and asset-backed securities risk.** Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.

**Non-diversified risk.** Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**Sector risk.** When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.

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Fund summary

**Short sales risk.** Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.

**Small and mid-sized company risk.** Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.

**Past performance**

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The following information illustrates the variability of the fund's returns and provides some indication of the risks of investing in the fund by showing changes in the fund's performance from year to year and by showing how the fund's average annual returns compared with a broad-based securities market index. Past performance does not indicate future results. The Morningstar U.S. Moderate Target Allocation Index and the fund's custom blended benchmark, the "John Hancock Lifestyle Balanced Index," show how the fund's performance compares against the returns of similar investments. All figures assume dividend reinvestment. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHVIT as its underlying investment option. If such fees and expenses had been reflected, performance would be lower.

**Calendar year total returns (%)—Series II**

![](g224548img625fc1e823.jpg)

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| | | |
|:---|:---|:---|
| **Best quarter:** | Q2 2020 | 12.11% |
| **Worst quarter:** | Q1 2020 | -10.80% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Average annual total returns (%)—as of 12/31/2025** | **1 year** | **5 year** | **10 year** |
| **Series I** | 14.10 | &nbsp;&nbsp;&nbsp;&nbsp;5.44 | &nbsp;&nbsp;&nbsp;&nbsp;7.02 |
| **Series II** | 13.81 | &nbsp;&nbsp;&nbsp;&nbsp;5.23 | &nbsp;&nbsp;&nbsp;&nbsp;6.81 |
| **Series NAV** | 14.06 | &nbsp;&nbsp;&nbsp;&nbsp;5.49 | &nbsp;&nbsp;&nbsp;&nbsp;7.07 |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 17.88 | &nbsp;&nbsp;&nbsp;&nbsp;14.42 | &nbsp;&nbsp;&nbsp;&nbsp;14.82 |
| Morningstar U.S. Moderate Target Allocation Index (reflects no deduction for fees, expenses, or taxes) | 14.60 | &nbsp;&nbsp;&nbsp;&nbsp;7.54 | &nbsp;&nbsp;&nbsp;&nbsp;8.88 |
| John Hancock Lifestyle Balanced Index (reflects no deduction for fees, expenses, or taxes, except foreign withholding taxes on <br> dividends)<sup>1</sup><br>| 14.07 | &nbsp;&nbsp;&nbsp;&nbsp;5.83 | &nbsp;&nbsp;&nbsp;&nbsp;7.63 |
| 35% Russell 3000 Index/15% MSCI EAFE Index/50% Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, <br> expenses, or taxes, except foreign withholding taxes on dividends)<br>| 14.25 | &nbsp;&nbsp;&nbsp;&nbsp;5.80 | &nbsp;&nbsp;&nbsp;&nbsp;7.39 |

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**1**

Prior to July 1, 2026, the fund's additional benchmark is the 35% Russell 3000 Index/15% MSCI EAFE Index/50% Bloomberg U.S. Aggregate Bond Index. Effective July 1, 2026, the fund's additional benchmark is the John Hancock Lifestyle Balanced Index. The John Hancock Lifestyle Balanced Index better reflects the universe of investment opportunities based on the fund's investment strategy. As of March 26, 2026, the John Hancock Lifestyle Balanced Index comprises 26% of the S&P 500 Index, 10% of the MSCI World ex-USA Index, 7% of the Russell 2500 Index, 4% of the MSCI Emerging Markets Index, 3% of the John Hancock Real Asset Blended Index, 4% of the ICE BofA U.S. High Yield Index, 4% of the JPMorgan EMBI Global Index, 4% of the Morningstar LSTA Leveraged Loan Index, 30% of the Bloomberg U.S. Aggregate Bond Index, 4% of the ICE BofA Long U.S. STRIPS Index, and 5% of the Bloomberg 1-5 Year TIPS Index.

**Investment management**

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**Investment advisor** John Hancock Variable Trust Advisers LLC

**Subadvisor** Manulife Investment Management (US) LLC

**Portfolio management**

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The following individuals are jointly and primarily responsible for the day-to-day management of the fund's portfolio.

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Fund summary

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| | |
|:---|:---|
| **Geoffrey Kelley, CFA** | **David Kobuszewski, CFA** |
| *Senior Portfolio Manager, Global Head of Strategic*<br> *Asset Allocation and Systematic Equity*<br> Managed fund since 2023<br>| &nbsp;&nbsp; *Portfolio Manager, Senior Investment Analyst*<br> Managed fund since 2023<br>|
| **Robert E. Sykes, CFA**<br> *Senior Portfolio Manager and Head of Asset Allocation*<br> Managed fund since 2018<br>|  |

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**Purchase and redemption of fund shares**

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Shares of the fund are not sold directly to the public but generally may be sold only to insurance companies and their separate accounts as the underlying investment options for variable annuity and variable life insurance contracts issued by such companies, to certain entities affiliated with the insurance companies, to those funds of JHVIT that operate as funds of funds and invest in other funds and to certain qualified retirement plans (qualified plans).

Shares of the fund are offered continuously, without sales charge, and are sold and redeemed each business day (which typically is any day the New York Stock Exchange is open) at a price equal to their net asset value (NAV) determined for that business day as set forth under "Valuation of shares" in this prospectus. The Portfolio does not have minimum initial or subsequent investment requirements. Payment for shares redeemed will generally be made within seven days after receipt of a proper notice of redemption.

**Taxes**

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Because shares of the fund may be purchased only through variable insurance contracts and qualified plans, it is expected that any dividends or capital gains distributions made by the fund will be exempt from current federal taxation if left to accumulate within the variable contract or qualified plan. Holders of variable insurance contracts should consult the prospectuses of their respective contracts for information on the federal income tax consequences to such holders.

**Compensation of financial intermediaries**

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The fund is not sold directly to the general public but instead is offered as an underlying investment option for variable insurance contracts. The distributors of these contracts, the insurance companies that issue the contracts and their related companies (Related Parties), may pay compensation to broker-dealers and other intermediaries for distribution and other services and may enter into revenue sharing arrangements with certain intermediaries. The fund pays fees to the Related Parties for management, distribution and other services. Payments by insurance and related companies to intermediaries may create a conflict of interest by influencing them and their salespersons to recommend such contracts over other investments. Ask your salesperson or visit your financial intermediary's website for more information. In addition, payments by the funds to Related Parties may be a factor that an insurance company considers in including the funds as underlying investment options in variable insurance contracts. The prospectus (or other offering document) for your variable insurance contract may contain additional information about these payments.

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Fund summary

Lifestyle Conservative Portfolio

**Investment objective**

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To seek a high level of current income with some consideration given to growth of capital.

**Fees and expenses**

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This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. **The fees and expenses do not reflect fees and expenses of any variable insurance or variable annuities contract that may use the fund as its underlying investment option and would be higher if they did.** 

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| | | | |
|:---|:---|:---|:---|
| **Annual fund operating expenses (%)** (expenses that you pay each year as a percentage of the value of your investment) | **Series I** | **Series II** | **Series NAV** |
| Management fee | 0.37<br> <sup>1</sup><br>| 0.37<br> <sup>1</sup><br>| 0.37<br> <sup>1</sup><br>|
| Distribution and service (Rule 12b-1) fees | 0.05 | 0.25 | 0.00 |
| Other expenses | 0.08 | 0.08 | 0.08 |
| Acquired fund fees and expenses | 0.43<br> <sup>12</sup><br>| 0.43<br> <sup>12</sup><br>| 0.43<br> <sup>12</sup><br>|
| **Total annual fund operating expenses** | **0.93**<br> <sup>3</sup><br>| **1.13**<br> <sup>3</sup><br>| **0.88**<br> <sup>3</sup><br>|
| Contractual expense reimbursement | -0.17<br> <sup>45</sup><br>| -0.17<br> <sup>45</sup><br>| -0.17<br> <sup>45</sup><br>|
| **Total annual fund operating expenses after expense reimbursements** | **0.76** | **0.96** | **0.71** |

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**1**

Expense information has been restated to reflect new underlying investment options and asset classes, effective as of July 1, 2026.

**2**

"Acquired fund fees and expenses" are based on indirect net expenses associated with the fund's investments in underlying investment companies.

**3**

The "Total annual fund operating expenses" shown may not correlate to the fund's ratios of expenses to average daily net assets shown in the "Financial highlights" section of the fund's prospectus, which does not include "Acquired fund fees and expenses."

**4**

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 daily net assets of the fund. "Other expenses" means all of the expenses of the fund, excluding certain expenses such as advisory 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, distribution and service (Rule 12b-1) fees, underlying fund expenses (acquired fund fees), and short dividend expense. The current expense limitation agreement expires on April 30, 2028 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.

**5**

The Adviser contractually agrees to waive its advisory fee for each Lifestyle Portfolio so that the aggregate advisory fee retained by the Adviser with respect to both the Lifestyle Portfolio and its underlying investments (after payment of subadvisory fees) does not exceed 0.50% of the Lifestyle Portfolios' first $7.5 billion of average daily net assets and 0.49% of the Lifestyle Portfolios' average daily net assets in excess of $7.5 billion. The expense limitation agreement expires on April 30, 2028 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.

**Expense example**

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The examples are intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The examples assume that $10,000 is invested in the fund for the periods indicated and then all shares are redeemed at the end of those periods. The examples also assume that the investment has a 5% return each year and that the fund's operating expenses remain the same. The expense example does not reflect fees and expenses of any variable insurance contract that may use the fund as its underlying investment option and would be higher if they did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | |
|:---|:---|:---|:---|
| **Expenses ($)** | **Series I** | **Series II** | **Series NAV** |
| 1 year | 78 | 98 | 73 |
| 3 years | 279 | 342 | 264 |
| 5 years | 498 | 606 | 471 |
| 10 years | 1127 | 1359 | 1069 |

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**Portfolio turnover**

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The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or "turns over" its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund's portfolio turnover rate was 11% of the average value of its portfolio.

**107**

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Fund summary

**Principal investment strategies**

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The fund, except as otherwise described below, operates as a fund of funds and normally invests approximately 20% of its assets in underlying funds that invest primarily in equity securities or in futures contracts on equity markets (the "Equity Allocation") and approximately 80% of its assets in underlying funds that invest primarily in fixed-income securities or in futures contracts on fixed-income markets (the "Fixed Income Allocation"). Underlying funds may include exchange-traded funds ("ETFs") and the fund may invest a significant portion of its assets in ETFs. At the discretion of the subadvisor, the Equity Allocation may also include direct investments in equity securities and the Fixed Income Allocation may also include direct investments in fixed-income securities, including inflation-protected securities. The subadvisor may also determine in light of market or economic conditions that the normal percentage limitations should be exceeded to protect the fund or achieve its investment objective.

Within the prescribed percentage allocation, the subadvisor selects the percentage level to be maintained in specific underlying funds and in futures contracts on equity or fixed-income markets. These allocations may be changed at any time by the subadvisor.

The fund may invest in various underlying funds that as a group hold a wide range of equity type securities. These include small-, mid- and large-capitalization stocks, domestic and foreign securities (including emerging market securities) and sector holdings such as utilities, science, and technology stocks. Each of these underlying funds has its own investment strategy which, for example, may focus on growth stocks or value stocks or may employ a strategy combining growth and income stocks and/or may invest in derivatives such as options on securities and futures contracts. The fund may also invest in underlying funds that purchase futures contracts on equity markets.

Certain of these underlying funds focus their investment strategy on fixed-income securities, which may include investment grade and below investment grade debt securities with maturities that range from short to longer term. Below-investment-grade debt securities are also referred to as junk bonds. The fixed-income underlying funds collectively hold various types of debt instruments such as corporate bonds, mortgage backed securities, U.S. and foreign government issued securities, domestic and international (including emerging markets) securities, inflation-protected securities, and bank loans.

The fund may invest in derivatives, which are financial contracts with a value that depends on, or is derived from, the value of underlying assets, reference rates or indexes. Derivatives may relate to stocks, bonds, interest rates, currencies or currency exchange rates and related indexes. The fund may use derivatives for hedging and nonhedging purposes including, without limitation, the following purposes:

● To establish a position in the derivatives markets as a method of gaining exposure to a particular security or market;

● To attempt to protect against possible changes in the market value of securities held or to be purchased by the fund or an underlying fund;

● To manage the effective maturity or duration of the securities of the fund or an underlying fund; and

● To facilitate the repatriation of foreign currency and the settlement of purchases of foreign securities.

The fund may invest in other types of investments including exchange-traded notes (ETNs) as described under "Other Permitted Investments of the Fund of Funds."

The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests.

The manager considers environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund's investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. Because ESG factors are considered alongside other relevant factors, the manager may determine that an investment is appropriate notwithstanding its relative ESG characteristics.

**Principal risks**

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An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money. The fund's investment strategy may not produce the intended results.

Because this fund has a greater exposure to underlying funds that invest primarily in fixed-income securities than JHVIT Lifestyle Portfolios with greater target allocations to underlying funds that invest primarily in equity securities, fixed-income security risks are more prevalent in this fund than in other JHVIT Lifestyle Portfolios. The fund's main risks are listed below in alphabetical order, not in order of importance. *Before investing, be sure to read the additional descriptions of these risks beginning on page 257 of the prospectus.*

**<u>Principal risks of investing in the funds of funds</u>**

**Advance trade estimate risk.** The JHVIT Lifestyle Portfolio may seek to mitigate asset transfer risk by adjusting its portfolio based on advance estimates of automatic transfers of Contract value under the Contracts. The John Hancock Issuers have provided the JHVIT Lifestyle Portfolio's subadvisor with an analytical tool that calculates estimates of automatic transfers based on several factors, including the mathematical process for automatic transfers and market movements before the daily close of trading. The subadvisor may, but is not required to, use the tool to adjust the JHVIT

**108**

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Fund summary

Lifestyle Portfolio's portfolio with the goal of trading in securities or purchasing shares of underlying funds as close to the market close as possible in order to limit the JHVIT Lifestyle Portfolio's exposure to cash drag (i.e., holding cash while markets are rising) and adverse overnight market fluctuations. For example, in a rising market, if the analytical tool suggests that the JHVIT Lifestyle Portfolio will receive inflows that day (the "Trade Date"), the subadvisor could buy securities or shares of an underlying fund close to or at the closing prices on the Trade Date, as opposed to the following business day, when the actual transfer amount would be known. In a falling market, if the analytical tool suggests that the JHVIT Lifestyle Portfolio will experience outflows on Trade Date, the subadvisor could sell securities or shares of an underlying fund close to or at the closing prices on Trade Date, as opposed to the following business day, when the actual transfer amount would be known.

If the subadvisor relies on the analytical tool or its own judgment and places trades in anticipation of purchases and redemptions of JHVIT Lifestyle shares, there can be no assurance that the prices paid by the JHVIT Lifestyle Portfolio will be better than if the JHVIT Lifestyle Portfolio had traded the following business day. The estimated transfer amount may be different from the actual transfer amount for various reasons, including changes in market direction, contract owner behavior and faulty inputs. If the estimated transfer amount is different from the actual transfer amount, the JHVIT Lifestyle Portfolio will buy or sell securities or shares of an underlying fund the following business day to adjust for this difference. For example, if cash flows into the JHVIT Lifestyle Portfolio are less than estimated, the JHVIT Lifestyle Portfolio could be forced to liquidate positions it had purchased. Conversely, if cash flows out of the JHVIT Lifestyle Portfolio are less than estimated, the JHVIT Lifestyle Portfolio may be required to repurchase positions it had sold. In addition, purchasing securities or shares of an underlying fund early could cause the JHVIT Lifestyle Portfolio to spend more money than it has available and, in the event of a market decline, such leverage will magnify losses because the decline also affects the securities purchased with amounts in excess of the JHVIT Lifestyle Portfolio's assets. Due to these various factors, trading on the basis of advance estimates of automatic transfers may cause higher portfolio turnover than that based solely on automatic transfers of Contract value under the Contracts, increase JHVIT Lifestyle Portfolio expenses and adversely affect the performance of the JHVIT Lifestyle Portfolio.

**Affiliated insurance companies risk.** The advisor may be influenced by the benefits to its affiliated life insurance companies in managing the fund and overseeing its subadvisors. The John Hancock insurance companies issuing guaranteed benefits on variable annuity and insurance contracts investing in the fund have a financial interest in preserving the value of the funds and reducing their volatility due to their obligations for these guaranteed benefits (the cost of providing these guaranteed benefits is related to several factors including the performance and volatility of the fund). To the extent the fund is successful in managing the volatility of returns and downside risk, the John Hancock insurance companies issuing guaranteed benefits on variable annuity and insurance contracts investing in the fund will also benefit from a reduction in their potential investment risk which will reduce their costs of hedging this risk and may reduce their reserve and capital requirements. These financial benefits to the John Hancock insurance companies may be material. The fund and the fund's investment advisor have adopted procedures that are intended to address these conflicts and ensure that the fund is managed in accordance with its disclosed investment objectives and strategies.

**Allocation risk.** The fund is subject to risks related to conflicts of interest associated with the advisor's ability to determine the fund's strategic asset allocation among general investment categories, which are executed by multiple unaffiliated and/or affiliated subadvisors.

**Commodity risk.** Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.

**Credit and counterparty risk.** The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund's securities could affect the fund's performance.

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

**Equity securities risk.** The price of equity securities may decline due to changes in a company's financial condition or overall market conditions.

**ESG integration risk.** The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund's investments. Integration of ESG factors into the fund's investment process does not preclude the fund from including companies with low ESG characteristics or excluding companies with high ESG characteristics in the fund's investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.

**Exchange-traded fund (ETF) investment risk.** The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF's shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.

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Fund summary

**Exchange-traded notes (ETNs) risk.** An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.

**Fixed-income securities risk.** A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security's credit quality may adversely affect fund performance.

**Fund of funds risk.** The fund's ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds' performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor's ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.

**Hedging, derivatives, and other strategic transactions risk.** Hedging, derivatives, and other strategic transactions may increase a fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: futures contracts and options. Futures contracts and options generally are subject to counterparty risk.

**Inflation-protected securities risk.** Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.

**Investment company securities risk.** Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.

**JHVIT Lifestyle Portfolio asset transfer risk.** The Lifestyle Conservative Portfolio (the "JHVIT Lifestyle Portfolio") is offered in connection with specific guaranteed benefits under variable annuity contracts (the "Contracts") issued by John Hancock Life Insurance Company (U.S.A.) and John Hancock Life Insurance Company of New York (collectively, the "John Hancock Issuers").

The Contracts provide that the John Hancock Issuers can automatically transfer contract value between the JHVIT Lifestyle Portfolio and the Select Bond Trust through a non-discretionary, systematic mathematical process. The purpose of these transfers is to attempt to protect contract value from declines due to market volatility, and thereby limit the John Hancock Issuers' exposure to risk under the guaranteed benefits under the Contracts. The timing and amount of any transfer of contract value under the John Hancock Issuers' process will depend on several factors including market movements. In general, the higher the equity component of a JHVIT Lifestyle Portfolio, the more likely that contract value will be reallocated from the JHVIT Lifestyle Portfolio to the Select Bond Trust when equity markets fall. These asset flows may negatively affect the performance of the JHVIT Lifestyle Portfolio and an underlying fund in which the JHVIT Lifestyle Portfolio invests by increasing the underlying fund's transaction costs and causing it to purchase or sell securities when it would not normally do so. It could be particularly disadvantageous for the underlying fund if it experiences outflows and needs to sell securities at a time of volatility in the markets, when values could be falling. Because the JHVIT Lifestyle Portfolio bears its proportionate share of the transaction costs of the underlying funds, increased underlying fund expenses may indirectly negatively affect the performance of the JHVIT Lifestyle Portfolio.

**Liquidity risk.** The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**Target allocation risk.** The fund's risk profile will change due to reallocation or rebalancing of portfolio assets.

**<u>Principal risks of investing in the underlying funds</u>**

**Convertible securities risk.** Convertible securities are subject to certain risks of both equity and debt securities. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. As the market price of underlying common stock declines below the conversion price, the market value of the convertible security tends to be increasingly influenced by its yield.

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Fund summary

**Credit and counterparty risk.** The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund's securities could affect the fund's performance.

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

**Equity securities risk.** The price of equity securities may decline due to changes in a company's financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.

**Exchange-traded fund (ETF) investment risk.** The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF's shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.

**Fixed-income securities risk.** A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security's credit quality may adversely affect fund performance.

**Foreign securities risk.** Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets.

**Hedging, derivatives, and other strategic transactions risk.** Hedging, derivatives, and other strategic transactions may increase a fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: futures contracts and options. Futures contracts and options generally are subject to counterparty risk.

**Index management risk.** Certain factors may cause a fund that is an index fund to track its target index less closely. For example, a subadvisor may select securities that are not fully representative of the index, and the fund's operating expenses and transaction costs, and the size and timing of its cash flows, may result in the fund's performance being different than that of its index. Moreover, the fund will generally reflect the performance of its target index even when the index does not perform well.

**Inflation-protected securities risk.** Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.

**Initial public offerings (IPOs) risk.** IPO share prices are frequently volatile and may significantly impact fund performance.

**Large company risk.** Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.

**Liquidity risk.** The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.

**Loan participations risk.** Participations and assignments involve special types of risks, including credit risk, interest-rate risk, counterparty risk, liquidity risk, risks associated with extended settlement, and the risks of being a lender.

**Lower-rated and high-yield fixed-income securities risk.** Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.

**Mortgage-backed and asset-backed securities risk.** Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.

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Fund summary

**Non-diversified risk.** Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**Sector risk.** When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.

**Short sales risk.** Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.

**Small and mid-sized company risk.** Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.

**Past performance**

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The following information illustrates the variability of the fund's returns and provides some indication of the risks of investing in the fund by showing changes in the fund's performance from year to year and by showing how the fund's average annual returns compared with a broad-based securities market index. Past performance does not indicate future results. The Morningstar U.S. Conservative Target Allocation Index and the fund's custom blended benchmark, the "John Hancock Lifestyle Conservative Index," show how the fund's performance compares against the returns of similar investments. All figures assume dividend reinvestment. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHVIT as its underlying investment option. If such fees and expenses had been reflected, performance would be lower.

**Calendar year total returns (%)—Series II**

![](g224548img60138af024.jpg)

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| | | |
|:---|:---|:---|
| **Best quarter:** | Q2 2020 | 8.06% |
| **Worst quarter:** | Q2 2022 | -7.54% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Average annual total returns (%)—as of 12/31/2025** | **1 year** | **5 year** | **10 year** |
| **Series I** | 10.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;4.16 |
| **Series II** | 9.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;3.95 |
| **Series NAV** | 10.07 | &nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;4.20 |
| Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes) | 7.30 | &nbsp;&nbsp;&nbsp; -0.36 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 |
| Morningstar U.S. Conservative Target Allocation Index (reflects no deduction for fees, expenses, or taxes) | 9.61 | &nbsp;&nbsp;&nbsp;&nbsp;2.99 | &nbsp;&nbsp;&nbsp;&nbsp;4.67 |
| John Hancock Lifestyle Conservative Index (reflects no deduction for fees, expenses, or taxes, except foreign withholding taxes on <br> dividends)<sup>1</sup><br>| 10.33 | &nbsp;&nbsp;&nbsp;&nbsp;3.15 | &nbsp;&nbsp;&nbsp;&nbsp;4.90 |
| 14% Russell 3000 Index/6% MSCI EAFE Index/80% Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, <br> or taxes, except foreign withholding taxes on dividends)<br>| 10.06 | &nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;4.19 |

---

**1**

Prior to July 1, 2026, the fund's additional benchmark is the 14% Russell 3000 Index/6% MSCI EAFE Index/80% Bloomberg U.S. Aggregate Bond Index. Effective July 1, 2026, the fund's additional benchmark is the John Hancock Lifestyle Conservative Index. The John Hancock Lifestyle Conservative Index better reflects the universe of investment opportunities based on the fund's investment strategy. The John Hancock Lifestyle Conservative Index comprises 11% of the S&P 500 Index, 5% of the MSCI World ex-USA Index, 3% of the Russell 2500 Index, 1% of the MSCI Emerging Markets Index, 6% of the ICE BofA U.S. High Yield Index, 6% of the JPMorgan EMBI Global Index, 6% of the Morningstar LSTA Leveraged Loan Index, 52% of the Bloomberg U.S. Aggregate Bond Index, and 10% of the Bloomberg 1-5 Year TIPS Index.

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Fund summary

**Investment management**

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**Investment advisor** John Hancock Variable Trust Advisers LLC

**Subadvisor** Manulife Investment Management (US) LLC

**Portfolio management**

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The following individuals are jointly and primarily responsible for the day-to-day management of the fund's portfolio.

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| | |
|:---|:---|
| **Geoffrey Kelley, CFA** | **David Kobuszewski, CFA** |
| *Senior Portfolio Manager, Global Head of Strategic*<br> *Asset Allocation and Systematic Equity*<br> Managed fund since 2023<br>| &nbsp;&nbsp; *Portfolio Manager, Senior Investment Analyst*<br> Managed fund since 2023<br>|
| **Robert E. Sykes, CFA**<br> *Senior Portfolio Manager and Head of Asset Allocation*<br> Managed fund since 2018<br>|  |

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**Purchase and redemption of fund shares**

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Shares of the fund are not sold directly to the public but generally may be sold only to insurance companies and their separate accounts as the underlying investment options for variable annuity and variable life insurance contracts issued by such companies, to certain entities affiliated with the insurance companies, to those funds of JHVIT that operate as funds of funds and invest in other funds and to certain qualified retirement plans (qualified plans).

Shares of the fund are offered continuously, without sales charge, and are sold and redeemed each business day (which typically is any day the New York Stock Exchange is open) at a price equal to their net asset value (NAV) determined for that business day as set forth under "Valuation of shares" in this prospectus. The Portfolio does not have minimum initial or subsequent investment requirements. Payment for shares redeemed will generally be made within seven days after receipt of a proper notice of redemption.

**Taxes**

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Because shares of the fund may be purchased only through variable insurance contracts and qualified plans, it is expected that any dividends or capital gains distributions made by the fund will be exempt from current federal taxation if left to accumulate within the variable contract or qualified plan. Holders of variable insurance contracts should consult the prospectuses of their respective contracts for information on the federal income tax consequences to such holders.

**Compensation of financial intermediaries**

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The fund is not sold directly to the general public but instead is offered as an underlying investment option for variable insurance contracts. The distributors of these contracts, the insurance companies that issue the contracts and their related companies (Related Parties), may pay compensation to broker-dealers and other intermediaries for distribution and other services and may enter into revenue sharing arrangements with certain intermediaries. The fund pays fees to the Related Parties for management, distribution and other services. Payments by insurance and related companies to intermediaries may create a conflict of interest by influencing them and their salespersons to recommend such contracts over other investments. Ask your salesperson or visit your financial intermediary's website for more information. In addition, payments by the funds to Related Parties may be a factor that an insurance company considers in including the funds as underlying investment options in variable insurance contracts. The prospectus (or other offering document) for your variable insurance contract may contain additional information about these payments.

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Fund summary

Lifestyle Growth Portfolio

**Investment objective**

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To seek long-term growth of capital. Current income is also a consideration.

**Fees and expenses**

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This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. **The fees and expenses do not reflect fees and expenses of any variable insurance or variable annuities contract that may use the fund as its underlying investment option and would be higher if they did.** 

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| | | | |
|:---|:---|:---|:---|
| **Annual fund operating expenses (%)** (expenses that you pay each year as a percentage of the value of your investment) | **Series I** | **Series II** | **Series NAV** |
| Management fee | 0.30<br> <sup>1</sup><br>| 0.30<br> <sup>1</sup><br>| 0.30<br> <sup>1</sup><br>|
| Distribution and service (Rule 12b-1) fees | 0.05 | 0.25 | 0.00 |
| Other expenses | 0.03 | 0.03 | 0.03 |
| Acquired fund fees and expenses | 0.58<br> <sup>12</sup><br>| 0.58<br> <sup>12</sup><br>| 0.58<br> <sup>12</sup><br>|
| **Total annual fund operating expenses** | **0.96**<br> <sup>3</sup><br>| **1.16**<br> <sup>3</sup><br>| **0.91**<br> <sup>3</sup><br>|
| Contractual expense reimbursement | -0.15<br> <sup>4</sup><br>| -0.15<br> <sup>4</sup><br>| -0.15<br> <sup>4</sup><br>|
| **Total annual fund operating expenses after expense reimbursements** | **0.81** | **1.01** | **0.76** |

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**1**

Expense information has been restated to reflect new underlying investment options and asset classes, effective as of July 1, 2026.

**2**

"Acquired fund fees and expenses" are based on indirect net expenses associated with the fund's investments in underlying investment companies.

**3**

The "Total annual fund operating expenses" shown may not correlate to the fund's ratios of expenses to average daily net assets shown in the "Financial highlights" section of the fund's prospectus, which does not include "Acquired fund fees and expenses."

**4**

The Adviser contractually agrees to waive its advisory fee for each Lifestyle Portfolio so that the aggregate advisory fee retained by the Adviser with respect to both the Lifestyle Portfolio and its underlying investments (after payment of subadvisory fees) does not exceed 0.50% of the Lifestyle Portfolios' first $7.5 billion of average daily net assets and 0.49% of the Lifestyle Portfolios' average daily net assets in excess of $7.5 billion. The expense limitation agreement expires on April 30, 2028 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.

**Expense example**

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The examples are intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The examples assume that $10,000 is invested in the fund for the periods indicated and then all shares are redeemed at the end of those periods. The examples also assume that the investment has a 5% return each year and that the fund's operating expenses remain the same. The expense example does not reflect fees and expenses of any variable insurance contract that may use the fund as its underlying investment option and would be higher if they did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | |
|:---|:---|:---|:---|
| **Expenses ($)** | **Series I** | **Series II** | **Series NAV** |
| 1 year | 83 | 103 | 78 |
| 3 years | 291 | 354 | 275 |
| 5 years | 516 | 624 | 489 |
| 10 years | 1164 | 1396 | 1106 |

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**Portfolio turnover**

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The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or "turns over" its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund's portfolio turnover rate was 11% of the average value of its portfolio.

**Principal investment strategies**

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The fund, except as otherwise described below, operates as a fund of funds and normally invests approximately 70% of its assets in underlying funds that invest primarily in equity securities or in futures contracts on equity markets (the "Equity Allocation") and approximately 30% of its assets in underlying funds that invest primarily in fixed-income securities or in futures contracts on fixed-income markets (the "Fixed Income Allocation"). Underlying funds may include exchange traded funds ("ETFs") and the fund may invest a significant portion of its assets in ETFs. At the discretion of the subadvisor, the Equity Allocation may also include direct investments in equity securities and the Fixed Income Allocation may also include direct

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Fund summary

investments in fixed-income securities, including inflation-protected securities. The subadvisor may also determine in light of market or economic conditions that the normal percentage limitations should be exceeded to protect the fund or achieve its investment objective.

Within the prescribed percentage allocation, the subadvisor selects the percentage level to be maintained in specific underlying funds and in futures contracts on equity or fixed-income markets. These allocations may be changed at any time by the subadvisor.

The fund may invest in various underlying funds that as a group hold a wide range of equity type securities. These include small-, mid- and large-capitalization stocks, domestic and foreign securities (including emerging market securities) and sector holdings such as utilities, science, and technology stocks. Each of these underlying funds has its own investment strategy which, for example, may focus on growth stocks or value stocks or may employ a strategy combining growth and income stocks and/or may invest in derivatives such as options on securities and futures contracts. The fund may also invest in underlying funds that purchase futures contracts on equity markets.

Certain of these underlying funds focus their investment strategy on fixed-income securities, which may include investment grade and below investment grade debt securities with maturities that range from short to longer term. Below-investment-grade debt securities are also referred to as junk bonds. The fixed-income underlying funds collectively hold various types of debt instruments such as corporate bonds, mortgage backed securities, U.S. and foreign government issued securities, domestic and international (including emerging markets) securities, inflation-protected securities, and bank loans.

The fund may invest in derivatives, which are financial contracts with a value that depends on, or is derived from, the value of underlying assets, reference rates or indexes. Derivatives may relate to stocks, bonds, interest rates, currencies or currency exchange rates and related indexes. The fund may use derivatives for hedging and nonhedging purposes including, without limitation, the following purposes:

● To establish a position in the derivatives markets as a method of gaining exposure to a particular security or market;

● To attempt to protect against possible changes in the market value of securities held or to be purchased by the fund or an underlying fund;

● To manage the effective maturity or duration of the securities of the fund or an underlying fund; and

● To facilitate the repatriation of foreign currency and the settlement of purchases of foreign securities.

The fund may invest in other types of investments including exchange-traded notes (ETNs) as described under "Other Permitted Investments of the Fund of Funds."

The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests.

The manager considers environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund's investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. Because ESG factors are considered alongside other relevant factors, the manager may determine that an investment is appropriate notwithstanding its relative ESG characteristics.

**Principal risks**

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An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money. The fund's investment strategy may not produce the intended results.

Because this fund has a greater exposure to underlying funds that invest primarily in equity securities than JHVIT Lifestyle Portfolios with greater target allocations to underlying funds that invest primarily in fixed-income securities, equity security risks are more prevalent in this fund than in other JHVIT Lifestyle Portfolios. The fund's main risks are listed below in alphabetical order, not in order of importance. *Before investing, be sure to read the additional descriptions of these risks beginning on page 257 of the prospectus.*

**<u>Principal risks of investing in the funds of funds</u>**

**Advance trade estimate risk.** The JHVIT Lifestyle Portfolio may seek to mitigate asset transfer risk by adjusting its portfolio based on advance estimates of automatic transfers of Contract value under the Contracts. The John Hancock Issuers have provided the JHVIT Lifestyle Portfolio's subadvisor with an analytical tool that calculates estimates of automatic transfers based on several factors, including the mathematical process for automatic transfers and market movements before the daily close of trading. The subadvisor may, but is not required to, use the tool to adjust the JHVIT Lifestyle Portfolio's portfolio with the goal of trading in securities or purchasing shares of underlying funds as close to the market close as possible in order to limit the JHVIT Lifestyle Portfolio's exposure to cash drag (i.e., holding cash while markets are rising) and adverse overnight market fluctuations. For example, in a rising market, if the analytical tool suggests that the JHVIT Lifestyle Portfolio will receive inflows that day (the "Trade Date"), the subadvisor could buy securities or shares of an underlying fund close to or at the closing prices on the Trade Date, as opposed to the following business day, when the actual transfer amount would be known. In a falling market, if the analytical tool suggests that the JHVIT Lifestyle

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Fund summary

Portfolio will experience outflows on Trade Date, the subadvisor could sell securities or shares of an underlying fund close to or at the closing prices on Trade Date, as opposed to the following business day, when the actual transfer amount would be known.

If the subadvisor relies on the analytical tool or its own judgment and places trades in anticipation of purchases and redemptions of JHVIT Lifestyle shares, there can be no assurance that the prices paid by the JHVIT Lifestyle Portfolio will be better than if the JHVIT Lifestyle Portfolio had traded the following business day. The estimated transfer amount may be different from the actual transfer amount for various reasons, including changes in market direction, contract owner behavior and faulty inputs. If the estimated transfer amount is different from the actual transfer amount, the JHVIT Lifestyle Portfolio will buy or sell securities or shares of an underlying fund the following business day to adjust for this difference. For example, if cash flows into the JHVIT Lifestyle Portfolio are less than estimated, the JHVIT Lifestyle Portfolio could be forced to liquidate positions it had purchased. Conversely, if cash flows out of the JHVIT Lifestyle Portfolio are less than estimated, the JHVIT Lifestyle Portfolio may be required to repurchase positions it had sold. In addition, purchasing securities or shares of an underlying fund early could cause the JHVIT Lifestyle Portfolio to spend more money than it has available and, in the event of a market decline, such leverage will magnify losses because the decline also affects the securities purchased with amounts in excess of the JHVIT Lifestyle Portfolio's assets. Due to these various factors, trading on the basis of advance estimates of automatic transfers may cause higher portfolio turnover than that based solely on automatic transfers of Contract value under the Contracts, increase JHVIT Lifestyle Portfolio expenses and adversely affect the performance of the JHVIT Lifestyle Portfolio.

**Affiliated insurance companies risk.** The advisor may be influenced by the benefits to its affiliated life insurance companies in managing the fund and overseeing its subadvisors. The John Hancock insurance companies issuing guaranteed benefits on variable annuity and insurance contracts investing in the fund have a financial interest in preserving the value of the funds and reducing their volatility due to their obligations for these guaranteed benefits (the cost of providing these guaranteed benefits is related to several factors including the performance and volatility of the fund). To the extent the fund is successful in managing the volatility of returns and downside risk, the John Hancock insurance companies issuing guaranteed benefits on variable annuity and insurance contracts investing in the fund will also benefit from a reduction in their potential investment risk which will reduce their costs of hedging this risk and may reduce their reserve and capital requirements. These financial benefits to the John Hancock insurance companies may be material. The fund and the fund's investment advisor have adopted procedures that are intended to address these conflicts and ensure that the fund is managed in accordance with its disclosed investment objectives and strategies.

**Allocation risk.** The fund is subject to risks related to conflicts of interest associated with the advisor's ability to determine the fund's strategic asset allocation among general investment categories, which are executed by multiple unaffiliated and/or affiliated subadvisors.

**Commodity risk.** Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.

**Credit and counterparty risk.** The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund's securities could affect the fund's performance.

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

**Equity securities risk.** The price of equity securities may decline due to changes in a company's financial condition or overall market conditions.

**ESG integration risk.** The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund's investments. Integration of ESG factors into the fund's investment process does not preclude the fund from including companies with low ESG characteristics or excluding companies with high ESG characteristics in the fund's investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.

**Exchange-traded fund (ETF) investment risk.** The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF's shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.

**Exchange-traded notes (ETNs) risk.** An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.

**Fixed-income securities risk.** A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security's credit quality may adversely affect fund performance.

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**Fund of funds risk.** The fund's ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds' performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor's ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.

**Hedging, derivatives, and other strategic transactions risk.** Hedging, derivatives, and other strategic transactions may increase a fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: futures contracts and options. Futures contracts and options generally are subject to counterparty risk.

**Inflation-protected securities risk.** Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.

**Investment company securities risk.** Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.

**JHVIT Lifestyle Portfolio asset transfer risk.** The Lifestyle Growth Portfolio (the "JHVIT Lifestyle Portfolio") is offered in connection with specific guaranteed benefits under variable annuity contracts (the "Contracts") issued by John Hancock Life Insurance Company (U.S.A.) and John Hancock Life Insurance Company of New York (collectively, the "John Hancock Issuers").

The Contracts provide that the John Hancock Issuers can automatically transfer contract value between the JHVIT Lifestyle Portfolio and the Select Bond Trust through a non-discretionary, systematic mathematical process. The purpose of these transfers is to attempt to protect contract value from declines due to market volatility, and thereby limit the John Hancock Issuers' exposure to risk under the guaranteed benefits under the Contracts. The timing and amount of any transfer of contract value under the John Hancock Issuers' process will depend on several factors including market movements. In general, the higher the equity component of a JHVIT Lifestyle Portfolio, the more likely that contract value will be reallocated from the JHVIT Lifestyle Portfolio to the Select Bond Trust when equity markets fall. These asset flows may negatively affect the performance of the JHVIT Lifestyle Portfolio and an underlying fund in which the JHVIT Lifestyle Portfolio invests by increasing the underlying fund's transaction costs and causing it to purchase or sell securities when it would not normally do so. It could be particularly disadvantageous for the underlying fund if it experiences outflows and needs to sell securities at a time of volatility in the markets, when values could be falling. Because the JHVIT Lifestyle Portfolio bears its proportionate share of the transaction costs of the underlying funds, increased underlying fund expenses may indirectly negatively affect the performance of the JHVIT Lifestyle Portfolio.

**Liquidity risk.** The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**Target allocation risk.** The fund's risk profile will change due to reallocation or rebalancing of portfolio assets.

**<u>Principal risks of investing in the underlying funds</u>**

**Convertible securities risk.** Convertible securities are subject to certain risks of both equity and debt securities. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. As the market price of underlying common stock declines below the conversion price, the market value of the convertible security tends to be increasingly influenced by its yield.

**Credit and counterparty risk.** The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund's securities could affect the fund's performance.

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact

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Fund summary

performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

**Equity securities risk.** The price of equity securities may decline due to changes in a company's financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.

**Exchange-traded fund (ETF) investment risk.** The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF's shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.

**Fixed-income securities risk.** A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security's credit quality may adversely affect fund performance.

**Foreign securities risk.** Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets.

**Hedging, derivatives, and other strategic transactions risk.** Hedging, derivatives, and other strategic transactions may increase a fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: futures contracts and options. Futures contracts and options generally are subject to counterparty risk.

**Index management risk.** Certain factors may cause a fund that is an index fund to track its target index less closely. For example, a subadvisor may select securities that are not fully representative of the index, and the fund's operating expenses and transaction costs, and the size and timing of its cash flows, may result in the fund's performance being different than that of its index. Moreover, the fund will generally reflect the performance of its target index even when the index does not perform well.

**Inflation-protected securities risk.** Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.

**Initial public offerings (IPOs) risk.** IPO share prices are frequently volatile and may significantly impact fund performance.

**Large company risk.** Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.

**Liquidity risk.** The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.

**Loan participations risk.** Participations and assignments involve special types of risks, including credit risk, interest-rate risk, counterparty risk, liquidity risk, risks associated with extended settlement, and the risks of being a lender.

**Lower-rated and high-yield fixed-income securities risk.** Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.

**Mortgage-backed and asset-backed securities risk.** Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.

**Non-diversified risk.** Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

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Fund summary

**Sector risk.** When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.

**Short sales risk.** Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.

**Small and mid-sized company risk.** Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.

**Past performance**

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The following information illustrates the variability of the fund's returns and provides some indication of the risks of investing in the fund by showing changes in the fund's performance from year to year and by showing how the fund's average annual returns compared with a broad-based securities market index. Past performance does not indicate future results. The Morningstar U.S. Moderately Aggressive Target Allocation Index and the fund's custom blended benchmark, the "John Hancock Lifestyle Growth Index," show how the fund's performance compares against the returns of similar investments. All figures assume dividend reinvestment. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHVIT as its underlying investment option. If such fees and expenses had been reflected, performance would be lower.

**Calendar year total returns (%)—Series II**

![](g224548imgf9ac2a3225.jpg)

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| | | |
|:---|:---|:---|
| **Best quarter:** | Q2 2020 | 14.93% |
| **Worst quarter:** | Q1 2020 | -15.41% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Average annual total returns (%)—as of 12/31/2025** | **1 year** | **5 year** | **10 year** |
| **Series I** | 16.72 | &nbsp;&nbsp;&nbsp;&nbsp;7.79 | &nbsp;&nbsp;&nbsp;&nbsp;8.90 |
| **Series II** | 16.51 | &nbsp;&nbsp;&nbsp;&nbsp;7.58 | &nbsp;&nbsp;&nbsp;&nbsp;8.69 |
| **Series NAV** | 16.84 | &nbsp;&nbsp;&nbsp;&nbsp;7.86 | &nbsp;&nbsp;&nbsp;&nbsp;8.96 |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 17.88 | &nbsp;&nbsp;&nbsp;&nbsp;14.42 | &nbsp;&nbsp;&nbsp;&nbsp;14.82 |
| Morningstar U.S. Moderately Aggressive Target Allocation Index (reflects no deduction for fees, expenses, or taxes) | 17.72 | &nbsp;&nbsp;&nbsp;&nbsp;9.40 | &nbsp;&nbsp;&nbsp;&nbsp;10.51 |
| John Hancock Lifestyle Growth Index (reflects no deduction for fees, expenses, or taxes, except foreign withholding taxes on <br> dividends)<sup>1</sup><br>| 16.86 | &nbsp;&nbsp;&nbsp;&nbsp;8.00 | &nbsp;&nbsp;&nbsp;&nbsp;9.49 |
| 49% Russell 3000 Index/21% MSCI EAFE Index/30% Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, <br> expenses, or taxes, except foreign withholding taxes on dividends)<br>| 17.07 | &nbsp;&nbsp;&nbsp;&nbsp;8.27 | &nbsp;&nbsp;&nbsp;&nbsp;9.47 |

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**1**

Prior to July 1, 2026, the fund's additional benchmark is the 49% Russell 3000 Index/21% MSCI EAFE Index/30% Bloomberg U.S. Aggregate Bond Index. Effective July 1, 2026, the fund's additional benchmark is the John Hancock Lifestyle Growth Index. The John Hancock Lifestyle Growth Index better reflects the universe of investment opportunities based on the fund's investment strategy. As of March 26, 2026, the John Hancock Lifestyle Growth Index comprises 36% of the S&P 500 Index, 14% of the MSCI World ex-USA Index, 10% of the Russell 2500 Index, 6% of the MSCI Emerging Markets Index, 4% of the John Hancock Real Asset Blended Index, 2% of the ICE BofA U.S. High Yield Index, 2% of the JPMorgan EMBI Global Index, 2% of the Morningstar LSTA Leveraged Loan Index, 17% of the Bloomberg U.S. Aggregate Bond Index, 3% of the ICE BofA Long U.S. STRIPS Index, and 3% of the Bloomberg 1-5 Year TIPS Index.

**Investment management**

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**Investment advisor** John Hancock Variable Trust Advisers LLC

**Subadvisor** Manulife Investment Management (US) LLC

**Portfolio management**

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The following individuals are jointly and primarily responsible for the day-to-day management of the fund's portfolio.

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| | |
|:---|:---|
| **Geoffrey Kelley, CFA** | **David Kobuszewski, CFA** |
| *Senior Portfolio Manager, Global Head of Strategic*<br> *Asset Allocation and Systematic Equity*<br> Managed fund since 2023<br>| &nbsp;&nbsp; *Portfolio Manager, Senior Investment Analyst*<br> Managed fund since 2023<br>|
| **Robert E. Sykes, CFA**<br> *Senior Portfolio Manager and Head of Asset Allocation*<br> Managed fund since 2018<br>|  |

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**Purchase and redemption of fund shares**

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Shares of the fund are not sold directly to the public but generally may be sold only to insurance companies and their separate accounts as the underlying investment options for variable annuity and variable life insurance contracts issued by such companies, to certain entities affiliated with the insurance companies, to those funds of JHVIT that operate as funds of funds and invest in other funds and to certain qualified retirement plans (qualified plans).

Shares of the fund are offered continuously, without sales charge, and are sold and redeemed each business day (which typically is any day the New York Stock Exchange is open) at a price equal to their net asset value (NAV) determined for that business day as set forth under "Valuation of shares" in this prospectus. The Portfolio does not have minimum initial or subsequent investment requirements. Payment for shares redeemed will generally be made within seven days after receipt of a proper notice of redemption.

**Taxes**

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Because shares of the fund may be purchased only through variable insurance contracts and qualified plans, it is expected that any dividends or capital gains distributions made by the fund will be exempt from current federal taxation if left to accumulate within the variable contract or qualified plan. Holders of variable insurance contracts should consult the prospectuses of their respective contracts for information on the federal income tax consequences to such holders.

**Compensation of financial intermediaries**

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The fund is not sold directly to the general public but instead is offered as an underlying investment option for variable insurance contracts. The distributors of these contracts, the insurance companies that issue the contracts and their related companies (Related Parties), may pay compensation to broker-dealers and other intermediaries for distribution and other services and may enter into revenue sharing arrangements with certain intermediaries. The fund pays fees to the Related Parties for management, distribution and other services. Payments by insurance and related companies to intermediaries may create a conflict of interest by influencing them and their salespersons to recommend such contracts over other investments. Ask your salesperson or visit your financial intermediary's website for more information. In addition, payments by the funds to Related Parties may be a factor that an insurance company considers in including the funds as underlying investment options in variable insurance contracts. The prospectus (or other offering document) for your variable insurance contract may contain additional information about these payments.

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Fund summary

Lifestyle Moderate Portfolio

**Investment objective**

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To seek a balance between a high level of current income and growth of capital, with a greater emphasis on income.

**Fees and expenses**

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This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. **The fees and expenses do not reflect fees and expenses of any variable insurance or variable annuities contract that may use the fund as its underlying investment option and would be higher if they did.** 

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| | | | |
|:---|:---|:---|:---|
| **Annual fund operating expenses (%)** (expenses that you pay each year as a percentage of the value of your investment) | **Series I** | **Series II** | **Series NAV** |
| Management fee | 0.33<br> <sup>1</sup><br>| 0.33<br> <sup>1</sup><br>| 0.33<br> <sup>1</sup><br>|
| Distribution and service (Rule 12b-1) fees | 0.05 | 0.25 | 0.00 |
| Other expenses | 0.06 | 0.06 | 0.06 |
| Acquired fund fees and expenses | 0.50<br> <sup>12</sup><br>| 0.50<br> <sup>12</sup><br>| 0.50<br> <sup>12</sup><br>|
| **Total annual fund operating expenses** | **0.94**<br> <sup>3</sup><br>| **1.14**<br> <sup>3</sup><br>| **0.89**<br> <sup>3</sup><br>|
| Contractual expense reimbursement | -0.16<br> <sup>45</sup><br>| -0.16<br> <sup>45</sup><br>| -0.16<br> <sup>45</sup><br>|
| **Total annual fund operating expenses after expense reimbursements** | **0.78** | **0.98** | **0.73** |

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**1**

Expense information has been restated to reflect new underlying investment options and asset classes, effective as of July 1, 2026.

**2**

"Acquired fund fees and expenses" are based on indirect net expenses associated with the fund's investments in underlying investment companies.

**3**

The "Total annual fund operating expenses" shown may not correlate to the fund's ratios of expenses to average daily net assets shown in the "Financial highlights" section of the fund's prospectus, which does not include "Acquired fund fees and expenses."

**4**

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 daily net assets of the fund. "Other expenses" means all of the expenses of the fund, excluding certain expenses such as advisory 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, distribution and service (Rule 12b-1) fees, underlying fund expenses (acquired fund fees), and short dividend expense. The current expense limitation agreement expires on April 30, 2028 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.

**5**

The Adviser contractually agrees to waive its advisory fee for each Lifestyle Portfolio so that the aggregate advisory fee retained by the Adviser with respect to both the Lifestyle Portfolio and its underlying investments (after payment of subadvisory fees) does not exceed 0.50% of the Lifestyle Portfolios' first $7.5 billion of average daily net assets and 0.49% of the Lifestyle Portfolios' average daily net assets in excess of $7.5 billion. The expense limitation agreement expires on April 30, 2028 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.

**Expense example**

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The examples are intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The examples assume that $10,000 is invested in the fund for the periods indicated and then all shares are redeemed at the end of those periods. The examples also assume that the investment has a 5% return each year and that the fund's operating expenses remain the same. The expense example does not reflect fees and expenses of any variable insurance contract that may use the fund as its underlying investment option and would be higher if they did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | |
|:---|:---|:---|:---|
| **Expenses ($)** | **Series I** | **Series II** | **Series NAV** |
| 1 year | 80 | 100 | 75 |
| 3 years | 284 | 346 | 268 |
| 5 years | 504 | 612 | 477 |
| 10 years | 1140 | 1372 | 1081 |

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**Portfolio turnover**

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The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or "turns over" its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund's portfolio turnover rate was 10% of the average value of its portfolio.

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Fund summary

**Principal investment strategies**

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The fund, except as otherwise described below, operates as a fund of funds and normally invests approximately 40% of its assets in underlying funds that invest primarily in equity securities or in futures contracts on equity markets (the "Equity Allocation") and approximately 60% of its assets in underlying funds that invest primarily in fixed-income securities or in futures contracts on fixed-income markets (the "Fixed Income Allocation"). Underlying funds may include exchange traded funds ("ETFs") and the fund may invest a significant portion of its assets in ETFs. At the discretion of the subadvisor, the Equity Allocation may also include direct investments in equity securities and the Fixed Income Allocation may also include direct investments in fixed-income securities, including inflation-protected securities. The subadvisor may also determine in light of market or economic conditions that the normal percentage limitations should be exceeded to protect the fund or achieve its investment objective.

Within the prescribed percentage allocation, the subadvisor selects the percentage level to be maintained in specific underlying funds and in futures contracts on equity or fixed-income markets. These allocations may be changed at any time by the subadvisor.

The fund may invest in various underlying funds that as a group hold a wide range of equity type securities. These include small-, mid- and large-capitalization stocks, domestic and foreign securities (including emerging market securities) and sector holdings such as utilities, science, and technology stocks. Each of these underlying funds has its own investment strategy which, for example, may focus on growth stocks or value stocks or may employ a strategy combining growth and income stocks and/or may invest in derivatives such as options on securities and futures contracts. The fund may also invest in underlying funds that purchase futures contracts on equity markets.

Certain of these underlying funds focus their investment strategy on fixed-income securities, which may include investment grade and below investment grade debt securities with maturities that range from short to longer term. Below-investment-grade debt securities are also referred to as junk bonds. The fixed-income underlying funds collectively hold various types of debt instruments such as corporate bonds, mortgage backed securities, U.S. and foreign government issued securities, domestic and international (including emerging markets) securities, inflation-protected securities, and bank loans.

The fund may invest in derivatives, which are financial contracts with a value that depends on, or is derived from, the value of underlying assets, reference rates or indexes. Derivatives may relate to stocks, bonds, interest rates, currencies or currency exchange rates and related indexes. The fund may use derivatives for hedging and nonhedging purposes including, without limitation, the following purposes:

● To establish a position in the derivatives markets as a method of gaining exposure to a particular security or market;

● To attempt to protect against possible changes in the market value of securities held or to be purchased by the fund or an underlying fund;

● To manage the effective maturity or duration of the securities of the fund or an underlying fund; and

● To facilitate the repatriation of foreign currency and the settlement of purchases of foreign securities.

The fund may invest in other types of investments including exchange-traded notes (ETNs) as described under "Other Permitted Investments of the Fund of Funds."

The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests.

The manager considers environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund's investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. Because ESG factors are considered alongside other relevant factors, the manager may determine that an investment is appropriate notwithstanding its relative ESG characteristics.

**Principal risks**

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An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money. The fund's investment strategy may not produce the intended results.

Because this fund has a greater exposure to underlying funds that invest primarily in equity securities than JHVIT Lifestyle Portfolios with greater target allocations to underlying funds that invest primarily in fixed-income securities, equity security risks are more prevalent in this fund than in other JHVIT Lifestyle Portfolios. The fund's main risks are listed below in alphabetical order, not in order of importance. *Before investing, be sure to read the additional descriptions of these risks beginning on page 257 of the prospectus.*

**<u>Principal risks of investing in the funds of funds</u>**

**Advance trade estimate risk.** The JHVIT Lifestyle Portfolio may seek to mitigate asset transfer risk by adjusting its portfolio based on advance estimates of automatic transfers of Contract value under the Contracts. The John Hancock Issuers have provided the JHVIT Lifestyle Portfolio's subadvisor with an analytical tool that calculates estimates of automatic transfers based on several factors, including the mathematical process for automatic transfers and market movements before the daily close of trading. The subadvisor may, but is not required to, use the tool to adjust the JHVIT

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Fund summary

Lifestyle Portfolio's portfolio with the goal of trading in securities or purchasing shares of underlying funds as close to the market close as possible in order to limit the JHVIT Lifestyle Portfolio's exposure to cash drag (i.e., holding cash while markets are rising) and adverse overnight market fluctuations. For example, in a rising market, if the analytical tool suggests that the JHVIT Lifestyle Portfolio will receive inflows that day (the "Trade Date"), the subadvisor could buy securities or shares of an underlying fund close to or at the closing prices on the Trade Date, as opposed to the following business day, when the actual transfer amount would be known. In a falling market, if the analytical tool suggests that the JHVIT Lifestyle Portfolio will experience outflows on Trade Date, the subadvisor could sell securities or shares of an underlying fund close to or at the closing prices on Trade Date, as opposed to the following business day, when the actual transfer amount would be known.

If the subadvisor relies on the analytical tool or its own judgment and places trades in anticipation of purchases and redemptions of JHVIT Lifestyle shares, there can be no assurance that the prices paid by the JHVIT Lifestyle Portfolio will be better than if the JHVIT Lifestyle Portfolio had traded the following business day. The estimated transfer amount may be different from the actual transfer amount for various reasons, including changes in market direction, contract owner behavior and faulty inputs. If the estimated transfer amount is different from the actual transfer amount, the JHVIT Lifestyle Portfolio will buy or sell securities or shares of an underlying fund the following business day to adjust for this difference. For example, if cash flows into the JHVIT Lifestyle Portfolio are less than estimated, the JHVIT Lifestyle Portfolio could be forced to liquidate positions it had purchased. Conversely, if cash flows out of the JHVIT Lifestyle Portfolio are less than estimated, the JHVIT Lifestyle Portfolio may be required to repurchase positions it had sold. In addition, purchasing securities or shares of an underlying fund early could cause the JHVIT Lifestyle Portfolio to spend more money than it has available and, in the event of a market decline, such leverage will magnify losses because the decline also affects the securities purchased with amounts in excess of the JHVIT Lifestyle Portfolio's assets. Due to these various factors, trading on the basis of advance estimates of automatic transfers may cause higher portfolio turnover than that based solely on automatic transfers of Contract value under the Contracts, increase JHVIT Lifestyle Portfolio expenses and adversely affect the performance of the JHVIT Lifestyle Portfolio.

**Affiliated insurance companies risk.** The advisor may be influenced by the benefits to its affiliated life insurance companies in managing the fund and overseeing its subadvisors. The John Hancock insurance companies issuing guaranteed benefits on variable annuity and insurance contracts investing in the fund have a financial interest in preserving the value of the funds and reducing their volatility due to their obligations for these guaranteed benefits (the cost of providing these guaranteed benefits is related to several factors including the performance and volatility of the fund). To the extent the fund is successful in managing the volatility of returns and downside risk, the John Hancock insurance companies issuing guaranteed benefits on variable annuity and insurance contracts investing in the fund will also benefit from a reduction in their potential investment risk which will reduce their costs of hedging this risk and may reduce their reserve and capital requirements. These financial benefits to the John Hancock insurance companies may be material. The fund and the fund's investment advisor have adopted procedures that are intended to address these conflicts and ensure that the fund is managed in accordance with its disclosed investment objectives and strategies.

**Allocation risk.** The fund is subject to risks related to conflicts of interest associated with the advisor's ability to determine the fund's strategic asset allocation among general investment categories, which are executed by multiple unaffiliated and/or affiliated subadvisors.

**Commodity risk.** Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.

**Credit and counterparty risk.** The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund's securities could affect the fund's performance.

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

**Equity securities risk.** The price of equity securities may decline due to changes in a company's financial condition or overall market conditions.

**ESG integration risk.** The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund's investments. Integration of ESG factors into the fund's investment process does not preclude the fund from including companies with low ESG characteristics or excluding companies with high ESG characteristics in the fund's investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.

**Exchange-traded fund (ETF) investment risk.** The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF's shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.

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**Exchange-traded notes (ETNs) risk.** An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.

**Fixed-income securities risk.** A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security's credit quality may adversely affect fund performance.

**Fund of funds risk.** The fund's ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds' performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor's ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.

**Hedging, derivatives, and other strategic transactions risk.** Hedging, derivatives, and other strategic transactions may increase a fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: futures contracts and options. Futures contracts and options generally are subject to counterparty risk.

**Inflation-protected securities risk.** Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.

**Investment company securities risk.** Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.

**JHVIT Lifestyle Portfolio asset transfer risk.** The Lifestyle Moderate Portfolio (the "JHVIT Lifestyle Portfolio") is offered in connection with specific guaranteed benefits under variable annuity contracts (the "Contracts") issued by John Hancock Life Insurance Company (U.S.A.) and John Hancock Life Insurance Company of New York (collectively, the "John Hancock Issuers").

The Contracts provide that the John Hancock Issuers can automatically transfer contract value between the JHVIT Lifestyle Portfolio and the Select Bond Trust through a non-discretionary, systematic mathematical process. The purpose of these transfers is to attempt to protect contract value from declines due to market volatility, and thereby limit the John Hancock Issuers' exposure to risk under the guaranteed benefits under the Contracts. The timing and amount of any transfer of contract value under the John Hancock Issuers' process will depend on several factors including market movements. In general, the higher the equity component of a JHVIT Lifestyle Portfolio, the more likely that contract value will be reallocated from the JHVIT Lifestyle Portfolio to the Select Bond Trust when equity markets fall. These asset flows may negatively affect the performance of the JHVIT Lifestyle Portfolio and an underlying fund in which the JHVIT Lifestyle Portfolio invests by increasing the underlying fund's transaction costs and causing it to purchase or sell securities when it would not normally do so. It could be particularly disadvantageous for the underlying fund if it experiences outflows and needs to sell securities at a time of volatility in the markets, when values could be falling. Because the JHVIT Lifestyle Portfolio bears its proportionate share of the transaction costs of the underlying funds, increased underlying fund expenses may indirectly negatively affect the performance of the JHVIT Lifestyle Portfolio.

**Liquidity risk.** The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**Target allocation risk.** The fund's risk profile will change due to reallocation or rebalancing of portfolio assets.

**<u>Principal risks of investing in the underlying funds</u>**

**Convertible securities risk.** Convertible securities are subject to certain risks of both equity and debt securities. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. As the market price of underlying common stock declines below the conversion price, the market value of the convertible security tends to be increasingly influenced by its yield.

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**Credit and counterparty risk.** The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund's securities could affect the fund's performance.

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

**Equity securities risk.** The price of equity securities may decline due to changes in a company's financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.

**Exchange-traded fund (ETF) investment risk.** The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF's shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.

**Fixed-income securities risk.** A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security's credit quality may adversely affect fund performance.

**Foreign securities risk.** Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets.

**Hedging, derivatives, and other strategic transactions risk.** Hedging, derivatives, and other strategic transactions may increase a fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: futures contracts and options. Futures contracts and options generally are subject to counterparty risk.

**Index management risk.** Certain factors may cause a fund that is an index fund to track its target index less closely. For example, a subadvisor may select securities that are not fully representative of the index, and the fund's operating expenses and transaction costs, and the size and timing of its cash flows, may result in the fund's performance being different than that of its index. Moreover, the fund will generally reflect the performance of its target index even when the index does not perform well.

**Inflation-protected securities risk.** Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.

**Initial public offerings (IPOs) risk.** IPO share prices are frequently volatile and may significantly impact fund performance.

**Large company risk.** Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.

**Liquidity risk.** The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.

**Loan participations risk.** Participations and assignments involve special types of risks, including credit risk, interest-rate risk, counterparty risk, liquidity risk, risks associated with extended settlement, and the risks of being a lender.

**Lower-rated and high-yield fixed-income securities risk.** Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.

**Mortgage-backed and asset-backed securities risk.** Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.

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**Non-diversified risk.** Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**Sector risk.** When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.

**Short sales risk.** Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.

**Small and mid-sized company risk.** Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.

**Past performance**

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The following information illustrates the variability of the fund's returns and provides some indication of the risks of investing in the fund by showing changes in the fund's performance from year to year and by showing how the fund's average annual returns compared with a broad-based securities market index. Past performance does not indicate future results. The Morningstar U.S. Moderately Conservative Target Allocation Index and the fund's custom blended benchmark, the "John Hancock Lifestyle Moderate Index," show how the fund's performance compares against the returns of similar investments. All figures assume dividend reinvestment. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHVIT as its underlying investment option. If such fees and expenses had been reflected, performance would be lower.

**Calendar year total returns (%)—Series II**

![](g224548img661ebf0026.jpg)

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| | | |
|:---|:---|:---|
| **Best quarter:** | Q2 2020 | 10.81% |
| **Worst quarter:** | Q2 2022 | -9.58% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Average annual total returns (%)—as of 12/31/2025** | **1 year** | **5 year** | **10 year** |
| **Series I** | 12.67 | &nbsp;&nbsp;&nbsp;&nbsp;4.25 | &nbsp;&nbsp;&nbsp;&nbsp;6.04 |
| **Series II** | 12.48 | &nbsp;&nbsp;&nbsp;&nbsp;4.05 | &nbsp;&nbsp;&nbsp;&nbsp;5.84 |
| **Series NAV** | 12.69 | &nbsp;&nbsp;&nbsp;&nbsp;4.30 | &nbsp;&nbsp;&nbsp;&nbsp;6.10 |
| Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes) | 7.30 | &nbsp;&nbsp;&nbsp; -0.36 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 |
| Morningstar U.S. Moderately Conservative Target Allocation Index (reflects no deduction for fees, expenses, or taxes) | 12.35 | &nbsp;&nbsp;&nbsp;&nbsp;5.00 | &nbsp;&nbsp;&nbsp;&nbsp;6.53 |
| John Hancock Lifestyle Moderate Index (reflects no deduction for fees, expenses, or taxes, except foreign withholding taxes on <br> dividends)<sup>1</sup><br>| 12.87 | &nbsp;&nbsp;&nbsp;&nbsp;4.57 | &nbsp;&nbsp;&nbsp;&nbsp;6.62 |
| 28% Russell 3000 Index/12% MSCI EAFE Index/60% Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, <br> expenses, or taxes, except foreign withholding taxes on dividends)<br>| 12.84 | &nbsp;&nbsp;&nbsp;&nbsp;4.56 | &nbsp;&nbsp;&nbsp;&nbsp;6.33 |

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**1**

Prior to July 1, 2026, the fund's additional benchmark is the 28% Russell 3000 Index/12% MSCI EAFE Index/60% Bloomberg U.S. Aggregate Bond Index. Effective July 1, 2026, the fund's additional benchmark is the John Hancock Lifestyle Moderate Index. The John Hancock Lifestyle Moderate Index better reflects the universe of investment opportunities based on the fund's investment strategy. The John Hancock Lifestyle Moderate Index comprises 21% of the S&P 500 Index, 9% of the MSCI World ex-USA Index, 5% of the Russell 2500 Index, 3% of the MSCI Emerging Markets Index, 2% of the John Hancock Real Asset Blended Index, 5% of the ICE BofA U.S. High Yield Index, 5% of the JPMorgan EMBI Global Index, 5% of the Morningstar LSTA Leveraged Loan Index, 39% of the Bloomberg U.S. Aggregate Bond Index, 2% of the ICE BofA Long U.S. STRIPS Index, and 6% of the Bloomberg 1-5 Year TIPS Index.

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**Investment management**

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**Investment advisor** John Hancock Variable Trust Advisers LLC

**Subadvisor** Manulife Investment Management (US) LLC

**Portfolio management**

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The following individuals are jointly and primarily responsible for the day-to-day management of the fund's portfolio.

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| | |
|:---|:---|
| **Geoffrey Kelley, CFA** | **David Kobuszewski, CFA** |
| *Senior Portfolio Manager, Global Head of Strategic*<br> *Asset Allocation and Systematic Equity*<br> Managed fund since 2023<br>| &nbsp;&nbsp; *Portfolio Manager, Senior Investment Analyst*<br> Managed fund since 2023<br>|
| **Robert E. Sykes, CFA**<br> *Senior Portfolio Manager and Head of Asset Allocation*<br> Managed fund since 2018<br>|  |

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**Purchase and redemption of fund shares**

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Shares of the fund are not sold directly to the public but generally may be sold only to insurance companies and their separate accounts as the underlying investment options for variable annuity and variable life insurance contracts issued by such companies, to certain entities affiliated with the insurance companies, to those funds of JHVIT that operate as funds of funds and invest in other funds and to certain qualified retirement plans (qualified plans).

Shares of the fund are offered continuously, without sales charge, and are sold and redeemed each business day (which typically is any day the New York Stock Exchange is open) at a price equal to their net asset value (NAV) determined for that business day as set forth under "Valuation of shares" in this prospectus. The Portfolio does not have minimum initial or subsequent investment requirements. Payment for shares redeemed will generally be made within seven days after receipt of a proper notice of redemption.

**Taxes**

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Because shares of the fund may be purchased only through variable insurance contracts and qualified plans, it is expected that any dividends or capital gains distributions made by the fund will be exempt from current federal taxation if left to accumulate within the variable contract or qualified plan. Holders of variable insurance contracts should consult the prospectuses of their respective contracts for information on the federal income tax consequences to such holders.

**Compensation of financial intermediaries**

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The fund is not sold directly to the general public but instead is offered as an underlying investment option for variable insurance contracts. The distributors of these contracts, the insurance companies that issue the contracts and their related companies (Related Parties), may pay compensation to broker-dealers and other intermediaries for distribution and other services and may enter into revenue sharing arrangements with certain intermediaries. The fund pays fees to the Related Parties for management, distribution and other services. Payments by insurance and related companies to intermediaries may create a conflict of interest by influencing them and their salespersons to recommend such contracts over other investments. Ask your salesperson or visit your financial intermediary's website for more information. In addition, payments by the funds to Related Parties may be a factor that an insurance company considers in including the funds as underlying investment options in variable insurance contracts. The prospectus (or other offering document) for your variable insurance contract may contain additional information about these payments.

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Fund summary

Managed Volatility Balanced Portfolio

**Investment objective**

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To seek growth of capital and current income while seeking to both manage the volatility of return and limit the magnitude of portfolio losses.

**Fees and expenses**

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This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. **The fees and expenses do not reflect fees and expenses of any variable insurance or variable annuities contract that may use the fund as its underlying investment option and would be higher if they did.** 

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| | | | |
|:---|:---|:---|:---|
| **Annual fund operating expenses (%)** (expenses that you pay each year as a percentage of the value of your investment) | **Series I** | **Series II** | **Series NAV** |
| Management fee | 0.32<br> <sup>1</sup><br>| 0.32<br> <sup>1</sup><br>| 0.32<br> <sup>1</sup><br>|
| Distribution and service (Rule 12b-1) fees | 0.05 | 0.25 | 0.00 |
| Other expenses | 0.03 | 0.03 | 0.03 |
| Acquired fund fees and expenses | 0.52<br> <sup>12</sup><br>| 0.52<br> <sup>12</sup><br>| 0.52<br> <sup>12</sup><br>|
| **Total annual fund operating expenses** | **0.92**<br> <sup>3</sup><br>| **1.12**<br> <sup>3</sup><br>| **0.87**<br> <sup>3</sup><br>|

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**1**

Expense information has been restated to reflect new underlying investment options and asset classes, effective as of July 1, 2026.

**2**

"Acquired fund fees and expenses" are based on indirect net expenses associated with the fund's investments in underlying investment companies.

**3**

The "Total annual fund operating expenses" shown may not correlate to the fund's ratios of expenses to average daily net assets shown in the "Financial highlights" section of the fund's prospectus, which does not include "Acquired fund fees and expenses."

**Expense example**

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The examples are intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The examples assume that $10,000 is invested in the fund for the periods indicated and then all shares are redeemed at the end of those periods. The examples also assume that the investment has a 5% return each year and that the fund's operating expenses remain the same. The expense example does not reflect fees and expenses of any variable insurance contract that may use the fund as its underlying investment option and would be higher if they did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | |
|:---|:---|:---|:---|
| **Expenses ($)** | **Series I** | **Series II** | **Series NAV** |
| 1 year | 94 | 114 | 89 |
| 3 years | 293 | 356 | 278 |
| 5 years | 509 | 617 | 482 |
| 10 years | 1131 | 1363 | 1073 |

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**Portfolio turnover**

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The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or "turns over" its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund's portfolio turnover rate was 16% of the average value of its portfolio.

**Principal investment strategies**

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The Managed Volatility Balanced Portfolio, except as otherwise described below, normally invests primarily in underlying funds that invest primarily in equity securities ("Equity Funds") and underlying funds that invest primarily in fixed-income securities ("Fixed-Income Funds"). The fund may also use certain risk management techniques to seek to manage the volatility of returns (i.e. standard deviation) and limit the magnitude of portfolio losses.

As described below, the fund may directly hold derivative instruments and collateral for these derivative instruments. The fund's economic exposure to equities and fixed-income securities may fluctuate due to its risk management strategy as noted below. The fund may employ a risk management strategy to attempt to manage the volatility of returns and limit the magnitude of portfolio losses. The risk management strategy may cause the fund's economic exposure to equity securities, fixed-income securities and cash and cash equivalents (either directly or through investment in underlying funds or derivatives) to fluctuate, and during extreme market volatility, the fund's economic exposure to either equity or fixed-income securities could be reduced to 0% and its economic exposure to cash and cash equivalents could increase to 100%. The subadvisor normally will seek to limit the fund's exposure to equity securities (either directly or through investment in underlying funds or derivatives) to no more than 55% and normally will seek to

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reduce any equity exposure in excess of this amount as soon as practicable. However, the subadvisor may determine in light of market or economic conditions that the limit should be exceeded to achieve the fund's investment objective.

The fund seeks long term growth of capital while attempting to manage the volatility of returns and limit the magnitude of portfolio losses. The fund seeks to limit the volatility of returns to a range of 8.25% to 10.25% (as measured by annualized standard deviation of the fund's returns). However, during periods of prolonged low market volatility the actual volatility experienced by the fund may fall below the range due to maximum limits on equity and fixed-income exposures.

Volatility is a measure of the magnitude of up and down fluctuations in the fund's NAV over time as measured by the annualized standard deviation of its returns. Higher volatility generally indicates higher risk. The more a fund's returns vary from the fund's average return, the more volatile the fund and the higher the standard deviation. The purpose of managing the volatility of returns is to attempt to limit exposure to more volatile asset classes, including both equities and fixed-income asset classes, during periods of high volatility and protect the fund from losses during market declines. The fund also seeks to limit the magnitude of portfolio losses in order to limit exposure during market declines. There can be no assurance that the risk management strategy will be successful in managing the volatility of returns and limiting the magnitude of portfolio losses.

In seeking to manage the volatility of returns and limit the magnitude of portfolio losses, the fund may employ certain risk management techniques using derivative instruments and may reallocate assets between the underlying Equity and Fixed-Income Funds. These derivatives may be used to increase or decrease the fund's net equity exposure and will typically consist of stock index futures, but may also include stock index options, options on stock index futures, and stock index swaps. The fund may also employ risk management techniques using derivatives that may increase or decrease the fund's exposure to certain types of fixed-income securities. These instruments may include government bond futures, swaps, and credit default swaps. For more information about these derivative instruments in which the fund may invest, please see the "Hedging And Other Strategic Transactions" risk section in the Statement of Additional Information. Fund assets employed for its risk management strategy include not only derivative instruments but also fixed-income instruments. Because equity and fixed-income derivative instruments may be purchased with a fraction of the assets that would be needed to purchase the securities directly, the remainder of the assets used for the risk management strategy will be invested in a variety of fixed-income instruments. The fund may be required to hold cash or other liquid assets and post these assets with a broker as collateral to cover its obligation under the futures contracts. The fund's risk management strategy could limit the upside participation of the fund in strong, rising markets with high volatility and could underperform funds that do not use a risk management strategy.

The use of derivatives may be combined with asset allocation techniques. The timing and extent of these techniques will depend on several factors, including market movements. In general, when equity markets are more volatile or are declining, assets may be reallocated to Fixed-Income Funds, cash and/or cash equivalents, and short positions in equity derivative instruments. When equity markets rise, or if volatility is lower, assets may be reallocated to Equity Funds and stock index futures, options, and swaps. Similarly, if fixed-income markets are volatile or are declining, assets may be reallocated to Equity Funds, cash and cash equivalents, and short positions in fixed-income derivative instruments. Even in periods of low volatility, the subadvisor may continue to use risk management techniques to protect against sudden market movements, preserve gains after favorable market conditions, and reduce losses in adverse market conditions. Due to the leverage provided by derivatives, the notional value of the fund's derivative positions could exceed 100% of the fund's assets.

In determining when to employ risk management techniques and/or reallocate assets between Equity Funds and Fixed-Income Funds, the subadvisor may use quantitative models that use historical factors such as market movements, and historical changes in the NAV of the fund to make this determination.

The subadvisor selects the percentage level to be maintained in specific underlying Equity Funds and Fixed-Income Funds, and cash and cash equivalents and may from time to time change the allocation in specific underlying funds or rebalance the underlying funds. From time to time, a significant portion of the fund's underlying fixed income assets may be managed by an affiliated subadvisor. To maintain a target allocation in the underlying funds, daily cash flows for the fund may be directed to its underlying funds that most deviate from target.

The fund may invest in various Equity Funds that as a group hold a wide range of equity type securities. These include small-, mid- and large-capitalization stocks, domestic and foreign securities (including emerging market securities), and sector holdings such as utilities, science, and technology stocks. Each of these Equity Funds has its own investment strategy which, for example, may focus on growth stocks or value stocks or may employ a strategy combining growth and income stocks and/or may invest in derivatives such as options on securities and futures contracts. The fund may also invest in Fixed-Income Funds that as a group hold a wide range of fixed-income securities including investment grade and below-investment-grade debt securities with maturities that range from short to longer term. Below-investment-grade debt securities are also referred to as junk bonds. The Fixed-Income Funds collectively hold various types of debt instruments, such as corporate bonds, mortgage backed securities, U.S. and foreign government issued securities, domestic and international (including emerging markets) securities, inflation-protected securities, and bank loans. Equity Funds and Fixed-Income Funds may include funds that employ a passive investment style (i.e., index funds and exchange-traded funds (ETFs)) and at times most of the fund's assets may be invested in index funds.

The fund may also invest in the securities of other investment companies including ETFs and may invest directly in other types of investments, such as equity and fixed-income securities including U.S. government securities, inflation-protected securities, closed-end funds, exchange-traded notes, and

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Fund summary

partnerships. See "Other Permitted Investments by the Funds of Funds." The fund may also engage in short selling. The fund may engage in active and frequent trading of portfolio securities and other instruments to achieve its primary investment strategies.

The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests.

*Use of Risk Management and Other Strategic Transactions.* In addition to the risk management techniques described above, the fund is authorized to use other investment strategies referred to under "Hedging And Other Strategic Transactions" risk section including, without limitation, investing in foreign currency forward contracts, futures contracts including stock index and foreign currency futures, swaps including interest rate swaps, stock index swaps and credit default swaps and options including stock index options and options on stock index futures, among others.

The manager considers environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund's investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. Because ESG factors are considered alongside other relevant factors, the manager may determine that an investment is appropriate notwithstanding its relative ESG characteristics.

**Principal risks**

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An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money. The fund's investment strategy may not produce the intended results.

The fund's main risks are listed below in alphabetical order, not in order of importance. *Before investing, be sure to read the additional descriptions of these risks beginning on page 257 of the prospectus*.

**<u>Principal risks of investing in the funds of funds</u>**

**Affiliated insurance companies risk.** The advisor may be influenced by the benefits to its affiliated life insurance companies in managing the fund and overseeing its subadvisors. The John Hancock insurance companies issuing guaranteed benefits on variable annuity and insurance contracts investing in the fund have a financial interest in preserving the value of the funds and reducing their volatility due to their obligations for these guaranteed benefits (the cost of providing these guaranteed benefits is related to several factors including the performance and volatility of the fund). To the extent the fund is successful in managing the volatility of returns and downside risk, the John Hancock insurance companies issuing guaranteed benefits on variable annuity and insurance contracts investing in the fund will also benefit from a reduction in their potential investment risk which will reduce their costs of hedging this risk and may reduce their reserve and capital requirements. These financial benefits to the John Hancock insurance companies may be material. The fund and the fund's investment advisor have adopted procedures that are intended to address these conflicts and ensure that the fund is managed in accordance with its disclosed investment objectives and strategies.

**Asset allocation risk.** Although allocation among asset categories generally limits exposure to any one category, the management team may favor a category that performs poorly relative to the others.

**Cash and cash equivalents risk.** Under certain market conditions, such as during a rising stock market, rising interest rate or rising credit spread markets, the use of cash and/or cash equivalents, including money market instruments, could have a negative effect on the fund's ability to achieve its investment objective and may negatively impact the fund's performance.

**Cash collateral risk.** Subject to the requirements of Rule 18f-4, to the extent a fund maintains cash collateral required to cover its obligations, such collateral holdings may have the effect of reducing overall portfolio returns. In addition, because such collateral positions cannot be eliminated or reduced unless the corresponding derivative obligation is eliminated or reduced, a large derivative position may materially limit the subadvisor's flexibility in managing the fund.

**Commodity risk.** Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.

**Credit and counterparty risk.** The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund's securities could affect the fund's performance.

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

**Equity securities risk.** The price of equity securities may decline due to changes in a company's financial condition or overall market conditions.

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Fund summary

**ESG integration risk.** The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund's investments. Integration of ESG factors into the fund's investment process does not preclude the fund from including companies with low ESG characteristics or excluding companies with high ESG characteristics in the fund's investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.

**Exchange-traded fund (ETF) investment risk.** The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF's shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.

**Exchange-traded notes (ETNs) risk.** An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.

**Fixed-income securities risk.** A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security's credit quality may adversely affect fund performance.

**Fund of funds risk.** The fund's ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds' performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor's ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.

**Hedging, derivatives, and other strategic transactions risk.** Hedging, derivatives, and other strategic transactions may increase a fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, options, and swaps. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.

**Hedging risk.** There may be imperfect or even negative correlation between the price of the futures contracts and the price of the underlying securities. For example, futures contracts may not provide an effective hedge because changes in futures contract prices may not track those of the underlying securities or indexes they are intended to hedge. In addition, there are significant differences between the securities and futures markets that could result in an imperfect correlation between the markets, causing a given hedge not to achieve its objectives. The degree of imperfection of correlation depends on circumstances such as variations in speculative market demand for futures, including technical influences in futures trading, and differences between the financial instruments being hedged and the instruments underlying the standard contracts available for trading. A decision as to whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected interest rate trends. In addition, the fund's investment in exchange-traded futures as a result of the risk management strategy could limit the upside participation of the fund in strong, rising markets with high volatility and could cause the fund to underperform funds that do not use a risk management strategy.

**High portfolio turnover risk.** Trading securities actively and frequently can increase transaction costs (thus lowering performance) and taxable distributions.

**Inflation-protected securities risk.** Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.

**Investment company securities risk.** Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.

**Leveraging risk.** Using derivatives may result in a leveraged portfolio. Leveraging long exposures increases a fund's losses when the value of its investments declines. Some derivatives have the potential for unlimited loss, regardless of the size of the initial investment.

**Liquidity risk.** The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions

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Fund summary

during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.

**Master limited partnership (MLP) risk.** MLPs generally reflect the risks associated with their underlying assets and with pooled investment vehicles. MLPs with credit-related holdings are subject to interest-rate risk and risk of default.

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**Quantitative models may not produce the desired results.** In determining when to employ risk management techniques and/or reallocate exposure among equity, fixed-income and cash, the subadvisor uses quantitative models that use historical market data. However, future market conditions may not be consistent with historical periods, and the historical data may not, therefore, prove to be an accurate predictor of future volatility or losses. The model also may not measure or analyze such data effectively. Thus, the quantitative model may not produce the desired results and may not accurately forecast either future volatility or future large market declines, and this would affect the ability of a fund to be successful in managing the volatility of returns and limiting the magnitude of portfolio losses.

**Risk management strategies risk.** The purposes of the risk management strategies are to attempt to limit the fund's total risk exposure during periods of high market volatility and reduce the fund's losses during market declines; however, there is no assurance that these strategies will be successful. These risk management strategies could limit the upside participation of the fund in rising equity markets during periods of high volatility. In instances of equity market declines followed by rising equity markets and significant levels of market volatility, these risk management strategies may detract from fund performance and at times prevent the fund from fully recovering losses by limiting the levels of exposure to equity markets. Due to the use of historical data in the models used in the risk management strategy, there can be delays, especially during volatile markets, in fully implementing the strategy when markets are declining causing the fund to experience greater losses than if the strategy had been fully implemented. There can also be delays, especially during volatile markets, in removing hedges designed to limit losses during declining markets when markets are rising strongly causing the fund to not fully participate in the rising market. The application of risk management techniques can be complex, and misjudgments in implementation may result in under- or over-allocations to equity, fixed-income and/or cash and cash equivalent exposure causing the fund to underperform or experience losses. Also, futures contracts may be subject to exchange-imposed daily price fluctuation limits, and trading may be halted if a contract's price moves above or below the limit on a given day. As a result, the fund may not be able to promptly liquidate unfavorable futures positions and could be required to hold such positions until the delivery date, regardless of changes in its value.

Since the characteristics of many securities change as markets change or time passes, the success of risk management techniques will be subject to the portfolio managers' ability to execute the strategy. Moreover, risk management strategies may increase portfolio transaction costs, which could cause or increase losses or reduce gains. Any one or more of these factors may prevent the fund from achieving the intended risk management goals or could cause the fund to underperform or experience losses (some of which may be sudden) or volatility for any particular period.

**Short positions risk.** In taking a short position, a fund seeks to profit from an anticipated decline in the value of a security or index of securities. If the security or index instead appreciates in value, the fund will incur losses by having to pay to close out its position at a higher price than the price it received to open that position. Unlike losses from declines in long positions in stocks or other securities (which may not exceed the original amount invested), the losses a fund may incur to close out a short position if the underlying security or index increases in value are potentially unlimited.

**Short sales risk.** Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.

**Swaps risk.** Counterparty risk, liquidity risk (i.e., the inability to enter into closing transactions), interest-rate risk, settlement risk, risk of default of the underlying reference obligation and risk of disproportionate loss are the principal risks of engaging in transactions involving swaps.

**Target allocation risk.** The fund's risk profile will change due to reallocation or rebalancing of portfolio assets.

**Use of index futures risk.** While the use of index futures may involve a small investment of cash, the losses to a fund could exceed the amount invested, and in certain cases even the total value of the fund's assets, due to the embedded leverage provided by the derivative. Index futures may also result in a loss to the fund if the counterparty to the transaction does not perform.

**U.S. government agency obligations risk.** The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the

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Fund summary

U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.

**<u>Principal risks of investing in the underlying funds</u>**

**Convertible securities risk.** Convertible securities are subject to certain risks of both equity and debt securities. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. As the market price of underlying common stock declines below the conversion price, the market value of the convertible security tends to be increasingly influenced by its yield.

**Credit and counterparty risk.** The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund's securities could affect the fund's performance.

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

**Equity securities risk.** The price of equity securities may decline due to changes in a company's financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.

**Exchange-traded fund (ETF) investment risk.** The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF's shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.

**Fixed-income securities risk.** A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security's credit quality may adversely affect fund performance.

**Foreign securities risk.** Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets.

**Hedging, derivatives, and other strategic transactions risk.** Hedging, derivatives, and other strategic transactions may increase a fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.

**Index management risk.** Certain factors may cause a fund that is an index fund to track its target index less closely. For example, a subadvisor may select securities that are not fully representative of the index, and the fund's operating expenses and transaction costs, and the size and timing of its cash flows, may result in the fund's performance being different than that of its index. Moreover, the fund will generally reflect the performance of its target index even when the index does not perform well.

**Inflation-protected securities risk.** Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.

**Initial public offerings (IPOs) risk.** IPO share prices are frequently volatile and may significantly impact fund performance.

**Large company risk.** Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.

**Liquidity risk.** The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.

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Fund summary

**Loan participations risk.** Participations and assignments involve special types of risks, including credit risk, interest-rate risk, counterparty risk, liquidity risk, risks associated with extended settlement, and the risks of being a lender.

**Lower-rated and high-yield fixed-income securities risk.** Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.

**Mortgage-backed and asset-backed securities risk.** Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**Sector risk.** When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.

**Small and mid-sized company risk.** Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.

**U.S. government agency obligations risk.** The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.

**Past performance**

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The following information illustrates the variability of the fund's returns and provides some indication of the risks of investing in the fund by showing changes in the fund's performance from year to year and by showing how the fund's average annual returns compared with a broad-based securities market index. Past performance does not indicate future results. The Morningstar U.S. Moderate Target Allocation Index and the fund's custom blended benchmark, the "John Hancock Lifestyle Balanced Index," show how the fund's performance compares against the returns of similar investments. All figures assume dividend reinvestment. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHVIT as its underlying investment option. If such fees and expenses had been reflected, performance would be lower.

**Calendar year total returns (%)—Series I**

![](g224548imgf7d7537f27.jpg)

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| | | |
|:---|:---|:---|
| **Best quarter:** | Q4 2023 | 9.47% |
| **Worst quarter:** | Q1 2020 | -13.22% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Average annual total returns (%)—as of 12/31/2025** | **1 year** | **5 year** | **10 year** |
| **Series I** | 9.72 | &nbsp;&nbsp;&nbsp;&nbsp;4.61 | &nbsp;&nbsp;&nbsp;&nbsp;5.52 |
| **Series II** | 9.51 | &nbsp;&nbsp;&nbsp;&nbsp;4.41 | &nbsp;&nbsp;&nbsp;&nbsp;5.31 |
| **Series NAV** | 9.87 | &nbsp;&nbsp;&nbsp;&nbsp;4.69 | &nbsp;&nbsp;&nbsp;&nbsp;5.58 |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 17.88 | &nbsp;&nbsp;&nbsp;&nbsp;14.42 | &nbsp;&nbsp;&nbsp;&nbsp;14.82 |
| Morningstar U.S. Moderate Target Allocation Index (reflects no deduction for fees, expenses, or taxes) | 14.60 | &nbsp;&nbsp;&nbsp;&nbsp;7.54 | &nbsp;&nbsp;&nbsp;&nbsp;8.88 |
| John Hancock Lifestyle Balanced Index (reflects no deduction for fees, expenses, or taxes, except foreign withholding taxes on <br> dividends)<sup>1</sup><br>| 14.07 | &nbsp;&nbsp;&nbsp;&nbsp;5.83 | &nbsp;&nbsp;&nbsp;&nbsp;7.63 |
| 35% Russell 3000 Index/15% MSCI EAFE Index/50% Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, <br> expenses, or taxes, except foreign withholding taxes on dividends)<br>| 14.25 | &nbsp;&nbsp;&nbsp;&nbsp;5.80 | &nbsp;&nbsp;&nbsp;&nbsp;7.39 |

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**1**

Prior to July 1, 2026, the fund's additional benchmark is the 35% Russell 3000 Index/15% MSCI EAFE Index/50% Bloomberg U.S. Aggregate Bond Index. Effective July 1, 2026, the fund's additional benchmark is the John Hancock Lifestyle Balanced Index. The John Hancock Lifestyle Balanced Index better reflects the universe of investment opportunities based on the fund's investment strategy. As of March 26, 2026, the John Hancock Lifestyle Balanced Index comprises 26% of the S&P 500 Index, 10% of the MSCI World ex-USA Index, 7% of the Russell 2500 Index, 4% of the MSCI Emerging Markets Index, 3% of the John Hancock Real Asset Blended Index, 4% of the ICE BofA U.S. High Yield Index, 4% of the JPMorgan EMBI Global Index, 4% of the Morningstar LSTA Leveraged Loan Index, 30% of the Bloomberg U.S. Aggregate Bond Index, 4% of the ICE BofA Long U.S. STRIPS Index, and 5% of the Bloomberg 1-5 Year TIPS Index.

**Investment management**

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**Investment advisor** John Hancock Variable Trust Advisers LLC

**Subadvisor** Manulife Investment Management (US) LLC

**Portfolio management**

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The following individuals are jointly and primarily responsible for the day-to-day management of the fund's portfolio.

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| | |
|:---|:---|
| **Geoffrey Kelley, CFA** | **Robert E. Sykes, CFA** |
| *Senior Portfolio Manager, Global Head of Strategic*<br> *Asset Allocation and Systematic Equity*<br> Managed fund since 2020<br>| &nbsp;&nbsp; *Senior Portfolio Manager and Head of Asset Allocation*<br> Managed fund since 2018<br>|
| **Jeffrey Wu**<br> *Portfolio Manager and Senior Investment Analyst*<br> Managed fund since 2020<br>|  |

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**Purchase and redemption of fund shares**

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Shares of the fund are not sold directly to the public but generally may be sold only to insurance companies and their separate accounts as the underlying investment options for variable annuity and variable life insurance contracts issued by such companies, to certain entities affiliated with the insurance companies, to those funds of JHVIT that operate as funds of funds and invest in other funds and to certain qualified retirement plans (qualified plans).

Shares of the fund are offered continuously, without sales charge, and are sold and redeemed each business day (which typically is any day the New York Stock Exchange is open) at a price equal to their net asset value (NAV) determined for that business day as set forth under "Valuation of shares" in this prospectus. The Portfolio does not have minimum initial or subsequent investment requirements. Payment for shares redeemed will generally be made within seven days after receipt of a proper notice of redemption.

**Taxes**

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Because shares of the fund may be purchased only through variable insurance contracts and qualified plans, it is expected that any dividends or capital gains distributions made by the fund will be exempt from current federal taxation if left to accumulate within the variable contract or qualified plan. Holders of variable insurance contracts should consult the prospectuses of their respective contracts for information on the federal income tax consequences to such holders.

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Fund summary

**Compensation of financial intermediaries**

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The fund is not sold directly to the general public but instead is offered as an underlying investment option for variable insurance contracts. The distributors of these contracts, the insurance companies that issue the contracts and their related companies (Related Parties), may pay compensation to broker-dealers and other intermediaries for distribution and other services and may enter into revenue sharing arrangements with certain intermediaries. The fund pays fees to the Related Parties for management, distribution and other services. Payments by insurance and related companies to intermediaries may create a conflict of interest by influencing them and their salespersons to recommend such contracts over other investments. Ask your salesperson or visit your financial intermediary's website for more information. In addition, payments by the funds to Related Parties may be a factor that an insurance company considers in including the funds as underlying investment options in variable insurance contracts. The prospectus (or other offering document) for your variable insurance contract may contain additional information about these payments.

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Fund summary

Managed Volatility Conservative Portfolio

**Investment objective**

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To seek current income and growth of capital, while seeking to both manage the volatility of return and limit the magnitude of portfolio losses.

**Fees and expenses**

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This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. **The fees and expenses do not reflect fees and expenses of any variable insurance or variable annuities contract that may use the fund as its underlying investment option and would be higher if they did.** 

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| | | | |
|:---|:---|:---|:---|
| **Annual fund operating expenses (%)** (expenses that you pay each year as a percentage of the value of your investment) | **Series I** | **Series II** | **Series NAV** |
| Management fee | 0.37<br> <sup>1</sup><br>| 0.37<br> <sup>1</sup><br>| 0.37<br> <sup>1</sup><br>|
| Distribution and service (Rule 12b-1) fees | 0.05 | 0.25 | 0.00 |
| Other expenses | 0.05 | 0.05 | 0.05 |
| Acquired fund fees and expenses | 0.43<br> <sup>12</sup><br>| 0.43<br> <sup>12</sup><br>| 0.43<br> <sup>12</sup><br>|
| **Total annual fund operating expenses** | **0.90**<br> <sup>3</sup><br>| **1.10**<br> <sup>3</sup><br>| **0.85**<br> <sup>3</sup><br>|

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**1**

Expense information has been restated to reflect new underlying investment options and asset classes, effective as of July 1, 2026.

**2**

"Acquired fund fees and expenses" are based on indirect net expenses associated with the fund's investments in underlying investment companies.

**3**

The "Total annual fund operating expenses" shown may not correlate to the fund's ratios of expenses to average daily net assets shown in the "Financial highlights" section of the fund's prospectus, which does not include "Acquired fund fees and expenses."

**Expense example**

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The examples are intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The examples assume that $10,000 is invested in the fund for the periods indicated and then all shares are redeemed at the end of those periods. The examples also assume that the investment has a 5% return each year and that the fund's operating expenses remain the same. The expense example does not reflect fees and expenses of any variable insurance contract that may use the fund as its underlying investment option and would be higher if they did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | |
|:---|:---|:---|:---|
| **Expenses ($)** | **Series I** | **Series II** | **Series NAV** |
| 1 year | 92 | 112 | 87 |
| 3 years | 287 | 350 | 271 |
| 5 years | 498 | 606 | 471 |
| 10 years | 1108 | 1340 | 1049 |

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**Portfolio turnover**

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The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or "turns over" its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund's portfolio turnover rate was 11% of the average value of its portfolio.

**Principal investment strategies**

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The Managed Volatility Conservative Portfolio, except as otherwise described below, normally invests primarily in underlying funds that invest primarily in equity securities ("Equity Funds") and underlying funds that invest primarily in fixed-income securities ("Fixed-Income Funds"). The fund may also use certain risk management techniques to seek to manage the volatility of returns (i.e., standard deviation) and limit the magnitude of portfolio losses.

As described below, the fund may directly hold derivative instruments and collateral for these derivative instruments. The fund's economic exposure to equities and fixed-income securities may fluctuate due to its risk management strategy as noted below. The fund may employ a risk management strategy to attempt to manage the volatility of returns and limit the magnitude of portfolio losses. The risk management strategy may cause the fund's economic exposure to equity securities, fixed-income securities and cash and cash equivalents (either directly or through investment in underlying funds or derivatives) to fluctuate, and during extreme market volatility, the fund's economic exposure to either equity or fixed-income securities could be reduced to 0% and its economic exposure to cash and cash equivalents could increase to 100%. The subadvisor normally will seek to limit the fund's exposure to equity securities (either directly or through investment in underlying funds or derivatives) to no more than 22% and normally will seek to

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reduce any equity exposure in excess of this amount as soon as practicable. However, the subadvisor may determine in light of market or economic conditions that the limit should be exceeded to achieve the fund's investment objective.

The fund seeks long term growth of capital while attempting to manage the volatility of returns and limit the magnitude of portfolio losses. The fund seeks to limit the volatility of returns to a range of 5.5% to 6.5% (as measured by annualized standard deviation of the fund's returns). However, during periods of prolonged low market volatility the actual volatility experienced by the fund may fall below the range due to maximum limits on equity and fixed-income exposures.

Volatility is a measure of the magnitude of up and down fluctuations in the fund's NAV over time as measured by the annualized standard deviation of its returns. Higher volatility generally indicates higher risk. The more a fund's returns vary from the fund's average return, the more volatile the fund and the higher the standard deviation. The purpose of managing the volatility of returns is to attempt to limit exposure to more volatile asset classes, including both equities and fixed-income asset classes, during periods of high volatility and protect the fund from losses during market declines. The fund also seeks to limit the magnitude of portfolio losses in order to limit exposure during market declines. There can be no assurance that the risk management strategy will be successful in managing the volatility of returns and limiting the magnitude of portfolio losses.

In seeking to manage the volatility of returns and limit the magnitude of portfolio losses, the fund may employ certain risk management techniques using derivative instruments and may reallocate assets between the underlying Equity and Fixed-Income Funds. These derivatives may be used to increase or decrease the fund's net equity exposure and will typically consist of stock index futures, but may also include stock index options, options on stock index futures, and stock index swaps. The fund may also employ risk management techniques using derivatives that may increase or decrease the fund's exposure to certain types of fixed-income securities. These instruments may include government bond futures, swaps, and credit default swaps. For more information about these derivative instruments in which the fund may invest, please see the "Hedging And Other Strategic Transactions" risk section in the Statement of Additional Information. Fund assets employed for its risk management strategy include not only derivative instruments but also fixed-income instruments. Because equity and fixed-income derivative instruments may be purchased with a fraction of the assets that would be needed to purchase the securities directly, the remainder of the assets used for the risk management strategy will be invested in a variety of fixed-income instruments. The fund may be required to hold cash or other liquid assets and post these assets with a broker as collateral to cover its obligation under the futures contracts. The fund's risk management strategy could limit the upside participation of the fund in strong, rising markets with high volatility and could underperform funds that do not use a risk management strategy.

The use of derivatives may be combined with asset allocation techniques. The timing and extent of these techniques will depend on several factors, including market movements. In general, when equity markets are more volatile or are declining, assets may be reallocated to Fixed-Income Funds, cash and cash equivalents, and short positions in equity derivative instruments. When equity markets rise, or if volatility is lower, assets may be reallocated to Equity Funds and stock index futures, options, and swaps. Similarly, if fixed-income markets are volatile or are declining, assets may be reallocated to Equity Funds, cash and/or cash equivalents, and short positions in fixed-income derivative instruments. Even in periods of low volatility, the subadvisor may continue to use risk management techniques to protect against sudden market movements, preserve gains after favorable market conditions, and reduce losses in adverse market conditions. Due to the leverage provided by derivatives, the notional value of the fund's derivative positions could exceed 100% of the fund's assets.

In determining when to employ risk management techniques and/or reallocate assets between Equity Funds and Fixed-Income Funds, the subadvisor may use quantitative models that use historical factors such as market movements, and historical changes in the NAV of the fund to make this determination.

The subadvisor selects the percentage level to be maintained in specific underlying Equity Funds and Fixed-Income Funds, and cash and cash equivalents and may from time to time change the allocation in specific underlying funds or rebalance the underlying funds. From time to time, a significant portion of the fund's underlying fixed income assets may be managed by an affiliated subadvisor. To maintain a target allocation in the underlying funds, daily cash flows for the fund may be directed to its underlying funds that most deviate from target.

The fund may invest in various Equity Funds that as a group hold a wide range of equity type securities. These include small-, mid- and large-capitalization stocks, domestic and foreign securities (including emerging market securities), and sector holdings such as utilities, science, and technology stocks. Each of these Equity Funds has its own investment strategy which, for example, may focus on growth stocks or value stocks or may employ a strategy combining growth and income stocks and/or may invest in derivatives such as options on securities and futures contracts. The fund may also invest in Fixed-Income Funds that as a group hold a wide range of fixed-income securities including investment grade and below-investment-grade debt securities with maturities that range from short to longer term. Below-investment-grade debt securities are also referred to as junk bonds. The Fixed-Income Funds collectively hold various types of debt instruments, such as corporate bonds, mortgage backed securities, U.S. and foreign government issued securities, domestic and international (including emerging markets) securities, inflation-protected securities, and bank loans. Equity Funds and Fixed-Income Funds may include funds that employ a passive investment style (i.e., index funds and exchange-traded funds (ETFs)) and at times most of the fund's assets may be invested in index funds.

The fund may also invest in the securities of other investment companies including ETFs and may invest directly in other types of investments, such as equity and fixed-income securities including U.S. government securities, inflation-protected securities, closed-end funds, exchange-traded notes, and

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partnerships. See "Other Permitted Investments by the Funds of Funds." The fund may also engage in short selling. The fund may engage in active and frequent trading of portfolio securities and other instruments to achieve its primary investment strategies.

The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests.

*Use of Risk Management and Other Strategic Transactions.* In addition to the risk management techniques described above, the fund is authorized to use other investment strategies referred to under "Hedging And Other Strategic Transactions" risk section including, without limitation, investing in foreign currency forward contracts, futures contracts including stock index and foreign currency futures, swaps including interest rate swaps, stock index swaps and credit default swaps and options including stock index options and options on stock index futures, among others.

The manager considers environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund's investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. Because ESG factors are considered alongside other relevant factors, the manager may determine that an investment is appropriate notwithstanding its relative ESG characteristics.

**Principal risks**

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An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money. The fund's investment strategy may not produce the intended results.

Because this fund has a greater exposure to underlying funds that invest primarily in fixed-income securities than JHVIT Managed Volatility Portfolios with greater target allocations to underlying funds that invest primarily in equity securities, fixed-income security risks are more prevalent in this fund than in other JHVIT Managed Volatility Portfolios. The fund's main risks are listed below in alphabetical order, not in order of importance. *Before investing, be sure to read the additional descriptions of these risks beginning on page 257 of the prospectus.*

**<u>Principal risks of investing in the funds of funds</u>**

**Affiliated insurance companies risk.** The advisor may be influenced by the benefits to its affiliated life insurance companies in managing the fund and overseeing its subadvisors. The John Hancock insurance companies issuing guaranteed benefits on variable annuity and insurance contracts investing in the fund have a financial interest in preserving the value of the funds and reducing their volatility due to their obligations for these guaranteed benefits (the cost of providing these guaranteed benefits is related to several factors including the performance and volatility of the fund). To the extent the fund is successful in managing the volatility of returns and downside risk, the John Hancock insurance companies issuing guaranteed benefits on variable annuity and insurance contracts investing in the fund will also benefit from a reduction in their potential investment risk which will reduce their costs of hedging this risk and may reduce their reserve and capital requirements. These financial benefits to the John Hancock insurance companies may be material. The fund and the fund's investment advisor have adopted procedures that are intended to address these conflicts and ensure that the fund is managed in accordance with its disclosed investment objectives and strategies.

**Asset allocation risk.** Although allocation among asset categories generally limits exposure to any one category, the management team may favor a category that performs poorly relative to the others.

**Cash and cash equivalents risk.** Under certain market conditions, such as during a rising stock market, rising interest rate or rising credit spread markets, the use of cash and/or cash equivalents, including money market instruments, could have a negative effect on the fund's ability to achieve its investment objective and may negatively impact the fund's performance.

**Cash collateral risk.** Subject to the requirements of Rule 18f-4, to the extent a fund maintains cash collateral required to cover its obligations, such collateral holdings may have the effect of reducing overall portfolio returns. In addition, because such collateral positions cannot be eliminated or reduced unless the corresponding derivative obligation is eliminated or reduced, a large derivative position may materially limit the subadvisor's flexibility in managing the fund.

**Commodity risk.** Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.

**Credit and counterparty risk.** The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund's securities could affect the fund's performance.

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

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**Equity securities risk.** The price of equity securities may decline due to changes in a company's financial condition or overall market conditions.

**ESG integration risk.** The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund's investments. Integration of ESG factors into the fund's investment process does not preclude the fund from including companies with low ESG characteristics or excluding companies with high ESG characteristics in the fund's investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.

**Exchange-traded fund (ETF) investment risk.** The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF's shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.

**Exchange-traded notes (ETNs) risk.** An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.

**Fixed-income securities risk.** A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security's credit quality may adversely affect fund performance.

**Fund of funds risk.** The fund's ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds' performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor's ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.

**Hedging, derivatives, and other strategic transactions risk.** Hedging, derivatives, and other strategic transactions may increase a fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, options, and swaps. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.

**Hedging risk.** There may be imperfect or even negative correlation between the price of the futures contracts and the price of the underlying securities. For example, futures contracts may not provide an effective hedge because changes in futures contract prices may not track those of the underlying securities or indexes they are intended to hedge. In addition, there are significant differences between the securities and futures markets that could result in an imperfect correlation between the markets, causing a given hedge not to achieve its objectives. The degree of imperfection of correlation depends on circumstances such as variations in speculative market demand for futures, including technical influences in futures trading, and differences between the financial instruments being hedged and the instruments underlying the standard contracts available for trading. A decision as to whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected interest rate trends. In addition, the fund's investment in exchange-traded futures as a result of the risk management strategy could limit the upside participation of the fund in strong, rising markets with high volatility and could cause the fund to underperform funds that do not use a risk management strategy.

**High portfolio turnover risk.** Trading securities actively and frequently can increase transaction costs (thus lowering performance) and taxable distributions.

**Inflation-protected securities risk.** Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.

**Investment company securities risk.** Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.

**Leveraging risk.** Using derivatives may result in a leveraged portfolio. Leveraging long exposures increases a fund's losses when the value of its investments declines. Some derivatives have the potential for unlimited loss, regardless of the size of the initial investment.

**Liquidity risk.** The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions

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Fund summary

during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.

**Master limited partnership (MLP) risk.** MLPs generally reflect the risks associated with their underlying assets and with pooled investment vehicles. MLPs with credit-related holdings are subject to interest-rate risk and risk of default.

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**Quantitative models may not produce the desired results.** In determining when to employ risk management techniques and/or reallocate exposure among equity, fixed-income and cash, the subadvisor uses quantitative models that use historical market data. However, future market conditions may not be consistent with historical periods, and the historical data may not, therefore, prove to be an accurate predictor of future volatility or losses. The model also may not measure or analyze such data effectively. Thus, the quantitative model may not produce the desired results and may not accurately forecast either future volatility or future large market declines, and this would affect the ability of a fund to be successful in managing the volatility of returns and limiting the magnitude of portfolio losses.

**Risk management strategies risk.** The purposes of the risk management strategies are to attempt to limit the fund's total risk exposure during periods of high market volatility and reduce the fund's losses during market declines; however, there is no assurance that these strategies will be successful. These risk management strategies could limit the upside participation of the fund in rising equity markets during periods of high volatility. In instances of equity market declines followed by rising equity markets and significant levels of market volatility, these risk management strategies may detract from fund performance and at times prevent the fund from fully recovering losses by limiting the levels of exposure to equity markets. Due to the use of historical data in the models used in the risk management strategy, there can be delays, especially during volatile markets, in fully implementing the strategy when markets are declining causing the fund to experience greater losses than if the strategy had been fully implemented. There can also be delays, especially during volatile markets, in removing hedges designed to limit losses during declining markets when markets are rising strongly causing the fund to not fully participate in the rising market. The application of risk management techniques can be complex, and misjudgments in implementation may result in under- or over-allocations to equity, fixed-income and/or cash and cash equivalent exposure causing the fund to underperform or experience losses. Also, futures contracts may be subject to exchange-imposed daily price fluctuation limits, and trading may be halted if a contract's price moves above or below the limit on a given day. As a result, the fund may not be able to promptly liquidate unfavorable futures positions and could be required to hold such positions until the delivery date, regardless of changes in its value.

Since the characteristics of many securities change as markets change or time passes, the success of risk management techniques will be subject to the portfolio managers' ability to execute the strategy. Moreover, risk management strategies may increase portfolio transaction costs, which could cause or increase losses or reduce gains. Any one or more of these factors may prevent the fund from achieving the intended risk management goals or could cause the fund to underperform or experience losses (some of which may be sudden) or volatility for any particular period.

**Short positions risk.** In taking a short position, a fund seeks to profit from an anticipated decline in the value of a security or index of securities. If the security or index instead appreciates in value, the fund will incur losses by having to pay to close out its position at a higher price than the price it received to open that position. Unlike losses from declines in long positions in stocks or other securities (which may not exceed the original amount invested), the losses a fund may incur to close out a short position if the underlying security or index increases in value are potentially unlimited.

**Short sales risk.** Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.

**Swaps risk.** Counterparty risk, liquidity risk (i.e., the inability to enter into closing transactions), interest-rate risk, settlement risk, risk of default of the underlying reference obligation and risk of disproportionate loss are the principal risks of engaging in transactions involving swaps.

**Target allocation risk.** The fund's risk profile will change due to reallocation or rebalancing of portfolio assets.

**Use of index futures risk.** While the use of index futures may involve a small investment of cash, the losses to a fund could exceed the amount invested, and in certain cases even the total value of the fund's assets, due to the embedded leverage provided by the derivative. Index futures may also result in a loss to the fund if the counterparty to the transaction does not perform.

**U.S. government agency obligations risk.** The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the

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Fund summary

U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.

**<u>Principal risks of investing in the underlying funds</u>**

**Convertible securities risk.** Convertible securities are subject to certain risks of both equity and debt securities. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. As the market price of underlying common stock declines below the conversion price, the market value of the convertible security tends to be increasingly influenced by its yield.

**Credit and counterparty risk.** The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund's securities could affect the fund's performance.

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

**Equity securities risk.** The price of equity securities may decline due to changes in a company's financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.

**Exchange-traded fund (ETF) investment risk.** The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF's shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.

**Fixed-income securities risk.** A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security's credit quality may adversely affect fund performance.

**Foreign securities risk.** Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets.

**Hedging, derivatives, and other strategic transactions risk.** Hedging, derivatives, and other strategic transactions may increase a fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.

**Index management risk.** Certain factors may cause a fund that is an index fund to track its target index less closely. For example, a subadvisor may select securities that are not fully representative of the index, and the fund's operating expenses and transaction costs, and the size and timing of its cash flows, may result in the fund's performance being different than that of its index. Moreover, the fund will generally reflect the performance of its target index even when the index does not perform well.

**Inflation-protected securities risk.** Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.

**Initial public offerings (IPOs) risk.** IPO share prices are frequently volatile and may significantly impact fund performance.

**Large company risk.** Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.

**Liquidity risk.** The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.

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**Loan participations risk.** Participations and assignments involve special types of risks, including credit risk, interest-rate risk, counterparty risk, liquidity risk, risks associated with extended settlement, and the risks of being a lender.

**Lower-rated and high-yield fixed-income securities risk.** Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.

**Mortgage-backed and asset-backed securities risk.** Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**Sector risk.** When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.

**Small and mid-sized company risk.** Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.

**U.S. government agency obligations risk.** The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.

**Past performance**

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The following information illustrates the variability of the fund's returns and provides some indication of the risks of investing in the fund by showing changes in the fund's performance from year to year and by showing how the fund's average annual returns compared with a broad-based securities market index. Past performance does not indicate future results. The Morningstar U.S. Conservative Target Allocation Index and the fund's custom blended benchmark, the "John Hancock Lifestyle Conservative Index," show how the fund's performance compares against the returns of similar investments. All figures assume dividend reinvestment. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHVIT as its underlying investment option. If such fees and expenses had been reflected, performance would be lower.

**Calendar year total returns (%)—Series I**

![](g224548img0cf6e64e28.jpg)

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| | | |
|:---|:---|:---|
| **Best quarter:** | Q4 2023 | 6.02% |
| **Worst quarter:** | Q2 2022 | -7.12% |

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| | | | |
|:---|:---|:---|:---|
| **Average annual total returns (%)—as of 12/31/2025** | **1 year** | **5 year** | **10 year** |
| **Series I** | 8.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;3.09 |
| **Series II** | 8.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;2.89 |
| **Series NAV** | 8.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;3.14 |
| Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes) | 7.30 | &nbsp;&nbsp;&nbsp; -0.36 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 |
| Morningstar U.S. Conservative Target Allocation Index (reflects no deduction for fees, expenses, or taxes) | 9.61 | &nbsp;&nbsp;&nbsp;&nbsp;2.99 | &nbsp;&nbsp;&nbsp;&nbsp;4.67 |
| John Hancock Lifestyle Conservative Index (reflects no deduction for fees, expenses, or taxes, except foreign withholding taxes on <br> dividends)<sup>1</sup><br>| 10.33 | &nbsp;&nbsp;&nbsp;&nbsp;3.15 | &nbsp;&nbsp;&nbsp;&nbsp;4.90 |
| 14% Russell 3000 Index/6% MSCI EAFE Index/80% Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, <br> or taxes, except foreign withholding taxes on dividends)<br>| 10.06 | &nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;4.19 |

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**1**

Prior to July 1, 2026, the fund's additional benchmark is the 14% Russell 3000 Index/6% MSCI EAFE Index/80% Bloomberg U.S. Aggregate Bond Index. Effective July 1, 2026, the fund's additional benchmark is the John Hancock Lifestyle Conservative Index. The John Hancock Lifestyle Conservative Index better reflects the universe of investment opportunities based on the fund's investment strategy. The John Hancock Lifestyle Conservative Index comprises 11% of the S&P 500 Index, 5% of the MSCI World ex-USA Index, 3% of the Russell 2500 Index, 1% of the MSCI Emerging Markets Index, 6% of the ICE BofA U.S. High Yield Index, 6% of the JPMorgan EMBI Global Index, 6% of the Morningstar LSTA Leveraged Loan Index, 52% of the Bloomberg U.S. Aggregate Bond Index, and 10% of the Bloomberg 1-5 Year TIPS Index.

**Investment management**

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**Investment advisor** John Hancock Variable Trust Advisers LLC

**Subadvisor** Manulife Investment Management (US) LLC

**Portfolio management**

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The following individuals are jointly and primarily responsible for the day-to-day management of the fund's portfolio.

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| | |
|:---|:---|
| **Geoffrey Kelley, CFA** | **Robert E. Sykes, CFA** |
| *Senior Portfolio Manager, Global Head of Strategic*<br> *Asset Allocation and Systematic Equity*<br> Managed fund since 2020<br>| &nbsp;&nbsp; *Senior Portfolio Manager and Head of Asset Allocation*<br> Managed fund since 2018<br>|
| **Jeffrey Wu**<br> *Portfolio Manager and Senior Investment Analyst*<br> Managed fund since 2020<br>|  |

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**Purchase and redemption of fund shares**

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Shares of the fund are not sold directly to the public but generally may be sold only to insurance companies and their separate accounts as the underlying investment options for variable annuity and variable life insurance contracts issued by such companies, to certain entities affiliated with the insurance companies, to those funds of JHVIT that operate as funds of funds and invest in other funds and to certain qualified retirement plans (qualified plans).

Shares of the fund are offered continuously, without sales charge, and are sold and redeemed each business day (which typically is any day the New York Stock Exchange is open) at a price equal to their net asset value (NAV) determined for that business day as set forth under "Valuation of shares" in this prospectus. The Portfolio does not have minimum initial or subsequent investment requirements. Payment for shares redeemed will generally be made within seven days after receipt of a proper notice of redemption.

**Taxes**

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Because shares of the fund may be purchased only through variable insurance contracts and qualified plans, it is expected that any dividends or capital gains distributions made by the fund will be exempt from current federal taxation if left to accumulate within the variable contract or qualified plan. Holders of variable insurance contracts should consult the prospectuses of their respective contracts for information on the federal income tax consequences to such holders.

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**Compensation of financial intermediaries**

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The fund is not sold directly to the general public but instead is offered as an underlying investment option for variable insurance contracts. The distributors of these contracts, the insurance companies that issue the contracts and their related companies (Related Parties), may pay compensation to broker-dealers and other intermediaries for distribution and other services and may enter into revenue sharing arrangements with certain intermediaries. The fund pays fees to the Related Parties for management, distribution and other services. Payments by insurance and related companies to intermediaries may create a conflict of interest by influencing them and their salespersons to recommend such contracts over other investments. Ask your salesperson or visit your financial intermediary's website for more information. In addition, payments by the funds to Related Parties may be a factor that an insurance company considers in including the funds as underlying investment options in variable insurance contracts. The prospectus (or other offering document) for your variable insurance contract may contain additional information about these payments.

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Managed Volatility Growth Portfolio

**Investment objective**

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To seek long term growth of capital while seeking to both manage the volatility of return and limit the magnitude of portfolio losses.

**Fees and expenses**

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This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. **The fees and expenses do not reflect fees and expenses of any variable insurance or variable annuities contract that may use the fund as its underlying investment option and would be higher if they did.** 

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| | | | |
|:---|:---|:---|:---|
| **Annual fund operating expenses (%)** (expenses that you pay each year as a percentage of the value of your investment) | **Series I** | **Series II** | **Series NAV** |
| Management fee | 0.30<br> <sup>1</sup><br>| 0.30<br> <sup>1</sup><br>| 0.30<br> <sup>1</sup><br>|
| Distribution and service (Rule 12b-1) fees | 0.05 | 0.25 | 0.00 |
| Other expenses | 0.03 | 0.03 | 0.03 |
| Acquired fund fees and expenses | 0.58<br> <sup>12</sup><br>| 0.58<br> <sup>12</sup><br>| 0.58<br> <sup>12</sup><br>|
| **Total annual fund operating expenses** | **0.96**<br> <sup>3</sup><br>| **1.16**<br> <sup>3</sup><br>| **0.91**<br> <sup>3</sup><br>|

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**1**

Expense information has been restated to reflect new underlying investment options and asset classes, effective as of July 1, 2026.

**2**

"Acquired fund fees and expenses" are based on indirect net expenses associated with the fund's investments in underlying investment companies.

**3**

The "Total annual fund operating expenses" shown may not correlate to the fund's ratios of expenses to average daily net assets shown in the "Financial highlights" section of the fund's prospectus, which does not include "Acquired fund fees and expenses."

**Expense example**

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The examples are intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The examples assume that $10,000 is invested in the fund for the periods indicated and then all shares are redeemed at the end of those periods. The examples also assume that the investment has a 5% return each year and that the fund's operating expenses remain the same. The expense example does not reflect fees and expenses of any variable insurance contract that may use the fund as its underlying investment option and would be higher if they did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | |
|:---|:---|:---|:---|
| **Expenses ($)** | **Series I** | **Series II** | **Series NAV** |
| 1 year | 98 | 118 | 93 |
| 3 years | 306 | 368 | 290 |
| 5 years | 531 | 638 | 504 |
| 10 years | 1178 | 1409 | 1120 |

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**Portfolio turnover**

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The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or "turns over" its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund's portfolio turnover rate was 20% of the average value of its portfolio.

**Principal investment strategies**

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The Managed Volatility Growth Portfolio, except as otherwise described below, normally invests primarily in underlying funds that invest primarily in equity securities ("Equity Funds") and underlying funds that invest primarily in fixed-income securities ("Fixed-Income Funds"). The fund may also use certain risk management techniques to seek to manage the volatility of returns (i.e., standard deviation) and limit the magnitude of portfolio losses.

As described below, the fund may directly hold derivative instruments and collateral for these derivative instruments. The fund's economic exposure to equities and fixed-income securities may fluctuate due to its risk management strategy as noted below. The fund may employ a risk management strategy to attempt to manage the volatility of returns and limit the magnitude of portfolio losses. The risk management strategy may cause the fund's economic exposure to equity securities, fixed-income securities and cash and cash equivalents (either directly or through investment in underlying funds or derivatives) to fluctuate, and during extreme market volatility, the fund's economic exposure to either equity or fixed-income securities could be reduced to 0% and its economic exposure to cash and cash equivalents could increase to 100%. The subadvisor normally will seek to limit the fund's exposure to equity securities (either directly or through investment in underlying funds or derivatives) to no more than 77% and normally will seek to

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Fund summary

reduce any equity exposure in excess of this amount as soon as practicable. However, the subadvisor may determine in light of market or economic conditions that the limit should be exceeded to achieve the fund's investment objective.

The fund seeks long term growth of capital while attempting to manage the volatility of returns and limit the magnitude of portfolio losses. The fund seeks to limit the volatility of returns to a range of 11% to 13% (as measured by annualized standard deviation of the fund's returns). However, during periods of prolonged low market volatility the actual volatility experienced by the fund may fall below the range due to maximum limits on equity and fixed-income exposures.

Volatility is a measure of the magnitude of up and down fluctuations in the fund's NAV over time as measured by the annualized standard deviation of its returns. Higher volatility generally indicates higher risk. The more a fund's returns vary from the fund's average return, the more volatile the fund and the higher the standard deviation. The purpose of managing the volatility of returns is to attempt to limit exposure to more volatile asset classes, including both equities and fixed-income asset classes, during periods of high volatility and protect the fund from losses during market declines. The fund also seeks to limit the magnitude of portfolio losses in order to limit exposure during market declines. There can be no assurance that the risk management strategy will be successful in managing the volatility of returns and limiting the magnitude of portfolio losses.

In seeking to manage the volatility of returns and limit the magnitude of portfolio losses, the fund may employ certain risk management techniques using derivative instruments and may reallocate assets between the underlying Equity and Fixed-Income Funds. These derivatives may be used to increase or decrease the fund's net equity exposure and will typically consist of stock index futures, but may also include stock index options, options on stock index futures, and stock index swaps. The fund may also employ risk management techniques using derivatives that may increase or decrease the fund's exposure to certain types of fixed-income securities. These instruments may include government bond futures, swaps, and credit default swaps. For more information about these derivative instruments in which the fund may invest, please see the "Hedging And Other Strategic Transactions" risk section in the Statement of Additional Information. Fund assets employed for its risk management strategy include not only derivative instruments but also fixed-income instruments. Because equity and fixed-income derivative instruments may be purchased with a fraction of the assets that would be needed to purchase the securities directly, the remainder of the assets used for the risk management strategy will be invested in a variety of fixed-income instruments. The fund may be required to hold cash or other liquid assets and post these assets with a broker as collateral to cover its obligation under the futures contracts. The fund's risk management strategy could limit the upside participation of the fund in strong, rising markets with high volatility and could underperform funds that do not use a risk management strategy.

The use of derivatives may be combined with asset allocation techniques. The timing and extent of these techniques will depend on several factors, including market movements. In general, when equity markets are more volatile or are declining, assets may be reallocated to Fixed-Income Funds, cash and/or cash equivalents, and short positions in equity derivative instruments. When equity markets rise, or if volatility is lower, assets may be reallocated to Equity Funds and stock index futures, options, and swaps. Similarly, if fixed-income markets are volatile or are declining, assets may be reallocated to Equity Funds, cash and cash equivalents, and short positions in fixed-income derivative instruments. Even in periods of low volatility, the subadvisor may continue to use risk management techniques to protect against sudden market movements, preserve gains after favorable market conditions, and reduce losses in adverse market conditions. Due to the leverage provided by derivatives, the notional value of the fund's derivative positions could exceed 100% of the fund's assets.

In determining when to employ risk management techniques and/or reallocate assets between Equity Funds and Fixed-Income Funds, the subadvisor may use quantitative models that use historical factors such as market movements, and historical changes in the NAV of the fund to make this determination.

The subadvisor selects the percentage level to be maintained in specific underlying Equity Funds and Fixed-Income Funds, and cash and cash equivalents and may from time to time change the allocation in specific underlying funds or rebalance the underlying funds. From time to time, a significant portion of the fund's underlying fixed income assets may be managed by an affiliated subadvisor. To maintain a target allocation in the underlying funds, daily cash flows for the fund may be directed to its underlying funds that most deviate from target.

The fund may invest in various Equity Funds that as a group hold a wide range of equity type securities. These include small-, mid- and large-capitalization stocks, domestic and foreign securities (including emerging market securities), and sector holdings such as utilities, science, and technology stocks. Each of these Equity Funds has its own investment strategy which, for example, may focus on growth stocks or value stocks or may employ a strategy combining growth and income stocks and/or may invest in derivatives such as options on securities and futures contracts. The fund may also invest in Fixed-Income Funds that as a group hold a wide range of fixed-income securities including investment grade and below-investment-grade debt securities with maturities that range from short to longer term. Below-investment-grade debt securities are also referred to as junk bonds. The Fixed-Income Funds collectively hold various types of debt instruments, such as corporate bonds, mortgage backed securities, U.S. and foreign government issued securities, domestic and international (including emerging markets) securities, inflation-protected securities, and bank loans. Equity Funds and Fixed-Income Funds may include funds that employ a passive investment style (i.e., index funds and exchange-traded funds (ETFs)) and at times most of the fund's assets may be invested in index funds.

The fund may also invest in the securities of other investment companies including ETFs and may invest directly in other types of investments, such as equity and fixed-income securities including U.S. government securities, inflation-protected securities, closed-end funds, exchange-traded notes, and

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partnerships. See "Other Permitted Investments by the Funds of Funds." The fund may also engage in short selling. The fund may engage in active and frequent trading of portfolio securities and other instruments to achieve its primary investment strategies.

The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests.

*Use of Risk Management and Other Strategic Transactions.* In addition to the risk management techniques described above, the fund is authorized to use other investment strategies referred to under "Hedging And Other Strategic Transactions" risk section including, without limitation, investing in foreign currency forward contracts, futures contracts including stock index and foreign currency futures, swaps including interest rate swaps, stock index swaps and credit default swaps and options including stock index options and options on stock index futures, among others.

The manager considers environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund's investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. Because ESG factors are considered alongside other relevant factors, the manager may determine that an investment is appropriate notwithstanding its relative ESG characteristics.

**Principal risks**

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An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money. The fund's investment strategy may not produce the intended results.

Because this fund has a greater exposure to underlying funds that invest primarily in equity securities than JHVIT Managed Volatility Portfolios with greater target allocations to underlying funds that invest primarily in fixed-income securities, equity security risks are more prevalent in this fund than in other JHVIT Managed Volatility Portfolios. The fund's main risks are listed below in alphabetical order, not in order of importance. *Before investing, be sure to read the additional descriptions of these risks beginning on page 257 of the prospectus.*

**<u>Principal risks of investing in the funds of funds</u>**

**Affiliated insurance companies risk.** The advisor may be influenced by the benefits to its affiliated life insurance companies in managing the fund and overseeing its subadvisors. The John Hancock insurance companies issuing guaranteed benefits on variable annuity and insurance contracts investing in the fund have a financial interest in preserving the value of the funds and reducing their volatility due to their obligations for these guaranteed benefits (the cost of providing these guaranteed benefits is related to several factors including the performance and volatility of the fund). To the extent the fund is successful in managing the volatility of returns and downside risk, the John Hancock insurance companies issuing guaranteed benefits on variable annuity and insurance contracts investing in the fund will also benefit from a reduction in their potential investment risk which will reduce their costs of hedging this risk and may reduce their reserve and capital requirements. These financial benefits to the John Hancock insurance companies may be material. The fund and the fund's investment advisor have adopted procedures that are intended to address these conflicts and ensure that the fund is managed in accordance with its disclosed investment objectives and strategies.

**Asset allocation risk.** Although allocation among asset categories generally limits exposure to any one category, the management team may favor a category that performs poorly relative to the others.

**Cash and cash equivalents risk.** Under certain market conditions, such as during a rising stock market, rising interest rate or rising credit spread markets, the use of cash and/or cash equivalents, including money market instruments, could have a negative effect on the fund's ability to achieve its investment objective and may negatively impact the fund's performance.

**Cash collateral risk.** Subject to the requirements of Rule 18f-4, to the extent a fund maintains cash collateral required to cover its obligations, such collateral holdings may have the effect of reducing overall portfolio returns. In addition, because such collateral positions cannot be eliminated or reduced unless the corresponding derivative obligation is eliminated or reduced, a large derivative position may materially limit the subadvisor's flexibility in managing the fund.

**Commodity risk.** Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.

**Credit and counterparty risk.** The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund's securities could affect the fund's performance.

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

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**Equity securities risk.** The price of equity securities may decline due to changes in a company's financial condition or overall market conditions.

**ESG integration risk.** The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund's investments. Integration of ESG factors into the fund's investment process does not preclude the fund from including companies with low ESG characteristics or excluding companies with high ESG characteristics in the fund's investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.

**Exchange-traded fund (ETF) investment risk.** The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF's shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.

**Exchange-traded notes (ETNs) risk.** An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.

**Fixed-income securities risk.** A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security's credit quality may adversely affect fund performance.

**Fund of funds risk.** The fund's ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds' performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor's ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.

**Hedging, derivatives, and other strategic transactions risk.** Hedging, derivatives, and other strategic transactions may increase a fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, options, and swaps. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.

**Hedging risk.** There may be imperfect or even negative correlation between the price of the futures contracts and the price of the underlying securities. For example, futures contracts may not provide an effective hedge because changes in futures contract prices may not track those of the underlying securities or indexes they are intended to hedge. In addition, there are significant differences between the securities and futures markets that could result in an imperfect correlation between the markets, causing a given hedge not to achieve its objectives. The degree of imperfection of correlation depends on circumstances such as variations in speculative market demand for futures, including technical influences in futures trading, and differences between the financial instruments being hedged and the instruments underlying the standard contracts available for trading. A decision as to whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected interest rate trends. In addition, the fund's investment in exchange-traded futures as a result of the risk management strategy could limit the upside participation of the fund in strong, rising markets with high volatility and could cause the fund to underperform funds that do not use a risk management strategy.

**High portfolio turnover risk.** Trading securities actively and frequently can increase transaction costs (thus lowering performance) and taxable distributions.

**Inflation-protected securities risk.** Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.

**Investment company securities risk.** Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.

**Leveraging risk.** Using derivatives may result in a leveraged portfolio. Leveraging long exposures increases a fund's losses when the value of its investments declines. Some derivatives have the potential for unlimited loss, regardless of the size of the initial investment.

**Liquidity risk.** The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions

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during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.

**Master limited partnership (MLP) risk.** MLPs generally reflect the risks associated with their underlying assets and with pooled investment vehicles. MLPs with credit-related holdings are subject to interest-rate risk and risk of default.

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**Quantitative models may not produce the desired results.** In determining when to employ risk management techniques and/or reallocate exposure among equity, fixed-income and cash, the subadvisor uses quantitative models that use historical market data. However, future market conditions may not be consistent with historical periods, and the historical data may not, therefore, prove to be an accurate predictor of future volatility or losses. The model also may not measure or analyze such data effectively. Thus, the quantitative model may not produce the desired results and may not accurately forecast either future volatility or future large market declines, and this would affect the ability of a fund to be successful in managing the volatility of returns and limiting the magnitude of portfolio losses.

**Risk management strategies risk.** The purposes of the risk management strategies are to attempt to limit the fund's total risk exposure during periods of high market volatility and reduce the fund's losses during market declines; however, there is no assurance that these strategies will be successful. These risk management strategies could limit the upside participation of the fund in rising equity markets during periods of high volatility. In instances of equity market declines followed by rising equity markets and significant levels of market volatility, these risk management strategies may detract from fund performance and at times prevent the fund from fully recovering losses by limiting the levels of exposure to equity markets. Due to the use of historical data in the models used in the risk management strategy, there can be delays, especially during volatile markets, in fully implementing the strategy when markets are declining causing the fund to experience greater losses than if the strategy had been fully implemented. There can also be delays, especially during volatile markets, in removing hedges designed to limit losses during declining markets when markets are rising strongly causing the fund to not fully participate in the rising market. The application of risk management techniques can be complex, and misjudgments in implementation may result in under- or over-allocations to equity, fixed-income and/or cash and cash equivalent exposure causing the fund to underperform or experience losses. Also, futures contracts may be subject to exchange-imposed daily price fluctuation limits, and trading may be halted if a contract's price moves above or below the limit on a given day. As a result, the fund may not be able to promptly liquidate unfavorable futures positions and could be required to hold such positions until the delivery date, regardless of changes in its value.

Since the characteristics of many securities change as markets change or time passes, the success of risk management techniques will be subject to the portfolio managers' ability to execute the strategy. Moreover, risk management strategies may increase portfolio transaction costs, which could cause or increase losses or reduce gains. Any one or more of these factors may prevent the fund from achieving the intended risk management goals or could cause the fund to underperform or experience losses (some of which may be sudden) or volatility for any particular period.

**Short positions risk.** In taking a short position, a fund seeks to profit from an anticipated decline in the value of a security or index of securities. If the security or index instead appreciates in value, the fund will incur losses by having to pay to close out its position at a higher price than the price it received to open that position. Unlike losses from declines in long positions in stocks or other securities (which may not exceed the original amount invested), the losses a fund may incur to close out a short position if the underlying security or index increases in value are potentially unlimited.

**Short sales risk.** Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.

**Swaps risk.** Counterparty risk, liquidity risk (i.e., the inability to enter into closing transactions), interest-rate risk, settlement risk, risk of default of the underlying reference obligation and risk of disproportionate loss are the principal risks of engaging in transactions involving swaps.

**Target allocation risk.** The fund's risk profile will change due to reallocation or rebalancing of portfolio assets.

**Use of index futures risk.** While the use of index futures may involve a small investment of cash, the losses to a fund could exceed the amount invested, and in certain cases even the total value of the fund's assets, due to the embedded leverage provided by the derivative. Index futures may also result in a loss to the fund if the counterparty to the transaction does not perform.

**U.S. government agency obligations risk.** The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the

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U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.

**<u>Principal risks of investing in the underlying funds</u>**

**Convertible securities risk.** Convertible securities are subject to certain risks of both equity and debt securities. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. As the market price of underlying common stock declines below the conversion price, the market value of the convertible security tends to be increasingly influenced by its yield.

**Credit and counterparty risk.** The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund's securities could affect the fund's performance.

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

**Equity securities risk.** The price of equity securities may decline due to changes in a company's financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.

**Exchange-traded fund (ETF) investment risk.** The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF's shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.

**Fixed-income securities risk.** A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security's credit quality may adversely affect fund performance.

**Foreign securities risk.** Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets.

**Hedging, derivatives, and other strategic transactions risk.** Hedging, derivatives, and other strategic transactions may increase a fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.

**Index management risk.** Certain factors may cause a fund that is an index fund to track its target index less closely. For example, a subadvisor may select securities that are not fully representative of the index, and the fund's operating expenses and transaction costs, and the size and timing of its cash flows, may result in the fund's performance being different than that of its index. Moreover, the fund will generally reflect the performance of its target index even when the index does not perform well.

**Inflation-protected securities risk.** Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.

**Initial public offerings (IPOs) risk.** IPO share prices are frequently volatile and may significantly impact fund performance.

**Large company risk.** Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.

**Liquidity risk.** The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.

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**Loan participations risk.** Participations and assignments involve special types of risks, including credit risk, interest-rate risk, counterparty risk, liquidity risk, risks associated with extended settlement, and the risks of being a lender.

**Lower-rated and high-yield fixed-income securities risk.** Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.

**Mortgage-backed and asset-backed securities risk.** Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**Sector risk.** When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.

**Small and mid-sized company risk.** Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.

**U.S. government agency obligations risk.** The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.

**Past performance**

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The following information illustrates the variability of the fund's returns and provides some indication of the risks of investing in the fund by showing changes in the fund's performance from year to year and by showing how the fund's average annual returns compared with a broad-based securities market index. Past performance does not indicate future results. The Morningstar U.S. Moderately Aggressive Target Allocation Index and the fund's custom blended benchmark, the "John Hancock Lifestyle Growth Index,"

show how the fund's performance compares against the returns of similar investments. All figures assume dividend reinvestment. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHVIT as its underlying investment option. If such fees and expenses had been reflected, performance would be lower.

**Calendar year total returns (%)—Series I**

![](g224548imgbe2fdb9029.jpg)

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| | | |
|:---|:---|:---|
| **Best quarter:** | Q4 2023 | 10.31% |
| **Worst quarter:** | Q1 2020 | -16.79% |

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Fund summary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Average annual total returns (%)—as of 12/31/2025** | **1 year** | **5 year** | **10 year** |
| **Series I** | 10.82 | &nbsp;&nbsp;&nbsp;&nbsp;6.26 | &nbsp;&nbsp;&nbsp;&nbsp;6.22 |
| **Series II** | 10.57 | &nbsp;&nbsp;&nbsp;&nbsp;6.05 | &nbsp;&nbsp;&nbsp;&nbsp;6.02 |
| **Series NAV** | 10.89 | &nbsp;&nbsp;&nbsp;&nbsp;6.32 | &nbsp;&nbsp;&nbsp;&nbsp;6.28 |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 17.88 | &nbsp;&nbsp;&nbsp;&nbsp;14.42 | &nbsp;&nbsp;&nbsp;&nbsp;14.82 |
| Morningstar U.S. Moderately Aggressive Target Allocation Index (reflects no deduction for fees, expenses, or taxes) | 17.72 | &nbsp;&nbsp;&nbsp;&nbsp;9.40 | &nbsp;&nbsp;&nbsp;&nbsp;10.51 |
| John Hancock Lifestyle Growth Index (reflects no deduction for fees, expenses, or taxes, except foreign withholding taxes on <br> dividends)<sup>1</sup><br>| 16.86 | &nbsp;&nbsp;&nbsp;&nbsp;8.00 | &nbsp;&nbsp;&nbsp;&nbsp;9.49 |
| 49% Russell 3000 Index/21% MSCI EAFE Index/30% Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, <br> expenses, or taxes, except foreign withholding taxes on dividends)<br>| 17.07 | &nbsp;&nbsp;&nbsp;&nbsp;8.27 | &nbsp;&nbsp;&nbsp;&nbsp;9.47 |

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**1**

Prior to July 1, 2026, the fund's additional benchmark is the 49% Russell 3000 Index/21% MSCI EAFE Index/30% Bloomberg U.S. Aggregate Bond Index. Effective July 1, 2026, the fund's additional benchmark is the John Hancock Lifestyle Growth Index. The John Hancock Lifestyle Growth Index better reflects the universe of investment opportunities based on the fund's investment strategy. As of March 26, 2026, the John Hancock Lifestyle Growth Index comprises 36% of the S&P 500 Index, 14% of the MSCI World ex-USA Index, 10% of the Russell 2500 Index, 6% of the MSCI Emerging Markets Index, 4% of the John Hancock Real Asset Blended Index, 2% of the ICE BofA U.S. High Yield Index, 2% of the JPMorgan EMBI Global Index, 2% of the Morningstar LSTA Leveraged Loan Index, 17% of the Bloomberg U.S. Aggregate Bond Index, 3% of the ICE BofA Long U.S. STRIPS Index, and 3% of the Bloomberg 1-5 Year TIPS Index.

**Investment management**

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**Investment advisor** John Hancock Variable Trust Advisers LLC

**Subadvisor** Manulife Investment Management (US) LLC

**Portfolio management**

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The following individuals are jointly and primarily responsible for the day-to-day management of the fund's portfolio.

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| | |
|:---|:---|
| **Geoffrey Kelley, CFA** | **Robert E. Sykes, CFA** |
| *Senior Portfolio Manager, Global Head of Strategic*<br> *Asset Allocation and Systematic Equity*<br> Managed fund since 2020<br>| &nbsp;&nbsp; *Senior Portfolio Manager and Head of Asset Allocation*<br> Managed fund since 2018<br>|
| **Jeffrey Wu**<br> *Portfolio Manager and Senior Investment Analyst*<br> Managed fund since 2020<br>|  |

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**Purchase and redemption of fund shares**

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Shares of the fund are not sold directly to the public but generally may be sold only to insurance companies and their separate accounts as the underlying investment options for variable annuity and variable life insurance contracts issued by such companies, to certain entities affiliated with the insurance companies, to those funds of JHVIT that operate as funds of funds and invest in other funds and to certain qualified retirement plans (qualified plans).

Shares of the fund are offered continuously, without sales charge, and are sold and redeemed each business day (which typically is any day the New York Stock Exchange is open) at a price equal to their net asset value (NAV) determined for that business day as set forth under "Valuation of shares" in this prospectus. The Portfolio does not have minimum initial or subsequent investment requirements. Payment for shares redeemed will generally be made within seven days after receipt of a proper notice of redemption.

**Taxes**

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Because shares of the fund may be purchased only through variable insurance contracts and qualified plans, it is expected that any dividends or capital gains distributions made by the fund will be exempt from current federal taxation if left to accumulate within the variable contract or qualified plan. Holders of variable insurance contracts should consult the prospectuses of their respective contracts for information on the federal income tax consequences to such holders.

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Fund summary

**Compensation of financial intermediaries**

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The fund is not sold directly to the general public but instead is offered as an underlying investment option for variable insurance contracts. The distributors of these contracts, the insurance companies that issue the contracts and their related companies (Related Parties), may pay compensation to broker-dealers and other intermediaries for distribution and other services and may enter into revenue sharing arrangements with certain intermediaries. The fund pays fees to the Related Parties for management, distribution and other services. Payments by insurance and related companies to intermediaries may create a conflict of interest by influencing them and their salespersons to recommend such contracts over other investments. Ask your salesperson or visit your financial intermediary's website for more information. In addition, payments by the funds to Related Parties may be a factor that an insurance company considers in including the funds as underlying investment options in variable insurance contracts. The prospectus (or other offering document) for your variable insurance contract may contain additional information about these payments.

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Fund summary

Managed Volatility Moderate Portfolio

**Investment objective**

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To seek current income and growth of capital while seeking to both manage the volatility of return and limit the magnitude of portfolio losses.

**Fees and expenses**

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This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. **The fees and expenses do not reflect fees and expenses of any variable insurance or variable annuities contract that may use the fund as its underlying investment option and would be higher if they did.** 

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| | | | |
|:---|:---|:---|:---|
| **Annual fund operating expenses (%)** (expenses that you pay each year as a percentage of the value of your investment) | **Series I** | **Series II** | **Series NAV** |
| Management fee | 0.33<br> <sup>1</sup><br>| 0.33<br> <sup>1</sup><br>| 0.33<br> <sup>1</sup><br>|
| Distribution and service (Rule 12b-1) fees | 0.05 | 0.25 | 0.00 |
| Other expenses | 0.04 | 0.04 | 0.04 |
| Acquired fund fees and expenses | 0.50<br> <sup>12</sup><br>| 0.50<br> <sup>12</sup><br>| 0.50<br> <sup>12</sup><br>|
| **Total annual fund operating expenses** | **0.92**<br> <sup>3</sup><br>| **1.12**<br> <sup>3</sup><br>| **0.87**<br> <sup>3</sup><br>|

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**1**

Expense information has been restated to reflect new underlying investment options and asset classes, effective as of July 1, 2026.

**2**

"Acquired fund fees and expenses" are based on indirect net expenses associated with the fund's investments in underlying investment companies.

**3**

The "Total annual fund operating expenses" shown may not correlate to the fund's ratios of expenses to average daily net assets shown in the "Financial highlights" section of the fund's prospectus, which does not include "Acquired fund fees and expenses."

**Expense example**

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The examples are intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The examples assume that $10,000 is invested in the fund for the periods indicated and then all shares are redeemed at the end of those periods. The examples also assume that the investment has a 5% return each year and that the fund's operating expenses remain the same. The expense example does not reflect fees and expenses of any variable insurance contract that may use the fund as its underlying investment option and would be higher if they did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | |
|:---|:---|:---|:---|
| **Expenses ($)** | **Series I** | **Series II** | **Series NAV** |
| 1 year | 94 | 114 | 89 |
| 3 years | 293 | 356 | 278 |
| 5 years | 509 | 617 | 482 |
| 10 years | 1131 | 1363 | 1073 |

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**Portfolio turnover**

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The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or "turns over" its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund's portfolio turnover rate was 16% of the average value of its portfolio.

**Principal investment strategies**

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The Managed Volatility Moderate Portfolio, except as otherwise described below, normally invests primarily in underlying funds that invest primarily in equity securities ("Equity Funds") and underlying funds that invest primarily in fixed-income securities ("Fixed-Income Funds"). The fund may also use certain risk management techniques to seek to manage the volatility of returns (i.e., standard deviation) and limit the magnitude of portfolio losses.

As described below, the fund may directly hold derivative instruments and collateral for these derivative instruments. The fund's economic exposure to equities and fixed-income securities may fluctuate due to its risk management strategy as noted below. The fund may employ a risk management strategy to attempt to manage the volatility of returns and limit the magnitude of portfolio losses. The risk management strategy may cause the fund's economic exposure to equity securities, fixed-income securities and cash and cash equivalents (either directly or through investment in underlying funds or derivatives) to fluctuate, and during extreme market volatility, the fund's economic exposure to either equity or fixed-income securities could be reduced to 0% and its economic exposure to cash and cash equivalents could increase to 100%. The subadvisor normally will seek to limit the fund's exposure to equity securities (either directly or through investment in underlying funds or derivatives) to no more than 44% and normally will seek to

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Fund summary

reduce any equity exposure in excess of this amount as soon as practicable. However, the subadvisor may determine in light of market or economic conditions that the limit should be exceeded to achieve the fund's investment objective.

The fund seeks long term growth of capital while attempting to manage the volatility of returns and limit the magnitude of portfolio losses. The fund seeks to limit the volatility of returns to a range of 7% to 9% (as measured by annualized standard deviation of the fund's returns). However, during periods of prolonged low market volatility the actual volatility experienced by the fund may fall below the range due to maximum limits on equity and fixed-income exposures.

Volatility is a measure of the magnitude of up and down fluctuations in the fund's NAV over time as measured by the annualized standard deviation of its returns. Higher volatility generally indicates higher risk. The more a fund's returns vary from the fund's average return, the more volatile the fund and the higher the standard deviation. The purpose of managing the volatility of returns is to attempt to limit exposure to more volatile asset classes, including both equities and fixed-income asset classes, during periods of high volatility and protect the fund from losses during market declines. The fund also seeks to limit the magnitude of portfolio losses in order to limit exposure during market declines. There can be no assurance that the risk management strategy will be successful in managing the volatility of returns and limiting the magnitude of portfolio losses.

In seeking to manage the volatility of returns and limit the magnitude of portfolio losses, the fund may employ certain risk management techniques using derivative instruments and may reallocate assets between the underlying Equity and Fixed-Income Funds. These derivatives may be used to increase or decrease the fund's net equity exposure and will typically consist of stock index futures, but may also include stock index options, options on stock index futures, and stock index swaps. The fund may also employ risk management techniques using derivatives that may increase or decrease the fund's exposure to certain types of fixed-income securities. These instruments may include government bond futures, swaps, and credit default swaps. For more information about these derivative instruments in which the fund may invest, please see the "Hedging And Other Strategic Transactions" risk section in the Statement of Additional Information. Fund assets employed for its risk management strategy include not only derivative instruments but also fixed-income instruments. Because equity and fixed-income derivative instruments may be purchased with a fraction of the assets that would be needed to purchase the securities directly, the remainder of the assets used for the risk management strategy will be invested in a variety of fixed-income instruments. The fund may be required to hold cash or other liquid assets and post these assets with a broker as collateral to cover its obligation under the futures contracts. The fund's risk management strategy could limit the upside participation of the fund in strong, rising markets with high volatility and could underperform funds that do not use a risk management strategy.

The use of derivatives may be combined with asset allocation techniques. The timing and extent of these techniques will depend on several factors, including market movements. In general, when equity markets are more volatile or are declining, assets may be reallocated to Fixed-Income Funds, cash and/or cash equivalents, and short positions in equity derivative instruments. When equity markets rise, or if volatility is lower, assets may be reallocated to Equity Funds and stock index futures, options, and swaps. Similarly, if fixed-income markets are volatile or are declining, assets may be reallocated to Equity Funds, cash and cash equivalents, and short positions in fixed-income derivative instruments. Even in periods of low volatility, the subadvisor may continue to use risk management techniques to protect against sudden market movements, preserve gains after favorable market conditions, and reduce losses in adverse market conditions. Due to the leverage provided by derivatives, the notional value of the fund's derivative positions could exceed 100% of the fund's assets.

In determining when to employ risk management techniques and/or reallocate assets between Equity Funds and Fixed-Income Funds, the subadvisor may use quantitative models that use historical factors such as market movements, and historical changes in the NAV of the fund to make this determination.

The subadvisor selects the percentage level to be maintained in specific underlying Equity Funds and Fixed-Income Funds, and cash and cash equivalents and may from time to time change the allocation in specific underlying funds or rebalance the underlying funds. From time to time, a significant portion of the fund's underlying fixed income assets may be managed by an affiliated subadvisor. To maintain a target allocation in the underlying funds, daily cash flows for the fund may be directed to its underlying funds that most deviate from target.

The fund may invest in various Equity Funds that as a group hold a wide range of equity type securities. These include small-, mid- and large-capitalization stocks, domestic and foreign securities (including emerging market securities), and sector holdings such as utilities, science, and technology stocks. Each of these Equity Funds has its own investment strategy which, for example, may focus on growth stocks or value stocks or may employ a strategy combining growth and income stocks and/or may invest in derivatives such as options on securities and futures contracts. The fund may also invest in Fixed-Income Funds that as a group hold a wide range of fixed-income securities including investment grade and below-investment-grade debt securities with maturities that range from short to longer term. Below-investment-grade debt securities are also referred to as junk bonds. The Fixed-Income Funds collectively hold various types of debt instruments, such as corporate bonds, mortgage backed securities, U.S. and foreign government issued securities, domestic and international (including emerging markets) securities, inflation-protected securities and bank loans. Equity Funds and Fixed-Income Funds may include funds that employ a passive investment style (i.e., index funds and exchange-traded funds (ETFs)) and at times most of the fund's assets may be invested in index funds.

The fund may also invest in the securities of other investment companies including ETFs and may invest directly in other types of investments, such as equity and fixed-income securities including U.S. government securities, inflation-protected securities, closed-end funds, exchange-traded notes, and

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Fund summary

partnerships. See "Other Permitted Investments by the Funds of Funds." The fund may also engage in short selling. The fund may engage in active and frequent trading of portfolio securities and other instruments to achieve its primary investment strategies.

The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests.

*Use of Risk Management and Other Strategic Transactions.* In addition to the risk management techniques described above, the fund is authorized to use other investment strategies referred to under "Hedging And Other Strategic Transactions" risk section including, without limitation, investing in foreign currency forward contracts, futures contracts including stock index and foreign currency futures, swaps including interest rate swaps, stock index swaps and credit default swaps and options including stock index options and options on stock index futures, among others.

The manager considers environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund's investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. Because ESG factors are considered alongside other relevant factors, the manager may determine that an investment is appropriate notwithstanding its relative ESG characteristics.

**Principal risks**

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An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money. The fund's investment strategy may not produce the intended results.

Because this fund has a greater exposure to underlying funds that invest primarily in equity securities than JHVIT Managed Volatility Portfolios with greater target allocations to underlying funds that invest primarily in fixed-income securities, equity security risks are more prevalent in this fund than in other JHVIT Managed Volatility Portfolios. The fund's main risks are listed below in alphabetical order, not in order of importance. *Before investing, be sure to read the additional descriptions of these risks beginning on page 257 of the prospectus.*

**<u>Principal risks of investing in the funds of funds</u>**

**Affiliated insurance companies risk.** The advisor may be influenced by the benefits to its affiliated life insurance companies in managing the fund and overseeing its subadvisors. The John Hancock insurance companies issuing guaranteed benefits on variable annuity and insurance contracts investing in the fund have a financial interest in preserving the value of the funds and reducing their volatility due to their obligations for these guaranteed benefits (the cost of providing these guaranteed benefits is related to several factors including the performance and volatility of the fund). To the extent the fund is successful in managing the volatility of returns and downside risk, the John Hancock insurance companies issuing guaranteed benefits on variable annuity and insurance contracts investing in the fund will also benefit from a reduction in their potential investment risk which will reduce their costs of hedging this risk and may reduce their reserve and capital requirements. These financial benefits to the John Hancock insurance companies may be material. The fund and the fund's investment advisor have adopted procedures that are intended to address these conflicts and ensure that the fund is managed in accordance with its disclosed investment objectives and strategies.

**Asset allocation risk.** Although allocation among asset categories generally limits exposure to any one category, the management team may favor a category that performs poorly relative to the others.

**Cash and cash equivalents risk.** Under certain market conditions, such as during a rising stock market, rising interest rate or rising credit spread markets, the use of cash and/or cash equivalents, including money market instruments, could have a negative effect on the fund's ability to achieve its investment objective and may negatively impact the fund's performance.

**Cash collateral risk.** Subject to the requirements of Rule 18f-4, to the extent a fund maintains cash collateral required to cover its obligations, such collateral holdings may have the effect of reducing overall portfolio returns. In addition, because such collateral positions cannot be eliminated or reduced unless the corresponding derivative obligation is eliminated or reduced, a large derivative position may materially limit the subadvisor's flexibility in managing the fund.

**Commodity risk.** Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.

**Credit and counterparty risk.** The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund's securities could affect the fund's performance.

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

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Fund summary

**Equity securities risk.** The price of equity securities may decline due to changes in a company's financial condition or overall market conditions.

**ESG integration risk.** The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund's investments. Integration of ESG factors into the fund's investment process does not preclude the fund from including companies with low ESG characteristics or excluding companies with high ESG characteristics in the fund's investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.

**Exchange-traded fund (ETF) investment risk.** The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF's shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.

**Exchange-traded notes (ETNs) risk.** An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.

**Fixed-income securities risk.** A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security's credit quality may adversely affect fund performance.

**Fund of funds risk.** The fund's ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds' performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor's ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.

**Hedging, derivatives, and other strategic transactions risk.** Hedging, derivatives, and other strategic transactions may increase a fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, options, and swaps. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.

**Hedging risk.** There may be imperfect or even negative correlation between the price of the futures contracts and the price of the underlying securities. For example, futures contracts may not provide an effective hedge because changes in futures contract prices may not track those of the underlying securities or indexes they are intended to hedge. In addition, there are significant differences between the securities and futures markets that could result in an imperfect correlation between the markets, causing a given hedge not to achieve its objectives. The degree of imperfection of correlation depends on circumstances such as variations in speculative market demand for futures, including technical influences in futures trading, and differences between the financial instruments being hedged and the instruments underlying the standard contracts available for trading. A decision as to whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected interest rate trends. In addition, the fund's investment in exchange-traded futures as a result of the risk management strategy could limit the upside participation of the fund in strong, rising markets with high volatility and could cause the fund to underperform funds that do not use a risk management strategy.

**High portfolio turnover risk.** Trading securities actively and frequently can increase transaction costs (thus lowering performance) and taxable distributions.

**Inflation-protected securities risk.** Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.

**Investment company securities risk.** Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.

**Leveraging risk.** Using derivatives may result in a leveraged portfolio. Leveraging long exposures increases a fund's losses when the value of its investments declines. Some derivatives have the potential for unlimited loss, regardless of the size of the initial investment.

**Liquidity risk.** The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions

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Fund summary

during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.

**Master limited partnership (MLP) risk.** MLPs generally reflect the risks associated with their underlying assets and with pooled investment vehicles. MLPs with credit-related holdings are subject to interest-rate risk and risk of default.

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**Quantitative models may not produce the desired results.** In determining when to employ risk management techniques and/or reallocate exposure among equity, fixed-income and cash, the subadvisor uses quantitative models that use historical market data. However, future market conditions may not be consistent with historical periods, and the historical data may not, therefore, prove to be an accurate predictor of future volatility or losses. The model also may not measure or analyze such data effectively. Thus, the quantitative model may not produce the desired results and may not accurately forecast either future volatility or future large market declines, and this would affect the ability of a fund to be successful in managing the volatility of returns and limiting the magnitude of portfolio losses.

**Risk management strategies risk.** The purposes of the risk management strategies are to attempt to limit the fund's total risk exposure during periods of high market volatility and reduce the fund's losses during market declines; however, there is no assurance that these strategies will be successful. These risk management strategies could limit the upside participation of the fund in rising equity markets during periods of high volatility. In instances of equity market declines followed by rising equity markets and significant levels of market volatility, these risk management strategies may detract from fund performance and at times prevent the fund from fully recovering losses by limiting the levels of exposure to equity markets. Due to the use of historical data in the models used in the risk management strategy, there can be delays, especially during volatile markets, in fully implementing the strategy when markets are declining causing the fund to experience greater losses than if the strategy had been fully implemented. There can also be delays, especially during volatile markets, in removing hedges designed to limit losses during declining markets when markets are rising strongly causing the fund to not fully participate in the rising market. The application of risk management techniques can be complex, and misjudgments in implementation may result in under- or over-allocations to equity, fixed-income and/or cash and cash equivalent exposure causing the fund to underperform or experience losses. Also, futures contracts may be subject to exchange-imposed daily price fluctuation limits, and trading may be halted if a contract's price moves above or below the limit on a given day. As a result, the fund may not be able to promptly liquidate unfavorable futures positions and could be required to hold such positions until the delivery date, regardless of changes in its value.

Since the characteristics of many securities change as markets change or time passes, the success of risk management techniques will be subject to the portfolio managers' ability to execute the strategy. Moreover, risk management strategies may increase portfolio transaction costs, which could cause or increase losses or reduce gains. Any one or more of these factors may prevent the fund from achieving the intended risk management goals or could cause the fund to underperform or experience losses (some of which may be sudden) or volatility for any particular period.

**Short positions risk.** In taking a short position, a fund seeks to profit from an anticipated decline in the value of a security or index of securities. If the security or index instead appreciates in value, the fund will incur losses by having to pay to close out its position at a higher price than the price it received to open that position. Unlike losses from declines in long positions in stocks or other securities (which may not exceed the original amount invested), the losses a fund may incur to close out a short position if the underlying security or index increases in value are potentially unlimited.

**Short sales risk.** Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.

**Swaps risk.** Counterparty risk, liquidity risk (i.e., the inability to enter into closing transactions), interest-rate risk, settlement risk, risk of default of the underlying reference obligation and risk of disproportionate loss are the principal risks of engaging in transactions involving swaps.

**Target allocation risk.** The fund's risk profile will change due to reallocation or rebalancing of portfolio assets.

**Use of index futures risk.** While the use of index futures may involve a small investment of cash, the losses to a fund could exceed the amount invested, and in certain cases even the total value of the fund's assets, due to the embedded leverage provided by the derivative. Index futures may also result in a loss to the fund if the counterparty to the transaction does not perform.

**U.S. government agency obligations risk.** The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the

**159**

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Fund summary

U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.

**<u>Principal risks of investing in the underlying funds</u>**

**Convertible securities risk.** Convertible securities are subject to certain risks of both equity and debt securities. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. As the market price of underlying common stock declines below the conversion price, the market value of the convertible security tends to be increasingly influenced by its yield.

**Credit and counterparty risk.** The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund's securities could affect the fund's performance.

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

**Equity securities risk.** The price of equity securities may decline due to changes in a company's financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.

**Exchange-traded fund (ETF) investment risk.** The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF's shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.

**Fixed-income securities risk.** A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security's credit quality may adversely affect fund performance.

**Foreign securities risk.** Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets.

**Hedging, derivatives, and other strategic transactions risk.** Hedging, derivatives, and other strategic transactions may increase a fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.

**Index management risk.** Certain factors may cause a fund that is an index fund to track its target index less closely. For example, a subadvisor may select securities that are not fully representative of the index, and the fund's operating expenses and transaction costs, and the size and timing of its cash flows, may result in the fund's performance being different than that of its index. Moreover, the fund will generally reflect the performance of its target index even when the index does not perform well.

**Inflation-protected securities risk.** Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.

**Initial public offerings (IPOs) risk.** IPO share prices are frequently volatile and may significantly impact fund performance.

**Large company risk.** Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.

**Liquidity risk.** The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.

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Fund summary

**Loan participations risk.** Participations and assignments involve special types of risks, including credit risk, interest-rate risk, counterparty risk, liquidity risk, risks associated with extended settlement, and the risks of being a lender.

**Lower-rated and high-yield fixed-income securities risk.** Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.

**Mortgage-backed and asset-backed securities risk.** Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**Sector risk.** When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.

**Small and mid-sized company risk.** Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.

**U.S. government agency obligations risk.** The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.

**Past performance**

------

The following information illustrates the variability of the fund's returns and provides some indication of the risks of investing in the fund by showing changes in the fund's performance from year to year and by showing how the fund's average annual returns compared with a broad-based securities market index. Past performance does not indicate future results. The Morningstar U.S. Moderately Conservative Target Allocation Index and the fund's custom blended benchmark, the "John Hancock Lifestyle Moderate Index," show how the fund's performance compares against the returns of similar investments. All figures assume dividend reinvestment. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHVIT as its underlying investment option. If such fees and expenses had been reflected, performance would be lower.

**Calendar year total returns (%)—Series I**

![](g224548img6d32a63a30.jpg)

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| | | |
|:---|:---|:---|
| **Best quarter:** | Q4 2023 | 8.83% |
| **Worst quarter:** | Q1 2020 | -10.97% |

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Fund summary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Average annual total returns (%)—as of 12/31/2025** | **1 year** | **5 year** | **10 year** |
| **Series I** | 9.25 | &nbsp;&nbsp;&nbsp;&nbsp;3.73 | &nbsp;&nbsp;&nbsp;&nbsp;5.06 |
| **Series II** | 9.06 | &nbsp;&nbsp;&nbsp;&nbsp;3.53 | &nbsp;&nbsp;&nbsp;&nbsp;4.85 |
| **Series NAV** | 9.34 | &nbsp;&nbsp;&nbsp;&nbsp;3.78 | &nbsp;&nbsp;&nbsp;&nbsp;5.11 |
| Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes) | 7.30 | &nbsp;&nbsp;&nbsp; -0.36 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 |
| Morningstar U.S. Moderately Conservative Target Allocation Index (reflects no deduction for fees, expenses, or taxes) | 12.35 | &nbsp;&nbsp;&nbsp;&nbsp;5.00 | &nbsp;&nbsp;&nbsp;&nbsp;6.53 |
| John Hancock Lifestyle Moderate Index (reflects no deduction for fees, expenses, or taxes, except foreign withholding taxes on <br> dividends)<sup>1</sup><br>| 12.87 | &nbsp;&nbsp;&nbsp;&nbsp;4.57 | &nbsp;&nbsp;&nbsp;&nbsp;6.62 |
| 28% Russell 3000 Index/12% MSCI EAFE Index/60% Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, <br> expenses, or taxes, except foreign withholding taxes on dividends)<br>| 12.84 | &nbsp;&nbsp;&nbsp;&nbsp;4.56 | &nbsp;&nbsp;&nbsp;&nbsp;6.33 |

---

**1**

Prior to July 1, 2026, the fund's additional benchmark is the 28% Russell 3000 Index/12% MSCI EAFE Index/60% Bloomberg U.S. Aggregate Bond Index. Effective July 1, 2026, the fund's additional benchmark is the John Hancock Lifestyle Moderate Index. The John Hancock Lifestyle Moderate Index better reflects the universe of investment opportunities based on the fund's investment strategy. The John Hancock Lifestyle Moderate Index comprises 21% of the S&P 500 Index, 9% of the MSCI World ex-USA Index, 5% of the Russell 2500 Index, 3% of the MSCI Emerging Markets Index, 2% of the John Hancock Real Asset Blended Index, 5% of the ICE BofA U.S. High Yield Index, 5% of the JPMorgan EMBI Global Index, 5% of the Morningstar LSTA Leveraged Loan Index, 39% of the Bloomberg U.S. Aggregate Bond Index, 2% of the ICE BofA Long U.S. STRIPS Index, and 6% of the Bloomberg 1-5 Year TIPS Index.

**Investment management**

------

**Investment advisor** John Hancock Variable Trust Advisers LLC

**Subadvisor** Manulife Investment Management (US) LLC

**Portfolio management**

------

The following individuals are jointly and primarily responsible for the day-to-day management of the fund's portfolio.

---

| | |
|:---|:---|
| **Geoffrey Kelley, CFA** | **Robert E. Sykes, CFA** |
| *Senior Portfolio Manager, Global Head of Strategic*<br> *Asset Allocation and Systematic Equity*<br> Managed fund since 2020<br>| &nbsp;&nbsp; *Senior Portfolio Manager and Head of Asset Allocation*<br> Managed fund since 2018<br>|
| **Jeffrey Wu**<br> *Portfolio Manager and Senior Investment Analyst*<br> Managed fund since 2020<br>|  |

---

**Purchase and redemption of fund shares**

------

Shares of the fund are not sold directly to the public but generally may be sold only to insurance companies and their separate accounts as the underlying investment options for variable annuity and variable life insurance contracts issued by such companies, to certain entities affiliated with the insurance companies, to those funds of JHVIT that operate as funds of funds and invest in other funds and to certain qualified retirement plans (qualified plans).

Shares of the fund are offered continuously, without sales charge, and are sold and redeemed each business day (which typically is any day the New York Stock Exchange is open) at a price equal to their net asset value (NAV) determined for that business day as set forth under "Valuation of shares" in this prospectus. The Portfolio does not have minimum initial or subsequent investment requirements. Payment for shares redeemed will generally be made within seven days after receipt of a proper notice of redemption.

**Taxes**

------

Because shares of the fund may be purchased only through variable insurance contracts and qualified plans, it is expected that any dividends or capital gains distributions made by the fund will be exempt from current federal taxation if left to accumulate within the variable contract or qualified plan. Holders of variable insurance contracts should consult the prospectuses of their respective contracts for information on the federal income tax consequences to such holders.

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Fund summary

**Compensation of financial intermediaries**

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The fund is not sold directly to the general public but instead is offered as an underlying investment option for variable insurance contracts. The distributors of these contracts, the insurance companies that issue the contracts and their related companies (Related Parties), may pay compensation to broker-dealers and other intermediaries for distribution and other services and may enter into revenue sharing arrangements with certain intermediaries. The fund pays fees to the Related Parties for management, distribution and other services. Payments by insurance and related companies to intermediaries may create a conflict of interest by influencing them and their salespersons to recommend such contracts over other investments. Ask your salesperson or visit your financial intermediary's website for more information. In addition, payments by the funds to Related Parties may be a factor that an insurance company considers in including the funds as underlying investment options in variable insurance contracts. The prospectus (or other offering document) for your variable insurance contract may contain additional information about these payments.

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Fund summary

Mid Cap Growth Trust

**Investment objective**

------

To seek long-term growth of capital.

**Fees and expenses**

------

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. **The fees and expenses do not reflect fees and expenses of any variable insurance or variable annuities contract that may use the fund as its underlying investment option and would be higher if they did.** 

---

| | | | |
|:---|:---|:---|:---|
| **Annual fund operating expenses (%)** (expenses that you pay each year as a percentage of the value of your investment) | **Series I** | **Series II** | **Series NAV** |
| Management fee | 0.83 | 0.83 | 0.83 |
| Distribution and service (Rule 12b-1) fees | 0.05 | 0.25 | 0.00 |
| Other expenses | 0.06 | 0.06 | 0.06 |
| **Total annual fund operating expenses** | **0.94** | **1.14** | **0.89** |
| Contractual expense reimbursement | -0.01 <br><sup>1</sup><br>| -0.01 <br><sup>1</sup><br>| -0.01 <br><sup>1</sup><br>|
| **Total annual fund operating expenses after expense reimbursements** | **0.93** | **1.13** | **0.88** |

---

**1**

The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund's reimbursement 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.

**Expense example**

------

The examples are intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The examples assume that $10,000 is invested in the fund for the periods indicated and then all shares are redeemed at the end of those periods. The examples also assume that the investment has a 5% return each year and that the fund's operating expenses remain the same. The expense example does not reflect fees and expenses of any variable insurance contract that may use the fund as its underlying investment option and would be higher if they did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | |
|:---|:---|:---|:---|
| **Expenses ($)** | **Series I** | **Series II** | **Series NAV** |
| 1 year | 95 | 115 | 90 |
| 3 years | 299 | 361 | 283 |
| 5 years | 519 | 627 | 492 |
| 10 years | 1154 | 1385 | 1095 |

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**Portfolio turnover**

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The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During its most recent fiscal year, the fund's portfolio turnover rate was 143% of the average value of its portfolio.

**Principal investment strategies**

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Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of medium-sized companies with significant capital appreciation potential. (The fund will provide written notice to shareholders at least 60 days prior to a change in its 80% investment policy.) For the fund, "medium-sized companies" are those with market capitalizations within the collective market capitalization range of companies represented in either the Russell Midcap Index ($1 billion to $129 billion as of February 28, 2026) or the S&P Midcap 400 Index ($1.8 billion to $50 billion as of February 28, 2026).

**164**

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Fund summary

The subadvisor's investment approach is based primarily on proprietary fundamental analysis. Fundamental analysis involves the assessment of a company through such factors as its business environment, management, balance sheet, income statement, anticipated earnings, revenues and other related measures of value. In analyzing companies for investment, the subadvisor looks for, among other things, a strong balance sheet, strong earnings growth, attractive industry dynamics, strong competitive advantages (e.g., strong management teams), and attractive relative value within the context of a security's primary trading market. Securities are sold when the investment has achieved its intended purpose, or because it is no longer considered attractive. The fund may invest up to 25% of its total assets in foreign securities, including emerging market securities.

The fund's investment process may, at times, result in a higher than average portfolio turnover ratio and increased trading expenses.

**Principal risks**

------

An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money. The fund's investment strategy may not produce the intended results.

The fund's main risks are listed below in alphabetical order, not in order of importance. *Before investing, be sure to read the additional descriptions of these risks beginning on page 257 of the prospectus*.

**Consumer discretionary sector risk.** The consumer discretionary sector may be affected by fluctuations in supply and demand, and may also be adversely affected by changes in consumer spending as a result of world events, political and economic conditions, commodity price volatility, changes in exchange rates, imposition of import controls, increased competition, depletion of resources, and labor relations.

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

**Equity securities risk.** The price of equity securities may decline due to changes in a company's financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations.

**Foreign securities risk.** Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets.

**High portfolio turnover risk.** Trading securities actively and frequently can increase transaction costs (thus lowering performance) and taxable distributions.

**Information technology companies risk.** 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.

**Liquidity risk.** The extent (if at all) to which a security may be sold without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**Privately held and newly public companies risk.** Investments in the stocks of privately held companies and newly public companies involve greater risks than investments in stocks of companies that have traded publicly on an exchange for extended time periods. Investments in such companies are less liquid and may be difficult to value. There may be significantly less information available about these companies' business models, quality of management, earnings growth potential, and other criteria used to evaluate their investment prospects. The extent (if at all) to which securities of privately held companies or newly public companies may be sold without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Funds with principal investment strategies that involve investments in securities of privately held companies tend to have a greater exposure to liquidity risk than funds that do not invest in securities of privately held companies.

**Sector risk.** When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.

**Small and mid-sized company risk.** Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.

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Fund summary

**Past performance**

------

The following information illustrates the variability of the fund's returns and provides some indication of the risks of investing in the fund by showing changes in the fund's performance from year to year and by showing how the fund's average annual returns compared with a broad-based securities market index. Past performance does not indicate future results. The Russell Midcap Growth Index shows how the fund's performance compares against the returns of similar investments. All figures assume dividend reinvestment. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHVIT as its underlying investment option. If such fees and expenses had been reflected, performance would be lower.

**Calendar year total returns (%)—Series I**

![](g224548img040d4ad331.jpg)

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| | | |
|:---|:---|:---|
| **Best quarter:** | Q2 2020 | 42.22% |
| **Worst quarter:** | Q2 2022 | -29.21% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns (%)—as of 12/31/2025** | **1 year** | **5 year** | **10 year** |
| **Series I** | 6.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;11.69 |
| **Series II** | 5.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;11.47 |
| **Series NAV** | 6.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;11.75 |
| Russell 3000 Index (reflects no deduction for fees, expenses, or taxes) | 17.15 | &nbsp;&nbsp;&nbsp;&nbsp;13.15 | &nbsp;&nbsp;&nbsp;&nbsp;14.29 |
| Russell Midcap Growth Index (reflects no deduction for fees, expenses, or taxes) | 8.66 | &nbsp;&nbsp;&nbsp;&nbsp;6.65 | &nbsp;&nbsp;&nbsp;&nbsp;12.49 |

---

**Investment management**

------

**Investment advisor** John Hancock Variable Trust Advisers LLC

**Subadvisor** Wellington Management Company LLP

**Portfolio management**

------

The following individuals are jointly and primarily responsible for the day-to-day management of the fund's portfolio.

---

| | |
|:---|:---|
| **Mario E. Abularach, CFA** | **Stephen Mortimer** |
| *Senior Managing Director and Equity Research Analyst*<br> Managed fund since 2006<br>| &nbsp;&nbsp; *Senior Managing Director and Equity Portfolio Manager*<br> Managed fund since 2010<br>|

---

**Purchase and redemption of fund shares**

------

Shares of the fund are not sold directly to the public but generally may be sold only to insurance companies and their separate accounts as the underlying investment options for variable annuity and variable life insurance contracts issued by such companies, to certain entities affiliated with the insurance companies, to those funds of JHVIT that operate as funds of funds and invest in other funds and to certain qualified retirement plans (qualified plans).

Shares of the fund are offered continuously, without sales charge, and are sold and redeemed each business day (which typically is any day the New York Stock Exchange is open) at a price equal to their net asset value (NAV) determined for that business day as set forth under "Valuation of shares" in this prospectus. The Portfolio does not have minimum initial or subsequent investment requirements. Payment for shares redeemed will generally be made within seven days after receipt of a proper notice of redemption.

**Taxes**

------

Because shares of the fund may be purchased only through variable insurance contracts and qualified plans, it is expected that any dividends or capital gains distributions made by the fund will be exempt from current federal taxation if left to accumulate within the variable contract or qualified plan.

**166**

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Fund summary

Holders of variable insurance contracts should consult the prospectuses of their respective contracts for information on the federal income tax consequences to such holders.

**Compensation of financial intermediaries**

------

The fund is not sold directly to the general public but instead is offered as an underlying investment option for variable insurance contracts. The distributors of these contracts, the insurance companies that issue the contracts and their related companies (Related Parties), may pay compensation to broker-dealers and other intermediaries for distribution and other services and may enter into revenue sharing arrangements with certain intermediaries. The fund pays fees to the Related Parties for management, distribution and other services. Payments by insurance and related companies to intermediaries may create a conflict of interest by influencing them and their salespersons to recommend such contracts over other investments. Ask your salesperson or visit your financial intermediary's website for more information. In addition, payments by the funds to Related Parties may be a factor that an insurance company considers in including the funds as underlying investment options in variable insurance contracts. The prospectus (or other offering document) for your variable insurance contract may contain additional information about these payments.

**167**

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Fund summary

Mid Cap Index Trust

**Investment objective**

------

Seeks to approximate the aggregate total return of a mid cap U.S. domestic equity market index.

**Fees and expenses**

------

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. **The fees and expenses do not reflect fees and expenses of any variable insurance or variable annuities contract that may use the fund as its underlying investment option and would be higher if they did.** 

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| | | | |
|:---|:---|:---|:---|
| **Annual fund operating expenses (%)** (expenses that you pay each year as a percentage of the value of your investment) | **Series I** | **Series II** | **Series NAV** |
| Management fee | 0.47 | 0.47 | 0.47 |
| Distribution and service (Rule 12b-1) fees | 0.05 | 0.25 | 0.00 |
| Other expenses | 0.05 | 0.05 | 0.05 |
| **Total annual fund operating expenses** | **0.57** | **0.77** | **0.52** |
| Contractual expense reimbursement | -0.11 <br><sup>1</sup><br>| -0.11 <br><sup>1</sup><br>| -0.11 <br><sup>1</sup><br>|
| **Total annual fund operating expenses after expense reimbursements** | **0.46** | **0.66** | **0.41** |

---

**1**

The advisor contractually agrees to reduce its management fee by an annual rate of 0.10% of the fund's average daily net assets. This agreement expires on April 30, 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 also contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund's reimbursement 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.

**Expense example**

------

The examples are intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The examples assume that $10,000 is invested in the fund for the periods indicated and then all shares are redeemed at the end of those periods. The examples also assume that the investment has a 5% return each year and that the fund's operating expenses remain the same. The expense example does not reflect fees and expenses of any variable insurance contract that may use the fund as its underlying investment option and would be higher if they did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **Expenses ($)** | **Series I** | **Series II** | **Series NAV** |
| 1 year | 47 | 67 | 42 |
| 3 years | 172 | 235 | 156 |
| 5 years | 307 | 417 | 280 |
| 10 years | 703 | 944 | 642 |

---

**Portfolio turnover**

------

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During its most recent fiscal year, the fund's portfolio turnover rate was 14% of the average value of its portfolio.

**Principal investment strategies**

------

Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) at the time of investment in: (a) the common stocks that are included in the S&P Midcap 400 Index; and (b) securities (which may or may not be included in the S&P Midcap 400 Index) that the subadvisor believes as a group will behave in a manner similar to the index. (The fund will provide written notice to shareholders at least

**168**

------

Fund summary

60 days prior to a change in its 80% investment policy.) As of February 28, 2026, the market capitalizations of companies included in the S&P Midcap 400 Index ranged from $1.8 billion to $50 billion.

An index is an unmanaged group of securities whose overall performance is used as an investment benchmark. Indexes may track broad investment markets, such as the global equity market, or more narrow investment markets, such as the U.S. small cap equity market. In contrast to actively managed funds, which seek to outperform their respective benchmark indexes through research and analysis, index funds are passively managed funds that seek to mirror the performance of their target indexes, minimizing performance differences over time. The fund seeks to track the performance of the S&P Midcap 400 Index by: (a) holding all, or a representative sample, of the securities that comprise that index; and/or (b) by holding securities (which may or may not be included in the index) that the subadvisor believes as a group will behave in a manner similar to the index. However, the fund has operating expenses and transaction costs, while a market index does not. Therefore, the fund, while it attempts to track its target index closely, typically will be unable to match the performance of the target index exactly. The composition of an index changes from time to time, and the subadvisor will reflect those changes in the composition of the fund's portfolio as soon as practicable.

The fund may invest in index futures for the purposes of replicating an index and depositary receipts.

**Principal risks**

------

An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.

The fund's main risks are listed below in alphabetical order, not in order of importance. *Before investing, be sure to read the additional descriptions of these risks beginning on page 257 of the prospectus*.

**Credit and counterparty risk.** The counterparty to an over-the-counter derivatives contract or a borrower of fund securities may not make timely payments or otherwise honor its obligations.

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

**Equity securities risk.** The price of equity securities may decline due to changes in a company's financial condition or overall market conditions.

**Foreign securities risk.** Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.

**Hedging, derivatives, and other strategic transactions risk.** Hedging, derivatives, and other strategic transactions may increase a fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: futures contracts. Futures contracts generally are subject to counterparty risk.

**Index management risk.** Certain factors may cause a fund that is an index fund to track its target index less closely. For example, a subadvisor may select securities that are not fully representative of the index, and the fund's operating expenses and transaction costs, and the size and timing of its cash flows, may result in the fund's performance being different than that of its index. Moreover, the fund will generally reflect the performance of its target index even when the index does not perform well.

**Liquidity risk.** The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**Quantitative modeling risk.** Quantitative models may not accurately predict future market movements or characteristics, which may negatively impact performance. Models also may perform differently than expected due to implementation problems, technological malfunction, or programming or data inaccuracies, among other possible issues.

**169**

------

Fund summary

**Small and mid-sized company risk.** Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.

**Past performance**

------

The following information illustrates the variability of the fund's returns and provides some indication of the risks of investing in the fund by showing changes in the fund's performance from year to year and by showing how the fund's average annual returns compared with a broad-based securities market index. Past performance does not indicate future results. The S&P Midcap 400 Index shows how the fund's performance compares against the returns of similar investments. All figures assume dividend reinvestment. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHVIT as its underlying investment option. If such fees and expenses had been reflected, performance would be lower.

**Calendar year total returns (%)—Series I**

![](g224548img6ccfd98c32.jpg)

---

| | | |
|:---|:---|:---|
| **Best quarter:** | Q4 2020 | 24.19% |
| **Worst quarter:** | Q1 2020 | -29.73% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns (%)—as of 12/31/2025** | **1 year** | **5 year** | **10 year** |
| **Series I** | 6.98 | &nbsp;&nbsp;&nbsp;&nbsp;8.63 | &nbsp;&nbsp;&nbsp;&nbsp;10.23 |
| **Series II** | 6.81 | &nbsp;&nbsp;&nbsp;&nbsp;8.42 | &nbsp;&nbsp;&nbsp;&nbsp;10.02 |
| **Series NAV** | 7.03 | &nbsp;&nbsp;&nbsp;&nbsp;8.68 | &nbsp;&nbsp;&nbsp;&nbsp;10.29 |
| Russell 3000 Index (reflects no deduction for fees, expenses, or taxes) | 17.15 | &nbsp;&nbsp;&nbsp;&nbsp;13.15 | &nbsp;&nbsp;&nbsp;&nbsp;14.29 |
| S&P Midcap 400 Index (reflects no deduction for fees, expenses, or taxes) | 7.50 | &nbsp;&nbsp;&nbsp;&nbsp;9.12 | &nbsp;&nbsp;&nbsp;&nbsp;10.72 |

---

**Investment management**

------

**Investment advisor** John Hancock Variable Trust Advisers LLC

**Subadvisor** Manulife Investment Management (US) LLC

**Portfolio management**

------

The following individuals are jointly and primarily responsible for the day-to-day management of the fund's portfolio.

---

| | |
|:---|:---|
| **Jenny Kim, CFA** | **Boncana Maiga, CFA, CIM** |
| *Portfolio Manager*<br> Managed fund since 2024<br>| &nbsp;&nbsp; *Portfolio Manager*<br> Managed fund since 2021<br>|

---

**Purchase and redemption of fund shares**

------

Shares of the fund are not sold directly to the public but generally may be sold only to insurance companies and their separate accounts as the underlying investment options for variable annuity and variable life insurance contracts issued by such companies, to certain entities affiliated with the insurance companies, to those funds of JHVIT that operate as funds of funds and invest in other funds and to certain qualified retirement plans (qualified plans).

Shares of the fund are offered continuously, without sales charge, and are sold and redeemed each business day (which typically is any day the New York Stock Exchange is open) at a price equal to their net asset value (NAV) determined for that business day as set forth under "Valuation of shares" in this prospectus. The Portfolio does not have minimum initial or subsequent investment requirements. Payment for shares redeemed will generally be made within seven days after receipt of a proper notice of redemption.

**170**

------

Fund summary

**Taxes**

------

Because shares of the fund may be purchased only through variable insurance contracts and qualified plans, it is expected that any dividends or capital gains distributions made by the fund will be exempt from current federal taxation if left to accumulate within the variable contract or qualified plan. Holders of variable insurance contracts should consult the prospectuses of their respective contracts for information on the federal income tax consequences to such holders.

**Compensation of financial intermediaries**

------

The fund is not sold directly to the general public but instead is offered as an underlying investment option for variable insurance contracts. The distributors of these contracts, the insurance companies that issue the contracts and their related companies (Related Parties), may pay compensation to broker-dealers and other intermediaries for distribution and other services and may enter into revenue sharing arrangements with certain intermediaries. The fund pays fees to the Related Parties for management, distribution and other services. Payments by insurance and related companies to intermediaries may create a conflict of interest by influencing them and their salespersons to recommend such contracts over other investments. Ask your salesperson or visit your financial intermediary's website for more information. In addition, payments by the funds to Related Parties may be a factor that an insurance company considers in including the funds as underlying investment options in variable insurance contracts. The prospectus (or other offering document) for your variable insurance contract may contain additional information about these payments.

**171**

------

Fund summary

Mid Value Trust

**Investment objective**

------

To seek long-term capital appreciation.

**Fees and expenses**

------

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. **The fees and expenses do not reflect fees and expenses of any variable insurance or variable annuities contract that may use the fund as its underlying investment option and would be higher if they did.** 

---

| | | | |
|:---|:---|:---|:---|
| **Annual fund operating expenses (%)** (expenses that you pay each year as a percentage of the value of your investment) | **Series I** | **Series II** | **Series NAV** |
| Management fee | 0.86 | 0.86 | 0.86 |
| Distribution and service (Rule 12b-1) fees | 0.05 | 0.25 | 0.00 |
| Other expenses | 0.07 | 0.07 | 0.07 |
| Acquired fund fees and expenses | 0.06<br> <sup>1</sup><br>| 0.06<br> <sup>1</sup><br>| 0.06<br> <sup>1</sup><br>|
| **Total annual fund operating expenses** | **1.04**<br> <sup>2</sup><br>| **1.24**<br> <sup>2</sup><br>| **0.99**<br> <sup>2</sup><br>|
| Contractual expense reimbursement | -0.01<br> <sup>3</sup><br>| -0.01<br> <sup>3</sup><br>| -0.01<br> <sup>3</sup><br>|
| **Total annual fund operating expenses after expense reimbursements** | **1.03** | **1.23** | **0.98** |

---

**1**

"Acquired fund fees and expenses" are based on indirect net expenses associated with the fund's investments in underlying investment companies.

**2**

The "Total annual fund operating expenses" shown may not correlate to the fund's ratios of expenses to average daily net assets shown in the "Financial highlights" section of the fund's prospectus, which does not include "Acquired fund fees and expenses."

**3**

The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund's reimbursement 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.

**Expense example**

------

The examples are intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The examples assume that $10,000 is invested in the fund for the periods indicated and then all shares are redeemed at the end of those periods. The examples also assume that the investment has a 5% return each year and that the fund's operating expenses remain the same. The expense example does not reflect fees and expenses of any variable insurance contract that may use the fund as its underlying investment option and would be higher if they did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **Expenses ($)** | **Series I** | **Series II** | **Series NAV** |
| 1 year | 105 | 125 | 100 |
| 3 years | 330 | 392 | 314 |
| 5 years | 573 | 680 | 546 |
| 10 years | 1270 | 1499 | 1212 |

---

**Portfolio turnover**

------

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During its most recent fiscal year, the fund's portfolio turnover rate was 56% of the average value of its portfolio.

**Principal investment strategies**

------

Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in companies with market capitalizations that are within the Russell Midcap Value Index ($1 billion to $129 billion as of February 28, 2026). The fund invests in a diversified mix of common stocks of mid-size U.S. companies that are believed to be undervalued by various measures and offer good prospects for capital appreciation.

**172**

------

Fund summary

The subadvisor employs a value approach in selecting investments. The subadvisor's in-house research team seeks to identify companies whose stock prices do not appear to reflect their underlying values. The subadvisor generally looks for companies with one or more of the following characteristics:

● Low stock prices relative to net assets, earnings, cash flow, sales, book value, or private market value;

● Demonstrated or potentially attractive operating margins, profits and/or cash flow;

● Sound balance sheets;

● Stock ownership by management/employees; or

● Experienced and capable management.

The market capitalization of companies held by the fund and included in the index changes over time. The fund will not automatically sell or cease to purchase stock of a company it already owns just because the company's market capitalization grows or falls outside these ranges.

The fund may sell assets for a variety of reasons, including in response to a change in the original investment considerations or to limit losses, adjust the characteristics of the overall portfolio, or redeploy assets into different opportunities.

In pursuing the fund's investment objective, the subadvisor has the discretion to deviate from its normal investment criteria, as described above, and purchase securities that the subadvisor believes will provide an opportunity for substantial appreciation. These situations might arise when the subadvisor believes a security could increase in value for a variety of reasons, including a change in management, an extraordinary corporate event, a new product introduction or innovation or a favorable competitive development.

While most assets will be invested in U.S. common stocks, the fund may purchase other types of securities, for example: convertible securities and warrants, foreign securities (up to 20% of total assets), and certain exchange-traded funds (ETFs). For purposes of the fund, ETFs are considered securities with a market capitalization equal to the weighted average market capitalization of the basket of securities comprising the ETF.

The fund may invest up to 10% of its total assets in hybrid instruments. Hybrid instruments are a type of high-risk derivative that can combine the characteristics of securities, futures and options. Such securities may bear interest or pay dividends at below (or even relatively nominal) rates.

The fund may focus its investments in a particular sector or sectors of the economy.

**Principal risks**

------

An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money. The fund's investment strategy may not produce the intended results.

The fund's main risks are listed below in alphabetical order, not in order of importance. *Before investing, be sure to read the additional descriptions of these risks beginning on page 257 of the prospectus*.

**Convertible securities risk.** Convertible securities are subject to certain risks of both equity and debt securities. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. As the market price of underlying common stock declines below the conversion price, the market value of the convertible security tends to be increasingly influenced by its yield.

**Credit and counterparty risk.** The counterparty to an over-the-counter derivatives contract or a borrower of fund securities may not make timely payments or otherwise honor its obligations.

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

**Equity securities risk.** The price of equity securities may decline due to changes in a company's financial condition or overall market conditions. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.

**Exchange-traded fund (ETF) investment risk.** The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF's shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.

**Foreign securities risk.** Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets.

**173**

------

Fund summary

**Hedging, derivatives, and other strategic transactions risk.** Hedging, derivatives, and other strategic transactions may increase a fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: futures contracts and options. Futures contracts and options generally are subject to counterparty risk.

**Hybrid instrument risk.** Hybrid instruments (a type of potentially high-risk derivative) combine the elements of futures contracts or options with those of debt, preferred equity or a depository instrument. Hybrid instruments entail greater market risk and may be more volatile than traditional debt instruments, may bear interest or pay preferred dividends at below-market rates, and may be illiquid. The risks of investing in hybrid instruments are a combination of the risks of investing in securities, options, futures, and currencies.

**Investment company securities risk.** Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.

**Liquidity risk.** The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**Sector risk.** When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.

**Small and mid-sized company risk.** Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.

**Value investment style risk.** Value securities may underperform the market as a whole, which may cause value-oriented funds to underperform equity funds with other investment strategies. Securities the manager believes are undervalued may never perform as expected.

**Warrants risk.** The prices of warrants may not precisely reflect the prices of their underlying securities. Warrant holders do not receive dividends or have voting or credit rights. A warrant ceases to have value if not exercised prior to its expiration date.

**Past performance**

------

The following information illustrates the variability of the fund's returns and provides some indication of the risks of investing in the fund by showing changes in the fund's performance from year to year and by showing how the fund's average annual returns compared with a broad-based securities market index. Past performance does not indicate future results. The Russell Midcap Value Index shows how the fund's performance compares against the returns of similar investments. All figures assume dividend reinvestment. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHVIT as its underlying investment option. If such fees and expenses had been reflected, performance would be lower.

**Calendar year total returns (%)—Series NAV**

![](g224548img3a4bb36c33.jpg)

---

| | | |
|:---|:---|:---|
| **Best quarter:** | Q2 2020 | 22.19% |
| **Worst quarter:** | Q1 2020 | -28.72% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**174**

------

Fund summary

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns (%)—as of 12/31/2025** | **1 year** | **5 year** | **10 year** |
| **Series I** | 5.85 | &nbsp;&nbsp;&nbsp;&nbsp;11.65 | &nbsp;&nbsp;&nbsp;&nbsp;10.85 |
| **Series II** | 5.65 | &nbsp;&nbsp;&nbsp;&nbsp;11.45 | &nbsp;&nbsp;&nbsp;&nbsp;10.63 |
| **Series NAV** | 5.87 | &nbsp;&nbsp;&nbsp;&nbsp;11.69 | &nbsp;&nbsp;&nbsp;&nbsp;10.91 |
| Russell 3000 Index (reflects no deduction for fees, expenses, or taxes) | 17.15 | &nbsp;&nbsp;&nbsp;&nbsp;13.15 | &nbsp;&nbsp;&nbsp;&nbsp;14.29 |
| Russell Midcap Value Index (reflects no deduction for fees, expenses, or taxes) | 11.05 | &nbsp;&nbsp;&nbsp;&nbsp;9.83 | &nbsp;&nbsp;&nbsp;&nbsp;9.78 |

---

**Investment management**

------

**Investment advisor** John Hancock Variable Trust Advisers LLC

**Subadvisor** T. Rowe Price Associates, Inc.

**Portfolio management**

------

The following individual is primarily responsible for the day-to-day management of the fund's portfolio.

---

| |
|:---|
| **Vincent DeAugustino, CFA** |
| *Vice President*<br> Managed fund since 2022<br>|

---

**Purchase and redemption of fund shares**

------

Shares of the fund are not sold directly to the public but generally may be sold only to insurance companies and their separate accounts as the underlying investment options for variable annuity and variable life insurance contracts issued by such companies, to certain entities affiliated with the insurance companies, to those funds of JHVIT that operate as funds of funds and invest in other funds and to certain qualified retirement plans (qualified plans).

Shares of the fund are offered continuously, without sales charge, and are sold and redeemed each business day (which typically is any day the New York Stock Exchange is open) at a price equal to their net asset value (NAV) determined for that business day as set forth under "Valuation of shares" in this prospectus. The Portfolio does not have minimum initial or subsequent investment requirements. Payment for shares redeemed will generally be made within seven days after receipt of a proper notice of redemption.

**Taxes**

------

Because shares of the fund may be purchased only through variable insurance contracts and qualified plans, it is expected that any dividends or capital gains distributions made by the fund will be exempt from current federal taxation if left to accumulate within the variable contract or qualified plan. Holders of variable insurance contracts should consult the prospectuses of their respective contracts for information on the federal income tax consequences to such holders.

**Compensation of financial intermediaries**

------

The fund is not sold directly to the general public but instead is offered as an underlying investment option for variable insurance contracts. The distributors of these contracts, the insurance companies that issue the contracts and their related companies (Related Parties), may pay compensation to broker-dealers and other intermediaries for distribution and other services and may enter into revenue sharing arrangements with certain intermediaries. The fund pays fees to the Related Parties for management, distribution and other services. Payments by insurance and related companies to intermediaries may create a conflict of interest by influencing them and their salespersons to recommend such contracts over other investments. Ask your salesperson or visit your financial intermediary's website for more information. In addition, payments by the funds to Related Parties may be a factor that an insurance company considers in including the funds as underlying investment options in variable insurance contracts. The prospectus (or other offering document) for your variable insurance contract may contain additional information about these payments.

**175**

------

Fund summary

Money Market Trust

**Investment objective**

------

To obtain maximum current income consistent with preservation of principal and liquidity.

**Fees and expenses**

------

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. **The fees and expenses do not reflect fees and expenses of any variable insurance or variable annuities contract that may use the fund as its underlying investment option and would be higher if they did.** 

---

| | | | |
|:---|:---|:---|:---|
| **Annual fund operating expenses (%)** (expenses that you pay each year as a percentage of the value of your investment) | **Series I** | **Series II** | **Series NAV** |
| Management fee | 0.34 | 0.34 | 0.34 |
| Distribution and service (Rule 12b-1) fees | 0.05 | 0.25 | 0.00 |
| Other expenses | 0.05 | 0.05 | 0.05 |
| **Total annual fund operating expenses** | **0.44** | **0.64** | **0.39** |
| Contractual expense reimbursement | -0.11 <br><sup>1</sup><br>| -0.11 <br><sup>1</sup><br>| -0.11 <br><sup>1</sup><br>|
| **Total annual fund operating expenses after expense reimbursements** | **0.33** | **0.53** | **0.28** |

---

**1**

The advisor contractually agrees 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 0.28% 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 April 30, 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 also contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund's reimbursement 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.

**Expense example**

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The examples are intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The examples assume that $10,000 is invested in the fund for the periods indicated and then all shares are redeemed at the end of those periods. The examples also assume that the investment has a 5% return each year and that the fund's operating expenses remain the same. The expense example does not reflect fees and expenses of any variable insurance contract that may use the fund as its underlying investment option and would be higher if they did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | |
|:---|:---|:---|:---|
| **Expenses ($)** | **Series I** | **Series II** | **Series NAV** |
| 1 year | 34 | 54 | 29 |
| 3 years | 130 | 194 | 114 |
| 5 years | 235 | 346 | 208 |
| 10 years | 544 | 788 | 482 |

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**Principal investment strategies**

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The fund operates as a "government money market fund" in accordance with Rule 2a-7 under the Investment Company Act of 1940, as amended, and is managed in the following manner:

● under normal market conditions, the fund invests at least 99.5% of its total assets in cash, U.S. government securities and/or repurchase agreements that are fully collateralized by U.S. government securities or cash;

● U.S. government securities include both securities issued or guaranteed by the U.S. Treasury and securities issued by entities that are chartered or sponsored by Congress but are not issued or guaranteed by the U.S. Treasury;

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Fund summary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● the fund seeks to maintain a stable net asset value ("NAV") of $1.00 per share and its portfolio is valued using the amortized cost method as permitted by Rule 2a-7;

● the fund invests only in U.S. dollar-denominated securities;

● the fund buys securities that have remaining maturities of 397 days or less (as calculated pursuant to Rule 2a-7);

● the fund maintains a dollar-weighted average maturity of 60 days or less and a dollar-weighted average life to maturity of 120 days or less;

● the fund must meet certain other criteria, including those relating to maturity, liquidity and credit quality; and

● as a government money market fund, the fund is not subject to liquidity fees, although the fund's Board of Trustees may elect to impose such fees in the future.

The fund generally expects to declare and pay dividends from net investment income on a daily basis on each share class as long as the income attributable to a class exceeds the expenses attributable to that class on each day. If class expenses exceed class income on any day, the fund will not pay a dividend on the class on that day and will resume paying dividends only when, on a future date, the accumulated net investment income of the class is positive. The fund has adopted this policy because, in a low interest rate investment environment, it may find that on any given day or on a number of consecutive days, its investment returns may be less than the expenses attributable to a class. For a more complete description of this policy, which can result in the fund not paying dividends on one or more classes for one or more periods that may be as short as a day or quite lengthy, see "General Information — Dividends" below. For a description of the allocation of expenses among fund share classes, see "Rule 12b-1 plans" in the prospectus.

**Principal risks**

------

The fund is subject to risks, and you could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The fund's investment strategy may not produce the intended results. An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund's sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.

The fund's main risks are listed below in alphabetical order, not in order of importance. *Before investing, be sure to read the additional descriptions of these risks beginning on page 257 of the prospectus*.

**Changing distribution levels risk.** The fund may cease or reduce the level of its distribution if income or dividends paid from its investments declines.

**Credit and counterparty risk.** The issuer or guarantor of a fixed-income security or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund's securities could affect the fund's performance.

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

**Fixed-income securities risk.** A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security's credit quality may adversely affect fund performance.

**Liquidity risk.** The extent (if at all) to which a security may be sold without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**Redemption risk.** The fund may experience periods of heavy redemptions that could cause it to liquidate its assets at inopportune times or at a loss or depressed value, particularly during periods of declining or illiquid markets, and that could affect the fund's ability to maintain a $1.00 share price. Redemption risk is greater to the extent that the fund has investors with large shareholdings, short investment horizons or unpredictable cash flow

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Fund summary

needs. The redemption by one or more large shareholders of their holdings in the fund could cause the remaining shareholders in the fund to lose money. In addition, the fund may suspend redemptions and liquidate the fund when permitted by applicable regulations.

**Repurchase agreements risk.** The risk of a repurchase agreement transaction is limited to the ability of the seller to pay the agreed-upon sum on the delivery date. In the event of bankruptcy or other default by the seller, the instrument purchased may decline in value, interest payable on the instrument may be lost and there may be possible difficulties and delays in obtaining collateral and delays and expense in liquidating the instrument.

**Tax diversification risk.** As described above, the fund operates as a "government money market fund" in accordance with Rule 2a-7 under the Investment Company Act of 1940, as amended (a "Government Fund"). Additionally, the fund intends to meet the diversification requirements that are applicable to insurance company separate accounts under Subchapter L of the Internal Revenue Code of 1986, as amended (the "Diversification Requirements"). To satisfy the Diversification Requirements applicable to variable annuity contracts, the value of the assets of the fund invested in securities issued by the United States government must remain below specified thresholds. For these purposes, each United States government agency or instrumentality is treated as a separate issuer. Under a Notice issued by the Internal Revenue Service in 2016, pending amendment of the applicable regulations, government money market funds may rely upon an alternative diversification standard.

A failure to satisfy the Diversification Requirements could have significant adverse tax consequences for variable annuity contract owners whose contract values are determined by investment in the fund.

**U.S. government agency obligations risk.** U.S. government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.

**U.S. Treasury obligations risk.** The market value of direct obligations of the U.S. Treasury may vary due to changes in interest rates. In addition, changes to the financial condition or credit rating of the U.S. government may cause the value of the fund's investments in obligations issued by the U.S. Treasury to decline.

**Past performance**

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The following information illustrates the variability of the fund's returns and provides some indication of the risks of investing in the fund by showing changes in the fund's performance from year to year and by showing how the fund's average annual returns compared with a broad-based securities market index. Past performance does not indicate future results. The FTSE 3-Month US T-Bill Index shows how the fund's performance compares against the returns of similar investments. All figures assume dividend reinvestment. The inception dates for Series I and Series NAV are June 18, 1985 and May 2, 2016, respectively. Performance shown for periods prior to the inception date of Series NAV is the performance of the fund's oldest share class, Series I. This pre-inception performance would be higher if adjusted to reflect that Series NAV does not have a Rule 12b-1 fee. The performance information below does not reflect fees and expenses of any variable insurance contract that may use JHVIT as its underlying investment option. If such fees and expenses had been reflected, performance would be lower.

**Calendar year total returns (%)—Series I**

![](g224548imga6654f9c34.jpg)

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| | | |
|:---|:---|:---|
| **Best quarter:** | Q4 2023 | 1.28% |
| **Worst quarter:** | Q1 2016 | 0.00% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Average annual total returns (%)—as of 12/31/2025** | **1 year** | **5 year** | **10 year** |
| **Series I** | 4.02 | &nbsp;&nbsp;&nbsp;&nbsp;2.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.93 |
| **Series II** | 3.81 | &nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 |
| **Series NAV** | 4.07 | &nbsp;&nbsp;&nbsp;&nbsp;3.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.97  |

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Fund summary

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| | | | |
|:---|:---|:---|:---|
| **Average annual total returns (%)—as of 12/31/2025** | **1 year** | **5 year** | **10 year** |
| Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes) | 7.30 | &nbsp;&nbsp;&nbsp; -0.36 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 |
| FTSE 3-Month US T-Bill Index (reflects no deduction for fees, expenses, or taxes) | 4.40 | &nbsp;&nbsp;&nbsp;&nbsp;3.31 | &nbsp;&nbsp;&nbsp;&nbsp;2.23 |

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**Investment management**

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**Investment advisor** John Hancock Variable Trust Advisers LLC

**Subadvisor** Manulife Investment Management (US) LLC

**Purchase and redemption of fund shares**

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Shares of the fund are not sold directly to the public but generally may be sold only to insurance companies and their separate accounts as the underlying investment options for variable annuity and variable life insurance contracts issued by such companies, to certain entities affiliated with the insurance companies, to those funds of JHVIT that operate as funds of funds and invest in other funds and to certain qualified retirement plans (qualified plans).

Shares of the fund are offered continuously, without sales charge, and are sold and redeemed each business day (which typically is any day the New York Stock Exchange is open) at a price equal to their net asset value (NAV) determined for that business day as set forth under "Valuation of shares" in this prospectus. The Portfolio does not have minimum initial or subsequent investment requirements. Payment for shares redeemed will generally be made within seven days after receipt of a proper notice of redemption.

**Taxes**

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Because shares of the fund may be purchased only through variable insurance contracts and qualified plans, it is expected that any dividends or capital gains distributions made by the fund will be exempt from current federal taxation if left to accumulate within the variable contract or qualified plan. Holders of variable insurance contracts should consult the prospectuses of their respective contracts for information on the federal income tax consequences to such holders.

**Compensation of financial intermediaries**

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The fund is not sold directly to the general public but instead is offered as an underlying investment option for variable insurance contracts. The distributors of these contracts, the insurance companies that issue the contracts and their related companies (Related Parties), may pay compensation to broker-dealers and other intermediaries for distribution and other services and may enter into revenue sharing arrangements with certain intermediaries. The fund pays fees to the Related Parties for management, distribution and other services. Payments by insurance and related companies to intermediaries may create a conflict of interest by influencing them and their salespersons to recommend such contracts over other investments. Ask your salesperson or visit your financial intermediary's website for more information. In addition, payments by the funds to Related Parties may be a factor that an insurance company considers in including the funds as underlying investment options in variable insurance contracts. The prospectus (or other offering document) for your variable insurance contract may contain additional information about these payments.

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Fund summary

Opportunistic Fixed Income Trust

**Investment objective**

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To seek maximum total return, consistent with preservation of capital and prudent investment management.

**Fees and expenses**

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This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. **The fees and expenses do not reflect fees and expenses of any variable insurance or variable annuities contract that may use the fund as its underlying investment option and would be higher if they did.** 

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| | | | |
|:---|:---|:---|:---|
| **Annual fund operating expenses (%)** (expenses that you pay each year as a percentage of the value of your investment) | **Series I** | **Series II** | **Series NAV** |
| Management fee | 0.65 | 0.65 | 0.65 |
| Distribution and service (Rule 12b-1) fees | 0.05 | 0.25 | 0.00 |
| Other expenses | 0.27 | 0.27 | 0.27 |
| Acquired fund fees and expenses | 0.01 <br><sup>1</sup><br>| 0.01 <br><sup>1</sup><br>| 0.01 <br><sup>1</sup><br>|
| **Total annual fund operating expenses** | **0.98**<br> <sup>2</sup><br>| **1.18**<br> <sup>2</sup><br>| **0.93**<br> <sup>2</sup><br>|
| Contractual expense reimbursement | -0.01 <br><sup>3</sup><br>| -0.01 <br><sup>3</sup><br>| -0.01 <br><sup>3</sup><br>|
| **Total annual fund operating expenses after expense reimbursements** | **0.97** | **1.17** | **0.92** |

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**1**

"Acquired fund fees and expenses" are based on indirect net expenses associated with the fund's investments in underlying investment companies.

**2**

The "Total annual fund operating expenses" shown may not correlate to the fund's ratios of expenses to average daily net assets shown in the "Financial highlights" section of the fund's prospectus, which does not include "Acquired fund fees and expenses."

**3**

The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund's reimbursement 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.

**Expense example**

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The examples are intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The examples assume that $10,000 is invested in the fund for the periods indicated and then all shares are redeemed at the end of those periods. The examples also assume that the investment has a 5% return each year and that the fund's operating expenses remain the same. The expense example does not reflect fees and expenses of any variable insurance contract that may use the fund as its underlying investment option and would be higher if they did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | |
|:---|:---|:---|:---|
| **Expenses ($)** | **Series I** | **Series II** | **Series NAV** |
| 1 year | 99 | 119 | 94 |
| 3 years | 311 | 374 | 295 |
| 5 years | 541 | 648 | 514 |
| 10 years | 1200 | 1431 | 1142 |

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**Portfolio turnover**

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The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During its most recent fiscal year, the fund's portfolio turnover rate was 157% of the average value of its portfolio.

**Principal investment strategies**

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Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in fixed income instruments. (The fund will provide written notice to shareholders at least 60 days prior to a change in its 80% investment policy.) Fixed income instruments include, but are not limited to the following securities, which may be denominated in U.S. dollars or foreign currencies: sovereign debt,

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Fund summary

inflation-linked bonds, corporate and high yield credit (also known as "junk bonds"), securitized debt, bank loans and floating rate loans and emerging markets debt, convertible and hybrid securities. Direct investments in loans may be illiquid and holding a loan could expose the fund to the risks of being a lender.

In order to achieve its investment objective, the manager seeks to:

● invest across multiple asset types, geographies, credit tiers, and time horizons;

● provide timely and dynamic exposure to a portfolio of global fixed income securities consisting of sovereign debt, inflation-linked bonds, corporate and high yield credit, securitized debt, bank loans and floating rate loans and emerging markets debt, convertible and hybrid securities;

● manage the fund's overall performance volatility within a range as reflected by the Bloomberg Global Aggregate Bond Index hedged to USD over the medium to long-term;

● generate total returns through three main approaches: strategic sector positioning, relative value strategies, and tactical asset allocation:

● the strategic sector component of the portfolio provides exposure to non-core investment opportunities (e.g. emerging markets debt, high yield credit, bank loans etc.) that are designed to capture the repricing of long-term structural themes in the business cycle;

● the relative value component of the portfolio is primarily expressed via relative value positioning, aimed at providing incremental return with low correlation to the direction of global fixed income markets. Relative value positions are typically taken on interest rates, currencies, corporate and high yield credit, and emerging market debt positions; and

● tactical asset allocation is used to capture both short and medium term dislocations in the market. Tactical opportunities are primarily expressed via sector rotation, country selection, security selection, currency management strategies and duration management strategies.

● combine the three approaches noted above in a holistic manner while managing aggregate portfolio risk.

The fund may invest in securities that at times may have equity-like characteristics including, but not limited to convertible securities or preferred equity. Additionally, the fund may hold equities received as part of a corporate action. The fund also may hold all or a portion of its assets in cash, money market instruments, bonds or other debt securities for defensive or other purposes. The fund may engage in active trading and may have a high portfolio turnover rate.

The fund makes significant use of derivative instruments and may take both long and short positions in securities. Derivatives may be used for purposes of hedging and/or efficient portfolio management and/or investment purposes. Derivatives may be exchange-traded or over-the-counter and may include futures contracts, options, credit default swaps, foreign currency swaps, interest rate swaps, total return swaps and foreign currency forward contracts. In its use of derivatives, the fund aims to contribute to the target return and the volatility strategies of the fund. The use of derivative instruments as part of the investment strategy means that the fund may, from time to time, have substantial holdings in liquid assets, including deposits and money market instruments.

**Principal risks**

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An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money. The fund's investment strategy may not produce the intended results.

The fund's main risks are listed below in alphabetical order, not in order of importance. *Before investing, be sure to read the additional descriptions of these risks beginning on page 257 of the prospectus*.

**Asset allocation risk.** Although allocation among asset categories generally limits exposure to any one category, the management team may favor a category that performs poorly relative to the others.

**Cash and cash equivalents risk.** Under certain market conditions, such as during a rising stock market, rising interest rate or rising credit spread markets, the use of cash and/or cash equivalents, including money market instruments, could have a negative effect on the fund's ability to achieve its investment objective and may negatively impact the fund's performance.

**Changing distribution levels risk.** The fund may cease or reduce the level of its distribution if income or dividends paid from its investments declines.

**Credit and counterparty risk.** The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund's securities could affect the fund's performance.

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

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Fund summary

**Equity securities risk.** The price of equity securities may decline due to changes in a company's financial condition or overall market conditions.

**Fixed-income securities risk.** A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security's credit quality may adversely affect fund performance. Additionally, the value of inflation-indexed securities is subject to the effects of changes in market interest rates caused by factors other than inflation ("real interest rates"). Generally, when real interest rates rise, the value of inflation-indexed securities will fall and the fund's value may decline as a result of this exposure to these securities.

**Floating rate loans risk.** Floating rate loans are generally rated below investment-grade and are generally considered speculative because they present a greater risk of loss, including default, than higher quality debt instruments.

**Foreign securities risk.** Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets.

**Hedging, derivatives, and other strategic transactions risk.** Hedging, derivatives, and other strategic transactions may increase a fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, foreign currency swaps, futures contracts, interest-rate swaps, options, options on futures, swaps, and total return swaps. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.

**High portfolio turnover risk.** Trading securities actively and frequently can increase transaction costs (thus lowering performance) and taxable distributions.

**Hybrid instrument risk.** Hybrid instruments (a type of potentially high-risk derivative) combine the elements of futures contracts or options with those of debt, preferred equity or a depository instrument. Hybrid instruments entail greater market risk and may be more volatile than traditional debt instruments, may bear interest or pay preferred dividends at below-market rates, and may be illiquid. The risks of investing in hybrid instruments are a combination of the risks of investing in securities, options, futures, and currencies.

**Liquidity risk.** The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.

**Loan participations risk.** Participations and assignments involve special types of risks, including credit risk, interest-rate risk, counterparty risk, liquidity risk, risks associated with extended settlement, and the risks of being a lender.

**Lower-rated and high-yield fixed-income securities risk.** Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.

**Mortgage-backed and asset-backed securities risk.** Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**Preferred and convertible securities risk.** Preferred stock dividends are payable only if declared by the issuer's board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock's value can depend heavily upon the underlying common stock's value.

**Sector risk.** When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.

**Short sales risk.** Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.

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Fund summary

**U.S. government agency obligations risk.** The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.

**U.S. Treasury obligations risk.** The market value of direct obligations of the U.S. Treasury may vary due to changes in interest rates. In addition, changes to the financial condition or credit rating of the U.S. government may cause the value of the fund's investments in obligations issued by the U.S. Treasury to decline.

**Past performance**

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The following information illustrates the variability of the fund's returns and provides some indication of the risks of investing in the fund by showing changes in the fund's performance from year to year and by showing how the fund's average annual returns compared with a broad-based securities market index. Past performance does not indicate future results. All figures assume dividend reinvestment. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHVIT as its underlying investment option. If such fees and expenses had been reflected, performance would be lower.

**A note on performance**

Prior to February 28, 2020, the fund was managed by a different subadvisor pursuant to different investment strategies, and thus, the performance presented prior to this date should not be attributed to the current subadvisor. The fund's performance shown below might have differed materially had the current subadvisor managed the fund prior to February 28, 2020.

**Calendar year total returns (%)—Series I**

![](g224548img40ac94f635.jpg)

---

| | | |
|:---|:---|:---|
| **Best quarter:** | Q2 2020 | 10.08% |
| **Worst quarter:** | Q1 2022 | -8.04% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns (%)—as of 12/31/2025** | **1 year** | **5 year** | **10 year** |
| **Series I** | 9.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;3.19 |
| **Series II** | 9.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;2.99 |
| **Series NAV** | 9.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;3.25 |
| Bloomberg Global Aggregate Bond (USD Hedged) Index (reflects no deduction for fees, expenses, or taxes) | 4.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;2.39 |

---

**Investment management**

------

**Investment advisor** John Hancock Variable Trust Advisers LLC

**Subadvisor** Wellington Management Company LLP

**Portfolio management**

------

The following individuals are jointly and primarily responsible for the day-to-day management of the fund's portfolio.

**183**

------

Fund summary

---

| | | |
|:---|:---|:---|
| **Brian M. Garvey**<sup>1</sup> <br>| **Brij S. Khurana** | **Rakesh R. Yeredla, CFA** |
| *Senior Managing Director and*<br> *Portfolio Manager*<br> Managed fund since 2020<br>| &nbsp;&nbsp; *Senior Managing Director and*<br> *Portfolio Manager*<br> Managed fund since 2020<br>| &nbsp;&nbsp; *Managing Director and Fixed Income Portfolio* <br> *Manager*<br> Managed fund since 2026<br>|

---

**1**

Effective December 31, 2026, Brian M. Garvey will no longer serve as a portfolio manager of the fund.

**Purchase and redemption of fund shares**

------

Shares of the fund are not sold directly to the public but generally may be sold only to insurance companies and their separate accounts as the underlying investment options for variable annuity and variable life insurance contracts issued by such companies, to certain entities affiliated with the insurance companies, to those funds of JHVIT that operate as funds of funds and invest in other funds and to certain qualified retirement plans (qualified plans).

Shares of the fund are offered continuously, without sales charge, and are sold and redeemed each business day (which typically is any day the New York Stock Exchange is open) at a price equal to their net asset value (NAV) determined for that business day as set forth under "Valuation of shares" in this prospectus. The Portfolio does not have minimum initial or subsequent investment requirements. Payment for shares redeemed will generally be made within seven days after receipt of a proper notice of redemption.

**Taxes**

------

Because shares of the fund may be purchased only through variable insurance contracts and qualified plans, it is expected that any dividends or capital gains distributions made by the fund will be exempt from current federal taxation if left to accumulate within the variable contract or qualified plan. Holders of variable insurance contracts should consult the prospectuses of their respective contracts for information on the federal income tax consequences to such holders.

**Compensation of financial intermediaries**

------

The fund is not sold directly to the general public but instead is offered as an underlying investment option for variable insurance contracts. The distributors of these contracts, the insurance companies that issue the contracts and their related companies (Related Parties), may pay compensation to broker-dealers and other intermediaries for distribution and other services and may enter into revenue sharing arrangements with certain intermediaries. The fund pays fees to the Related Parties for management, distribution and other services. Payments by insurance and related companies to intermediaries may create a conflict of interest by influencing them and their salespersons to recommend such contracts over other investments. Ask your salesperson or visit your financial intermediary's website for more information. In addition, payments by the funds to Related Parties may be a factor that an insurance company considers in including the funds as underlying investment options in variable insurance contracts. The prospectus (or other offering document) for your variable insurance contract may contain additional information about these payments.

**184**

------

Fund summary

Real Estate Securities Trust

**Investment objective**

------

To seek to achieve a combination of long-term capital appreciation and current income.

**Fees and expenses**

------

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. **The fees and expenses do not reflect fees and expenses of any variable insurance or variable annuities contract that may use the fund as its underlying investment option and would be higher if they did.** 

---

| | | | |
|:---|:---|:---|:---|
| **Annual fund operating expenses (%)** (expenses that you pay each year as a percentage of the value of your investment) | **Series I** | **Series II** | **Series NAV** |
| Management fee | 0.70 | 0.70 | 0.70 |
| Distribution and service (Rule 12b-1) fees | 0.05 | 0.25 | 0.00 |
| Other expenses | 0.07 | 0.07 | 0.07 |
| **Total annual fund operating expenses** | **0.82** | **1.02** | **0.77** |
| Contractual expense reimbursement | -0.01<br> <sup>1</sup><br>| -0.01<br> <sup>1</sup><br>| -0.01<br> <sup>1</sup><br>|
| **Total annual fund operating expenses after expense reimbursements** | **0.81** | **1.01** | **0.76** |

---

**1**

The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund's reimbursement 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.

**Expense example**

------

The examples are intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The examples assume that $10,000 is invested in the fund for the periods indicated and then all shares are redeemed at the end of those periods. The examples also assume that the investment has a 5% return each year and that the fund's operating expenses remain the same. The expense example does not reflect fees and expenses of any variable insurance contract that may use the fund as its underlying investment option and would be higher if they did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **Expenses ($)** | **Series I** | **Series II** | **Series NAV** |
| 1 year | 83 | 103 | 78 |
| 3 years | 261 | 324 | 245 |
| 5 years | 454 | 562 | 427 |
| 10 years | 1013 | 1247 | 953 |

---

**Portfolio turnover**

------

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During its most recent fiscal year, the fund's portfolio turnover rate was 108% of the average value of its portfolio.

**Principal investment strategies**

------

Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of real estate investment trusts ("REITs") and real estate companies. Equity securities include common stock, preferred stock and securities convertible into common stock.

**185**

------

Fund summary

A company is considered to be a real estate company if the Global Industry Classification Standards (or some other common industry accepted sector or industry classification schema) includes the company within its Real Estate sector or Hotels, Restaurants & Leisure Industry or Homebuilding sub-industry.

The manager looks for real estate securities it believes will provide superior returns to the fund, and attempts to focus on companies with the potential for stock price appreciation and a record of paying dividends.

The manager's approach to real estate investing is based on a bottom-up analysis of factors affecting individual securities, combined with a top-down analysis of the real estate market. The manager believes that property markets overly discount and extrapolate short-term events and that a research-intensive and long-term focus are the keys to sustainable alpha generation. By focusing on multiple valuation metrics and leveraging the analytical resources at both the team and firm level, the manager is able to identify short-term dislocations between stock prices and fundamentals, and ultimately invest in what the manager believes are long-term winners at below market valuations. The bottom-up research coupled with top-down trends in the property markets allow the manager to effectively capture inflection points and own companies with dominant and improving market positions before their true value is recognized by the broader investment community.

A REIT invests primarily in income-producing real estate or makes loans to persons involved in the real estate industry.

Some REITs, called equity REITs, buy real estate and pay investors income from the rents received from the real estate owned by the REIT and from any profits on the sale of its properties. Other REITs, called mortgage REITs, lend money to building developers and other real estate companies and pay investors income from the interest paid on those loans. There are also hybrid REITs which engage in both owning real estate and making loans.

If a REIT meets certain requirements, it is not taxed on the income it distributes to its investors.

The fund may realize some short-term gains or losses if the manager chooses to sell a security because it believes that one or more of the following is true:

● A security is not fulfilling its investment purpose;

● A security has reached its optimum valuation; or

● A particular company or general economic conditions have changed.

Based on its recent practices, the manager expects that the fund's assets will be invested primarily in equity REITs. In changing market conditions, the fund may invest in other types of REITs.

When the manager believes that it is prudent, the fund may invest a portion of its assets in other types of securities. These securities may include convertible securities, short-term securities, bonds, notes, securities of companies not principally engaged in the real estate industry, non-leveraged stock index futures contracts and other similar securities. (Stock index futures contracts can help the fund's cash assets remain liquid while performing more like stocks.)

The fund may invest up to 10% of its total assets in securities of foreign real estate companies.

The fund is a non-diversified fund, which means that it may invest in a smaller number of issuers than a diversified fund and may invest more of its assets in the securities of a single issuer. The fund concentrates its investments in securities of issuers in the real estate industry.

**Principal risks**

------

An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money. The fund's investment strategy may not produce the intended results.

The fund's main risks are listed below in alphabetical order, not in order of importance. *Before investing, be sure to read the additional descriptions of these risks beginning on page 257 of the prospectus*.

**Changing distribution levels risk.** The fund may cease or reduce the level of its distribution if income or dividends paid from its investments declines.

**Concentration risk.** Because the fund may focus on one or more industries or sectors of the economy, its performance depends in large part on the performance of those industries or sectors. As a result, the value of an investment may fluctuate more widely since it is more susceptible to market, economic, political, regulatory, and other conditions and risks affecting those industries or sectors than a fund that invests more broadly across industries and sectors. A downturn in the real estate industry may significantly detract from performance.

**Credit and counterparty risk.** The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. A downgrade or default affecting any of the fund's securities could affect the fund's performance.

**186**

------

Fund summary

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

**Equity securities risk.** The price of equity securities may decline due to changes in a company's financial condition or overall market conditions.

**Fixed-income securities risk.** A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security's credit quality may adversely affect fund performance.

**Foreign securities risk.** Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities.

**Hedging, derivatives, and other strategic transactions risk.** Hedging, derivatives, and other strategic transactions may increase a fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: futures contracts. Futures contracts generally are subject to counterparty risk.

**High portfolio turnover risk.** Trading securities actively and frequently can increase transaction costs (thus lowering performance) and taxable distributions.

**Large company risk.** Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.

**Liquidity risk.** The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.

**Non-diversified risk.** Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**Preferred and convertible securities risk.** Preferred stock dividends are payable only if declared by the issuer's board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock's value can depend heavily upon the underlying common stock's value.

**Real estate investment trust (REIT) risk.** 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.

**Real estate securities risk.** 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.

**Small and mid-sized company risk.** Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.

**Past performance**

------

The following information illustrates the variability of the fund's returns and provides some indication of the risks of investing in the fund by showing changes in the fund's performance from year to year and by showing how the fund's average annual returns compared with a broad-based securities market index. Past performance does not indicate future results. The Dow Jones U.S. Select REIT Index shows how the fund's performance compares against the returns of similar investments. All figures assume dividend reinvestment. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHVIT as its underlying investment option. If such fees and expenses had been reflected, performance would be lower.

**187**

------

Fund summary

**A note on performance**

Prior to November 16, 2020, the fund was managed by a different subadvisor pursuant to different investment strategies, and thus, the performance presented prior to this date should not be attributed to the current subadvisor. The fund's performance shown below might have differed materially had the current subadvisor managed the fund prior to November 16, 2020.

**Calendar year total returns (%)—Series I**

![](g224548img54b389c936.jpg)

---

| | | |
|:---|:---|:---|
| **Best quarter:** | Q4 2021 | 17.19% |
| **Worst quarter:** | Q1 2020 | -22.97% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns (%)—as of 12/31/2025** | **1 year** | **5 year** | **10 year** |
| **Series I** | 0.63 | &nbsp;&nbsp;&nbsp;&nbsp;5.73 | &nbsp;&nbsp;&nbsp;&nbsp;5.87 |
| **Series II** | 0.40 | &nbsp;&nbsp;&nbsp;&nbsp;5.51 | &nbsp;&nbsp;&nbsp;&nbsp;5.66 |
| **Series NAV** | 0.63 | &nbsp;&nbsp;&nbsp;&nbsp;5.77 | &nbsp;&nbsp;&nbsp;&nbsp;5.91 |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 17.88 | &nbsp;&nbsp;&nbsp;&nbsp;14.42 | &nbsp;&nbsp;&nbsp;&nbsp;14.82 |
| Dow Jones U.S. Select REIT Index (reflects no deduction for fees, expenses, or taxes) | 3.67 | &nbsp;&nbsp;&nbsp;&nbsp;6.65 | &nbsp;&nbsp;&nbsp;&nbsp;4.81 |

---

**Investment management**

------

**Investment advisor** John Hancock Variable Trust Advisers LLC

**Subadvisor** Wellington Management Company LLP

**Portfolio management**

------

The following individual is primarily responsible for the day-to-day management of the fund's portfolio.

---

| |
|:---|
| **Bradford D. Stoesser** |
| *Senior Managing Director and Equity Portfolio Manager*<br> Managed fund since 2020<br>|

---

**Purchase and redemption of fund shares**

------

Shares of the fund are not sold directly to the public but generally may be sold only to insurance companies and their separate accounts as the underlying investment options for variable annuity and variable life insurance contracts issued by such companies, to certain entities affiliated with the insurance companies, to those funds of JHVIT that operate as funds of funds and invest in other funds and to certain qualified retirement plans (qualified plans).

Shares of the fund are offered continuously, without sales charge, and are sold and redeemed each business day (which typically is any day the New York Stock Exchange is open) at a price equal to their net asset value (NAV) determined for that business day as set forth under "Valuation of shares" in this prospectus. The Portfolio does not have minimum initial or subsequent investment requirements. Payment for shares redeemed will generally be made within seven days after receipt of a proper notice of redemption.

**Taxes**

------

Because shares of the fund may be purchased only through variable insurance contracts and qualified plans, it is expected that any dividends or capital gains distributions made by the fund will be exempt from current federal taxation if left to accumulate within the variable contract or qualified plan. Holders of variable insurance contracts should consult the prospectuses of their respective contracts for information on the federal income tax consequences to such holders.

**188**

------

Fund summary

**Compensation of financial intermediaries**

------

The fund is not sold directly to the general public but instead is offered as an underlying investment option for variable insurance contracts. The distributors of these contracts, the insurance companies that issue the contracts and their related companies (Related Parties), may pay compensation to broker-dealers and other intermediaries for distribution and other services and may enter into revenue sharing arrangements with certain intermediaries. The fund pays fees to the Related Parties for management, distribution and other services. Payments by insurance and related companies to intermediaries may create a conflict of interest by influencing them and their salespersons to recommend such contracts over other investments. Ask your salesperson or visit your financial intermediary's website for more information. In addition, payments by the funds to Related Parties may be a factor that an insurance company considers in including the funds as underlying investment options in variable insurance contracts. The prospectus (or other offering document) for your variable insurance contract may contain additional information about these payments.

**189**

------

Fund summary

Science & Technology Trust

**Investment objective**

------

To seek long-term growth of capital. Current income is incidental to the fund's objective.

**Fees and expenses**

------

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. **The fees and expenses do not reflect fees and expenses of any variable insurance or variable annuities contract that may use the fund as its underlying investment option and would be higher if they did.** 

---

| | | | |
|:---|:---|:---|:---|
| **Annual fund operating expenses (%)** (expenses that you pay each year as a percentage of the value of your investment) | **Series I** | **Series II** | **Series NAV** |
| Management fee | 0.95 | 0.95 | 0.95 |
| Distribution and service (Rule 12b-1) fees | 0.05 | 0.25 | 0.00 |
| Other expenses | 0.05 | 0.05 | 0.05 |
| **Total annual fund operating expenses** | **1.05** | **1.25** | **1.00** |
| Contractual expense reimbursement | -0.01 <br><sup>1</sup><br>| -0.01 <br><sup>1</sup><br>| -0.01 <br><sup>1</sup><br>|
| **Total annual fund operating expenses after expense reimbursements** | **1.04** | **1.24** | **0.99** |

---

**1**

The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund's reimbursement 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.

**Expense example**

------

The examples are intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The examples assume that $10,000 is invested in the fund for the periods indicated and then all shares are redeemed at the end of those periods. The examples also assume that the investment has a 5% return each year and that the fund's operating expenses remain the same. The expense example does not reflect fees and expenses of any variable insurance contract that may use the fund as its underlying investment option and would be higher if they did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **Expenses ($)** | **Series I** | **Series II** | **Series NAV** |
| 1 year | 106 | 126 | 101 |
| 3 years | 333 | 396 | 317 |
| 5 years | 578 | 685 | 551 |
| 10 years | 1282 | 1510 | 1224 |

---

**Portfolio turnover**

------

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During its most recent fiscal year, the fund's portfolio turnover rate was 230% of the average value of its portfolio.

**Principal investment strategies**

------

Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in the common stocks of companies expected to benefit from the development, and/or use of science and/or technology. (The fund will provide written notice to shareholders at least 60 days prior to a change in its 80% investment policy.) For purposes of satisfying this requirement, common stock may include equity-linked notes and derivatives relating to common stocks, such as options on equity-linked notes.

Some industries likely to be represented in the fund include:

**190**

------

Fund summary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● information technology including hardware, software, semiconductors and technology equipment

● telecommunications equipment and services

● media including advertising, broadcasting, cable and satellite, movies, entertainment, publishing and information services

● environmental services

● internet commerce and advertising

● life sciences and health care, including pharmaceuticals, health care equipment and services, and biotechnology

● chemicals and synthetic materials

● defense and aerospace

● alternative energy

While most of the fund's assets are invested in U.S. common stocks, the fund may also purchase other types of securities, including U.S. dollar- and foreign currency-denominated foreign securities, convertible stocks and bonds, and warrants, and use futures and options, in keeping with the fund's investment objectives.

Stock selection for the fund generally reflects a growth approach based on an assessment of a company's fundamental prospects for above-average earnings, rather than on a company's size. As a result, fund holdings can range from securities of small companies developing new technologies to securities of blue chip firms with established track records. The fund may also invest in companies that are expected to benefit from technological advances even if they are not directly involved in research and development. The fund may invest in suitable companies through initial public offerings (IPOs).

The fund holds a certain portion of its assets in money market reserves, which can consist of shares of certain T. Rowe Price money market funds as well as U.S. dollar and foreign currency-denominated money market securities, including repurchase agreements, in the two highest rating categories, maturing in one year or less.

The fund may invest up to 10% of its total assets in hybrid instruments. Hybrid instruments are a type of high-risk derivative which can combine the characteristics of securities, futures and options. Such securities may bear interest or pay dividends at below market (or even relatively nominal) rates.

In pursuing the fund's investment objective, a subadvisor has the discretion to purchase some securities that do not meet its normal investment criteria, as described above, when it perceives an unusual opportunity for gain. These special situations might arise when a subadvisor believes a security could increase in value for a variety of reasons including a change in management, an extraordinary corporate event, a new product introduction or a favorable competitive development.

The fund may sell securities for a variety of reasons, including to realize gains, limit losses, or redeploy assets into more promising opportunities.

The fund is a non-diversified fund, which means that it may invest in a smaller number of issuers than a diversified fund and may invest more of its assets in the securities of a single issuer.

**Principal risks**

------

An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money. The fund's investment strategy may not produce the intended results.

The fund's main risks are listed below in alphabetical order, not in order of importance. *Before investing, be sure to read the additional descriptions of these risks beginning on page 257 of the prospectus*.

**Cash and cash equivalents risk.** Under certain market conditions, such as during a rising stock market, rising interest rate or rising credit spread markets, the use of cash and/or cash equivalents, including money market instruments, could have a negative effect on the fund's ability to achieve its investment objective and may negatively impact the fund's performance.

**Changing distribution levels risk.** The fund may cease or reduce the level of its distribution if income or dividends paid from its investments declines.

**Convertible securities risk.** Convertible securities are subject to certain risks of both equity and debt securities. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. As the market price of underlying common stock declines below the conversion price, the market value of the convertible security tends to be increasingly influenced by its yield.

**Credit and counterparty risk.** The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. A downgrade or default affecting any of the fund's securities could affect the fund's performance.

**191**

------

Fund summary

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

**Equity securities risk.** The price of equity securities may decline due to changes in a company's financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations.

**Fixed-income securities risk.** A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security's credit quality may adversely affect fund performance.

**Foreign securities risk.** Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities.

**Greater China risk.** Investments in the Greater China region may be subject to less developed trading markets, acute political risks such as possible negative repercussions resulting from China's relationship with Taiwan or Hong Kong, and restrictions on monetary repatriation or other adverse government actions. For example, a government may restrict investment in companies or industries considered important to national interests, intervene in contractual arrangements, or intervene in the financial markets, such as by imposing trading restrictions, or banning or curtailing short selling. A small number of companies and industries may generally represent a relatively large portion of the Greater China market as a whole.

**Hong Kong Stock Connect Program (Stock Connect) risk.** Trading in China A-Shares through Stock Connect, a mutual market access program that enables foreign investment in the People's Republic of China (PRC), is subject to certain restrictions and risks. Securities listed on Stock Connect may lose purchase eligibility, which could adversely affect the fund's performance. Trading through Stock Connect is subject to trading, clearance, and settlement procedures that may continue to develop as the program matures. Any changes in laws, regulations and policies applicable to Stock Connect may affect China A-Share prices. These risks are heightened by the underdeveloped state of the PRC's investment and banking systems in general.

**Healthcare sector risk.** Health sciences companies may be significantly affected by product obsolescence, thin capitalization, limited product lines and markets, civil liability claims, and legislative or regulatory activities, among other factors.

**Hedging, derivatives, and other strategic transactions risk.** Hedging, derivatives, and other strategic transactions may increase a fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: futures contracts, equity-linked notes (equity-linked notes generally reflect the risks associated with their underlying securities, depend on the credit of the notes' issuer, may be privately placed, and may have a limited secondary market), and options. Futures contracts and options generally are subject to counterparty risk.

**High portfolio turnover risk.** Trading securities actively and frequently can increase transaction costs (thus lowering performance) and taxable distributions.

**Hybrid instrument risk.** Hybrid instruments (a type of potentially high-risk derivative) combine the elements of futures contracts or options with those of debt, preferred equity or a depository instrument. Hybrid instruments entail greater market risk and may be more volatile than traditional debt instruments, may bear interest or pay preferred dividends at below-market rates, and may be illiquid. The risks of investing in hybrid instruments are a combination of the risks of investing in securities, options, futures, and currencies.

**Information technology companies risk.** 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.

**Initial public offerings (IPOs) risk.** IPO share prices are frequently volatile and may significantly impact fund performance.

**Investment company securities risk.** Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.

**Large company risk.** Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.

**Liquidity risk.** The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions

**192**

------

Fund summary

during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.

**Media and communications sector risk.** Media and communications companies may be significantly affected by product and service obsolescence due to technological advancement or development, competitive pressures, substantial capital requirements, fluctuating demand, and changes in regulation.

**Non-diversified risk.** Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**Repurchase agreements risk.** The risk of a repurchase agreement transaction is limited to the ability of the seller to pay the agreed-upon sum on the delivery date. In the event of bankruptcy or other default by the seller, the instrument purchased may decline in value, interest payable on the instrument may be lost and there may be possible difficulties and delays in obtaining collateral and delays and expense in liquidating the instrument.

**Sector risk.** When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.

**Small and mid-sized company risk.** Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.

**Telecommunications sector risk.** Telecommunication services companies are subject to government regulation of services and rates of return and can be significantly affected by intense competition, among other factors.

**Warrants risk.** The prices of warrants may not precisely reflect the prices of their underlying securities. Warrant holders do not receive dividends or have voting or credit rights. A warrant ceases to have value if not exercised prior to its expiration date.

**Past performance**

------

The following information illustrates the variability of the fund's returns and provides some indication of the risks of investing in the fund by showing changes in the fund's performance from year to year and by showing how the fund's average annual returns compared with a broad-based securities market index. Past performance does not indicate future results. The S&P North American Technology Index shows how the fund's performance compares against the returns of similar investments. All figures assume dividend reinvestment. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHVIT as its underlying investment option. If such fees and expenses had been reflected, performance would be lower.

**A note on performance**

Effective June 23, 2022, T. Rowe Price Associates, Inc. (T. Rowe Price) became the fund's sole subadvisor. Prior to June 23, 2022, the fund was managed by both T. Rowe Price and a different subadvisor. The performance presented prior to June 23, 2022 should not be attributed to the sole management of the fund by T. Rowe Price. The fund's performance shown below might have differed materially had T. Rowe Price solely managed the fund prior to June 23, 2022.

**Calendar year total returns (%)—Series I**

![](g224548imgd8fa441137.jpg)

---

| | | |
|:---|:---|:---|
| **Best quarter:** | Q2 2020 | 33.24% |
| **Worst quarter:** | Q2 2022 | -23.02% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**193**

------

Fund summary

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns (%)—as of 12/31/2025** | **1 year** | **5 year** | **10 year** |
| **Series I** | 23.58 | &nbsp;&nbsp;&nbsp;&nbsp;12.97 | &nbsp;&nbsp;&nbsp;&nbsp;19.79 |
| **Series II** | 23.29 | &nbsp;&nbsp;&nbsp;&nbsp;12.74 | &nbsp;&nbsp;&nbsp;&nbsp;19.54 |
| **Series NAV** | 23.64 | &nbsp;&nbsp;&nbsp;&nbsp;13.03 | &nbsp;&nbsp;&nbsp;&nbsp;19.84 |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 17.88 | &nbsp;&nbsp;&nbsp;&nbsp;14.42 | &nbsp;&nbsp;&nbsp;&nbsp;14.82 |
| S&P North American Technology Index (reflects no deduction for fees, expenses, or taxes) | 27.82 | &nbsp;&nbsp;&nbsp;&nbsp;18.02 | &nbsp;&nbsp;&nbsp;&nbsp;22.54 |

---

**Investment management**

------

**Investment advisor** John Hancock Variable Trust Advisers LLC

**Subadvisor** T. Rowe Price Associates, Inc.

**Portfolio management**

------

The following individual is primarily responsible for the day-to-day management of the fund's portfolio.

---

| |
|:---|
| **Anthony Wang** |
| *Vice President*<br> Managed fund since 2023<br>|

---

**Purchase and redemption of fund shares**

------

Shares of the fund are not sold directly to the public but generally may be sold only to insurance companies and their separate accounts as the underlying investment options for variable annuity and variable life insurance contracts issued by such companies, to certain entities affiliated with the insurance companies, to those funds of JHVIT that operate as funds of funds and invest in other funds and to certain qualified retirement plans (qualified plans).

Shares of the fund are offered continuously, without sales charge, and are sold and redeemed each business day (which typically is any day the New York Stock Exchange is open) at a price equal to their net asset value (NAV) determined for that business day as set forth under "Valuation of shares" in this prospectus. The Portfolio does not have minimum initial or subsequent investment requirements. Payment for shares redeemed will generally be made within seven days after receipt of a proper notice of redemption.

**Taxes**

------

Because shares of the fund may be purchased only through variable insurance contracts and qualified plans, it is expected that any dividends or capital gains distributions made by the fund will be exempt from current federal taxation if left to accumulate within the variable contract or qualified plan. Holders of variable insurance contracts should consult the prospectuses of their respective contracts for information on the federal income tax consequences to such holders.

**Compensation of financial intermediaries**

------

The fund is not sold directly to the general public but instead is offered as an underlying investment option for variable insurance contracts. The distributors of these contracts, the insurance companies that issue the contracts and their related companies (Related Parties), may pay compensation to broker-dealers and other intermediaries for distribution and other services and may enter into revenue sharing arrangements with certain intermediaries. The fund pays fees to the Related Parties for management, distribution and other services. Payments by insurance and related companies to intermediaries may create a conflict of interest by influencing them and their salespersons to recommend such contracts over other investments. Ask your salesperson or visit your financial intermediary's website for more information. In addition, payments by the funds to Related Parties may be a factor that an insurance company considers in including the funds as underlying investment options in variable insurance contracts. The prospectus (or other offering document) for your variable insurance contract may contain additional information about these payments.

**194**

------

Fund summary

Select Bond Trust

**Investment objective**

------

To seek income and capital appreciation.

**Fees and expenses**

------

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. **The fees and expenses do not reflect fees and expenses of any variable insurance or variable annuities contract that may use the fund as its underlying investment option and would be higher if they did.** 

---

| | | | |
|:---|:---|:---|:---|
| **Annual fund operating expenses (%)** (expenses that you pay each year as a percentage of the value of your investment) | **Series I** | **Series II** | **Series NAV** |
| Management fee | 0.57 | 0.57 | 0.57 |
| Distribution and service (Rule 12b-1) fees | 0.05 | 0.25 | 0.00 |
| Other expenses | 0.04 | 0.04 | 0.04 |
| **Total annual fund operating expenses** | **0.66** | **0.86** | **0.61** |
| Contractual expense reimbursement | -0.01 <br><sup>1</sup><br>| -0.01 <br><sup>1</sup><br>| -0.01 <br><sup>1</sup><br>|
| **Total annual fund operating expenses after expense reimbursements** | **0.65** | **0.85** | **0.60** |

---

**1**

The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund's reimbursement 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.

**Expense example**

------

The examples are intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The examples assume that $10,000 is invested in the fund for the periods indicated and then all shares are redeemed at the end of those periods. The examples also assume that the investment has a 5% return each year and that the fund's operating expenses remain the same. The expense example does not reflect fees and expenses of any variable insurance contract that may use the fund as its underlying investment option and would be higher if they did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **Expenses ($)** | **Series I** | **Series II** | **Series NAV** |
| 1 year | 66 | 87 | 61 |
| 3 years | 210 | 273 | 194 |
| 5 years | 367 | 476 | 339 |
| 10 years | 822 | 1060 | 761 |

---

**Portfolio turnover**

------

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During its most recent fiscal year, the fund's portfolio turnover rate was 107% of the average value of its portfolio.

**Principal investment strategies**

------

Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in a diversified mix of debt securities and instruments. (The fund will provide written notice to shareholders at least 60 days prior to a change in its 80% investment policy.) The fund seeks to invest its assets in debt securities and instruments with an average duration of plus or minus one year of its benchmark, the Bloomberg US Aggregate Bond Index, however, there is no limit on the fund's average maturity. The fund does not invest in bonds rated below investment-grade at time of purchase.

**195**

------

Fund summary

Eligible investments include, but are not limited to:

● U.S. Treasury and agency securities as well as notes backed by the Federal Deposit Insurance Corporation,

● Mortgage-backed securities, including mortgage pass-through securities, commercial mortgage-backed securities ("CMBS") and collateralized mortgage obligations ("CMOs"),

● U.S. and foreign corporate bonds, asset-backed securities, and

● Foreign government and agency securities.

The subadvisor uses proprietary research and economic and industry analysis to identify specific bonds, bond sectors and industries that are attractively priced. Due to this process, the fund may have a higher than average portfolio turnover ratio which may affect performance results.

The foreign securities in which the fund invests may be denominated in U.S. dollars or foreign currency.

*Use of Hedging and Other Strategic Transactions*. The fund is authorized to use all of the various investment strategies referred to under "Additional Information About the Funds' Principal Risks — Hedging, derivatives and other strategic transactions risk" including, but not limited to, U.S. Treasury futures and options, index derivatives, credit default swaps and forwards.

**Principal risks**

------

An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money. The fund's investment strategy may not produce the intended results.

The fund's main risks are listed below in alphabetical order, not in order of importance. *Before investing, be sure to read the additional descriptions of these risks beginning on page 257 of the prospectus*.

**Changing distribution levels risk.** The fund may cease or reduce the level of its distribution if income or dividends paid from its investments declines.

**Credit and counterparty risk.** The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund's securities could affect the fund's performance.

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

**Fixed-income securities risk.** A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security's credit quality may adversely affect fund performance.

**Foreign securities risk.** Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities.

**Hedging, derivatives, and other strategic transactions risk.** Hedging, derivatives, and other strategic transactions may increase a fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, foreign currency swaps, futures contracts, interest-rate swaps, options on futures, options, swaps, swaptions, equity-linked notes (equity-linked notes generally reflect the risks associated with their underlying securities, depend on the credit of the note's issuer, may be privately placed, and may have a limited secondary market), inverse floating-rate securities, reverse repurchase agreements, and total return swaps. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk. An event of default or insolvency of the counterparty to a reverse repurchase agreement could result in delays or restrictions with respect to the fund's ability to dispose of the underlying securities. In addition, a reverse repurchase agreement may be considered a form of leverage and may, therefore, increase fluctuations in the fund's net asset value (NAV) per share.

**196**

------

Fund summary

**High portfolio turnover risk.** Trading securities actively and frequently can increase transaction costs (thus lowering performance) and taxable distributions.

**Liquidity risk.** The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.

**Mortgage-backed and asset-backed securities risk.** Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**Sector risk.** When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.

**U.S. government agency obligations risk.** U.S. government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.

**U.S. Treasury obligations risk.** The market value of direct obligations of the U.S. Treasury may vary due to changes in interest rates. In addition, changes to the financial condition or credit rating of the U.S. government may cause the value of the fund's investments in obligations issued by the U.S. Treasury to decline.

**Past performance**

------

The following information illustrates the variability of the fund's returns and provides some indication of the risks of investing in the fund by showing changes in the fund's performance from year to year and by showing how the fund's average annual returns compared with a broad-based securities market index. Past performance does not indicate future results. All figures assume dividend reinvestment. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHVIT as its underlying investment option. If such fees and expenses had been reflected, performance would be lower.

**Calendar year total returns (%)—Series NAV**

![](g224548img1a8dcace38.jpg)

---

| | | |
|:---|:---|:---|
| **Best quarter:** | Q4 2023 | 6.90% |
| **Worst quarter:** | Q1 2022 | -6.10% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns (%)—as of 12/31/2025** | **1 year** | **5 year** | **10 year** |
| **Series I** | 7.47 | &nbsp;&nbsp;&nbsp; -0.32 | &nbsp;&nbsp;&nbsp;&nbsp;2.21 |
| **Series II** | 7.36 | &nbsp;&nbsp;&nbsp; -0.51 | &nbsp;&nbsp;&nbsp;&nbsp;2.01  |

---

**197**

------

Fund summary

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns (%)—as of 12/31/2025** | **1 year** | **5 year** | **10 year** |
| **Series NAV** | 7.52 | &nbsp;&nbsp;&nbsp; -0.27 | &nbsp;&nbsp;&nbsp;&nbsp;2.26 |
| Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes) | 7.30 | &nbsp;&nbsp;&nbsp; -0.36 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 |

---

**Investment management**

------

**Investment advisor** John Hancock Variable Trust Advisers LLC

**Subadvisor** Manulife Investment Management (US) LLC

**Portfolio management**

------

The following individuals are jointly and primarily responsible for the day-to-day management of the fund's portfolio.

---

| | |
|:---|:---|
| **Jeffrey N. Given, CFA** | **Connor Minnaar, CFA** |
| *Senior Portfolio Manager, Co-Head of*<br> *U.S. Core and Core-Plus Fixed Income*<br> Managed fund since 2009<br>| &nbsp;&nbsp; *Portfolio Manager*<br> Managed fund since 2022<br>|
| **Spencer Godfrey, CFA**<br> *Associate Portfolio Manager*<br> Managed fund since 2025<br>| &nbsp;&nbsp; **Pranay Sonalkar, CFA**<br> *Portfolio Manager*<br> Managed fund since 2021<br>|
| **Howard C. Greene, CFA**<sup>1</sup> <br>*Senior Portfolio Manager, Co-Head of*<br> *U.S. Core and Core-Plus Fixed Income*<br> Managed fund since 2009<br>|  |

---

**1**

Effective December 31, 2027, Howard C. Greene, CFA will no longer serve as a portfolio manager of the fund.

**Purchase and redemption of fund shares**

------

Shares of the fund are not sold directly to the public but generally may be sold only to insurance companies and their separate accounts as the underlying investment options for variable annuity and variable life insurance contracts issued by such companies, to certain entities affiliated with the insurance companies, to those funds of JHVIT that operate as funds of funds and invest in other funds and to certain qualified retirement plans (qualified plans).

Shares of the fund are offered continuously, without sales charge, and are sold and redeemed each business day (which typically is any day the New York Stock Exchange is open) at a price equal to their net asset value (NAV) determined for that business day as set forth under "Valuation of shares" in this prospectus. The Portfolio does not have minimum initial or subsequent investment requirements. Payment for shares redeemed will generally be made within seven days after receipt of a proper notice of redemption.

**Taxes**

------

Because shares of the fund may be purchased only through variable insurance contracts and qualified plans, it is expected that any dividends or capital gains distributions made by the fund will be exempt from current federal taxation if left to accumulate within the variable contract or qualified plan. Holders of variable insurance contracts should consult the prospectuses of their respective contracts for information on the federal income tax consequences to such holders.

**Compensation of financial intermediaries**

------

The fund is not sold directly to the general public but instead is offered as an underlying investment option for variable insurance contracts. The distributors of these contracts, the insurance companies that issue the contracts and their related companies (Related Parties), may pay compensation to broker-dealers and other intermediaries for distribution and other services and may enter into revenue sharing arrangements with certain intermediaries. The fund pays fees to the Related Parties for management, distribution and other services. Payments by insurance and related companies to intermediaries may create a conflict of interest by influencing them and their salespersons to recommend such contracts over other investments. Ask your salesperson or visit your financial intermediary's website for more information. In addition, payments by the funds to Related Parties may be a factor that an insurance company considers in including the funds as underlying investment options in variable insurance contracts. The prospectus (or other offering document) for your variable insurance contract may contain additional information about these payments.

**198**

------

Fund summary

Short Term Government Income Trust

**Investment objective**

------

To seek a high level of current income consistent with preservation of capital. Maintaining a stable share price is a secondary goal.

**Fees and expenses**

------

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. **The fees and expenses do not reflect fees and expenses of any variable insurance or variable annuities contract that may use the fund as its underlying investment option and would be higher if they did.** 

---

| | | | |
|:---|:---|:---|:---|
| **Annual fund operating expenses (%)** (expenses that you pay each year as a percentage of the value of your investment) | **Series I** | **Series II** | **Series NAV** |
| Management fee | 0.57 | 0.57 | 0.57 |
| Distribution and service (Rule 12b-1) fees | 0.05 | 0.25 | 0.00 |
| Other expenses | 0.09 | 0.09 | 0.09 |
| **Total annual fund operating expenses** | **0.71** | **0.91** | **0.66** |
| Contractual expense reimbursement | -0.01 <br><sup>1</sup><br>| -0.01 <br><sup>1</sup><br>| -0.01 <br><sup>1</sup><br>|
| **Total annual fund operating expenses after expense reimbursements** | **0.70** | **0.90** | **0.65** |

---

**1**

The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund's reimbursement 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.

**Expense example**

------

The examples are intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The examples assume that $10,000 is invested in the fund for the periods indicated and then all shares are redeemed at the end of those periods. The examples also assume that the investment has a 5% return each year and that the fund's operating expenses remain the same. The expense example does not reflect fees and expenses of any variable insurance contract that may use the fund as its underlying investment option and would be higher if they did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **Expenses ($)** | **Series I** | **Series II** | **Series NAV** |
| 1 year | 72 | 92 | 66 |
| 3 years | 226 | 289 | 210 |
| 5 years | 394 | 503 | 367 |
| 10 years | 882 | 1119 | 822 |

---

**Portfolio turnover**

------

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During its most recent fiscal year, the fund's portfolio turnover rate was 487% of the average value of its portfolio.

**Principal investment strategies**

------

The fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its net assets in obligations issued or guaranteed by the U.S. government and its agencies, authorities or instrumentalities (U.S. government securities). Under normal circumstances, the fund's effective duration is no more than three years.

U.S. government securities may be supported by:

**199**

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Fund summary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● The full faith and credit of the United States government, such as Treasury bills, notes and bonds, and Government National Mortgage Association Certificates.

● The right of the issuer to borrow from the U.S. Treasury, such as obligations of the Federal Home Loan Mortgage Corporation.

● The credit of the instrumentality, such as obligations of the Federal National Mortgage Association.

The fund may invest in higher-risk securities, including U.S. dollar-denominated foreign government securities and asset-backed securities. It may also invest up to 10% of its net assets in foreign government high-yield securities (junk bonds) rated as low as B and their unrated equivalents.

In managing the portfolio of the fund, the subadvisor considers interest rate trends to determine which types of bonds to emphasize at a given time. The fund typically favors mortgage-related securities when it anticipates that interest rates will be relatively stable, and favors U.S. Treasuries at other times. Because high yield bonds often respond to market movements differently from U.S. government bonds, the fund may use them to manage volatility.

The fund may invest in mortgage-related securities and Treasury futures to protect against adverse changes and manage risks.

The fund may invest in other investment companies, including exchange traded funds ("ETFs"), and engage in short sales.

Under normal circumstances, the fund's effective duration is no more than three years which means that the fund may purchase securities with a duration of greater than three years, as long as the fund's average duration does not exceed three years.

The fund may trade securities actively which could increase transaction costs (thus lowering performance).

**Principal risks**

------

An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money. The fund's investment strategy may not produce the intended results.

The fund's main risks are listed below in alphabetical order, not in order of importance. *Before investing, be sure to read the additional descriptions of these risks beginning on page 257 of the prospectus*.

**Changing distribution levels risk.** The fund may cease or reduce the level of its distribution if income or dividends paid from its investments declines.

**Credit and counterparty risk.** The issuer or guarantor of a fixed-income security or a borrower of fund securities may not make timely payments or otherwise honor its obligations. A downgrade or default affecting any of the fund's securities could affect the fund's performance.

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

**Exchange-traded fund (ETF) investment risk.** The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF's shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.

**Fixed-income securities risk.** A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security's credit quality may adversely affect fund performance.

**Foreign securities risk.** Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities.

**Hedging, derivatives, and other strategic transactions risk.** Hedging, derivatives, and other strategic transactions may increase a fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: foreign currency forward contracts, futures contracts, options, credit default swaps, foreign currency swaps, interest-rate swaps, swaps, swaptions, equity-linked notes (equity-linked notes generally reflect the risks associated with their underlying securities, depend on the credit of the note's issuer, may be privately placed, and may have a limited secondary market), inverse floating-rate securities, reverse repurchase agreements, total return swaps, and options on futures. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk. An event of default or insolvency

**200**

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Fund summary

of the counterparty to a reverse repurchase agreement could result in delays or restrictions with respect to the fund's ability to dispose of the underlying securities. In addition, a reverse repurchase agreement may be considered a form of leverage and may, therefore, increase fluctuations in the fund's net asset value (NAV) per share.

**High portfolio turnover risk.** Trading securities actively and frequently can increase transaction costs (thus lowering performance) and taxable distributions.

**Investment company securities risk.** Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.

**Liquidity risk.** The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.

**Lower-rated and high-yield fixed-income securities risk.** Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.

**Mortgage-backed and asset-backed securities risk.** Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**Short sales risk.** Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.

**U.S. government agency obligations risk.** U.S. government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.

**U.S. Treasury obligations risk.** The market value of direct obligations of the U.S. Treasury may vary due to changes in interest rates. In addition, changes to the financial condition or credit rating of the U.S. government may cause the value of the fund's investments in obligations issued by the U.S. Treasury to decline.

**Past performance**

------

The following information illustrates the variability of the fund's returns and provides some indication of the risks of investing in the fund by showing changes in the fund's performance from year to year and by showing how the fund's average annual returns compared with a broad-based securities market index. Past performance does not indicate future results. All figures assume dividend reinvestment. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHVIT as its underlying investment option. If such fees and expenses had been reflected, performance would be lower.

**201**

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Fund summary

**Calendar year total returns (%)—Series NAV**

![](g224548img5b829a1339.jpg)

---

| | | |
|:---|:---|:---|
| **Best quarter:** | Q4 2023 | 3.12% |
| **Worst quarter:** | Q1 2022 | -3.45% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns (%)—as of 12/31/2025** | **1 year** | **5 year** | **10 year** |
| **Series I** | 5.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 |
| **Series II** | 4.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 |
| **Series NAV** | 5.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 |
| Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes) | 7.30 | &nbsp;&nbsp;&nbsp; -0.36 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 |

---

**Investment management**

------

**Investment advisor** John Hancock Variable Trust Advisers LLC

**Subadvisor** Manulife Investment Management (US) LLC

**Portfolio management**

------

The following individuals are jointly and primarily responsible for the day-to-day management of the fund's portfolio.

---

| | |
|:---|:---|
| **Jeffrey N. Given, CFA** | **Howard C. Greene, CFA**<sup>1</sup> <br>|
| *Senior Portfolio Manager, Co-Head of*<br> *U.S. Core and Core-Plus Fixed Income*<br> Managed fund since 2008<br>| &nbsp;&nbsp; *Senior Portfolio Manager, Co-Head of*<br> *U.S. Core and Core-Plus Fixed Income*<br> Managed fund since 2008<br>|
| **Spencer Godfrey, CFA**<br> *Associate Portfolio Manager*<br> Managed fund since 2025<br>| &nbsp;&nbsp; **Connor Minnaar, CFA**<br> *Portfolio Manager*<br> Managed fund since 2022<br>|

---

**1**

Effective December 31, 2027, Howard C. Greene, CFA will no longer serve as a portfolio manager of the fund.

**Purchase and redemption of fund shares**

------

Shares of the fund are not sold directly to the public but generally may be sold only to insurance companies and their separate accounts as the underlying investment options for variable annuity and variable life insurance contracts issued by such companies, to certain entities affiliated with the insurance companies, to those funds of JHVIT that operate as funds of funds and invest in other funds and to certain qualified retirement plans (qualified plans).

Shares of the fund are offered continuously, without sales charge, and are sold and redeemed each business day (which typically is any day the New York Stock Exchange is open) at a price equal to their net asset value (NAV) determined for that business day as set forth under "Valuation of shares" in this prospectus. The Portfolio does not have minimum initial or subsequent investment requirements. Payment for shares redeemed will generally be made within seven days after receipt of a proper notice of redemption.

**Taxes**

------

Because shares of the fund may be purchased only through variable insurance contracts and qualified plans, it is expected that any dividends or capital gains distributions made by the fund will be exempt from current federal taxation if left to accumulate within the variable contract or qualified plan. Holders of variable insurance contracts should consult the prospectuses of their respective contracts for information on the federal income tax consequences to such holders.

**202**

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Fund summary

**Compensation of financial intermediaries**

------

The fund is not sold directly to the general public but instead is offered as an underlying investment option for variable insurance contracts. The distributors of these contracts, the insurance companies that issue the contracts and their related companies (Related Parties), may pay compensation to broker-dealers and other intermediaries for distribution and other services and may enter into revenue sharing arrangements with certain intermediaries. The fund pays fees to the Related Parties for management, distribution and other services. Payments by insurance and related companies to intermediaries may create a conflict of interest by influencing them and their salespersons to recommend such contracts over other investments. Ask your salesperson or visit your financial intermediary's website for more information. In addition, payments by the funds to Related Parties may be a factor that an insurance company considers in including the funds as underlying investment options in variable insurance contracts. The prospectus (or other offering document) for your variable insurance contract may contain additional information about these payments.

**203**

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Fund summary

Small Cap Core Trust

**Investment objective**

------

To seek long-term capital appreciation.

**Fees and expenses**

------

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. **The fees and expenses do not reflect fees and expenses of any variable insurance or variable annuities contract that may use the fund as its underlying investment option and would be higher if they did.** 

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| | | | |
|:---|:---|:---|:---|
| **Annual fund operating expenses (%)** (expenses that you pay each year as a percentage of the value of your investment) | **Series I** | **Series II** | **Series NAV** |
| Management fee | 0.81<br> <sup>1</sup><br>| 0.81<br> <sup>1</sup><br>| 0.81<br> <sup>1</sup><br>|
| Distribution and service (Rule 12b-1) fees | 0.05 | 0.25 | 0.00 |
| Other expenses | 0.10 | 0.10 | 0.10 |
| **Total annual fund operating expenses** | **0.96** | **1.16** | **0.91** |
| Contractual expense reimbursement | -0.01 <br><sup>2</sup><br>| -0.01 <br><sup>2</sup><br>| -0.01 <br><sup>2</sup><br>|
| **Total annual fund operating expenses after expense reimbursements** | **0.95** | **1.15** | **0.90** |

---

**1**

"Management fee" has been restated to reflect the contractual management fee schedule effective April 25, 2025.

**2**

The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund's reimbursement 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.

**Expense example**

------

The examples are intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The examples assume that $10,000 is invested in the fund for the periods indicated and then all shares are redeemed at the end of those periods. The examples also assume that the investment has a 5% return each year and that the fund's operating expenses remain the same. The expense example does not reflect fees and expenses of any variable insurance contract that may use the fund as its underlying investment option and would be higher if they did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **Expenses ($)** | **Series I** | **Series II** | **Series NAV** |
| 1 year | 97 | 117 | 92 |
| 3 years | 305 | 367 | 289 |
| 5 years | 530 | 637 | 503 |
| 10 years | 1177 | 1408 | 1119 |

---

**Portfolio turnover**

------

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During its most recent fiscal year, the fund's portfolio turnover rate was 147% of the average value of its portfolio.

**Principal investment strategies**

------

Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of small-capitalization companies. (The Board of Trustees can change the fund's investment objective and strategies without shareholder approval. The fund will provide written notice to shareholders at least 60 days prior to a change in its 80% investment policy.) The fund considers small-capitalization companies to be those companies that, at the time of investment, are in the capitalization range of the Russell 2000 Index, which had a maximum market capitalization of $47.2 billion as of February 28, 2026. The fund generally will not invest in companies that, at the time of purchase, have

**204**

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Fund summary

market capitalizations of $5 billion or more. Equity securities include common and preferred stocks, rights, warrants, and depositary receipts (including ADRs, American Depositary Shares, European Depositary Receipts, and Global Depositary Receipts).

In managing the fund, the manager emphasizes a bottom-up approach to individual stock selection. The manager looks for companies with durable, niche business models that have the potential to allow them to earn high returns on capital and that are trading at a significant discount to the manager's estimate of fair value. With the aid of proprietary financial models, companies are screened based on a number of factors, including balance sheet quality, profitability, liquidity, size, and risk profile.

The manager then conducts in-depth fundamental research of individual companies to locate companies that have particular attributes, such as cash flow and earnings growth visibility, manageable risks, including business risk and financial risk, and above-average return on capital.

Stocks considered for inclusion in the portfolio may also be experiencing some type of temporary weakness or short-term mispricing due to various factors, such as an inflection point in earnings power, turnaround situations, or a near-term earnings event.

The fund intends to invest in a number of different sectors. The sectors in which the fund invests are primarily a result of stock selection and may, therefore, vary significantly from its benchmark. The fund may focus its investments in a particular sector or sectors of the economy. The fund may invest up to 10% of its total assets in foreign securities, including in emerging markets, which includes securities for which the relevant reference entity is domiciled outside of the United States, such as ADRs, which trade on U.S. exchanges.

The fund may invest in initial public offerings (IPOs). The fund may also purchase real estate investment trusts (REITs) or other real estate-related equity securities, and certain exchange-traded funds (ETFs). The fund may also purchase warrants and rights on certain underlying securities, both U.S. dollar-denominated and otherwise.

The fund normally will invest 10% or less of its total assets in cash and cash equivalents, including repurchase agreements, money market securities, U.S. government securities, and other short-term investments. The fund may, to a limited extent, engage in derivatives transactions that include futures contracts and foreign currency forward contracts, in each case for the purposes of reducing risk and/or obtaining efficient market exposure.

The fund may invest in cash or money market instruments for the purpose of meeting redemption requests or making other anticipated cash payments.

The fund may deviate from its principal investment strategies during transition periods, which may include the reassignment of portfolio management, a change in investment objective or strategy, a reorganization or liquidation, or the occurrence of large inflows or outflows.

**Principal risks**

------

An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money. The fund's investment strategy may not produce the intended results.

The fund's main risks are listed below in alphabetical order, not in order of importance. *Before investing, be sure to read the additional descriptions of these risks beginning on page 257 of the prospectus*.

**Cash and cash equivalents risk.** Under certain market conditions, such as during a rising stock market, rising interest rate or rising credit spread markets, the use of cash and/or cash equivalents, including money market instruments, could have a negative effect on the fund's ability to achieve its investment objective and may negatively impact the fund's performance.

**Credit and counterparty risk.** The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund's securities could affect the fund's performance.

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

**Equity securities risk.** The price of equity securities may decline due to changes in a company's financial condition or overall market conditions. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.

**Exchange-traded fund (ETF) investment risk.** The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF's shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.

**205**

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Fund summary

**Foreign securities risk.** Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.

**Hedging, derivatives, and other strategic transactions risk.** Hedging, derivatives, and other strategic transactions may increase a fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: foreign currency forward contracts and futures contracts. Foreign currency forward contracts and futures contracts generally are subject to counterparty risk. Derivatives associated with foreign currency transactions are subject to currency risk.

**Initial public offerings (IPOs) risk.** IPO share prices are frequently volatile and may significantly impact fund performance.

**Liquidity risk.** The extent (if at all) to which a security may be sold without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**Preferred stock risk.** Preferred stock generally ranks senior to common stock with respect to dividends and liquidation but ranks junior to debt securities. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer's board of directors. Preferred stock may be subject to optional or mandatory redemption provisions.

**Real estate investment trust (REIT) risk.** 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.

**Real estate securities risk.** 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.

**Repurchase agreements risk.** The risk of a repurchase agreement transaction is limited to the ability of the seller to pay the agreed-upon sum on the delivery date. In the event of bankruptcy or other default by the seller, the instrument purchased may decline in value, interest payable on the instrument may be lost and there may be possible difficulties and delays in obtaining collateral and delays and expense in liquidating the instrument.

**Sector risk.** When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors. To the extent that a fund invests in securities of companies in the financial services sector, the fund may be significantly affected by economic, market, and business developments, borrowing costs, interest-rate fluctuations, competition, and government regulation, among other factors, impacting that sector.

**Small and mid-sized company risk.** Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.

**U.S. government agency obligations risk.** U.S. government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.

**U.S. Treasury obligations risk.** The market value of direct obligations of the U.S. Treasury may vary due to changes in interest rates. In addition, changes to the financial condition or credit rating of the U.S. government may cause the value of the fund's investments in obligations issued by the U.S. Treasury to decline.

**Warrants risk.** The prices of warrants may not precisely reflect the prices of their underlying securities. Warrant holders do not receive dividends or have voting or credit rights. A warrant ceases to have value if not exercised prior to its expiration date.

**206**

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Fund summary

**Past performance**

------

The following information illustrates the variability of the fund's returns and provides some indication of the risks of investing in the fund by showing changes in the fund's performance from year to year and by showing how the fund's average annual returns compared with a broad-based securities market index. Past performance does not indicate future results. The Russell 2000 Index shows how the fund's performance compares against the returns of similar investments. All figures assume dividend reinvestment. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHVIT as its underlying investment option. If such fees and expenses had been reflected, performance would be lower.

**A note on performance**

Prior to April 25, 2025, the fund was managed by a different subadvisor pursuant to different investment strategies, and thus, the performance presented prior to this date should not be attributed to the current subadvisor. The fund's performance shown below might have differed materially had the current subadvisor managed the fund prior to April 25, 2025.

**Calendar year total returns (%)—Series NAV**

![](g224548img72e671ff40.jpg)

---

| | | |
|:---|:---|:---|
| **Best quarter:** | Q4 2020 | 34.84% |
| **Worst quarter:** | Q1 2020 | -36.20% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns (%)—as of 12/31/2025** | **1 year** | **5 year** | **10 year** |
| **Series I** | 0.06 | &nbsp;&nbsp;&nbsp;&nbsp;6.48 | &nbsp;&nbsp;&nbsp;&nbsp;6.05 |
| **Series II** | &nbsp;&nbsp; -0.12 | &nbsp;&nbsp;&nbsp;&nbsp;6.28 | &nbsp;&nbsp;&nbsp;&nbsp;5.84 |
| **Series NAV** | 0.11 | &nbsp;&nbsp;&nbsp;&nbsp;6.53 | &nbsp;&nbsp;&nbsp;&nbsp;6.10 |
| Russell 3000 Index (reflects no deduction for fees, expenses, or taxes) | 17.15 | &nbsp;&nbsp;&nbsp;&nbsp;13.15 | &nbsp;&nbsp;&nbsp;&nbsp;14.29 |
| Russell 2000 Index (reflects no deduction for fees, expenses, or taxes) | 12.81 | &nbsp;&nbsp;&nbsp;&nbsp;6.09 | &nbsp;&nbsp;&nbsp;&nbsp;9.62 |

---

**Investment management**

------

**Investment advisor** John Hancock Variable Trust Advisers LLC

**Subadvisor** Manulife Investment Management (US) LLC

**Portfolio management**

------

The following individuals are jointly and primarily responsible for the day-to-day management of the fund's portfolio.

---

| | | |
|:---|:---|:---|
| **Ryan Davies, CFA** | **Joseph Nowinski** | **Bill Talbot, CFA**<sup>1</sup> <br>|
| *Portfolio Manager*<br> Managed fund since 2025<br>| &nbsp;&nbsp; *Senior Portfolio Manager*<br> Managed fund since 2025<br>| &nbsp;&nbsp; *Senior Portfolio Manager,*<br> *Head of US Small Cap Equities*<br> Managed fund since 2025<br>|

---

**1**

Effective December 31, 2026, Bill Talbot, CFA will no longer serve as a portfolio manager of the fund.

**Purchase and redemption of fund shares**

------

Shares of the fund are not sold directly to the public but generally may be sold only to insurance companies and their separate accounts as the underlying investment options for variable annuity and variable life insurance contracts issued by such companies, to certain entities affiliated with the insurance companies, to those funds of JHVIT that operate as funds of funds and invest in other funds and to certain qualified retirement plans (qualified plans).

**207**

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Fund summary

Shares of the fund are offered continuously, without sales charge, and are sold and redeemed each business day (which typically is any day the New York Stock Exchange is open) at a price equal to their net asset value (NAV) determined for that business day as set forth under "Valuation of shares" in this prospectus. The Portfolio does not have minimum initial or subsequent investment requirements. Payment for shares redeemed will generally be made within seven days after receipt of a proper notice of redemption.

**Taxes**

------

Because shares of the fund may be purchased only through variable insurance contracts and qualified plans, it is expected that any dividends or capital gains distributions made by the fund will be exempt from current federal taxation if left to accumulate within the variable contract or qualified plan. Holders of variable insurance contracts should consult the prospectuses of their respective contracts for information on the federal income tax consequences to such holders.

**Compensation of financial intermediaries**

------

The fund is not sold directly to the general public but instead is offered as an underlying investment option for variable insurance contracts. The distributors of these contracts, the insurance companies that issue the contracts and their related companies (Related Parties), may pay compensation to broker-dealers and other intermediaries for distribution and other services and may enter into revenue sharing arrangements with certain intermediaries. The fund pays fees to the Related Parties for management, distribution and other services. Payments by insurance and related companies to intermediaries may create a conflict of interest by influencing them and their salespersons to recommend such contracts over other investments. Ask your salesperson or visit your financial intermediary's website for more information. In addition, payments by the funds to Related Parties may be a factor that an insurance company considers in including the funds as underlying investment options in variable insurance contracts. The prospectus (or other offering document) for your variable insurance contract may contain additional information about these payments.

**208**

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Fund summary

Small Cap Index Trust

**Investment objective**

------

Seeks to approximate the aggregate total return of a small cap U.S. domestic equity market index.

**Fees and expenses**

------

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. **The fees and expenses do not reflect fees and expenses of any variable insurance or variable annuities contract that may use the fund as its underlying investment option and would be higher if they did.** 

---

| | | | |
|:---|:---|:---|:---|
| **Annual fund operating expenses (%)** (expenses that you pay each year as a percentage of the value of your investment) | **Series I** | **Series II** | **Series NAV** |
| Management fee | 0.48 | 0.48 | 0.48 |
| Distribution and service (Rule 12b-1) fees | 0.05 | 0.25 | 0.00 |
| Other expenses | 0.06 | 0.06 | 0.06 |
| **Total annual fund operating expenses** | **0.59** | **0.79** | **0.54** |
| Contractual expense reimbursement | -0.06 <br><sup>1</sup><br>| -0.06 <br><sup>1</sup><br>| -0.06 <br><sup>1</sup><br>|
| **Total annual fund operating expenses after expense reimbursements** | **0.53** | **0.73** | **0.48** |

---

**1**

The advisor contractually agrees to reduce its management fee by an annual rate of 0.05% of the fund's average daily net assets. This agreement expires on April 30, 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 also contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund's reimbursement 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.

**Expense example**

------

The examples are intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The examples assume that $10,000 is invested in the fund for the periods indicated and then all shares are redeemed at the end of those periods. The examples also assume that the investment has a 5% return each year and that the fund's operating expenses remain the same. The expense example does not reflect fees and expenses of any variable insurance contract that may use the fund as its underlying investment option and would be higher if they did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **Expenses ($)** | **Series I** | **Series II** | **Series NAV** |
| 1 year | 54 | 75 | 49 |
| 3 years | 183 | 246 | 167 |
| 5 years | 323 | 433 | 296 |
| 10 years | 732 | 972 | 671 |

---

**Portfolio turnover**

------

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During its most recent fiscal year, the fund's portfolio turnover rate was 12% of the average value of its portfolio.

**Principal investment strategies**

------

Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) at the time of investment in: (a) the common stocks that are included in the Russell 2000 Index; and (b) securities (which may or may not be included in the Russell 2000 Index) that the subadvisor believes as a group will behave in a manner similar to the index. (The fund will provide written notice to shareholders at least 60 days

**209**

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Fund summary

prior to a change in its 80% investment policy.) As of February 28, 2026, the market capitalizations of companies included in the Russell 2000 Index ranged from $33.9 million to $47.2 billion.

An index is an unmanaged group of securities whose overall performance is used as an investment benchmark. Indexes may track broad investment markets, such as the global equity market, or more narrow investment markets, such as the U.S. small cap equity market. In contrast to actively managed funds, which seek to outperform their respective benchmark indexes through research and analysis, index funds are passively managed funds that seek to mirror the performance of their target indexes, minimizing performance differences over time. The fund attempts to track the performance of the Russell 2000 Index by: (a) holding all, or a representative sample, of the securities that comprise that index; and/or (b) by holding securities (which may or may not be included in the index) that the subadvisor believes as a group will behave in a manner similar to the index. However, the fund has operating expenses and transaction costs, while a market index does not. Therefore, the fund, while it attempts to track its target index closely, typically will be unable to match the performance of the target index exactly. The composition of an index changes from time to time, and the subadvisor will reflect those changes in the composition of the fund's portfolio as soon as practicable.

**Principal risks**

------

An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.

The fund's main risks are listed below in alphabetical order, not in order of importance. *Before investing, be sure to read the additional descriptions of these risks beginning on page 257 of the prospectus*.

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

**Equity securities risk.** The price of equity securities may decline due to changes in a company's financial condition or overall market conditions.

**Index management risk.** Certain factors may cause a fund that is an index fund to track its target index less closely. For example, a subadvisor may select securities that are not fully representative of the index, and the fund's operating expenses and transaction costs, and the size and timing of its cash flows, may result in the fund's performance being different than that of its index. Moreover, the fund will generally reflect the performance of its target index even when the index does not perform well.

**Liquidity risk.** The extent (if at all) to which a security may be sold without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**Quantitative modeling risk.** Quantitative models may not accurately predict future market movements or characteristics, which may negatively impact performance. Models also may perform differently than expected due to implementation problems, technological malfunction, or programming or data inaccuracies, among other possible issues.

**Small and mid-sized company risk.** Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.

**Past performance**

------

The following information illustrates the variability of the fund's returns and provides some indication of the risks of investing in the fund by showing changes in the fund's performance from year to year and by showing how the fund's average annual returns compared with a broad-based securities market index. Past performance does not indicate future results. The Russell 2000 Index shows how the fund's performance compares against the returns of similar investments. All figures assume dividend reinvestment. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHVIT as its underlying investment option. If such fees and expenses had been reflected, performance would be lower.

**210**

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Fund summary

**Calendar year total returns (%)—Series I**

![](g224548img64b1982641.jpg)

---

| | | |
|:---|:---|:---|
| **Best quarter:** | Q4 2020 | 31.14% |
| **Worst quarter:** | Q1 2020 | -30.72% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns (%)—as of 12/31/2025** | **1 year** | **5 year** | **10 year** |
| **Series I** | 12.25 | &nbsp;&nbsp;&nbsp;&nbsp;5.66 | &nbsp;&nbsp;&nbsp;&nbsp;9.18 |
| **Series II** | 12.12 | &nbsp;&nbsp;&nbsp;&nbsp;5.45 | &nbsp;&nbsp;&nbsp;&nbsp;8.97 |
| **Series NAV** | 12.42 | &nbsp;&nbsp;&nbsp;&nbsp;5.72 | &nbsp;&nbsp;&nbsp;&nbsp;9.24 |
| Russell 3000 Index (reflects no deduction for fees, expenses, or taxes) | 17.15 | &nbsp;&nbsp;&nbsp;&nbsp;13.15 | &nbsp;&nbsp;&nbsp;&nbsp;14.29 |
| Russell 2000 Index (reflects no deduction for fees, expenses, or taxes) | 12.81 | &nbsp;&nbsp;&nbsp;&nbsp;6.09 | &nbsp;&nbsp;&nbsp;&nbsp;9.62 |

---

**Investment management**

------

**Investment advisor** John Hancock Variable Trust Advisers LLC

**Subadvisor** Manulife Investment Management (US) LLC

**Portfolio management**

------

The following individuals are jointly and primarily responsible for the day-to-day management of the fund's portfolio.

---

| | |
|:---|:---|
| **Jenny Kim, CFA** | **Boncana Maiga, CFA, CIM** |
| *Portfolio Manager*<br> Managed fund since 2024<br>| &nbsp;&nbsp; *Portfolio Manager*<br> Managed fund since 2021<br>|

---

**Purchase and redemption of fund shares**

------

Shares of the fund are not sold directly to the public but generally may be sold only to insurance companies and their separate accounts as the underlying investment options for variable annuity and variable life insurance contracts issued by such companies, to certain entities affiliated with the insurance companies, to those funds of JHVIT that operate as funds of funds and invest in other funds and to certain qualified retirement plans (qualified plans).

Shares of the fund are offered continuously, without sales charge, and are sold and redeemed each business day (which typically is any day the New York Stock Exchange is open) at a price equal to their net asset value (NAV) determined for that business day as set forth under "Valuation of shares" in this prospectus. The Portfolio does not have minimum initial or subsequent investment requirements. Payment for shares redeemed will generally be made within seven days after receipt of a proper notice of redemption.

**Taxes**

------

Because shares of the fund may be purchased only through variable insurance contracts and qualified plans, it is expected that any dividends or capital gains distributions made by the fund will be exempt from current federal taxation if left to accumulate within the variable contract or qualified plan. Holders of variable insurance contracts should consult the prospectuses of their respective contracts for information on the federal income tax consequences to such holders.

**Compensation of financial intermediaries**

------

The fund is not sold directly to the general public but instead is offered as an underlying investment option for variable insurance contracts. The distributors of these contracts, the insurance companies that issue the contracts and their related companies (Related Parties), may pay compensation to broker-dealers and other intermediaries for distribution and other services and may enter into revenue sharing arrangements with certain intermediaries. The fund pays fees to the Related Parties for management, distribution and other services. Payments by insurance and related

**211**

------

Fund summary

companies to intermediaries may create a conflict of interest by influencing them and their salespersons to recommend such contracts over other investments. Ask your salesperson or visit your financial intermediary's website for more information. In addition, payments by the funds to Related Parties may be a factor that an insurance company considers in including the funds as underlying investment options in variable insurance contracts. The prospectus (or other offering document) for your variable insurance contract may contain additional information about these payments.

**212**

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Fund summary

Small Cap Opportunities Trust

**Investment objective**

------

To seek long-term capital appreciation.

**Fees and expenses**

------

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. **The fees and expenses do not reflect fees and expenses of any variable insurance or variable annuities contract that may use the fund as its underlying investment option and would be higher if they did.** 

---

| | | | |
|:---|:---|:---|:---|
| **Annual fund operating expenses (%)** (expenses that you pay each year as a percentage of the value of your investment) | **Series I** | **Series II** | **Series NAV** |
| Management fee | 0.72<br> <sup>1</sup><br>| 0.72<br> <sup>1</sup><br>| 0.72<br> <sup>1</sup><br>|
| Distribution and service (Rule 12b-1) fees | 0.05 | 0.25 | 0.00 |
| Other expenses | 0.16 | 0.16 | 0.16 |
| **Total annual fund operating expenses** | **0.93** | **1.13** | **0.88** |
| Contractual expense reimbursement | -0.01<br> <sup>2</sup><br>| -0.01<br> <sup>2</sup><br>| -0.01<br> <sup>2</sup><br>|
| **Total annual fund operating expenses after expense reimbursements** | **0.92** | **1.12** | **0.87** |

---

**1**

"Management fee" has been restated to reflect the contractual management fee schedule effective May 28, 2025.

**2**

The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund's reimbursement 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.

**Expense example**

------

The examples are intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The examples assume that $10,000 is invested in the fund for the periods indicated and then all shares are redeemed at the end of those periods. The examples also assume that the investment has a 5% return each year and that the fund's operating expenses remain the same. The expense example does not reflect fees and expenses of any variable insurance contract that may use the fund as its underlying investment option and would be higher if they did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **Expenses ($)** | **Series I** | **Series II** | **Series NAV** |
| 1 year | 94 | 114 | 89 |
| 3 years | 295 | 358 | 280 |
| 5 years | 514 | 621 | 487 |
| 10 years | 1142 | 1374 | 1083 |

---

**Portfolio turnover**

------

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During its most recent fiscal year, the fund's portfolio turnover rate was 55% of the average value of its portfolio.

**Principal investment strategies**

------

Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of small-capitalization companies. (The fund will provide written notice to shareholders at least 60 days prior to a change in its 80% investment policy.)

The subadvisor generally will invest the fund's assets, using a market capitalization weighted approach, in a broad and diverse group of readily marketable securities of U.S. small and mid cap companies traded on a U.S. national securities exchange that the subadvisor determines to be value stocks with higher profitability at time of purchase. A company's market capitalization is the number of its shares outstanding times its price per share.

**213**

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Fund summary

See "Market Capitalization Weighted Approach" below. An equity issuer is considered to have a low relative price (i.e., a value stock) primarily because it has a low price in relation to its book value. In assessing relative price, the subadvisor may consider additional factors, such as price-to-cash flow or price-to-earnings ratios. The criteria the subadvisor uses for assessing relative price are subject to change from time to time. As of the date of this Prospectus, the subadvisor generally considers for investment companies whose market capitalizations are generally smaller than the 500th largest U.S. company. The subadvisor does not intend to purchase or sell securities based on the prospects for the economy, the securities markets or the individual issuers whose shares are eligible for purchase.

The subadvisor may sell portfolio securities when the issuer's market capitalization increases to a level that exceeds that of the issuer with the largest market capitalization that is then eligible for investment by the fund. In addition, the subadvisor may sell portfolio securities when their price-to-book ratios rise above those of the security with the highest such ratio that is then eligible for purchase by the fund. However, the subadvisor may retain securities of issuers with relatively larger market capitalizations for longer periods, despite an increase in the issuers' price-to-book ratios.

The total market capitalization ranges, and the value criteria used by the subadvisor for the fund, as described above, generally apply at the time of purchase. The subadvisor will not be required to dispose of a security if the security's issuer is no longer within the total market capitalization range or does not meet current value criteria. Securities that do meet the market capitalization and/or value criteria nevertheless may be sold at any time when, in the subadvisor's judgment, circumstances warrant their sale.

The subadvisor may use derivatives such as futures contracts and options on futures contracts, to increase or decrease equity market exposure based on actual or expected cash inflows to or outflows from the fund. The subadvisor may enter into futures contracts and options on futures contracts for U.S. equity securities and indices. The subadvisor may also invest in exchange-traded funds ("ETFs") and similarly structured pooled investments for the purpose of gaining exposure to the U.S. equity markets while maintaining liquidity. In addition to money market instruments and other short-term investments, the fund may invest in affiliated and unaffiliated unregistered money market funds to manage the fund's cash pending investment in other securities or to maintain liquidity for the payment of redemptions or other purposes. Investments in ETFs and money market funds may involve a duplication of certain fees and expenses.

**Market Capitalization Weighted Approach** 

The strategy used by the subadvisor in managing the fund's assets involves market capitalization weighting in determining individual security weights. Market capitalization weighting means each security is generally purchased based on the issuer's relative market capitalization.

Market capitalization weighting may be modified by the subadvisor for a variety of reasons. The subadvisor may adjust the representation in the fund of an eligible company, or exclude a company, after considering such factors as free float, price momentum, short-run reversals, trading strategies, liquidity, size, relative price, profitability, investment characteristics and other factors determined to be appropriate. An equity issuer is considered to have a low relative price (i.e., a value stock) primarily because it has a low price in relation to its book value. In assessing relative price, the subadvisor considers additional factors such as price to cash flow or price to earnings ratios. In assessing profitability, the subadvisor considers different ratios, such as that of earnings or profits from operations relative to book value or assets. In assessing a company's investment characteristics, the subadvisor considers ratios such as recent changes in assets divided by total assets. The criteria the subadvisor uses for assessing relative price, profitability and investment characteristics are subject to change from time to time.

The subadvisor may deviate from market capitalization weighting to limit or fix the exposure of the fund to a particular issuer to a maximum proportion of the assets of the fund. The subadvisor may exclude the stock of a company that meets applicable market capitalization criteria if the subadvisor determines, in its judgment, that the purchase of such stock is inappropriate in light of other conditions.

The subadvisor may decrease the allocation of the fund's assets to eligible small capitalization companies that generally have lower profitability and/or higher relative prices. These adjustments will result in a deviation from traditional market capitalization weighting.

**Principal risks**

------

An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money. The fund's investment strategy may not produce the intended results.

The fund's main risks are listed below in alphabetical order, not in order of importance. *Before investing, be sure to read the additional descriptions of these risks beginning on page 257 of the prospectus*.

**Cash and cash equivalents risk.** Under certain market conditions, such as during a rising stock market, rising interest rate or rising credit spread markets, the use of cash and/or cash equivalents, including money market instruments, could have a negative effect on the fund's ability to achieve its investment objective and may negatively impact the fund's performance.

**Credit and counterparty risk.** The counterparty to an over-the-counter derivatives contract or a borrower of fund securities may not make timely payments or otherwise honor its obligations.

**214**

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Fund summary

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

**Equity securities risk.** The price of equity securities may decline due to changes in a company's financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.

**Exchange-traded fund (ETF) investment risk.** The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF's shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.

**Financial services sector risk.** Financial services companies can be significantly affected by economic, market, and business developments, borrowing costs, interest-rate fluctuations, competition, and government regulation, among other factors.

**Hedging, derivatives, and other strategic transactions risk.** Hedging, derivatives, and other strategic transactions may increase a fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: futures contracts, options on futures, and options. Futures contracts and options generally are subject to counterparty risk.

**Industrials sector risk.** Companies in the industrials sector may be affected by general economic conditions, commodity production and pricing, supply and demand fluctuations, environmental and other government regulations, geopolitical events, interest rates, insurance costs, technological developments, liabilities arising from governmental or civil actions, labor relations, input controls, and government spending.

**Investment company securities risk.** Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.

**Liquidity risk.** The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**Quantitative modeling risk.** Quantitative models may not accurately predict future market movements or characteristics, which may negatively impact performance. Models also may perform differently than expected due to implementation problems, technological malfunction, or programming or data inaccuracies, among other possible issues.

**Sector risk.** When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.

**Small and mid-sized company risk.** Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.

**Value investment style risk.** Value securities, as a category, may underperform other segments of the market or the market as a whole and following a value-oriented investment strategy may cause the fund, at times, to underperform equity funds that employ a different investment style.

**Past performance**

------

The following information illustrates the variability of the fund's returns and provides some indication of the risks of investing in the fund by showing changes in the fund's performance from year to year and by showing how the fund's average annual returns compared with a broad-based securities market index. Past performance does not indicate future results. The Russell 2000 Value Index shows how the fund's performance compares against the returns of similar investments. All figures assume dividend reinvestment. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHVIT as its underlying investment option. If such fees and expenses had been reflected, performance would be lower.

**215**

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Fund summary

**A note on performance**

Prior to May 28, 2025, a portion of the fund's assets was managed by a different subadvisor pursuant to different investment strategies. The fund's performance shown below might have differed materially had the current subadvisor been the sole subadvisor prior to May 28, 2025.

**Calendar year total returns (%)—Series I**

![](g224548img987b080242.jpg)

---

| | | |
|:---|:---|:---|
| **Best quarter:** | Q4 2020 | 30.49% |
| **Worst quarter:** | Q1 2020 | -35.31% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns (%)—as of 12/31/2025** | **1 year** | **5 year** | **10 year** |
| **Series I** | 9.18 | &nbsp;&nbsp;&nbsp;&nbsp;10.54 | &nbsp;&nbsp;&nbsp;&nbsp;10.04 |
| **Series II** | 8.94 | &nbsp;&nbsp;&nbsp;&nbsp;10.32 | &nbsp;&nbsp;&nbsp;&nbsp;9.82 |
| **Series NAV** | 9.22 | &nbsp;&nbsp;&nbsp;&nbsp;10.59 | &nbsp;&nbsp;&nbsp;&nbsp;10.09 |
| Russell 3000 Index (reflects no deduction for fees, expenses, or taxes) | 17.15 | &nbsp;&nbsp;&nbsp;&nbsp;13.15 | &nbsp;&nbsp;&nbsp;&nbsp;14.29 |
| Russell 2000 Value Index (reflects no deduction for fees, expenses, or taxes) | 12.59 | &nbsp;&nbsp;&nbsp;&nbsp;8.88 | &nbsp;&nbsp;&nbsp;&nbsp;9.27 |

---

**Investment management**

------

**Investment advisor** John Hancock Variable Trust Advisers LLC

**Subadvisor** Dimensional Fund Advisors LP

**Portfolio management**

------

The following individuals are jointly and primarily responsible for the day-to-day management of the fund's portfolio.

---

| | | |
|:---|:---|:---|
| **Jed S. Fogdall** | **Marc C. Leblond** | **Joel P. Schneider** |
| *Global Head of Portfolio Management, Senior*<br> *Portfolio Manager and Vice President*<br> Managed fund since 2012<br>| &nbsp;&nbsp; *Senior Portfolio Manager and Vice President*<br> Managed fund since 2020<br>| &nbsp;&nbsp; *Deputy Head of Portfolio Management, North*<br> *America, Senior Portfolio Manager and Vice* <br> *President*<br> Managed fund since 2015<br>|

---

**Purchase and redemption of fund shares**

------

Shares of the fund are not sold directly to the public but generally may be sold only to insurance companies and their separate accounts as the underlying investment options for variable annuity and variable life insurance contracts issued by such companies, to certain entities affiliated with the insurance companies, to those funds of JHVIT that operate as funds of funds and invest in other funds and to certain qualified retirement plans (qualified plans).

Shares of the fund are offered continuously, without sales charge, and are sold and redeemed each business day (which typically is any day the New York Stock Exchange is open) at a price equal to their net asset value (NAV) determined for that business day as set forth under "Valuation of shares" in this prospectus. The Portfolio does not have minimum initial or subsequent investment requirements. Payment for shares redeemed will generally be made within seven days after receipt of a proper notice of redemption.

**Taxes**

------

Because shares of the fund may be purchased only through variable insurance contracts and qualified plans, it is expected that any dividends or capital gains distributions made by the fund will be exempt from current federal taxation if left to accumulate within the variable contract or qualified plan. Holders of variable insurance contracts should consult the prospectuses of their respective contracts for information on the federal income tax consequences to such holders.

**216**

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Fund summary

**Compensation of financial intermediaries**

------

The fund is not sold directly to the general public but instead is offered as an underlying investment option for variable insurance contracts. The distributors of these contracts, the insurance companies that issue the contracts and their related companies (Related Parties), may pay compensation to broker-dealers and other intermediaries for distribution and other services and may enter into revenue sharing arrangements with certain intermediaries. The fund pays fees to the Related Parties for management, distribution and other services. Payments by insurance and related companies to intermediaries may create a conflict of interest by influencing them and their salespersons to recommend such contracts over other investments. Ask your salesperson or visit your financial intermediary's website for more information. In addition, payments by the funds to Related Parties may be a factor that an insurance company considers in including the funds as underlying investment options in variable insurance contracts. The prospectus (or other offering document) for your variable insurance contract may contain additional information about these payments.

**217**

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Fund summary

Small Cap Stock Trust

**Investment objective**

------

To seek long-term capital appreciation.

**Fees and expenses**

------

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. **The fees and expenses do not reflect fees and expenses of any variable insurance or variable annuities contract that may use the fund as its underlying investment option and would be higher if they did.** 

---

| | | | |
|:---|:---|:---|:---|
| **Annual fund operating expenses (%)** (expenses that you pay each year as a percentage of the value of your investment) | **Series I** | **Series II** | **Series NAV** |
| Management fee | 1.01 | 1.01 | 1.01 |
| Distribution and service (Rule 12b-1) fees | 0.05 | 0.25 | 0.00 |
| Other expenses | 0.08 | 0.08 | 0.08 |
| **Total annual fund operating expenses** | **1.14** | **1.34** | **1.09** |
| Contractual expense reimbursement | -0.01 <br><sup>1</sup><br>| -0.01 <br><sup>1</sup><br>| -0.01 <br><sup>1</sup><br>|
| **Total annual fund operating expenses after expense reimbursements** | **1.13** | **1.33** | **1.08** |

---

**1**

The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund's reimbursement 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.

**Expense example**

------

The examples are intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The examples assume that $10,000 is invested in the fund for the periods indicated and then all shares are redeemed at the end of those periods. The examples also assume that the investment has a 5% return each year and that the fund's operating expenses remain the same. The expense example does not reflect fees and expenses of any variable insurance contract that may use the fund as its underlying investment option and would be higher if they did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **Expenses ($)** | **Series I** | **Series II** | **Series NAV** |
| 1 year | 115 | 135 | 110 |
| 3 years | 361 | 424 | 346 |
| 5 years | 627 | 733 | 600 |
| 10 years | 1385 | 1612 | 1328 |

---

**Portfolio turnover**

------

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During its most recent fiscal year, the fund's portfolio turnover rate was 71% of the average value of its portfolio.

**Principal investment strategies**

------

Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in stocks of small cap companies. (The fund will provide written notice to shareholders at least 60 days prior to a change in its 80% investment policy.) For the purposes of the fund, "small cap companies" are those with market capitalizations, at the time of investment, not exceeding the maximum market capitalization of any company represented in either the Russell 2000 Index (approximately $47.2 billion as of February 28, 2026) or the S&P Small Cap 600 Index (approximately $12.4 billion as of February 28, 2026).

**218**

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Fund summary

The fund invests in small-cap companies that are believed to offer above-average potential for growth in revenues and earnings. Market capitalizations of companies in the indices change over time; however, the fund will not sell a security just because a company has grown to a market capitalization outside the maximum range of the indices.

The subadvisor selects stocks using a combination of quantitative screens and bottom-up, fundamental security research. Quantitative screening seeks to narrow the list of small capitalization companies and to identify a group of companies with strong revenue growth and accelerating earnings. Fundamental equity research seeks to identify individual companies from that group with a higher potential for earnings growth and capital appreciation.

The subadvisor looks for companies based on a combination of criteria including one or more of the following:

● Improving market shares and positive financial trends;

● Superior management with significant equity ownership; and

● Attractive valuations relative to earnings growth outlook.

The fund is likely to experience periods of higher turnover in portfolio securities because the subadvisor frequently adjusts the selection of companies and/or their position size based on these criteria. The fund's sector exposures are broadly diversified, but are primarily a result of stock selection and therefore may vary significantly from its benchmark. The fund may invest up to 25% of its total assets in foreign securities, including emerging market securities. The fund may invest significantly in the information technology sector.

Except as otherwise stated under "Additional Information About the Funds — Temporary Defensive Investing," the fund normally has 10% or less (usually lower) of its total assets in cash and cash equivalents.

The fund may invest in Initial Public Offerings (IPOs). The fund may also purchase each of the following types of securities:

U.S. dollar-denominated foreign securities and certain exchange-traded funds (ETFs).

**Principal risks**

------

An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money. The fund's investment strategy may not produce the intended results.

The fund's main risks are listed below in alphabetical order, not in order of importance. *Before investing, be sure to read the additional descriptions of these risks beginning on page 257 of the prospectus*.

**Cash and cash equivalents risk.** Under certain market conditions, such as during a rising stock market, rising interest rate or rising credit spread markets, the use of cash and/or cash equivalents, including money market instruments, could have a negative effect on the fund's ability to achieve its investment objective and may negatively impact the fund's performance.

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

**Equity securities risk.** The price of equity securities may decline due to changes in a company's financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations.

**Exchange-traded fund (ETF) investment risk.** The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF's shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.

**Foreign securities risk.** Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets.

**Healthcare sector risk.** Health sciences companies may be significantly affected by product obsolescence, thin capitalization, limited product lines and markets, civil liability claims, and legislative or regulatory activities, among other factors.

**High portfolio turnover risk.** Trading securities actively and frequently can increase transaction costs (thus lowering performance) and taxable distributions.

**Information technology companies risk.** 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.

**219**

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Fund summary

**Initial public offerings (IPOs) risk.** IPO share prices are frequently volatile and may significantly impact fund performance.

**Liquidity risk.** The extent (if at all) to which a security may be sold without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**Sector risk.** When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.

**Small and mid-sized company risk.** Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.

**Past performance**

------

The following information illustrates the variability of the fund's returns and provides some indication of the risks of investing in the fund by showing changes in the fund's performance from year to year and by showing how the fund's average annual returns compared with a broad-based securities market index. Past performance does not indicate future results. The Russell 2000 Growth Index shows how the fund's performance compares against the returns of similar investments. All figures assume dividend reinvestment. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHVIT as its underlying investment option. If such fees and expenses had been reflected, performance would be lower.

**Calendar year total returns (%)—Series NAV**

![](g224548img7771d7f743.jpg)

---

| | | |
|:---|:---|:---|
| **Best quarter:** | Q2 2020 | 38.05% |
| **Worst quarter:** | Q1 2020 | -25.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns (%)—as of 12/31/2025** | **1 year** | **5 year** | **10 year** |
| **Series I** | 12.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;10.07 |
| **Series II** | 12.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;9.86 |
| **Series NAV** | 12.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;10.12 |
| Russell 3000 Index (reflects no deduction for fees, expenses, or taxes) | 17.15 | &nbsp;&nbsp;&nbsp;&nbsp;13.15 | &nbsp;&nbsp;&nbsp;&nbsp;14.29 |
| Russell 2000 Growth Index (reflects no deduction for fees, expenses, or taxes) | 13.01 | &nbsp;&nbsp;&nbsp;&nbsp;3.18 | &nbsp;&nbsp;&nbsp;&nbsp;9.57 |

---

**Investment management**

------

**Investment advisor** John Hancock Variable Trust Advisers LLC

**Subadvisor** Wellington Management Company LLP

**Portfolio management**

------

The following individual is primarily responsible for the day-to-day management of the fund's portfolio.

---

| |
|:---|
| **Ranjit Ramachandran, CFA** |
| *Managing Director and Equity Portfolio Manager*<br> Managed fund since 2022<br>|

---

**220**

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Fund summary

**Purchase and redemption of fund shares**

------

Shares of the fund are not sold directly to the public but generally may be sold only to insurance companies and their separate accounts as the underlying investment options for variable annuity and variable life insurance contracts issued by such companies, to certain entities affiliated with the insurance companies, to those funds of JHVIT that operate as funds of funds and invest in other funds and to certain qualified retirement plans (qualified plans).

Shares of the fund are offered continuously, without sales charge, and are sold and redeemed each business day (which typically is any day the New York Stock Exchange is open) at a price equal to their net asset value (NAV) determined for that business day as set forth under "Valuation of shares" in this prospectus. The Portfolio does not have minimum initial or subsequent investment requirements. Payment for shares redeemed will generally be made within seven days after receipt of a proper notice of redemption.

**Taxes**

------

Because shares of the fund may be purchased only through variable insurance contracts and qualified plans, it is expected that any dividends or capital gains distributions made by the fund will be exempt from current federal taxation if left to accumulate within the variable contract or qualified plan. Holders of variable insurance contracts should consult the prospectuses of their respective contracts for information on the federal income tax consequences to such holders.

**Compensation of financial intermediaries**

------

The fund is not sold directly to the general public but instead is offered as an underlying investment option for variable insurance contracts. The distributors of these contracts, the insurance companies that issue the contracts and their related companies (Related Parties), may pay compensation to broker-dealers and other intermediaries for distribution and other services and may enter into revenue sharing arrangements with certain intermediaries. The fund pays fees to the Related Parties for management, distribution and other services. Payments by insurance and related companies to intermediaries may create a conflict of interest by influencing them and their salespersons to recommend such contracts over other investments. Ask your salesperson or visit your financial intermediary's website for more information. In addition, payments by the funds to Related Parties may be a factor that an insurance company considers in including the funds as underlying investment options in variable insurance contracts. The prospectus (or other offering document) for your variable insurance contract may contain additional information about these payments.

**221**

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Fund summary

Small Company Value Trust

**Investment objective**

------

To seek long-term growth of capital.

**Fees and expenses**

------

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. **The fees and expenses do not reflect fees and expenses of any variable insurance or variable annuities contract that may use the fund as its underlying investment option and would be higher if they did.** 

---

| | | | |
|:---|:---|:---|:---|
| **Annual fund operating expenses (%)** (expenses that you pay each year as a percentage of the value of your investment) | **Series I** | **Series II** | **Series NAV** |
| Management fee | 1.05 | 1.05 | 1.05 |
| Distribution and service (Rule 12b-1) fees | 0.05 | 0.25 | 0.00 |
| Other expenses | 0.12 | 0.12 | 0.12 |
| **Total annual fund operating expenses** | **1.22** | **1.42** | **1.17** |
| Contractual expense reimbursement | -0.01 <br><sup>1</sup><br>| -0.01 <br><sup>1</sup><br>| -0.01 <br><sup>1</sup><br>|
| **Total annual fund operating expenses after expense reimbursements** | **1.21** | **1.41** | **1.16** |

---

**1**

The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund's reimbursement 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.

**Expense example**

------

The examples are intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The examples assume that $10,000 is invested in the fund for the periods indicated and then all shares are redeemed at the end of those periods. The examples also assume that the investment has a 5% return each year and that the fund's operating expenses remain the same. The expense example does not reflect fees and expenses of any variable insurance contract that may use the fund as its underlying investment option and would be higher if they did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **Expenses ($)** | **Series I** | **Series II** | **Series NAV** |
| 1 year | 123 | 144 | 118 |
| 3 years | 386 | 448 | 371 |
| 5 years | 669 | 775 | 643 |
| 10 years | 1476 | 1701 | 1419 |

---

**Portfolio turnover**

------

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During its most recent fiscal year, the fund's portfolio turnover rate was 40% of the average value of its portfolio.

**Principal investment strategies**

------

Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in companies with market capitalizations, at the time of investment, that do not exceed the maximum market capitalization of any security in the Russell 2000 Index ($33.9 million to $47.2 billion as of February 28, 2026). (The fund will provide written notice to shareholders at least 60 days prior to a change in its 80% investment policy.) The fund invests in small companies whose common stocks are believed to be undervalued. The market capitalization of the companies in the fund's portfolio and the Russell 2000 Index changes over time, and the fund will not sell a stock just because the company has grown to a market capitalization outside the range. The fund may, on occasion, purchase companies with a market capitalization above the range.

**222**

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Fund summary

Reflecting a value approach to investing, the fund will seek the stocks of companies whose current stock prices do not appear to adequately reflect their underlying value as measured by assets, earnings, cash flow, or business franchises. The subadvisor's in house research team seeks to identify companies that appear to be undervalued by various measures, and may be temporarily out of favor, but have good prospects for capital appreciation. In selecting investments, they generally look for some of the following factors:

● Low price/earnings, price/book value, or price/cash flow ratios relative to the Russell 2000 Index, a company's peers, or company's historical norm;

● Low stock price relative to a company's underlying asset values;

● Above-average dividend yield relative to a company's peers or its own historic norm;

● A plan to improve the business through restructuring; and/or

● A sound balance sheet and other positive financial characteristics.

● Price/earnings ratio - Dividing a stock's price by its earnings per share generates a price/earnings or P/E ratio. A stock with a P/E ratio that is significantly below that of its peers, the market as a whole, or its own historical norm may represent an attractive opportunity.

● Price/book value ratio - Dividing a stock's price by its book value per share indicates how a stock is priced relative to the accounting (i.e., book) value of the company's assets. A ratio below the market, that of its competitors, or its own historical norm could indicate a stock that is undervalued.

● Dividend yield - A stock's dividend yield is found by dividing its annual dividend by its share price. A yield significantly above a stock's own historical norm or that of its peers may suggest an investment opportunity. A stock selling at $10 with an annual dividend of $0.50 has a 5% yield.

● Price/cash flow - Dividing a stock's price by the company's cash flow per share, rather than by its earnings or book value, provides a more useful measure of value in some cases. A ratio below that of the market or a company's peers suggests the market may be incorrectly valuing the company's cash flow for reasons that could be temporary.

● Undervalued assets - This analysis compares a company's stock price with its underlying asset values, its projected value in the private (as opposed to public) market, or its expected value if the company or parts of it were sold or liquidated.

● Restructuring opportunities - Many well-established companies experience business challenges that can lead to a temporary decline in their financial performance. These challenges can include a poorly integrated acquisition, difficulties in product manufacturing or distribution, a downturn in a major end market, or an increase in industry capacity that negatively affects pricing. The shares of such companies frequently trade at depressed valuations. These companies can become successful investments if their management is sufficiently skilled and motivated to properly restructure the organization, their financial flexibility is adequate, the underlying value of the business has not been impaired, or their business environment improves or remains healthy.

While most assets will be invested in U.S. common stocks, including real estate investment trusts (REITs) that pool money to invest in properties and mortgages, the fund may purchase other securities, including foreign securities (up to 20% of its total net assets), futures, and options. The fund may invest in fixed-income and convertible securities without restrictions on quality or rating, including up to 10% of total assets in below-investment-grade fixed-income securities ("junk bonds") and loans. The fund's fixed-income investments may include privately negotiated notes or loans, including loan participations and assignments ("bank loans"). These investments in bank loans will be made only in companies, municipalities or entities that meet the fund's investment criteria. Direct investments in bank loans may be illiquid and holding a loan could expose the fund to the risks of being a direct lender. Since the fund invests primarily in equity securities, the risks associated with fixed-income securities will not affect the fund as much as they would a fund that invests more of its assets in fixed-income securities.

The fund holds a certain portion of its assets in money market reserves, which can consist of shares of certain T. Rowe Price money market funds as well as U.S. dollar and foreign currency-denominated money market securities, including repurchase agreements, in the two highest rating categories, maturing in one year or less.

The fund may sell securities for a variety of reasons, including to realize gains, limit losses or redeploy assets into more promising opportunities.

The fund may invest up to 10% of its total assets in hybrid instruments. Hybrid instruments are a type of high-risk derivatives which can combine the characteristics of securities, futures and options. Such securities may bear interest or pay dividends at below (or even relatively nominal) rates. The fund may focus its investments in a particular sector or sectors of the economy.

**Principal risks**

------

An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money. The fund's investment strategy may not produce the intended results.

The fund's main risks are listed below in alphabetical order, not in order of importance. *Before investing, be sure to read the additional descriptions of these risks beginning on page 257 of the prospectus*.

**223**

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Fund summary

**Cash and cash equivalents risk.** Under certain market conditions, such as during a rising stock market, rising interest rate or rising credit spread markets, the use of cash and/or cash equivalents, including money market instruments, could have a negative effect on the fund's ability to achieve its investment objective and may negatively impact the fund's performance.

**Convertible securities risk.** Convertible securities are subject to certain risks of both equity and debt securities. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. As the market price of underlying common stock declines below the conversion price, the market value of the convertible security tends to be increasingly influenced by its yield.

**Credit and counterparty risk.** The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. A downgrade or default affecting any of the fund's securities could affect the fund's performance.

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

**Equity securities risk.** The price of equity securities may decline due to changes in a company's financial condition or overall market conditions. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.

**Financial services sector risk.** Financial services companies can be significantly affected by economic, market, and business developments, borrowing costs, interest-rate fluctuations, competition, and government regulation, among other factors.

**Fixed-income securities risk.** A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security's credit quality may adversely affect fund performance.

**Foreign securities risk.** Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities.

**Hedging, derivatives, and other strategic transactions risk.** Hedging, derivatives, and other strategic transactions may increase a fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: futures contracts and options. Futures contracts and options generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation.

**Hybrid instrument risk.** Hybrid instruments (a type of potentially high-risk derivative) combine the elements of futures contracts or options with those of debt, preferred equity or a depository instrument. Hybrid instruments entail greater market risk and may be more volatile than traditional debt instruments, may bear interest or pay preferred dividends at below-market rates, and may be illiquid. The risks of investing in hybrid instruments are a combination of the risks of investing in securities, options, futures, and currencies.

**Illiquid and restricted securities risk.** Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security's market price and the fund's ability to sell the security.

**Investment company securities risk.** Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.

**Liquidity risk.** The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.

**Loan participations risk.** Participations and assignments involve special types of risks, including credit risk, interest-rate risk, counterparty risk, liquidity risk, risks associated with extended settlement, and the risks of being a lender.

**Lower-rated and high-yield fixed-income securities risk.** Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.

**224**

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Fund summary

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**Real estate investment trust (REIT) risk.** 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.

**Real estate securities risk.** 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.

**Repurchase agreements risk.** The risk of a repurchase agreement transaction is limited to the ability of the seller to pay the agreed-upon sum on the delivery date. In the event of bankruptcy or other default by the seller, the instrument purchased may decline in value, interest payable on the instrument may be lost and there may be possible difficulties and delays in obtaining collateral and delays and expense in liquidating the instrument.

**Sector risk.** When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors. To the extent that a fund invests in securities of companies in the financial services sector, the fund may be significantly affected by economic, market, and business developments, borrowing costs, interest-rate fluctuations, competition, and government regulation, among other factors, impacting that sector.

**Small and mid-sized company risk.** Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.

**Value investment style risk.** Value securities may underperform the market as a whole, which may cause value-oriented funds to underperform equity funds with other investment strategies. Securities the manager believes are undervalued may never perform as expected.

**Past performance**

------

The following information illustrates the variability of the fund's returns and provides some indication of the risks of investing in the fund by showing changes in the fund's performance from year to year and by showing how the fund's average annual returns compared with a broad-based securities market index. Past performance does not indicate future results. The Russell 2000 Value Index shows how the fund's performance compares against the returns of similar investments. All figures assume dividend reinvestment. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHVIT as its underlying investment option. If such fees and expenses had been reflected, performance would be lower.

**Calendar year total returns (%)—Series I**

![](g224548imga04b243944.jpg)

---

| | | |
|:---|:---|:---|
| **Best quarter:** | Q4 2020 | 28.47% |
| **Worst quarter:** | Q1 2020 | -31.27% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns (%)—as of 12/31/2025** | **1 year** | **5 year** | **10 year** |
| **Series I** | 7.12 | &nbsp;&nbsp;&nbsp;&nbsp;5.96 | &nbsp;&nbsp;&nbsp;&nbsp;8.93 |
| **Series II** | 7.00 | &nbsp;&nbsp;&nbsp;&nbsp;5.77 | &nbsp;&nbsp;&nbsp;&nbsp;8.72 |
| **Series NAV** | 7.11 | &nbsp;&nbsp;&nbsp;&nbsp;6.02 | &nbsp;&nbsp;&nbsp;&nbsp;8.98 |
| Russell 3000 Index (reflects no deduction for fees, expenses, or taxes) | 17.15 | &nbsp;&nbsp;&nbsp;&nbsp;13.15 | &nbsp;&nbsp;&nbsp;&nbsp;14.29 |
| Russell 2000 Value Index (reflects no deduction for fees, expenses, or taxes) | 12.59 | &nbsp;&nbsp;&nbsp;&nbsp;8.88 | &nbsp;&nbsp;&nbsp;&nbsp;9.27 |

---

**Investment management**

------

**Investment advisor** John Hancock Variable Trust Advisers LLC

**Subadvisor** T. Rowe Price Associates, Inc.

**225**

------

Fund summary

**Sub-Subadvisor** T. Rowe Price Investment Management, Inc.

**Portfolio management**

------

The following individual is primarily responsible for the day-to-day management of the fund's portfolio.

---

| |
|:---|
| **J. David Wagner, CFA** |
| *Vice President*<br> Managed fund since 2014<br>|

---

**Purchase and redemption of fund shares**

------

Shares of the fund are not sold directly to the public but generally may be sold only to insurance companies and their separate accounts as the underlying investment options for variable annuity and variable life insurance contracts issued by such companies, to certain entities affiliated with the insurance companies, to those funds of JHVIT that operate as funds of funds and invest in other funds and to certain qualified retirement plans (qualified plans).

Shares of the fund are offered continuously, without sales charge, and are sold and redeemed each business day (which typically is any day the New York Stock Exchange is open) at a price equal to their net asset value (NAV) determined for that business day as set forth under "Valuation of shares" in this prospectus. The Portfolio does not have minimum initial or subsequent investment requirements. Payment for shares redeemed will generally be made within seven days after receipt of a proper notice of redemption.

**Taxes**

------

Because shares of the fund may be purchased only through variable insurance contracts and qualified plans, it is expected that any dividends or capital gains distributions made by the fund will be exempt from current federal taxation if left to accumulate within the variable contract or qualified plan. Holders of variable insurance contracts should consult the prospectuses of their respective contracts for information on the federal income tax consequences to such holders.

**Compensation of financial intermediaries**

------

The fund is not sold directly to the general public but instead is offered as an underlying investment option for variable insurance contracts. The distributors of these contracts, the insurance companies that issue the contracts and their related companies (Related Parties), may pay compensation to broker-dealers and other intermediaries for distribution and other services and may enter into revenue sharing arrangements with certain intermediaries. The fund pays fees to the Related Parties for management, distribution and other services. Payments by insurance and related companies to intermediaries may create a conflict of interest by influencing them and their salespersons to recommend such contracts over other investments. Ask your salesperson or visit your financial intermediary's website for more information. In addition, payments by the funds to Related Parties may be a factor that an insurance company considers in including the funds as underlying investment options in variable insurance contracts. The prospectus (or other offering document) for your variable insurance contract may contain additional information about these payments.

**226**

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Fund summary

Strategic Equity Allocation Trust

**Investment objective**

------

To seek capital appreciation.

**Fees and expenses**

------

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. **The fees and expenses do not reflect fees and expenses of any variable insurance or variable annuities contract that may use the fund as its underlying investment option and would be higher if they did.** 

---

| | | | |
|:---|:---|:---|:---|
| **Annual fund operating expenses (%)** (expenses that you pay each year as a percentage of the value of your investment) | **Series I** | **Series II** | **Series NAV** |
| Management fee | 0.63 | 0.63 | 0.63 |
| Distribution and service (Rule 12b-1) fees | 0.05 | 0.25 | 0.00 |
| Other expenses | 0.05 <br><sup>1</sup><br>| 0.05 <br><sup>1</sup><br>| 0.05 |
| **Total annual fund operating expenses** | **0.73** | **0.93** | **0.68** |
| Contractual expense reimbursement | -0.01 <br><sup>2</sup><br>| -0.01 <br><sup>2</sup><br>| -0.01 <br><sup>2</sup><br>|
| **Total annual fund operating expenses after expense reimbursements** | **0.72** | **0.92** | **0.67** |

---

**1**

"Other expenses" have been estimated for the first year of operations of the fund's Series I and Series II shares.

**2**

The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund's reimbursement 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.

**Expense example**

------

The examples are intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The examples assume that $10,000 is invested in the fund for the periods indicated and then all shares are redeemed at the end of those periods. The examples also assume that the investment has a 5% return each year and that the fund's operating expenses remain the same. The expense example does not reflect fees and expenses of any variable insurance contract that may use the fund as its underlying investment option and would be higher if they did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **Expenses ($)** | **Series I** | **Series II** | **Series NAV** |
| 1 year | 74 | 94 | 68 |
| 3 years | 232 | 295 | 217 |
| 5 years | 405 | 514 | 378 |
| 10 years | 906 | 1142 | 846 |

---

**Portfolio turnover**

------

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During its most recent fiscal year, the fund's portfolio turnover rate was 5% of the average value of its portfolio.

**Principal investment strategies**

------

The fund seeks to achieve its investment objective by investing under normal market conditions at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. and foreign equity securities of any market capitalization, including futures on indexes of equity securities. The fund's allocation to various markets and types of securities will be actively managed.

The fund may invest in both developed and emerging markets. The fund's investment in equity securities will vary both with respect to types of securities and markets in response to changing market and economic trends. The precise mix of securities will depend on the subadvisor's outlook for the markets

**227**

------

Fund summary

and generally reflect the subadvisor's strategic asset allocation analysis and its assessment of the relative attractiveness of a particular asset class. When determining whether to invest in a particular market, the subadvisor considers various factors, including economic and political conditions, potential for economic growth and possible changes in currency exchange rates.

The fund also may invest in exchange-traded funds and fixed-income securities, including, but not limited to:

● U.S. Treasury and agency securities as well as notes backed by the Federal Deposit Insurance Corporation,

● U.S. Treasury futures contracts,

● Mortgage-backed securities, including mortgage pass-through securities, commercial mortgage-backed securities ("CMBS") and collateralized mortgage obligations ("CMOs"),

● U.S. and foreign corporate bonds,

● Foreign government and agency securities, and

● Lower Rated Fixed Income Securities and High Yield Securities (also known as "junk bonds").

The foreign securities in which the fund invests may be denominated in U.S. dollars or foreign currency. The fund may actively manage its exposure to foreign currencies through the use of foreign currency forward contracts and other currency derivatives. The fund may own foreign cash equivalents and foreign bank deposits as part of its investment strategy. The fund may invest in foreign currencies for hedging and speculative purposes.

The fund will engage in derivatives transactions, including but not limited to, futures and options contracts, foreign currency forward contracts and swaps including credit default swaps and total return swaps, for hedging and nonhedging purposes including, without limitation, the following purposes:

● to attempt to protect against possible changes in the market value of securities held or to be purchased by the fund resulting from securities markets or currency exchange rate fluctuations,

● to protect the fund's unrealized gains in the value of its securities,

● to facilitate the sale of the fund's securities for investment purposes,

● to manage the effective maturity or duration of the fund's securities,

● to establish a position in the derivatives markets as a method of gaining exposure to a particular security or market,

● to facilitate the repatriation of foreign currency and the settlement of purchases of foreign securities, and

● to increase or decrease exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one country to another.

**Principal risks**

------

An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money. The fund's investment strategy may not produce the intended results.

The fund's main risks are listed below in alphabetical order, not in order of importance. *Before investing, be sure to read the additional descriptions of these risks beginning on page 257 of the prospectus*.

**Asset allocation risk.** Although allocation among asset categories generally limits exposure to any one category, the management team may favor a category that performs poorly relative to the others.

**Credit and counterparty risk.** The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund's securities could affect the fund's performance.

**Currency risk.** Fluctuations in exchange rates may adversely affect the U.S. dollar value of a fund's investments. Foreign currencies may decline in value, which could negatively impact performance.

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

**Equity securities risk.** The price of equity securities may decline due to changes in a company's financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations.

**228**

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Fund summary

**Exchange-traded fund (ETF) investment risk.** The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF's shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.

**Fixed-income securities risk.** A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security's credit quality may adversely affect fund performance.

**Foreign securities risk.** Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets.

**Hedging, derivatives, and other strategic transactions risk.** Hedging, derivatives, and other strategic transactions may increase a fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, options, total return swaps, and swaps. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.

**High portfolio turnover risk.** Trading securities actively and frequently can increase transaction costs (thus lowering performance) and taxable distributions.

**Large company risk.** Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.

**Liquidity risk.** The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.

**Lower-rated and high-yield fixed-income securities risk.** Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.

**Mortgage-backed securities risk.** Mortgage-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**Small and mid-sized company risk.** Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.

**U.S. government agency obligations risk.** U.S. government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.

**U.S. Treasury obligations risk.** The market value of direct obligations of the U.S. Treasury may vary due to changes in interest rates. In addition, changes to the financial condition or credit rating of the U.S. government may cause the value of the fund's investments in obligations issued by the U.S. Treasury to decline.

**229**

------

Fund summary

**Past performance**

------

The following information illustrates the variability of the fund's returns and provides some indication of the risks of investing in the fund by showing changes in the fund's performance from year to year and by showing how the fund's average annual returns compared with a broad-based securities market index. Past performance does not indicate future results. The 70% Russell 3000 Index/30% MSCI EAFE Index shows how the fund's performance compares against the returns of similar investments. All figures assume dividend reinvestment. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHVIT as its underlying investment option. If such fees and expenses had been reflected, performance would be lower.

**Calendar year total returns (%)—Series NAV**

![](g224548imgc52c838b45.jpg)

---

| | | |
|:---|:---|:---|
| **Best quarter:** | Q2 2020 | 19.39% |
| **Worst quarter:** | Q1 2020 | -22.02% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns (%)—as of 12/31/2025** | **1 year** | **5 year** | **10 year** |
| **Series NAV** | 20.70 | &nbsp;&nbsp;&nbsp;&nbsp;11.34 | &nbsp;&nbsp;&nbsp;&nbsp;11.67 |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 17.88 | &nbsp;&nbsp;&nbsp;&nbsp;14.42 | &nbsp;&nbsp;&nbsp;&nbsp;14.82 |
| 70% Russell 3000 Index/30% MSCI EAFE Index (reflects no deduction for fees, expenses, or taxes, except foreign withholding taxes <br> on dividends)<br>| 21.35 | &nbsp;&nbsp;&nbsp;&nbsp;11.97 | &nbsp;&nbsp;&nbsp;&nbsp;12.51 |

---

**Investment management**

------

**Investment advisor** John Hancock Variable Trust Advisers LLC

**Subadvisor** Manulife Investment Management (US) LLC

**Portfolio management**

------

The following individuals are jointly and primarily responsible for the day-to-day management of the fund's portfolio.

---

| | |
|:---|:---|
| **Michael J. Comer, CFA** | **James Robertson, CIM** |
| *Managing Director and Portfolio Manager*<br> Managed fund since 2023<br>| &nbsp;&nbsp; *Head of Asset Allocation, Canada, Head of Tactical*<br> *Asset Allocation and Senior Portfolio Manager*<br> Managed fund since 2023<br>|

---

**Purchase and redemption of fund shares**

------

Shares of the fund are not sold directly to the public but generally may be sold only to insurance companies and their separate accounts as the underlying investment options for variable annuity and variable life insurance contracts issued by such companies, to certain entities affiliated with the insurance companies, to those funds of JHVIT that operate as funds of funds and invest in other funds and to certain qualified retirement plans (qualified plans).

Shares of the fund are offered continuously, without sales charge, and are sold and redeemed each business day (which typically is any day the New York Stock Exchange is open) at a price equal to their net asset value (NAV) determined for that business day as set forth under "Valuation of shares" in this prospectus. The Portfolio does not have minimum initial or subsequent investment requirements. Payment for shares redeemed will generally be made within seven days after receipt of a proper notice of redemption.

**Taxes**

------

Because shares of the fund may be purchased only through variable insurance contracts and qualified plans, it is expected that any dividends or capital gains distributions made by the fund will be exempt from current federal taxation if left to accumulate within the variable contract or qualified plan.

**230**

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Fund summary

Holders of variable insurance contracts should consult the prospectuses of their respective contracts for information on the federal income tax consequences to such holders.

**Compensation of financial intermediaries**

------

The fund is not sold directly to the general public but instead is offered as an underlying investment option for variable insurance contracts. The distributors of these contracts, the insurance companies that issue the contracts and their related companies (Related Parties), may pay compensation to broker-dealers and other intermediaries for distribution and other services and may enter into revenue sharing arrangements with certain intermediaries. The fund pays fees to the Related Parties for management, distribution and other services. Payments by insurance and related companies to intermediaries may create a conflict of interest by influencing them and their salespersons to recommend such contracts over other investments. Ask your salesperson or visit your financial intermediary's website for more information. In addition, payments by the funds to Related Parties may be a factor that an insurance company considers in including the funds as underlying investment options in variable insurance contracts. The prospectus (or other offering document) for your variable insurance contract may contain additional information about these payments.

**231**

------

Fund summary

Strategic Income Opportunities Trust

**Investment objective**

------

To seek a high level of current income.

**Fees and expenses**

------

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. **The fees and expenses do not reflect fees and expenses of any variable insurance or variable annuities contract that may use the fund as its underlying investment option and would be higher if they did.** 

---

| | | | |
|:---|:---|:---|:---|
| **Annual fund operating expenses (%)** (expenses that you pay each year as a percentage of the value of your investment) | **Series I** | **Series II** | **Series NAV** |
| Management fee | 0.64<br> <sup>1</sup><br>| 0.64<br> <sup>1</sup><br>| 0.64<br> <sup>1</sup><br>|
| Distribution and service (Rule 12b-1) fees | 0.05 | 0.25 | 0.00 |
| Other expenses | 0.11 | 0.11 | 0.11 |
| **Total annual fund operating expenses** | **0.80** | **1.00** | **0.75** |
| Contractual expense reimbursement | -0.01<br> <sup>2</sup><br>| -0.01<br> <sup>2</sup><br>| -0.01<br> <sup>2</sup><br>|
| **Total annual fund operating expenses after expense reimbursements** | **0.79** | **0.99** | **0.74** |

---

**1**

"Management fee" has been restated to reflect the contractual management fee schedule effective July 1, 2025.

**2**

The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund's reimbursement 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.

**Expense example**

------

The examples are intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The examples assume that $10,000 is invested in the fund for the periods indicated and then all shares are redeemed at the end of those periods. The examples also assume that the investment has a 5% return each year and that the fund's operating expenses remain the same. The expense example does not reflect fees and expenses of any variable insurance contract that may use the fund as its underlying investment option and would be higher if they did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **Expenses ($)** | **Series I** | **Series II** | **Series NAV** |
| 1 year | 81 | 101 | 76 |
| 3 years | 254 | 317 | 239 |
| 5 years | 443 | 551 | 416 |
| 10 years | 989 | 1224 | 929 |

---

**Portfolio turnover**

------

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During its most recent fiscal year, the fund's portfolio turnover rate was 73% of the average value of its portfolio.

**Principal investment strategies**

------

Under normal market conditions, the fund invests primarily in the following types of securities: foreign government and corporate debt securities from developed and emerging markets, U.S. government and agency securities, and high-yield bonds.

The fund may also invest in preferred stock and other types of debt securities.

**232**

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Fund summary

Although the fund may invest up to 10% of its net assets in securities rated as low as D (in default) by S&P Global Ratings ("S&P") or Moody's Investors Service, Inc. ("Moody's") (or their unrated equivalents) (i.e., "junk bonds"), it seeks to keep its average credit quality in the investment-grade range (AAA to BBB). There is no limit on the fund's average maturity. The fund's investment policies are based on credit ratings at the time of purchase.

In managing the fund, the subadvisor allocates assets among the three major types of securities (U.S. government debt and mortgages; corporate debt — primarily high yield; and foreign debt — both government and corporate, including emerging markets) based on analysis of economic factors, such as projected international interest rate movements, industry cycles and political trends. However, the subadvisor may invest up to 100% of the fund's total assets in any one sector. Within each type of security, the subadvisor looks for investments that are appropriate for the overall fund in terms of yield, credit quality, structure and industry distribution. In selecting securities, relative yields and risk/reward ratios are the primary considerations.

The fund may use certain higher-risk investments, including restricted or illiquid securities and derivatives, which include futures contracts on securities, indices and foreign currency; options on futures contracts, securities, indices and foreign currency; interest rate, foreign currency and credit default swaps; and foreign currency forward contracts, in each case, for the purposes of reducing risk, obtaining efficient market exposure and/or enhancing investment returns. In addition, the fund may invest up to 10% of its net assets in domestic or foreign common stocks.

*Use of Hedging and Other Strategic Transactions*. The fund is authorized to use all of the various investment strategies referred to under "Additional Information About the Funds' Principal Risks — Hedging, derivatives and other strategic transactions risk" including, but not limited to, U.S. Treasury futures and options, index derivatives, credit default swaps and currency forwards and options.

The manager considers environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund's investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. Because ESG factors are considered alongside other relevant factors, the manager may determine that an investment is appropriate notwithstanding its relative ESG characteristics.

**Principal risks**

------

An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money. The fund's investment strategy may not produce the intended results.

The fund's main risks are listed below in alphabetical order, not in order of importance. *Before investing, be sure to read the additional descriptions of these risks beginning on page 257 of the prospectus*.

**Asset allocation risk.** Although allocation among asset categories generally limits exposure to any one category, the management team may favor a category that performs poorly relative to the others.

**Changing distribution levels risk.** The fund may cease or reduce the level of its distribution if income or dividends paid from its investments declines.

**Credit and counterparty risk.** The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund's securities could affect the fund's performance.

**Currency risk.** Fluctuations in exchange rates may adversely affect the U.S. dollar value of a fund's investments. Foreign currencies may decline in value, which could negatively impact performance.

**Defaulted debt risk.** Investing in defaulted debt securities is speculative and involves substantial risks in addition to those of non-defaulted high-yield securities. Defaulted debt securities generally do not generate interest payments. Principal on defaulted debt might not be repaid, and a fund could lose up to its entire investment.

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

**Equity securities risk.** The price of equity securities may decline due to changes in a company's financial condition or overall market conditions.

**ESG integration risk.** The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund's investments. Integration of ESG factors into the fund's investment process does not preclude the fund from including companies with low ESG characteristics or excluding companies with high

**233**

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Fund summary

ESG characteristics in the fund's investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.

**Fixed-income securities risk.** A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security's credit quality may adversely affect fund performance.

**Foreign securities risk.** Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets.

**Hedging, derivatives, and other strategic transactions risk.** Hedging, derivatives, and other strategic transactions may increase a fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, options on futures contracts, options, interest-rate swaps, swaps, foreign currency swaps, swaptions, equity-linked notes (equity-linked notes generally reflect the risks associated with their underlying securities, depend on the credit of the note's issuer, may be privately placed, and may have a limited secondary market), inverse floating-rate securities, reverse repurchase agreements, total return swaps, and options on futures. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk. An event of default or insolvency of the counterparty to a reverse repurchase agreement could result in delays or restrictions with respect to the fund's ability to dispose of the underlying securities. In addition, a reverse repurchase agreement may be considered a form of leverage and may, therefore, increase fluctuations in the fund's net asset value (NAV) per share.

**Illiquid and restricted securities risk.** Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security's market price and the fund's ability to sell the security.

**Liquidity risk.** The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.

**Lower-rated and high-yield fixed-income securities risk.** Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.

**Mortgage-backed and asset-backed securities risk.** Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**Preferred and convertible securities risk.** Preferred stock dividends are payable only if declared by the issuer's board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock's value can depend heavily upon the underlying common stock's value.

**Sector risk.** When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.

**U.S. government agency obligations risk.** U.S. government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support

**234**

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Fund summary

from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.

**U.S. Treasury obligations risk.** The market value of direct obligations of the U.S. Treasury may vary due to changes in interest rates. In addition, changes to the financial condition or credit rating of the U.S. government may cause the value of the fund's investments in obligations issued by the U.S. Treasury to decline.

**Past performance**

------

The following information illustrates the variability of the fund's returns and provides some indication of the risks of investing in the fund by showing changes in the fund's performance from year to year and by showing how the fund's average annual returns compared with a broad-based securities market index. Past performance does not indicate future results. All figures assume dividend reinvestment. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHVIT as its underlying investment option. If such fees and expenses had been reflected, performance would be lower.

**Calendar year total returns (%)—Series I**

![](g224548img8cdc762846.jpg)

---

| | | |
|:---|:---|:---|
| **Best quarter:** | Q2 2020 | 7.06% |
| **Worst quarter:** | Q2 2022 | -6.97% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns (%)—as of 12/31/2025** | **1 year** | **5 year** | **10 year** |
| **Series I** | 7.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;3.21 |
| **Series II** | 7.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;3.00 |
| **Series NAV** | 7.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;3.26 |
| Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes) | 7.30 | &nbsp;&nbsp;&nbsp; -0.36 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 |

---

**Investment management**

------

**Investment advisor** John Hancock Variable Trust Advisers LLC

**Subadvisor** Manulife Investment Management (US) LLC

**Portfolio management**

------

The following individuals are jointly and primarily responsible for the day-to-day management of the fund's portfolio.

---

| | |
|:---|:---|
| **David A. Bees, CFA** | **Brad Lutz, CFA** |
| *Portfolio Manager*<br> Managed fund since 2025<br>| &nbsp;&nbsp; *Senior Portfolio Manager*<br> Managed fund since 2022<br>|
| **Christopher M. Chapman, CFA**<br> *Senior Portfolio Manager, Co-Head of*<br> *Global Multi-Sector Fixed Income*<br> Managed fund since 2017<br>| &nbsp;&nbsp; **Kisoo Park**<sup>1</sup> <br>*Senior Portfolio Manager*<br> Managed fund since 2015<br>|
| **Thomas C. Goggins**<br> *Senior Portfolio Manager*<br> Managed fund since 2009<br>| &nbsp;&nbsp; **Christopher Smith, CFA, CAIA**<br> *Associate Portfolio Manager*<br> Managed fund since 2025<br>|
| **Kelly Lim, CFA**<br> *Associate Portfolio Manager*<br> Managed fund since 2026<br>|  |

---

**1**

Effective September 30, 2026, Kisoo Park will no longer serve as a portfolio manager of the fund.

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Fund summary

**Purchase and redemption of fund shares**

------

Shares of the fund are not sold directly to the public but generally may be sold only to insurance companies and their separate accounts as the underlying investment options for variable annuity and variable life insurance contracts issued by such companies, to certain entities affiliated with the insurance companies, to those funds of JHVIT that operate as funds of funds and invest in other funds and to certain qualified retirement plans (qualified plans).

Shares of the fund are offered continuously, without sales charge, and are sold and redeemed each business day (which typically is any day the New York Stock Exchange is open) at a price equal to their net asset value (NAV) determined for that business day as set forth under "Valuation of shares" in this prospectus. The Portfolio does not have minimum initial or subsequent investment requirements. Payment for shares redeemed will generally be made within seven days after receipt of a proper notice of redemption.

**Taxes**

------

Because shares of the fund may be purchased only through variable insurance contracts and qualified plans, it is expected that any dividends or capital gains distributions made by the fund will be exempt from current federal taxation if left to accumulate within the variable contract or qualified plan. Holders of variable insurance contracts should consult the prospectuses of their respective contracts for information on the federal income tax consequences to such holders.

**Compensation of financial intermediaries**

------

The fund is not sold directly to the general public but instead is offered as an underlying investment option for variable insurance contracts. The distributors of these contracts, the insurance companies that issue the contracts and their related companies (Related Parties), may pay compensation to broker-dealers and other intermediaries for distribution and other services and may enter into revenue sharing arrangements with certain intermediaries. The fund pays fees to the Related Parties for management, distribution and other services. Payments by insurance and related companies to intermediaries may create a conflict of interest by influencing them and their salespersons to recommend such contracts over other investments. Ask your salesperson or visit your financial intermediary's website for more information. In addition, payments by the funds to Related Parties may be a factor that an insurance company considers in including the funds as underlying investment options in variable insurance contracts. The prospectus (or other offering document) for your variable insurance contract may contain additional information about these payments.

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Fund summary

Total Bond Market Trust

**Investment objective**

------

To seek to track the performance of the Bloomberg U.S. Aggregate Bond Index (the "Bloomberg Index") (which represents the U.S. investment grade bond market).

**Fees and expenses**

------

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. **The fees and expenses do not reflect fees and expenses of any variable insurance or variable annuities contract that may use the fund as its underlying investment option and would be higher if they did.** 

---

| | | | |
|:---|:---|:---|:---|
| **Annual fund operating expenses (%)** (expenses that you pay each year as a percentage of the value of your investment) | **Series I** | **Series II** | **Series NAV** |
| Management fee | 0.47 | 0.47 | 0.47 |
| Distribution and service (Rule 12b-1) fees | 0.05 | 0.25 | 0.00 |
| Other expenses | 0.05 | 0.05 | 0.05 |
| **Total annual fund operating expenses** | **0.57** | **0.77** | **0.52** |
| Contractual expense reimbursement | -0.27 <br><sup>1</sup><br>| -0.27 <br><sup>1</sup><br>| -0.27 <br><sup>1</sup><br>|
| **Total annual fund operating expenses after expense reimbursements** | **0.30** | **0.50** | **0.25** |

---

**1**

The advisor contractually agrees 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 0.25% 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 April 30, 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 also contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund's reimbursement 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.

**Expense example**

------

The examples are intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The examples assume that $10,000 is invested in the fund for the periods indicated and then all shares are redeemed at the end of those periods. The examples also assume that the investment has a 5% return each year and that the fund's operating expenses remain the same. The expense example does not reflect fees and expenses of any variable insurance contract that may use the fund as its underlying investment option and would be higher if they did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **Expenses ($)** | **Series I** | **Series II** | **Series NAV** |
| 1 year | 31 | 51 | 26 |
| 3 years | 155 | 219 | 139 |
| 5 years | 291 | 401 | 264 |
| 10 years | 688 | 929 | 627 |

---

**Portfolio turnover**

------

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During its most recent fiscal year, the fund's portfolio turnover rate was 55% of the average value of its portfolio.

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Fund summary

**Principal investment strategies**

------

Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowing for investment purposes) in securities listed in the Bloomberg U.S. Aggregate Bond Index (the Bloomberg Index). (The fund will provide written notice to shareholders at least 60 days prior to a change in its 80% investment policy.)

The fund is an index fund, which differs from actively managed funds. Actively managed funds seek to outperform their respective indices through research and analysis. Over time, their performance may differ significantly from their respective indices. The fund is a passively managed fund that seeks to mirror the performance of its target index, minimizing performance differences over time.

An index is an unmanaged group of securities whose overall performance is used as an investment benchmark. Indices may track broad investment markets, such as the global equity market, or more narrow investment markets, such as the U.S. small cap equity market. The fund attempts to track the performance of the Bloomberg Index by holding a representative sample of the securities that comprise the Bloomberg Index. However, an index fund has operating expenses and transaction costs, while a market index does not. Therefore, the fund, while it attempts to track its target index closely, typically will be unable to match the performance of the target index exactly.

The fund is an intermediate term bond fund of high and medium credit quality that seeks to track the performance of the Bloomberg Index, which broadly represents the U.S. investment grade bond market. The fund's investment policies are based on credit ratings at the time of purchase.

The subadvisor employs a passive management strategy using quantitative techniques to select individual securities that provide a representative sample of the securities in the Bloomberg Index.

The Bloomberg Index consists of U.S. dollar-denominated, fixed rate, investment grade debt securities with maturities generally greater than one year and outstanding par values of at least $200 million, including:

● U.S. Treasury and agency securities;

● Asset-backed and mortgage-backed securities, including mortgage pass-through securities and commercial mortgage-backed securities ("CMBS") and collateralized mortgage offerings ("CMOs");

● Corporate bonds, both U.S. and foreign (if U.S. dollar-denominated); and

● Foreign government and agency securities (if U.S. dollar-denominated).

The subadvisor selects securities to match, as closely as practicable, the Bloomberg Index's duration, cash flow, sector, credit quality, callability and other key performance characteristics.

The Bloomberg Index composition may change from time to time. The subadvisor will reflect those changes as soon as practicable.

The fund may purchase other types of securities that are not primary investment vehicles. These would include, for example, certain derivatives (investments whose value is based on indexes or other securities) such as futures contracts, interest-rate swaps and options.

*Use of Hedging and Other Strategic Transactions*. The fund is authorized to use all of the various investment strategies referred to under "Additional Information About the Funds' Principal Risks — Hedging, derivatives and other strategic transactions risk" such as futures contracts, interest-rate swaps and options.

**Principal risks**

------

An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money. The fund's investment strategy may not produce the intended results.

The fund's main risks are listed below in alphabetical order, not in order of importance. *Before investing, be sure to read the additional descriptions of these risks beginning on page 257 of the prospectus*.

**Credit and counterparty risk.** The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund's securities could affect the fund's performance.

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

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Fund summary

**Fixed-income securities risk.** A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security's credit quality may adversely affect fund performance.

**Foreign securities risk.** Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities.

**Hedging, derivatives, and other strategic transactions risk.** Hedging, derivatives, and other strategic transactions may increase a fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, futures contracts, options, interest-rate swaps, foreign currency forward contracts, foreign currency swaps, swaps, swaptions, equity-linked notes (equity-linked notes generally reflect the risks associated with their underlying securities, depend on the credit of the note's issuer, may be privately placed, and may have a limited secondary market), inverse floating-rate securities, reverse repurchase agreements, total return swaps, and options on futures. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk. An event of default or insolvency of the counterparty to a reverse repurchase agreement could result in delays or restrictions with respect to the fund's ability to dispose of the underlying securities. In addition, a reverse repurchase agreement may be considered a form of leverage and may, therefore, increase fluctuations in the fund's net asset value (NAV) per share.

**Index management risk.** Certain factors may cause a fund that is an index fund to track its target index less closely. For example, a subadvisor may select securities that are not fully representative of the index, and the fund's operating expenses and transaction costs, and the size and timing of its cash flows, may result in the fund's performance being different than that of its index. Moreover, the fund will generally reflect the performance of its target index even when the index does not perform well.

**Liquidity risk.** The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.

**Mortgage-backed and asset-backed securities risk.** Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**Quantitative modeling risk.** Quantitative models may not accurately predict future market movements or characteristics, which may negatively impact performance. Models also may perform differently than expected due to implementation problems, technological malfunction, or programming or data inaccuracies, among other possible issues.

**U.S. government agency obligations risk.** U.S. government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.

**U.S. Treasury obligations risk.** The market value of direct obligations of the U.S. Treasury may vary due to changes in interest rates. In addition, changes to the financial condition or credit rating of the U.S. government may cause the value of the fund's investments in obligations issued by the U.S. Treasury to decline.

**239**

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Fund summary

**Past performance**

------

The following information illustrates the variability of the fund's returns and provides some indication of the risks of investing in the fund by showing changes in the fund's performance from year to year and by showing how the fund's average annual returns compared with a broad-based securities market index. Past performance does not indicate future results. All figures assume dividend reinvestment. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHVIT as its underlying investment option. If such fees and expenses had been reflected, performance would be lower.

**Calendar year total returns (%)—Series NAV**

![](g224548imgb12aa05d47.jpg)

---

| | | |
|:---|:---|:---|
| **Best quarter:** | Q4 2023 | 6.38% |
| **Worst quarter:** | Q1 2022 | -6.03% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns (%)—as of 12/31/2025** | **1 year** | **5 year** | **10 year** |
| **Series I** | 6.86 | &nbsp;&nbsp;&nbsp; -0.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 |
| **Series II** | 6.67 | &nbsp;&nbsp;&nbsp; -0.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 |
| **Series NAV** | 6.91 | &nbsp;&nbsp;&nbsp; -0.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 |
| Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes) | 7.30 | &nbsp;&nbsp;&nbsp; -0.36 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 |

---

**Investment management**

------

**Investment advisor** John Hancock Variable Trust Advisers LLC

**Subadvisor** Manulife Investment Management (US) LLC

**Portfolio management**

------

The following individual is primarily responsible for the day-to-day management of the fund's portfolio.

---

| | |
|:---|:---|
| **Pranay Sonalkar, CFA** | **Connor Minnaar, CFA** |
| *Portfolio Manager*<br> Managed fund since 2023<br>| &nbsp;&nbsp; *Portfolio Manager*<br> Managed fund since 2023<br>|

---

**Purchase and redemption of fund shares**

------

Shares of the fund are not sold directly to the public but generally may be sold only to insurance companies and their separate accounts as the underlying investment options for variable annuity and variable life insurance contracts issued by such companies, to certain entities affiliated with the insurance companies, to those funds of JHVIT that operate as funds of funds and invest in other funds and to certain qualified retirement plans (qualified plans).

Shares of the fund are offered continuously, without sales charge, and are sold and redeemed each business day (which typically is any day the New York Stock Exchange is open) at a price equal to their net asset value (NAV) determined for that business day as set forth under "Valuation of shares" in this prospectus. The Portfolio does not have minimum initial or subsequent investment requirements. Payment for shares redeemed will generally be made within seven days after receipt of a proper notice of redemption.

**Taxes**

------

Because shares of the fund may be purchased only through variable insurance contracts and qualified plans, it is expected that any dividends or capital gains distributions made by the fund will be exempt from current federal taxation if left to accumulate within the variable contract or qualified plan. Holders of variable insurance contracts should consult the prospectuses of their respective contracts for information on the federal income tax consequences to such holders.

**240**

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Fund summary

**Compensation of financial intermediaries**

------

The fund is not sold directly to the general public but instead is offered as an underlying investment option for variable insurance contracts. The distributors of these contracts, the insurance companies that issue the contracts and their related companies (Related Parties), may pay compensation to broker-dealers and other intermediaries for distribution and other services and may enter into revenue sharing arrangements with certain intermediaries. The fund pays fees to the Related Parties for management, distribution and other services. Payments by insurance and related companies to intermediaries may create a conflict of interest by influencing them and their salespersons to recommend such contracts over other investments. Ask your salesperson or visit your financial intermediary's website for more information. In addition, payments by the funds to Related Parties may be a factor that an insurance company considers in including the funds as underlying investment options in variable insurance contracts. The prospectus (or other offering document) for your variable insurance contract may contain additional information about these payments.

**241**

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Fund summary

Total Stock Market Index Trust

**Investment objective**

------

Seeks to approximate the aggregate total return of a broad U.S. domestic equity market index.

**Fees and expenses**

------

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. **The fees and expenses do not reflect fees and expenses of any variable insurance or variable annuities contract that may use the fund as its underlying investment option and would be higher if they did.** 

---

| | | | |
|:---|:---|:---|:---|
| **Annual fund operating expenses (%)** (expenses that you pay each year as a percentage of the value of your investment) | **Series I** | **Series II** | **Series NAV** |
| Management fee | 0.47 | 0.47 | 0.47 |
| Distribution and service (Rule 12b-1) fees | 0.05 | 0.25 | 0.00 |
| Other expenses | 0.05 | 0.05 | 0.05 |
| **Total annual fund operating expenses** | **0.57** | **0.77** | **0.52** |
| Contractual expense reimbursement | -0.01 <br><sup>1</sup><br>| -0.01 <br><sup>1</sup><br>| -0.01 <br><sup>1</sup><br>|
| **Total annual fund operating expenses after expense reimbursements** | **0.56** | **0.76** | **0.51** |

---

**1**

The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund's reimbursement 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.

**Expense example**

------

The examples are intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The examples assume that $10,000 is invested in the fund for the periods indicated and then all shares are redeemed at the end of those periods. The examples also assume that the investment has a 5% return each year and that the fund's operating expenses remain the same. The expense example does not reflect fees and expenses of any variable insurance contract that may use the fund as its underlying investment option and would be higher if they did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **Expenses ($)** | **Series I** | **Series II** | **Series NAV** |
| 1 year | 57 | 78 | 52 |
| 3 years | 182 | 245 | 166 |
| 5 years | 317 | 427 | 290 |
| 10 years | 713 | 953 | 652 |

---

**Portfolio turnover**

------

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During its most recent fiscal year, the fund's portfolio turnover rate was 7% of the average value of its portfolio.

**Principal investment strategies**

------

Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) at the time of investment in (a) the common stocks that are included in the Wilshire 5000 Total Market Full Cap Index and (b) securities (which may or may not be included in the Wilshire 5000 Total Market Full Cap Index) that the subadvisor believes as a group will behave in a manner similar to the index. (The fund will provide written notice to shareholders at least 60 days prior to a change in its 80% investment policy.) As of February 28, 2026, the market capitalizations of companies included in the Wilshire 5000 Total Market Full Cap Index ranged from less than $9 million to $4.3 trillion.

**242**

------

Fund summary

An index is an unmanaged group of securities whose overall performance is used as an investment benchmark. Indexes may track broad investment markets, such as the global equity market, or more narrow investment markets, such as the U.S. small cap equity market. In contrast to actively managed funds, which seek to outperform their respective benchmark indexes through research and analysis, index funds are passively managed funds that seek to mirror the performance of their target indexes, minimizing performance differences over time. The fund attempts to match the performance of the Wilshire 5000 Total Market Full Cap Index by: (a) holding all, or a representative sample, of the securities that comprise that index; and/or (b) holding securities (which may or may not be included in the index) that the subadvisor believes as a group will behave in a manner similar to the index. However, the fund has operating expenses and transaction costs, while a market index does not. Therefore, the fund, while it attempts to track its target index closely, typically will be unable to match the performance of the index exactly. The composition of an index changes from time to time, and the subadvisor will reflect those changes in the composition of the fund's portfolio as soon as practicable.

The fund may become "non-diversified" as defined in the Investment Company Act of 1940, as amended (the 1940 Act), solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Wilshire 5000 Total Market Full Cap Index.

**Principal risks**

------

An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.

The fund's main risks are listed below in alphabetical order, not in order of importance. *Before investing, be sure to read the additional descriptions of these risks beginning on page 257 of the prospectus*.

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

**Equity securities risk.** The price of equity securities may decline due to changes in a company's financial condition or overall market conditions.

**Index management risk.** Certain factors may cause a fund that is an index fund to track its target index less closely. For example, a subadvisor may select securities that are not fully representative of the index, and the fund's operating expenses and transaction costs, and the size and timing of its cash flows, may result in the fund's performance being different than that of its index. Moreover, the fund will generally reflect the performance of its target index even when the index does not perform well.

**Information technology companies risk.** 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.

**Large company risk.** Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.

**Liquidity risk.** The extent (if at all) to which a security may be sold without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.

**Non-diversified risk.** To the extent the fund is non-diversified, adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**Quantitative modeling risk.** Quantitative models may not accurately predict future market movements or characteristics, which may negatively impact performance. Models also may perform differently than expected due to implementation problems, technological malfunction, or programming or data inaccuracies, among other possible issues.

**Sector risk.** When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.

**Small and mid-sized company risk.** Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.

**Past performance**

------

The following information illustrates the variability of the fund's returns and provides some indication of the risks of investing in the fund by showing changes in the fund's performance from year to year and by showing how the fund's average annual returns compared with a broad-based securities

**243**

------

Fund summary

market index. Past performance does not indicate future results. All figures assume dividend reinvestment. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHVIT as its underlying investment option. If such fees and expenses had been reflected, performance would be lower.

**Calendar year total returns (%)—Series I**

![](g224548img8772673348.jpg)

---

| | | |
|:---|:---|:---|
| **Best quarter:** | Q2 2020 | 22.54% |
| **Worst quarter:** | Q1 2020 | -21.01% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns (%)—as of 12/31/2025** | **1 year** | **5 year** | **10 year** |
| **Series I** | 16.63 | &nbsp;&nbsp;&nbsp;&nbsp;12.36 | &nbsp;&nbsp;&nbsp;&nbsp;13.67 |
| **Series II** | 16.43 | &nbsp;&nbsp;&nbsp;&nbsp;12.14 | &nbsp;&nbsp;&nbsp;&nbsp;13.44 |
| **Series NAV** | 16.68 | &nbsp;&nbsp;&nbsp;&nbsp;12.42 | &nbsp;&nbsp;&nbsp;&nbsp;13.73 |
| Wilshire 5000 Total Market Full Cap Index (reflects no deduction for fees, expenses, or taxes) | 17.15 | &nbsp;&nbsp;&nbsp;&nbsp;12.80 | &nbsp;&nbsp;&nbsp;&nbsp;14.17 |

---

**Investment management**

------

**Investment advisor** John Hancock Variable Trust Advisers LLC

**Subadvisor** Manulife Investment Management (US) LLC

**Portfolio management**

------

The following individuals are jointly and primarily responsible for the day-to-day management of the fund's portfolio.

---

| | |
|:---|:---|
| **Jenny Kim, CFA** | **Boncana Maiga, CFA, CIM** |
| *Portfolio Manager*<br> Managed fund since 2024<br>| &nbsp;&nbsp; *Portfolio Manager*<br> Managed fund since 2021<br>|

---

**Purchase and redemption of fund shares**

------

Shares of the fund are not sold directly to the public but generally may be sold only to insurance companies and their separate accounts as the underlying investment options for variable annuity and variable life insurance contracts issued by such companies, to certain entities affiliated with the insurance companies, to those funds of JHVIT that operate as funds of funds and invest in other funds and to certain qualified retirement plans (qualified plans).

Shares of the fund are offered continuously, without sales charge, and are sold and redeemed each business day (which typically is any day the New York Stock Exchange is open) at a price equal to their net asset value (NAV) determined for that business day as set forth under "Valuation of shares" in this prospectus. The Portfolio does not have minimum initial or subsequent investment requirements. Payment for shares redeemed will generally be made within seven days after receipt of a proper notice of redemption.

**Taxes**

------

Because shares of the fund may be purchased only through variable insurance contracts and qualified plans, it is expected that any dividends or capital gains distributions made by the fund will be exempt from current federal taxation if left to accumulate within the variable contract or qualified plan. Holders of variable insurance contracts should consult the prospectuses of their respective contracts for information on the federal income tax consequences to such holders.

**244**

------

Fund summary

**Compensation of financial intermediaries**

------

The fund is not sold directly to the general public but instead is offered as an underlying investment option for variable insurance contracts. The distributors of these contracts, the insurance companies that issue the contracts and their related companies (Related Parties), may pay compensation to broker-dealers and other intermediaries for distribution and other services and may enter into revenue sharing arrangements with certain intermediaries. The fund pays fees to the Related Parties for management, distribution and other services. Payments by insurance and related companies to intermediaries may create a conflict of interest by influencing them and their salespersons to recommend such contracts over other investments. Ask your salesperson or visit your financial intermediary's website for more information. In addition, payments by the funds to Related Parties may be a factor that an insurance company considers in including the funds as underlying investment options in variable insurance contracts. The prospectus (or other offering document) for your variable insurance contract may contain additional information about these payments.

**245**

------

Fund summary

U.S. Growth Trust

(formerly Capital Appreciation Trust)

**Investment objective**

------

To seek long-term growth of capital.

**Fees and expenses**

------

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. **The fees and expenses do not reflect fees and expenses of any variable insurance or variable annuities contract that may use the fund as its underlying investment option and would be higher if they did.** 

---

| | | | |
|:---|:---|:---|:---|
| **Annual fund operating expenses (%)** (expenses that you pay each year as a percentage of the value of your investment) | **Series I** | **Series II** | **Series NAV** |
| Management fee | 0.54<br> <sup>1</sup><br>| 0.54<br> <sup>1</sup><br>| 0.54<br> <sup>1</sup><br>|
| Distribution and service (Rule 12b-1) fees | 0.05 | 0.25 | 0.00 |
| Other expenses | 0.09 | 0.09 | 0.09 |
| **Total annual fund operating expenses** | **0.68** | **0.88** | **0.63** |
| Contractual expense reimbursement | -0.01<br> <sup>2</sup><br>| -0.01<br> <sup>2</sup><br>| -0.01<br> <sup>2</sup><br>|
| **Total annual fund operating expenses after expense reimbursements** | **0.67** | **0.87** | **0.62** |

---

**1**

"Management fee" has been restated to reflect the contractual management fee schedule effective May 28, 2025.

**2**

The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund's reimbursement 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.

**Expense example**

------

The examples are intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The examples assume that $10,000 is invested in the fund for the periods indicated and then all shares are redeemed at the end of those periods. The examples also assume that the investment has a 5% return each year and that the fund's operating expenses remain the same. The expense example does not reflect fees and expenses of any variable insurance contract that may use the fund as its underlying investment option and would be higher if they did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **Expenses ($)** | **Series I** | **Series II** | **Series NAV** |
| 1 year | 68 | 89 | 63 |
| 3 years | 217 | 280 | 201 |
| 5 years | 378 | 487 | 350 |
| 10 years | 846 | 1083 | 785 |

---

**Portfolio turnover**

------

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During its most recent fiscal year, the fund's portfolio turnover rate was 127% of the average value of its portfolio.

**Principal investment strategies**

------

Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity investments that are tied economically to the United States. The fund considers an equity investment to be "tied economically" to the United States if, at the time of purchase: (i) its issuer is organized under the laws of the United States or under the laws of a state within the United States or in an issuer that maintains its principal place of business in the United States; (ii) it is traded principally in the United States; or (iii) its issuer derived at least 50% of its revenues or

**246**

------

Fund summary

profits from goods produced or sold, investments made, or services performed in the United States, or has at least 50% of its assets in the United States. The manager seeks to achieve the fund's investment objective by investing in equity investments that the manager believes, as a portfolio, will provide higher returns than the Russell 1000 Growth Index.

The manager's investment process begins with the broad universe of equity securities included in US equity indices, along with other ideas that come from a combination of company meetings, investment conferences, field trips and industry analysis. Investments in equity securities include common stocks and other stock-related securities such as preferred stocks, convertible securities, depositary receipts, exchange-traded funds, and exchange-traded equity real estate investment trusts (REITs). The fund may invest significantly in securities of companies in certain sectors, and may therefore experience greater volatility than funds investing in a broader range of sectors and may be more susceptible to the impact of market, economic, regulatory, and other factors affecting that sector. The manager focuses on members of the investable universe that exhibit high quality free cash flow margins (i.e., cash generated after expenses to support operations and maintain capital assets), capital return (i.e., dividends and share buybacks), and revenue growth higher than a certain minimum threshold. Free cash flow is defined as the cash that is available to a company after paying out the money needed to maintain or expand its operations. For all companies remaining in the subuniverse, the manager ranks securities on a relative basis across the following metrics:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Quality: Companies with high and improving free-cash-flow margins and the ability to generate attractive returns on capital employed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Growth: Companies that generate high organic revenue growth (revenue growth not obtained through acquisitions) above global GDP growth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Valuation: Companies trading below fair value, based on a discounted free cash flow model utilizing proprietary research and analysis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Capital Returns: Companies with high dividend payouts and share repurchase programs, based on deployment of free cash flow; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Earnings Revisions: Companies with improving earnings expectations over the next 12-18 months that are not yet fully acknowledged and reflected in broker estimates.

The manager monitors and ranks securities based on their relative attractiveness across this universe. For stocks that compare well in this screening process, further detailed analysis is conducted. Regular meetings and discussions with company management are another input into the portfolio decision making process. Securities considered for purchase are attractive on a majority of the metrics (Quality, Growth, Valuation, Capital Returns, and Earnings Revisions), and have a positive catalyst such as accelerating earnings or revenue growth.

The manager sells securities when growth or quality metrics deteriorate, valuation upside declines, allocation to dividends or share repurchases changes, or earnings revisions worsen. Securities may also be sold if overall attractiveness relative to other stocks in the universe deteriorates. Due to its active investment strategy, the fund may buy and sell securities frequently. This may result in higher transaction costs and more capital gains tax liabilities than a fund with a buy and hold strategy.

The fund may invest in cash or money market instruments for the purpose of meeting redemption requests or making other anticipated cash payments.

The fund may deviate from its principal investment strategies during transition periods, which may include the reassignment of portfolio management, a change in investment objective or strategy, a reorganization or liquidation, or the occurrence of large inflows or outflows.

The fund is a non-diversified fund, which means that it may invest in a smaller number of issuers than a diversified fund and may invest more of its assets in the securities of a single issuer.

**Principal risks**

------

An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money. The fund's investment strategy may not produce the intended results.

The fund's main risks are listed below in alphabetical order, not in order of importance. *Before investing, be sure to read the additional descriptions of these risks beginning on page 257 of the prospectus*.

**Cash and cash equivalents risk.** Under certain market conditions, such as during a rising stock market, rising interest rate or rising credit spread markets, the use of cash and/or cash equivalents, including money market instruments, could have a negative effect on the fund's ability to achieve its investment objective and may negatively impact the fund's performance.

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

**247**

------

Fund summary

**Equity securities risk.** The price of equity securities may decline due to changes in a company's financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.

**Exchange-traded fund (ETF) investment risk.** The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF's shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.

**Foreign securities risk.** Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.

**High portfolio turnover risk.** Trading securities actively and frequently can increase transaction costs (thus lowering performance) and taxable distributions.

**Information technology companies risk.** 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.

**Large company risk.** Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.

**Liquidity risk.** The extent (if at all) to which a security may be sold without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.

**Non-diversified risk.** Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**Preferred and convertible securities risk.** Preferred stock dividends are payable only if declared by the issuer's board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock's value can depend heavily upon the underlying common stock's value.

**Real estate investment trust (REIT) risk.** 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.

**Real estate securities risk.** 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.

**Sector risk.** When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.

**Small and mid-sized company risk.** Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.

**Past performance**

------

The following information illustrates the variability of the fund's returns and provides some indication of the risks of investing in the fund by showing changes in the fund's performance from year to year and by showing how the fund's average annual returns compared with a broad-based securities market index. Past performance does not indicate future results. The Russell 1000 Growth Index shows how the fund's performance compares against the returns of similar investments. All figures assume dividend reinvestment. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHVIT as its underlying investment option. If such fees and expenses had been reflected, performance would be lower.

**A note on performance**

Prior to May 28, 2025, the fund was managed by a different subadvisor pursuant to different investment strategies, and thus, the performance presented prior to this date should not be attributed to the current subadvisor. The fund's performance shown below might have differed materially had the current subadvisor managed the fund prior to May 28, 2025.

**248**

------

Fund summary

**Calendar year total returns (%)—Series I**

![](g224548img838efa7e49.jpg)

---

| | | |
|:---|:---|:---|
| **Best quarter:** | Q2 2020 | 35.37% |
| **Worst quarter:** | Q2 2022 | -25.47% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns (%)—as of 12/31/2025** | **1 year** | **5 year** | **10 year** |
| **Series I** | 20.60 | &nbsp;&nbsp;&nbsp;&nbsp;11.70 | &nbsp;&nbsp;&nbsp;&nbsp;17.06 |
| **Series II** | 20.55 | &nbsp;&nbsp;&nbsp;&nbsp;11.51 | &nbsp;&nbsp;&nbsp;&nbsp;16.84 |
| **Series NAV** | 20.76 | &nbsp;&nbsp;&nbsp;&nbsp;11.77 | &nbsp;&nbsp;&nbsp;&nbsp;17.13 |
| Russell 1000 Index (reflects no deduction for fees, expenses, or taxes) | 17.37 | &nbsp;&nbsp;&nbsp;&nbsp;13.59 | &nbsp;&nbsp;&nbsp;&nbsp;14.59 |
| Russell 1000 Growth Index (reflects no deduction for fees, expenses, or taxes) | 18.56 | &nbsp;&nbsp;&nbsp;&nbsp;15.32 | &nbsp;&nbsp;&nbsp;&nbsp;18.13 |

---

**Investment management**

------

**Investment advisor** John Hancock Variable Trust Advisers LLC

**Subadvisor** Wellington Management Company LLP

**Portfolio management**

------

The following individuals are jointly and primarily responsible for the day-to-day management of the fund's portfolio.

---

| |
|:---|
| **Timothy N. Manning** |
| *Senior Managing Director and Equity Portfolio Manager*<br> Managed fund since 2025<br>|

---

**Purchase and redemption of fund shares**

------

Shares of the fund are not sold directly to the public but generally may be sold only to insurance companies and their separate accounts as the underlying investment options for variable annuity and variable life insurance contracts issued by such companies, to certain entities affiliated with the insurance companies, to those funds of JHVIT that operate as funds of funds and invest in other funds and to certain qualified retirement plans (qualified plans).

Shares of the fund are offered continuously, without sales charge, and are sold and redeemed each business day (which typically is any day the New York Stock Exchange is open) at a price equal to their net asset value (NAV) determined for that business day as set forth under "Valuation of shares" in this prospectus. The Portfolio does not have minimum initial or subsequent investment requirements. Payment for shares redeemed will generally be made within seven days after receipt of a proper notice of redemption.

**Taxes**

------

Because shares of the fund may be purchased only through variable insurance contracts and qualified plans, it is expected that any dividends or capital gains distributions made by the fund will be exempt from current federal taxation if left to accumulate within the variable contract or qualified plan. Holders of variable insurance contracts should consult the prospectuses of their respective contracts for information on the federal income tax consequences to such holders.

**Compensation of financial intermediaries**

------

The fund is not sold directly to the general public but instead is offered as an underlying investment option for variable insurance contracts. The distributors of these contracts, the insurance companies that issue the contracts and their related companies (Related Parties), may pay compensation to broker-dealers and other intermediaries for distribution and other services and may enter into revenue sharing arrangements with certain

**249**

------

Fund summary

intermediaries. The fund pays fees to the Related Parties for management, distribution and other services. Payments by insurance and related companies to intermediaries may create a conflict of interest by influencing them and their salespersons to recommend such contracts over other investments. Ask your salesperson or visit your financial intermediary's website for more information. In addition, payments by the funds to Related Parties may be a factor that an insurance company considers in including the funds as underlying investment options in variable insurance contracts. The prospectus (or other offering document) for your variable insurance contract may contain additional information about these payments.

**250**

------

Fund summary

Ultra Short Term Bond Trust

**Investment objective**

------

The fund seeks a high level of current income consistent with the maintenance of liquidity and the preservation of capital.

**Fees and expenses**

------

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. **The fees and expenses do not reflect fees and expenses of any variable insurance or variable annuities contract that may use the fund as its underlying investment option and would be higher if they did.** 

---

| | | | |
|:---|:---|:---|:---|
| **Annual fund operating expenses (%)** (expenses that you pay each year as a percentage of the value of your investment) | **Series I** | **Series II** | **Series NAV** |
| Management fee | 0.55 | 0.55 | 0.55 |
| Distribution and service (Rule 12b-1) fees | 0.05 | 0.25 | 0.00 |
| Other expenses | 0.08 | 0.08 | 0.08 |
| **Total annual fund operating expenses** | **0.68** | **0.88** | **0.63** |
| Contractual expense reimbursement | -0.01 <br><sup>1</sup><br>| -0.01 <br><sup>1</sup><br>| -0.01 <br><sup>1</sup><br>|
| **Total annual fund operating expenses after expense reimbursements** | **0.67** | **0.87** | **0.62** |

---

**1**

The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund's reimbursement 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.

**Expense example**

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The examples are intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The examples assume that $10,000 is invested in the fund for the periods indicated and then all shares are redeemed at the end of those periods. The examples also assume that the investment has a 5% return each year and that the fund's operating expenses remain the same. The expense example does not reflect fees and expenses of any variable insurance contract that may use the fund as its underlying investment option and would be higher if they did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | |
|:---|:---|:---|:---|
| **Expenses ($)** | **Series I** | **Series II** | **Series NAV** |
| 1 year | 68 | 89 | 63 |
| 3 years | 217 | 280 | 201 |
| 5 years | 378 | 487 | 350 |
| 10 years | 846 | 1083 | 785 |

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**Portfolio turnover**

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The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During its most recent fiscal year, the fund's portfolio turnover rate was 64% of the average value of its portfolio.

**Principal investment strategies**

------

Under normal circumstances, the fund invests at least 80% of its net assets in a diversified portfolio of domestic, investment grade, debt securities. (The fund will provide written notice to shareholders at least 60 days prior to a change in its 80% investment policy.) Debt securities may be issued by governments, companies or special purpose entities and may include notes, discount notes, bonds, debentures, commercial paper, repurchase agreements, mortgage-backed and other asset-backed securities and assignments, participations and other interests in bank loans. Direct investments in loans may be illiquid and holding a loan could expose the fund to the risks of being a direct lender. The fund may also invest in cash and cash equivalents. The fund's investment policies are based on credit ratings at the time of purchase.

**251**

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Fund summary

Investment grade securities include securities that are rated in one of the four highest rating categories as determined by a nationally recognized statistical rating organization, such as S&P Global Ratings ("S&P"), Fitch Ratings ("Fitch") or Moody's Investors Service ("Moody's"), or are unrated securities determined by the subadvisor to be of comparable quality.

The fund may invest up to 20% of its net assets in securities that are rated BBB by S&P or Fitch, Baa by Moody's, or unrated securities determined by the subadvisor to be of comparable quality. The fund may invest up to 20% of its net assets in foreign debt securities, including up to 5% of its net assets in foreign debt securities that are denominated in a foreign currency.

Under normal circumstances, the fund's dollar weighted average maturity will be two years or less and its duration will be one year or less. Up to 15% of the fund's net assets may be invested in securities with maturities greater than three years.

*Use of Hedging and Other Strategic Transactions*. The fund is authorized to use various hedging, derivatives and other strategic transactions described under "Additional Information about the Funds' Principal Risks – Hedging, derivatives and other strategic transactions risk."

The fund may invest in derivatives, including futures, currency forwards, options, swap contracts and other derivative instruments. The fund may invest in derivatives for both hedging and non-hedging purposes, including, for example, to seek to enhance returns or as a substitute for a position in an underlying asset.

**Principal risks**

------

An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money. The fund's investment strategy may not produce the intended results.

The fund's main risks are listed below in alphabetical order, not in order of importance. *Before investing, be sure to read the additional descriptions of these risks beginning on page 257 of the prospectus*.

**Cash and cash equivalents risk.** Under certain market conditions, such as during a rising stock market, rising interest rate or rising credit spread markets, the use of cash and/or cash equivalents, including money market instruments, could have a negative effect on the fund's ability to achieve its investment objective and may negatively impact the fund's performance.

**Changing distribution levels risk.** The fund may cease or reduce the level of its distribution if income or dividends paid from its investments declines.

**Credit and counterparty risk.** The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund's securities could affect the fund's performance.

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

**Fixed-income securities risk.** A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security's credit quality may adversely affect fund performance.

**Foreign securities risk.** Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities.

**Hedging, derivatives, and other strategic transactions risk.** Hedging, derivatives, and other strategic transactions may increase a fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: foreign currency forward contracts, futures contracts, options, swaps, foreign currency swaps, interest-rate swaps, credit default swaps, swaptions, equity-linked notes (equity-linked notes generally reflect the risks associated with their underlying securities, depend on the credit of the note's issuer, may be privately placed, and may have a limited secondary market), inverse floating-rate securities, reverse repurchase agreements, total return swaps, and options on futures. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk. An event of default or insolvency of the counterparty to a reverse repurchase agreement could result in delays or restrictions with respect to the fund's ability to dispose of the

**252**

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Fund summary

underlying securities. In addition, a reverse repurchase agreement may be considered a form of leverage and may, therefore, increase fluctuations in the fund's net asset value (NAV) per share.

**Illiquid and restricted securities risk.** Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security's market price and the fund's ability to sell the security.

**Liquidity risk.** The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.

**Loan participations risk.** Participations and assignments involve special types of risks, including credit risk, interest-rate risk, counterparty risk, liquidity risk, risks associated with extended settlement, and the risks of being a lender.

**Mortgage-backed and asset-backed securities risk.** Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.

**Operational and cybersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**Repurchase agreements risk.** The risk of a repurchase agreement transaction is limited to the ability of the seller to pay the agreed-upon sum on the delivery date. In the event of bankruptcy or other default by the seller, the instrument purchased may decline in value, interest payable on the instrument may be lost and there may be possible difficulties and delays in obtaining collateral and delays and expense in liquidating the instrument.

**Sector risk.** When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.

**U.S. government agency obligations risk.** U.S. government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.

**Past performance**

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The following information illustrates the variability of the fund's returns and provides some indication of the risks of investing in the fund by showing changes in the fund's performance from year to year and by showing how the fund's average annual returns compared with a broad-based securities market index. Past performance does not indicate future results. The ICE BofA 6 Month U.S. Treasury Bill Index shows how the fund's performance compares against the returns of similar investments. All figures assume dividend reinvestment. The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHVIT as its underlying investment option. If such fees and expenses had been reflected, performance would be lower.

**253**

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Fund summary

**Calendar year total returns (%)—Series I**

![](g224548imge317c9c850.jpg)

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| | | |
|:---|:---|:---|
| **Best quarter:** | Q2 2020 | 2.02% |
| **Worst quarter:** | Q1 2022 | -0.98% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Average annual total returns (%)—as of 12/31/2025** | **1 year** | **5 year** | **10 year** |
| **Series I** | 4.29 | &nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 |
| **Series II** | 4.02 | &nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 |
| **Series NAV** | 4.34 | &nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 |
| Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes) | 7.30 | &nbsp;&nbsp;&nbsp; -0.36 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 |
| ICE BofA 6 Month U.S. Treasury Bill Index (reflects no deduction for fees, expenses, or taxes) | 4.28 | &nbsp;&nbsp;&nbsp;&nbsp;3.22 | &nbsp;&nbsp;&nbsp;&nbsp;2.32 |

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**Investment management**

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**Investment advisor** John Hancock Variable Trust Advisers LLC

**Subadvisor** Manulife Investment Management (US) LLC

**Portfolio management**

------

The following individuals are jointly and primarily responsible for the day-to-day management of the fund's portfolio.

---

| | |
|:---|:---|
| **Jeffrey N. Given, CFA** | **Connor Minnaar, CFA** |
| *Senior Portfolio Manager, Co-Head of*<br> *U.S. Core and Core-Plus Fixed Income*<br> Managed fund since 2010<br>| &nbsp;&nbsp; *Portfolio Manager*<br> Managed fund since 2022<br>|
| **Spencer Godfrey, CFA**<br> *Associate Portfolio Manager*<br> Managed fund since 2025<br>| &nbsp;&nbsp; **Pranay Sonalkar, CFA**<br> *Portfolio Manager*<br> Managed fund since 2021<br>|
| **Howard C. Greene, CFA**<sup>1</sup> <br>*Senior Portfolio Manager, Co-Head of*<br> *U.S. Core and Core-Plus Fixed Income*<br> Managed fund since 2010<br>|  |

---

**1**

Effective December 31, 2027, Howard C. Greene, CFA will no longer serve as a portfolio manager of the fund.

**Purchase and redemption of fund shares**

------

Shares of the fund are not sold directly to the public but generally may be sold only to insurance companies and their separate accounts as the underlying investment options for variable annuity and variable life insurance contracts issued by such companies, to certain entities affiliated with the insurance companies, to those funds of JHVIT that operate as funds of funds and invest in other funds and to certain qualified retirement plans (qualified plans).

Shares of the fund are offered continuously, without sales charge, and are sold and redeemed each business day (which typically is any day the New York Stock Exchange is open) at a price equal to their net asset value (NAV) determined for that business day as set forth under "Valuation of shares" in this prospectus. The Portfolio does not have minimum initial or subsequent investment requirements. Payment for shares redeemed will generally be made within seven days after receipt of a proper notice of redemption.

**Taxes**

------

Because shares of the fund may be purchased only through variable insurance contracts and qualified plans, it is expected that any dividends or capital gains distributions made by the fund will be exempt from current federal taxation if left to accumulate within the variable contract or qualified plan.

**254**

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Fund summary

Holders of variable insurance contracts should consult the prospectuses of their respective contracts for information on the federal income tax consequences to such holders.

**Compensation of financial intermediaries**

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The fund is not sold directly to the general public but instead is offered as an underlying investment option for variable insurance contracts. The distributors of these contracts, the insurance companies that issue the contracts and their related companies (Related Parties), may pay compensation to broker-dealers and other intermediaries for distribution and other services and may enter into revenue sharing arrangements with certain intermediaries. The fund pays fees to the Related Parties for management, distribution and other services. Payments by insurance and related companies to intermediaries may create a conflict of interest by influencing them and their salespersons to recommend such contracts over other investments. Ask your salesperson or visit your financial intermediary's website for more information. In addition, payments by the funds to Related Parties may be a factor that an insurance company considers in including the funds as underlying investment options in variable insurance contracts. The prospectus (or other offering document) for your variable insurance contract may contain additional information about these payments.

**255**

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**Additional information about the funds**

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**Taxes**

For federal income tax purposes, each of the funds is treated as a separate entity, intends to qualify as a "regulated investment company" under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), and intends to meet the diversification requirements that are applicable to mutual funds that serve as underlying investments for insurance company separate accounts. A fund that qualifies as a regulated investment company will not be subject to U.S. federal income tax on its net investment income and net capital gain that it distributes to its shareholders in each taxable year (provided that it distributes at least the sum of 90% of its net investment company taxable income and 90% of its net tax exempt interest income for the taxable year). Insurance company separate accounts, the principal shareholders of the funds, generally do not pay tax on dividends and capital gain distributions from the funds.

Because shares of the funds may be purchased only through variable insurance contracts and qualified plans, it is expected that any dividends or capital gains distributions made by the funds will be exempt from current federal taxation if left to accumulate within the variable contract or qualified plan. Holders of variable insurance contracts should consult the prospectuses of their respective contracts for information on the federal income tax consequences to such holders.

Variable contract owners should consult with their own tax advisors as to the tax consequences of investments in the funds, including the application of state and local taxes.

More information about taxes is located in the Statement of Additional Information (SAI) under the heading "Additional Information Concerning Taxes."

**Compensation of financial intermediaries**

The JHVIT funds are not sold directly to the general public but instead are offered as underlying investment options for variable insurance contracts. The distributors of these contracts, the insurance companies that issue the contracts and their related companies ("Related Parties") may pay compensation to broker-dealers and other intermediaries for distribution and other services and may enter into revenue sharing arrangements with certain intermediaries. The JHVIT funds pay fees to the Related Parties for management, distribution and other services. Payments by insurance and related companies to intermediaries may create a conflict of interest by influencing them and their salespersons to recommend such contracts over other investments. Ask your salesperson or visit your financial intermediary's website for more information. In addition, payments by the funds to insurance and related companies may be a factor that an insurance company considers in including the funds as underlying investment options in variable insurance contracts. The prospectus (or other offering document) for your variable insurance contract may contain additional information about these payments.

**Investing during transition periods**

A fund may deviate from its principal investment strategies during transition periods, which may include the reassignment of portfolio management, a change in investment objective or strategy, a reorganization or liquidation, or the occurrence of large inflows or outflows.

**Temporary defensive investing (applicable to all funds except Money Market Trust)**

During unusual or unsettled market conditions, for purposes of meeting redemption requests, or pending investment of its assets, or in carrying out changes to the fund's subadvisor or investment process, a fund generally may invest all or a portion of its assets in cash and securities that are highly liquid, including: (a) high quality money market instruments, such as short-term U.S. government obligations, commercial paper, repurchase agreements or other cash equivalents; and (b) money market funds. In the case of funds investing extensively in foreign securities, these investments may be denominated in either U.S. dollars or foreign currencies and may include debt of foreign corporations, governments and supranational organizations. To the extent a fund is in a defensive position, its ability to achieve its investment objective will be limited.

**ESG integration (applicable to all funds except 500 Index Trust, International Equity Index Trust, Mid Cap Index Trust, Money Market Trust, Short Term Government Income Trust, Small Cap Index Trust, Total Bond Market Trust, and Total Stock Market Index Trust)**

The managers may consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of their investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in each fund's investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. Because ESG factors are considered alongside other relevant factors, the manager may determine that an investment is appropriate notwithstanding its relative ESG characteristics.

**Other permitted investments by the funds of funds**

------

The funds of funds may directly:

&nbsp;&nbsp;&nbsp;&nbsp;● purchase U.S. government securities and short-term paper;

&nbsp;&nbsp;&nbsp;&nbsp;● purchase shares of other registered open-end investment companies (and registered unit investment trusts) within the same "group of investment companies" as that term is defined in Section 12 of the Investment Company Act of 1940, as amended;

**256**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;● purchase shares of other registered open-end investment companies (and registered unit investment trusts) where the advisor is not the same as, or affiliated with, the advisor to the fund, including ETFs;

&nbsp;&nbsp;&nbsp;&nbsp;● purchase exchange-traded notes (ETNs);

&nbsp;&nbsp;&nbsp;&nbsp;● invest in domestic and foreign equity securities, which may include common and preferred stocks of large-, mid-, and small-capitalization companies in both developed (including the United States) and emerging markets;

&nbsp;&nbsp;&nbsp;&nbsp;● invest in domestic and foreign fixed-income securities, which may include debt securities of governments throughout the world (including the United States), their agencies and instrumentalities, debt securities of corporations and supranationals, inflation-indexed securities, convertible bonds, mortgage-backed securities, asset-backed securities and collateralized debt securities. Investments in fixed-income securities may include securities of issuers in both developed (including the United States) and emerging markets, and may include fixed-income securities rated below investment grade;

&nbsp;&nbsp;&nbsp;&nbsp;● purchase securities of registered closed-end investment companies that are part of the same "group of investment companies" as that term is defined in Section 12 of the Investment Company Act of 1940, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;● invest up to 15% of its net assets in illiquid securities of entities such as limited partnerships and other pooled investment vehicles, such as hedge funds;

&nbsp;&nbsp;&nbsp;&nbsp;● make short sales of securities (borrow and sell securities), either to realize appreciation when a security that the fund does not own declines in value or as a hedge against potential declines in the value of a fund security; and

&nbsp;&nbsp;&nbsp;&nbsp;● invest in qualified publicly traded partnerships and other publicly traded partnerships that, at the time of investment, the advisor believes will primarily generate only good income for purposes of qualifying as a regulated investment company under the Internal Revenue Code of 1986, as amended, including such publicly traded partnerships that invest principally in commodities or commodity-linked derivatives (with the prior approval of the advisor's Complex Securities Committee).

The funds of funds may use various investment strategies such as hedging and other related transactions. For example, the funds of funds may use derivative instruments (such as options, futures and swaps) for hedging purposes, including hedging various market risks and managing the effective maturity or duration of debt instruments held by the fund. In addition, these strategies may be used to gain exposure to a particular security or securities market. The funds of funds also may purchase and sell commodities and may enter into swap contracts and other commodity-linked derivative instruments including those linked to physical commodities. Please refer to "Hedging and Other Strategic Transactions" in the Statement of Additional Information (SAI).

Because of uncertainties under federal tax laws as to whether income from commodity-linked derivative instruments and certain other instruments would constitute qualifying income to a regulated investment company, the fund is not permitted to invest directly in such instruments unless the manager obtains prior written approval from the advisor's Complex Securities Committee. See "Additional information concerning taxes" in the SAI.

The funds of funds are:

&nbsp;&nbsp;&nbsp;&nbsp;● Each Lifestyle Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;● Each Managed Volatility Portfolio

(Collectively the "funds of funds")

**Principal risks of investing**

------

An investment in a fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Each fund's shares will go up and down in price, meaning that you could lose money by investing in the fund. Many factors influence a fund's performance. A fund's investment strategy may not produce the intended results.

Instability in the financial markets has led many governments, including the U.S. government, to take a number of unprecedented actions designed to support certain financial institutions and segments of the financial markets that have experienced extreme volatility and, in some cases, a lack of liquidity. Federal, state, and other governments, and their regulatory agencies or self-regulatory organizations, may take actions that affect the regulation of the instruments in which a fund invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which each fund itself is regulated. Such legislation or regulation could limit or preclude each fund's ability to achieve its investment objective. In addition, political events within the United States and abroad could negatively impact financial markets and each fund's performance. Further, certain municipalities of the United States and its territories are financially strained and may face the possibility of default on their debt obligations, which could directly or indirectly detract from the fund's performance.

Governments or their agencies may also acquire distressed assets from financial institutions and acquire ownership interests in those institutions. The implications of government ownership and disposition of these assets are unclear, and such a program may have positive or negative effects on the liquidity, valuation, and performance of each fund's portfolio holdings. Furthermore, volatile financial markets can expose each fund to greater market and liquidity risk, increased transaction costs, and potential difficulty in valuing portfolio instruments held by each fund.

**257**

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The principal risks of investing in each fund are summarized in its fund summary above. Below are descriptions of the main factors that may play a role in shaping a fund's overall risk profile. The descriptions appear in alphabetical order, not in order of importance. For further details about fund risks, including additional risk factors that are not discussed in this prospectus because they are not considered primary factors, see the funds' Statement of Additional Information (SAI).

**Additional information about the risks of the Lifestyle Portfolios' asset transfer process**

*Unless otherwise noted, in this section, references to a single fund apply equally to all of the funds.*

The Lifestyle Growth Portfolio, Lifestyle Moderate Portfolio, Lifestyle Balanced Portfolio and Lifestyle Conservative Portfolio (collectively, the "JHVIT Lifestyle Portfolios") are offered in connection with specific guaranteed benefits under variable annuity contracts (the "Contracts") issued by John Hancock Life Insurance Company (U.S.A.) and John Hancock Life Insurance Company of New York (collectively, the "John Hancock Issuers"). The Contracts provide that the John Hancock Issuers can automatically transfer contract value between the JHVIT Lifestyle Portfolio and the JHVIT Select Bond Trust through a nondiscretionary, systematic mathematical process. The purpose of these transfers is to attempt to protect contract value from declines due to market volatility, and therefore limit the John Hancock Issuers' exposure to risk under the guaranteed benefits under the Contracts. The timing and amount of any transfer of contract value under the John Hancock Issuers' process will depend on several factors, including market movements. In general, the higher the equity component of a JHVIT Lifestyle Portfolio, the more likely that contract value will be reallocated from the JHVIT Lifestyle Portfolio to the JHVIT Select Bond Trust when equity markets fall. These asset reallocations may result in large-scale asset flows into and out of, and may negatively affect the performance of the JHVIT Lifestyle Portfolio and the underlying funds in which the JHVIT Lifestyle Portfolio invest.

As a result of large-scale asset flows into and out of the JHVIT Lifestyle Portfolios, the underlying funds in which the JHVIT Lifestyle Portfolios invest, may also experience large-scale inflows and outflows. These flows may increase an underlying fund's transaction costs and cause the fund to purchase or sell securities when it would not normally do so, which may negatively affect the underlying fund's expense ratios and performance. It could be particularly disadvantageous for an underlying fund if it experiences outflows and needs to sell securities at a time of volatility in the markets, when values could be falling. Because the JHVIT Lifestyle Portfolios bear their proportionate share of the transaction costs of the underlying funds, increased underlying fund expenses may indirectly negatively affect the performance of the JHVIT Lifestyle Portfolios.

**Additional information about the funds of funds' principal risks**

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*Unless otherwise noted, in this section, references to a single fund apply equally to all of the funds.*

**Advance trade estimate risk**

The JHVIT Lifestyle Portfolios may seek to mitigate asset transfer risk by adjusting their portfolios based on advance estimates of automatic transfers of Contract value under the Contracts. The John Hancock Issuers have provided the JHVIT Lifestyle Portfolios' subadvisor with an analytical tool that calculates estimates of automatic transfers based on several factors, including the mathematical process for automatic transfers and market movements before the daily close of trading. The subadvisor may, but is not required to, use the tool to adjust the JHVIT Lifestyle Portfolios' portfolios with the goal of trading in securities or purchasing shares of underlying funds as close to the market close as possible in order to limit the JHVIT Lifestyle Portfolios' exposure to cash drag (i.e., holding cash while markets are rising) and adverse overnight market fluctuations. For example, in a rising market, if the analytical tool suggests that the JHVIT Lifestyle Portfolios will receive inflows that day (the "Trade Date"), the subadvisor could buy securities or shares of an underlying fund close to or at the closing prices on the Trade Date, as opposed to the following business day, when the actual transfer amount would be known. In a falling market, if the analytical tool suggests that the JHVIT Lifestyle Portfolios will experience outflows on Trade Date, the subadvisor could sell securities or shares of an underlying fund close to or at the closing prices on Trade Date, as opposed to the following business day, when the actual transfer amount would be known.

If the subadvisor relies on the analytical tool or its own judgment and places trades in anticipation of purchases and redemptions of JHVIT Lifestyle shares, there can be no assurance that the prices paid by the JHVIT Lifestyle Portfolios will be better than if the JHVIT Lifestyle Portfolios had traded the following business day. The estimated transfer amount may be different from the actual transfer amount for various reasons, including changes in market direction, contract owner behavior and faulty inputs. If the estimated transfer amount is different from the actual transfer amount, the JHVIT Lifestyle Portfolios will buy or sell securities or shares of an underlying fund the following business day to adjust for this difference. For example, if cash flows into the JHVIT Lifestyle Portfolios are less than estimated, the JHVIT Lifestyle Portfolios could be forced to liquidate positions they had purchased. Conversely, if cash flows out of the JHVIT Lifestyle Portfolios are less than estimated, the JHVIT Lifestyle Portfolios may be required to repurchase positions they had sold. In addition, purchasing securities or shares of an underlying fund early could cause the JHVIT Lifestyle Portfolios to spend more money than they have available and, in the event of a market decline, such leverage will magnify losses because the decline also affects the securities purchased with amounts in excess of the JHVIT Lifestyle Portfolios' assets. Due to these various factors, trading on the basis of advance estimates of automatic transfers may cause higher portfolio turnover than that based solely on automatic transfers of Contract value under the Contracts, increase JHVIT Lifestyle Portfolios' expenses and adversely affect the performance of the JHVIT Lifestyle Portfolios.

**258**

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**Affiliated insurance companies risk**

The Advisor may be influenced by the benefits to its affiliated life insurance companies in managing the fund and overseeing its subadvisors. The John Hancock insurance companies issuing guaranteed benefits on variable annuity and insurance contracts investing in the fund have a financial interest in preserving the value of the funds and reducing their volatility due to their obligations for these guaranteed benefits (the cost of providing these guaranteed benefits is related to several factors including the performance and volatility of the fund). To the extent the fund is successful in managing the volatility of returns and downside risk, the John Hancock insurance companies issuing guaranteed benefits on variable annuity and insurance contracts investing in the fund will also benefit from a reduction in their potential investment risk which will reduce their costs of hedging this risk and may reduce their reserve and capital requirements. These financial benefits to the John Hancock insurance companies may be material. The fund and the fund's investment advisor have adopted procedures that are intended to address these conflicts and ensure that the fund is managed in accordance with its disclosed investment objectives and strategies.

**Asset allocation risk**

Although asset allocation among different asset categories generally limits risk and exposure to any one category, the risk remains that the subadvisor may favor an asset category that performs poorly relative to the other asset categories. To the extent that alternative asset categories underperform the general stock market, the fund would perform poorly relative to a fund invested primarily in the general stock market.

**Cash and cash equivalents risk**

Under certain market conditions, such as during a rising stock market, rising interest rate or rising credit spread markets, the use of cash and/or cash equivalents, including money market instruments, could have a negative effect on the fund's ability to achieve its investment objective and may negatively impact the fund's performance. To the extent that the fund invests in a money market fund, the fund will indirectly bear a proportionate share of the money market fund's expenses, in addition to the operating expenses of the fund, which are borne directly by fund shareholders. In addition, while money market funds seek to maintain a stable net asset value, the value of a money market fund is not guaranteed and investors in money market funds can lose money, which could detract from the fund's performance.

**Cash collateral risk**

Subject to the requirements of Rule 18f-4, to the extent a fund maintains cash collateral required to cover its obligations, such collateral holdings may have the effect of reducing overall portfolio returns. In addition, because such collateral positions cannot be eliminated or reduced unless the corresponding derivative obligation is eliminated or reduced, a large derivative position may materially limit the subadvisor's flexibility in managing the fund.

**Commodity risk**

The market price of commodity investments may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times. The value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, which may include weather, pandemics, epidemics, embargoes, tariffs, and health, political, international and regulatory developments. Economic and other events (whether real or perceived) can reduce the demand for commodities, which may reduce market prices and cause the value of shares of the fund to fall. Exposure to commodities and commodities markets may subject the fund to greater volatility than investments in traditional securities. Certain types of commodities instruments (such as total return swaps and commodity-linked notes) are subject to the risk that the counterparty to the instrument will not perform or will be unable to perform in accordance with the terms of the instrument.

**Credit and counterparty risk**

This is the risk that an issuer of a U.S. government security, the issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter (OTC) derivatives contract (see "Hedging, derivatives, and other strategic transactions risk"), or a borrower of a fund's securities will be unable or unwilling to make timely principal, interest, or settlement payments, or otherwise honor its obligations. Credit risk associated with investments in fixed-income securities relates to the ability of the issuer to make scheduled payments of principal and interest on an obligation. A fund that invests in fixed-income securities is subject to varying degrees of risk that the issuers of the securities will have their credit ratings downgraded or will default, potentially reducing the fund's share price and income level. Nearly all fixed-income securities are subject to some credit risk, which may vary depending upon whether the issuers of the securities are corporations, domestic or foreign governments, or their subdivisions or instrumentalities. U.S. government securities are subject to varying degrees of credit risk depending upon whether the securities are supported by the full faith and credit of the United States; supported by the ability to borrow from the U.S. Treasury; supported only by the credit of the issuing U.S. government agency, instrumentality, or corporation; or otherwise supported by the United States. For example, issuers of many types of U.S. government securities (e.g., the Federal Home Loan Mortgage Corporation (Freddie Mac), Federal National Mortgage Association (Fannie Mae), and Federal Home Loan Banks), although chartered or sponsored by Congress, are not funded by congressional appropriations, and their fixed-income securities, including asset-backed and mortgage-backed securities, are neither guaranteed nor insured by the U.S. government. An agency of the U.S. government has placed Fannie Mae and Freddie Mac into conservatorship, a statutory process with the objective of returning the entities to normal business operations. It is unclear what effect this conservatorship will have on the securities issued or guaranteed by Fannie Mae or Freddie Mac. As a result, these securities

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are subject to more credit risk than U.S. government securities that are supported by the full faith and credit of the United States (e.g., U.S. Treasury bonds). When a fixed-income security is not rated, a manager may have to assess the risk of the security itself. Asset-backed securities, whose principal and interest payments are supported by pools of other assets, such as credit card receivables and automobile loans, are subject to further risks, including the risk that the obligors of the underlying assets default on payment of those assets.

Funds that invest in below-investment-grade securities, also called junk bonds (e.g., fixed-income securities rated Ba or lower by Moody's Investors Service, Inc. or BB or lower by S&P Global Ratings or Fitch Ratings, as applicable, at the time of investment, or determined by a manager to be of comparable quality to securities so rated) are subject to increased credit risk. The sovereign debt of many foreign governments, including their subdivisions and instrumentalities, falls into this category. Below-investment-grade securities offer the potential for higher investment returns than higher-rated securities, but they carry greater credit risk: their issuers' continuing ability to meet principal and interest payments is considered speculative, they are more susceptible to real or perceived adverse economic and competitive industry conditions, and they may be less liquid than higher-rated securities.

In addition, a fund is exposed to credit risk to the extent that it makes use of OTC derivatives (such as forward foreign currency contracts and/or swap contracts) and engages to a significant extent in the lending of fund securities or the use of repurchase agreements. OTC derivatives transactions can be closed out with the other party to the transaction. If the counterparty defaults, a fund will have contractual remedies, but there is no assurance that the counterparty will be able to meet its contractual obligations or that, in the event of default, a fund will succeed in enforcing them. A fund, therefore, assumes the risk that it may be unable to obtain payments owed to it under OTC derivatives contracts or that those payments may be delayed or made only after the fund has incurred the costs of litigation. While the manager intends to monitor the creditworthiness of contract counterparties, there can be no assurance that the counterparty will be in a position to meet its obligations, especially during unusually adverse market conditions.

**Economic and market events risk**

Events in certain sectors historically have resulted, and may in the future result, in an unusually high degree of volatility in the financial markets, both domestic and foreign. These events have included, but are not limited to: bankruptcies, corporate restructurings, and other similar events; bank failures; governmental efforts to limit short selling and high frequency trading; measures to address U.S. federal and state budget deficits; social, political, and economic instability in Europe; economic stimulus by the Japanese central bank; dramatic changes in energy prices and currency exchange rates; and China's economic slowdown. Interconnected global economies and financial markets increase the possibility that conditions in one country or region might adversely impact issuers in a different country or region. Both domestic and foreign equity markets have experienced increased volatility and turmoil, with issuers that have exposure to the real estate, mortgage, and credit markets particularly affected. Financial institutions could suffer losses as interest rates rise or economic conditions deteriorate. Widespread emerging technologies, like artificial intelligence, have the potential to result in significant and disruptive changes in companies, sectors or industries, and any such changes could create new and unpredictable operational, legal and/or regulatory risks.

In addition, relatively high market volatility and reduced liquidity in credit and fixed-income markets may adversely affect many issuers worldwide. Actions taken by the U.S. Federal Reserve (Fed) or foreign central banks to stimulate or stabilize economic growth, such as interventions in currency markets, could cause high volatility in the equity and fixed-income markets. Reduced liquidity may result in less money being available to purchase raw materials, goods, and services from emerging markets, which may, in turn, bring down the prices of these economic staples. It may also result in emerging-market issuers having more difficulty obtaining financing, which may, in turn, cause a decline in their securities prices.

In response to certain economic conditions, including periods of high inflation, governmental authorities and regulators may respond with significant fiscal and monetary policy changes such as raising interest rates. The fund may be subject to heightened interest rate risk when the Federal Reserve Board (Fed) raises interest rates. Recent and potential future changes in government monetary policy may affect interest rates. It is difficult to accurately predict the timing, frequency or magnitude of potential interest rate increases or decreases by the Fed and the evaluation of macro-economic and other conditions that could cause a change in approach in the future. If the Fed and other central banks increase the federal funds rate and equivalent rates, such increases generally will cause market interest rates to rise and could cause the value of a fund's investments, and the fund's net asset value (NAV), to decline, potentially suddenly and significantly. As a result, the fund may experience high redemptions and, as a result, increased portfolio turnover, which could increase the costs that the fund incurs and may negatively impact the fund's performance.

In addition, if the Fed increases the target Fed funds rate, any such rate increases, among other factors, could cause markets to experience continuing high volatility. A significant increase in interest rates may cause a decline in the market for equity securities. These events and the possible resulting market volatility may have an adverse effect on the fund.

Political turmoil within the United States and abroad may also impact the fund. Although the U.S. government has honored its credit obligations, it remains possible that the United States could default on its obligations. While it is impossible to predict the consequences of such an unprecedented event, it is likely that a default by the United States would be highly disruptive to the U.S. and global securities markets and could significantly impair the value of the fund's investments. Similarly, political events within the United States at times have resulted, and may in the future result, in a shutdown of government services, which could negatively affect the U.S. economy, decrease the value of many fund investments, and increase uncertainty in or impair the operation of the U.S. or other securities markets. The imposition by the U.S. of import tariffs on goods from foreign countries and reciprocal tariffs levied on U.S. goods may lead to price volatility and instability in U.S. and global investment markets. Among other effects, tariffs may increase

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the cost of production for certain goods or reduce demand for products, which could affect the performance of the fund's investments. It is not known whether, or to what extent, any tariff or other trade protections may affect the fund or its investments.

Uncertainties surrounding the sovereign debt of a number of European Union (EU) countries and the viability of the EU have disrupted and may in the future disrupt markets in the United States and around the world. If one or more countries leave the EU, as the United Kingdom (UK) did in January of 2020 (commonly referred to as "Brexit"), or the EU dissolves, the global securities markets likely will be significantly disrupted.

A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, which may lead to less liquidity in certain instruments, industries, sectors or the markets generally, and may ultimately affect fund performance. For example, the coronavirus (COVID-19) pandemic resulted and may continue to result in significant disruptions to global business activity and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. The impact of a health crisis and other epidemics and pandemics that may arise in the future, could affect the global economy in ways that cannot necessarily be foreseen at the present time. A health crisis may exacerbate other pre-existing political, social and economic risks. Any such impact could adversely affect the fund's performance, resulting in losses to your investment.

Political and military events, including in Ukraine, North Korea, Russia, Venezuela, Iran, Syria, and other areas of the Middle East, and nationalist unrest in Europe and South America, also may cause market disruptions.

As a result of continued political tensions and armed conflicts, including the Russian invasion of Ukraine commencing in February of 2022, the extent and ultimate result of which are unknown at this time, the United States and the EU, along with the regulatory bodies of a number of countries, have imposed economic sanctions on certain Russian corporate entities and individuals, and certain sectors of Russia's economy, which may result in, among other things, the continued devaluation of Russian currency, a downgrade in the country's credit rating, and/or a decline in the value and liquidity of Russian securities, property or interests. These sanctions could also result in the immediate freeze of Russian securities and/or funds invested in prohibited assets, impairing the ability of a fund to buy, sell, receive or deliver those securities and/or assets. These sanctions or the threat of additional sanctions could also result in Russia taking counter measures or retaliatory actions, which may further impair the value and liquidity of Russian securities. The United States and other nations or international organizations may also impose additional economic sanctions or take other actions that may adversely affect Russia-exposed issuers and companies in various sectors of the Russian economy. Any or all of these potential results could lead Russia's economy into a recession. Economic sanctions and other actions against Russian institutions, companies, and individuals resulting from the ongoing conflict may also have a substantial negative impact on other economies and securities markets both regionally and globally, as well as on companies with operations in the conflict region, the extent to which is unknown at this time. The United States and the EU have also imposed similar sanctions on Belarus for its support of Russia's invasion of Ukraine. Additional sanctions may be imposed on Belarus and other countries that support Russia. Any such sanctions could present substantially similar risks as those resulting from the sanctions imposed on Russia, including substantial negative impacts on the regional and global economies and securities markets.

In addition, there is a risk that the prices of goods and services in the United States and many foreign economies may decline over time, known as deflation. Deflation may have an adverse effect on stock prices and creditworthiness and may make defaults on debt more likely. If a country's economy slips into a deflationary pattern, it could last for a prolonged period and may be difficult to reverse. Further, there is a risk that the present value of assets or income from investments will be less in the future, known as inflation. Inflation rates may change frequently and drastically as a result of various factors, including unexpected shifts in the domestic or global economy, and a fund's investments may be affected, which may reduce a fund's performance. Further, inflation may lead to the rise in interest rates, which may negatively affect the value of debt instruments held by the fund, resulting in a negative impact on a fund's performance. Generally, securities issued in emerging markets are subject to a greater risk of inflationary or deflationary forces, and more developed markets are better able to use monetary policy to normalize markets.

**Equity securities risk**

Common and preferred stocks represent equity ownership in a company. Stock markets are volatile. The price of equity securities will fluctuate, and can decline and reduce the value of a fund investing in equities. The price of equity securities fluctuates based on changes in a company's financial condition and overall market and economic conditions. The value of equity securities purchased by a fund could decline if the financial condition of the companies in which the fund is invested declines, or if overall market and economic conditions deteriorate. An issuer's financial condition could decline as a result of poor management decisions, competitive pressures, technological obsolescence, undue reliance on suppliers, labor issues, shortages, corporate restructurings, fraudulent disclosures, irregular and/or unexpected trading activity among retail investors, or other factors. Changes in the financial condition of a single issuer can impact the market as a whole.

Even a fund that invests in high-quality, or blue chip, equity securities, or securities of established companies with large market capitalizations (which generally have strong financial characteristics), can be negatively impacted by poor overall market and economic conditions. Companies with large market capitalizations may also have less growth potential than smaller companies and may be less able to react quickly to changes in the marketplace.

A fund generally does not attempt to time the market. Because of its exposure to equities, the possibility that stock market prices in general will decline over short or extended periods subjects the fund to unpredictable declines in the value of its investments, as well as periods of poor performance.

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**ESG integration risk**

The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing a fund. A manager may consider these ESG factors on all or a meaningful portion of a fund's investments. In certain situations, the extent to which these ESG factors may be applied according to the manager's integrated investment process may not include U.S. Treasuries, government securities, or other asset classes. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that a fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria. Integration of ESG factors into a fund's investment process may result in a manager making different investments for a fund than for a fund with a similar investment universe and/or investment style that does not incorporate such considerations in its investment strategy or processes, and a fund's investment performance may be affected. Because ESG factors are one of many considerations for a fund, the manager may nonetheless include companies with low ESG characteristics or exclude companies with high ESG characteristics in a fund's investments.

The ESG characteristics utilized in a fund's investment process may change over time, and different ESG characteristics may be relevant to different investments. Although the manager has established its own structure to oversee ESG integration in accordance with the fund's investment objective and strategies, successful integration of ESG factors will depend on the manager's skill in researching, identifying, and applying these factors, as well as on the availability of relevant data. The method of evaluating ESG factors and subsequent impact on portfolio composition, performance, proxy voting decisions and other factors, is subject to the interpretation of the manager in accordance with the fund's investment objective and strategies. ESG factors may be evaluated differently by different managers, and may not carry the same meaning to all investors and managers. The manager may employ active shareowner engagement to raise ESG issues with the management of select portfolio companies. The regulatory landscape with respect to ESG investing in the United States is evolving and any future rules or regulations may require a fund to change its investment process with respect to ESG integration.

**Exchange-traded fund (ETF) investment risk**

ETFs are a type of investment company bought and sold on a securities exchange. A fund could purchase shares of an ETF to gain exposure to a portion of the U.S. or a foreign market. The risks of owning shares of an ETF include the risks of directly owning the underlying securities and other instruments the ETF holds. A lack of liquidity in an ETF (e.g., absence of an active trading market) could result in the ETF being more volatile than its underlying securities. The existence of extreme market volatility or potential lack of an active trading market for an ETF's shares could result in the ETF's shares trading at a significant premium or discount to its net asset value (NAV). An ETF has its own fees and expenses, which are indirectly borne by the fund. A fund may also incur brokerage and other related costs when it purchases and sells ETFs. Also, in the case of passively-managed ETFs, there is a risk that an ETF may fail to closely track the index or market segment that it is designed to track due to delays in the ETF's implementation of changes to the composition of the index or other factors.

**Exchange-traded notes (ETNs) risk**

ETNs are a type of unsecured, unsubordinated debt security that have characteristics and risks similar to those of fixed-income securities and trade on a major exchange similar to shares of ETFs. This type of debt security differs, however, from other types of bonds and notes because ETN returns are based upon the performance of a market index minus applicable fees, no period coupon payments are distributed, and no principal protections exist. The purpose of ETNs is to create a type of security that combines the aspects of both bonds and ETFs. The value of an ETN may be influenced by time to maturity; level of supply and demand for the ETN; volatility and lack of liquidity in underlying commodities or securities markets; changes in the applicable interest rates; changes in the issuer's credit rating; and economic, legal, political, or geographic events that affect the referenced commodity or security. The fund's decision to sell its ETN holdings also may be limited by the availability of a secondary market. If the fund must sell some or all of its ETN holdings and the secondary market is weak, it may have to sell such holdings at a discount. If the fund holds its investment in an ETN until maturity, the issuer will give the fund a cash amount that would be equal to the principal amount (subject to the day's index factor). ETNs are also subject to counterparty credit risk and fixed-income risk.

**Fixed-income securities risk**

Fixed-income securities are generally subject to two principal types of risk, as well as other risks described below: (1) interest-rate risk and (2) credit quality risk.

**Interest-rate risk.** Fixed-income securities are affected by changes in interest rates. When interest rates decline, the market value of fixed-income securities generally can be expected to rise. Conversely, when interest rates rise, the market value of fixed-income securities generally can be expected to decline. The longer the duration or maturity of a fixed-income security, the more susceptible it is to interest-rate risk. Duration is a measure of the price sensitivity of a debt security, or a fund that invests in a portfolio of debt securities, to changes in interest rates, whereas the maturity of a security measures the time until final payment is due. Duration measures sensitivity more accurately than maturity because it takes into account the time value of cash flows generated over the life of a debt security.

In response to certain economic conditions, including periods of high inflation, governmental authorities and regulators may respond with significant fiscal and monetary policy changes such as raising interest rates. The fund may be subject to heightened interest rate risk when the Federal Reserve Board (Fed) raises interest rates. Recent and potential future changes in government monetary policy may affect interest rates. It is difficult to

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accurately predict the timing, frequency or magnitude of potential interest rate increases or decreases by the Fed and the evaluation of macro-economic and other conditions that could cause a change in approach in the future. If the Fed and other central banks increase the federal funds rate and equivalent rates, such increases generally will cause market interest rates to rise and could cause the value of a fund's investments, and the fund's net asset value (NAV), to decline, potentially suddenly and significantly. As a result, the fund may experience high redemptions and, as a result, increased portfolio turnover, which could increase the costs that the fund incurs and may negatively impact the fund's performance.

In certain market conditions, governmental authorities and regulators may considerably lower interest rates, which, in some cases could result in negative interest rates. These actions, including their reversal or potential ineffectiveness, could further increase volatility in securities and other financial markets and reduce market liquidity. To the extent the fund has a bank deposit or holds a debt instrument with a negative interest rate to maturity, the fund would generate a negative return on that investment. Similarly, negative rates on investments by money market funds and similar cash management products could lead to losses on investments, including on investments of the fund's uninvested cash.

**Credit quality risk.** Fixed-income securities are subject to the risk that the issuer of the security will not repay all or a portion of the principal borrowed and will not make all interest payments. If the credit quality of a fixed-income security deteriorates after a fund has purchased the security, the market value of the security may decrease and lead to a decrease in the value of the fund's investments. An issuer's credit quality could deteriorate as a result of poor management decisions, competitive pressures, technological obsolescence, undue reliance on suppliers, labor issues, shortages, corporate restructurings, fraudulent disclosures, or other factors. Funds that may invest in lower-rated fixed-income securities, commonly referred to as junk securities, are riskier than funds that may invest in higher-rated fixed-income securities.

**Investment-grade fixed-income securities in the lowest rating category risk.** Investment-grade fixed-income securities in the lowest rating category (such as Baa by Moody's Investors Service, Inc. or BBB by S&P Global Ratings or Fitch Ratings, as applicable, and comparable unrated securities) involve a higher degree of risk than fixed-income securities in the higher rating categories. While such securities are considered investment-grade quality and are deemed to have adequate capacity for payment of principal and interest, such securities lack outstanding investment characteristics and have speculative characteristics as well. For example, changes in economic conditions or other circumstances are more likely to lead to a weakened capacity to make principal and interest payments than is the case with higher-grade securities.

**Prepayment of principal risk.** Many types of debt securities, including floating-rate loans, are subject to prepayment risk. Prepayment risk is the risk that, when interest rates fall, certain types of obligations will be paid off by the borrower more quickly than originally anticipated and the fund may have to invest the proceeds in securities with lower yields. Securities subject to prepayment risk can offer less potential for gains when the credit quality of the issuer improves.

**Foreign securities risk**

Funds that invest in securities traded principally in securities markets outside the United States are subject to additional and more varied risks, as the value of foreign securities may change more rapidly and extremely than the value of U.S. securities. Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. Additionally, issuers of foreign securities may not be subject to the same degree of regulation as U.S. issuers. Reporting, accounting, and auditing standards of foreign countries differ, in some cases significantly, from U.S. standards. There are generally higher commission rates on foreign portfolio transactions, transfer taxes, higher custodial costs, and the possibility that foreign taxes will be charged on dividends and interest payable on foreign securities, some or all of which may not be reclaimable. Also, adverse changes in investment or exchange control regulations (which may include suspension of the ability to transfer currency or assets from a country); political changes; or diplomatic developments could adversely affect a fund's investments. In the event of nationalization, expropriation, confiscatory taxation, or other confiscation, the fund could lose a substantial portion of, or its entire investment in, a foreign security. Some of the foreign securities risks are also applicable to funds that invest a material portion of their assets in securities of foreign issuers traded in the United States.

**Emerging-market risk.** Investments in the securities of issuers based in countries with emerging-market economies are subject to greater levels of risk and uncertainty than investments in more-developed foreign markets, since emerging-market securities may present market, credit, currency, liquidity, legal, political, and other risks greater than, or in addition to, the risks of investing in developed foreign countries. These risks include high currency exchange-rate fluctuations; increased risk of default (including both government and private issuers); greater social, economic, and political uncertainty and instability (including the risk of war); more substantial governmental involvement in the economy; less governmental supervision and regulation of the securities markets and participants in those markets; controls on foreign investment and limitations on repatriation of invested capital and on a fund's ability to exchange local currencies for U.S. dollars; unavailability of currency hedging techniques in certain emerging-market countries; the fact that companies in emerging-market countries may be newly organized, smaller, and less seasoned; the difference in, or lack of, auditing and financial reporting requirements or standards, which may result in the unavailability of material information about issuers; different clearance and settlement procedures, which may be unable to keep pace with the volume of securities transactions or otherwise make it difficult to engage in such transactions; difficulties in obtaining and/or enforcing legal judgments against non-U.S. companies and non-U.S. persons, including company directors and officers, in foreign jurisdictions; and significantly smaller market capitalizations of emerging-market issuers. In addition, shareholders of emerging market issuers, such as the fund, often have limited rights and few practical

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remedies in emerging markets. Finally, the risks associated with investments in emerging markets often are significant, and vary from jurisdiction to jurisdiction and company to company.

**Fund of funds risk**

The fund's ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds' performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor's ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives.

*Affiliated subadvised fund conflicts of interest risk* 

The subadvisor may allocate the fund's assets without limit to underlying funds managed by the subadvisor and/or other affiliated subadvisors (affiliated subadvised funds). Accordingly, rebalancings of the assets of the fund present a conflict of interest because there is an incentive for the subadvisor to allocate assets to the subadvisor and other affiliated subadvised funds rather than underlying funds managed by unaffiliated subadvisors. In this regard, the subadvisor and other affiliated subadvisors of affiliated subadvised funds benefit from the subadvisor's allocations of fund assets to such funds through the additional subadvisory fees they earn on such allocated fund assets. The subadvisor has a duty to allocate assets only to underlying funds it has determined are in the best interests of shareholders, and make allocations to affiliated subadvised funds on this basis without regard to any such economic incentive. As part of its oversight of the funds and the subadvisors, the advisor will monitor to ensure that allocations are conducted in accordance with these principles.

*Multi-manager risk; limited universe of subadvisors and underlying funds* 

The fund's ability to achieve its investment objective depends upon the subadvisor's skill in determining the fund's strategic allocation to investment strategies and in selecting the best mix of underlying funds. The allocation of investments among the different subadvisors managing underlying funds with different styles and asset classes, such as equity, debt, U.S., or foreign securities, may have a more significant effect on the performance of a fund of funds when one of these investments is performing more poorly than the other. There is no assurance that allocation decisions will result in the desired effects. Investment decisions made by the subadvisor may cause a fund of funds to incur losses or to miss profit opportunities on which it might otherwise have capitalized. Moreover, at times, the subadvisor may invest fund assets in underlying funds managed by a limited number of subadvisors. In such circumstances, the fund's performance could be substantially dependent on the performance of these subadvisors. Similarly, the subadvisor's allocation of a fund of fund's assets to a limited number of underlying funds may adversely affect the performance of the fund of funds, and, in such circumstances, it will be more sensitive to the performance and risks associated with those funds and any investments in which such underlying funds focus.

**Hedging, derivatives, and other strategic transactions risk**

The ability of a fund to utilize hedging, derivatives, and other strategic transactions to benefit the fund will depend in part on its manager's ability to predict pertinent market movements and market risk, counterparty risk, credit risk, interest-rate risk, and other risk factors, none of which can be assured. The skills required to utilize hedging and other strategic transactions are different from those needed to select a fund's securities. Even if the manager only uses hedging and other strategic transactions in a fund primarily for hedging purposes or to gain exposure to a particular securities market, if the transaction does not have the desired outcome, it could result in a significant loss to a fund. The amount of loss could be more than the principal amount invested. These transactions may also increase the volatility of a fund and may involve a small investment of cash relative to the magnitude of the risks assumed, thereby magnifying the impact of any resulting gain or loss. For example, the potential loss from the use of futures can exceed a fund's initial investment in such contracts. In addition, these transactions could result in a loss to a fund if the counterparty to the transaction does not perform as promised.

A fund may invest in derivatives, which are financial contracts with a value that depends on, or is derived from, the value of underlying assets, reference rates, or indexes. Derivatives may relate to stocks, bonds, interest rates, currencies or currency exchange rates, and related indexes. A fund may use derivatives for many purposes, including for hedging and as a substitute for direct investment in securities or other assets. Derivatives may be used in a way to efficiently adjust the exposure of a fund to various securities, markets, and currencies without a fund actually having to sell existing investments and make new investments. This generally will be done when the adjustment is expected to be relatively temporary or in anticipation of effecting the sale of fund assets and making new investments over time. Further, since many derivatives have a leverage component, adverse changes in the value or level of the underlying asset, reference rate, or index can result in a loss substantially greater than the amount invested in the derivative itself. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. When a fund uses derivatives for leverage, investments in that fund will tend to be more volatile, resulting in larger gains or losses in response to market changes. To limit risks associated with leverage, a fund is required to comply with Rule 18f-4 under the Investment Company Act of 1940, as amended (the Derivatives Rule) as outlined below. For a description of the various derivative instruments the fund may utilize, refer to the SAI.

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The regulation of the U.S. and non-U.S. derivatives markets has undergone substantial change in recent years and such change may continue. In particular, the Dodd-Frank Wall Street Reform and Consumer Protection Act, and regulations promulgated or proposed thereunder require many derivatives to be cleared and traded on an exchange, expand entity registration requirements, impose business conduct requirements on dealers that enter into swaps with a pension plan, endowment, retirement plan or government entity, and required banks to move some derivatives trading units to a non-guaranteed affiliate separate from the deposit-taking bank or divest them altogether. Although the Commodity Futures Trading Commission (CFTC) has released final rules relating to clearing, reporting, recordkeeping and registration requirements under the legislation, many of the provisions are subject to further final rule making, and thus its ultimate impact remains unclear. New regulations could, among other things, restrict a fund's ability to engage in derivatives transactions (for example, by making certain types of derivatives transactions no longer available to the fund) and/or increase the costs of such derivatives transactions (for example, by increasing margin or capital requirements), and a fund may be unable to fully execute its investment strategies as a result. Limits or restrictions applicable to the counterparties with which a fund engages in derivative transactions also could prevent the fund from using these instruments or affect the pricing or other factors relating to these instruments, or may change the availability of certain investments.

The Derivatives Rule mandates that a fund adopt and/or implement: (i) value-at-risk limitations (VaR); (ii) a written derivatives risk management program; (iii) new Board oversight responsibilities; and (iv) new reporting and recordkeeping requirements. In the event that a fund's derivative exposure is 10% or less of its net assets, excluding certain currency and interest rate hedging transactions, it can elect to be classified as a limited derivatives user (Limited Derivatives User) under the Derivatives Rule, in which case the fund is not subject to the full requirements of the Derivatives Rule. Limited Derivatives Users are excepted from VaR testing, implementing a derivatives risk management program, and certain Board oversight and reporting requirements mandated by the Derivatives Rule. However, a Limited Derivatives User is still required to implement written compliance policies and procedures reasonably designed to manage its derivatives risks.

The Derivatives Rule also provides special treatment for reverse repurchase agreements, similar financing transactions and unfunded commitment agreements. Specifically, a fund may elect whether to treat reverse repurchase agreements and similar financing transactions as "derivatives transactions" subject to the requirements of the Derivatives Rule or as senior securities equivalent to bank borrowings for purposes of Section 18 of the Investment Company Act of 1940. In addition, when-issued or forward settling securities transactions that physically settle within 35-days are deemed not to involve a senior security.

At any time after the date of this prospectus, legislation may be enacted that could negatively affect the assets of a fund. Legislation or regulation may change the way in which a fund itself is regulated. The advisor cannot predict the effects of any new governmental regulation that may be implemented, and there can be no assurance that any new governmental regulation will not adversely affect a fund's ability to achieve its investment objectives.

The use of derivative instruments may involve risks different from, or potentially greater than, the risks associated with investing directly in securities and other, more traditional assets. In particular, the use of derivative instruments exposes a fund 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, although either party may engage in an offsetting transaction that puts that party in the same economic position as if it had closed out the transaction with the counterparty or may obtain the other party's consent to assign the transaction to a third party. If the counterparty defaults, the fund will have contractual remedies, but there is no assurance that the counterparty will meet its contractual obligations or that, in the event of default, the fund will succeed in enforcing them. For example, because the contract for each OTC derivatives transaction is individually negotiated with a specific counterparty, a fund is subject to the risk that a counterparty may interpret contractual terms (e.g., the definition of default) differently than the fund when the fund seeks to enforce its contractual rights. If that occurs, the cost and unpredictability of the legal proceedings required for the fund to enforce its contractual rights may lead it to decide not to pursue its claims against the counterparty. The fund, therefore, assumes the risk that it may be unable to obtain payments owed to it under OTC derivatives contracts or that those payments may be delayed or made only after the fund has incurred the costs of litigation. While a manager intends to monitor the creditworthiness of counterparties, there can be no assurance that a counterparty will meet its obligations, especially during unusually adverse market conditions. To the extent a fund contracts with a limited number of counterparties, the fund's risk will be concentrated and events that affect the creditworthiness of any of those counterparties may have a pronounced effect on the fund. Derivatives are also subject to a number of other risks, including market risk, liquidity risk and operational risk. Since the value of derivatives is calculated and derived from the value of other assets, instruments, or references, there is a risk that they will be improperly valued. Derivatives also involve the risk that changes in their value may not correlate perfectly with the assets, rates, or indexes they are designed to hedge or closely track. Suitable derivatives transactions may not be available in all circumstances. The fund is also subject to the risk that the counterparty closes out the derivatives transactions upon the occurrence of certain triggering events. In addition, a manager may determine not to use derivatives to hedge or otherwise reduce risk exposure. Government legislation or regulation could affect the use of derivatives transactions and could limit a fund's ability to pursue its investment strategies.

A detailed discussion of various hedging and other strategic transactions appears in the SAI. To the extent that a fund utilizes the following list of certain derivatives and other strategic transactions, it will be subject to associated risks. The main risks of each appear below.

**Credit default swaps.** Counterparty risk, liquidity risk (i.e., the inability to enter into closing transactions), interest-rate risk, risk of default of the underlying reference obligation, and risk of disproportionate loss are the principal risks of engaging in transactions involving credit default swaps.

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**Foreign currency forward contracts.** Counterparty risk, liquidity risk (i.e., the inability to enter into closing transactions), foreign currency risk, and risk of disproportionate loss are the principal risks of engaging in transactions involving foreign currency forward contracts.

**Futures contracts.** Counterparty risk, liquidity risk (i.e., the inability to enter into closing transactions), and risk of disproportionate loss are the principal risks of engaging in transactions involving futures contracts.

**Interest-rate swaps.** Counterparty risk, liquidity risk (i.e., the inability to enter into closing transactions), interest-rate risk, and risk of disproportionate loss are the principal risks of engaging in transactions involving interest-rate swaps.

**Options.** Counterparty risk, liquidity risk (i.e., the inability to enter into closing transactions), and risk of disproportionate loss are the principal risks of engaging in transactions involving options. Counterparty risk does not apply to exchange-traded options.

**Swaps.** Counterparty risk, liquidity risk (i.e., the inability to enter into closing transactions), interest-rate risk, settlement risk, risk of default of the underlying reference obligation, and risk of disproportionate loss are the principal risks of engaging in transactions involving swaps.

**High portfolio turnover risk**

A high fund portfolio turnover rate (over 100%) generally involves correspondingly greater brokerage commission and tax expenses, which must be borne directly by a fund and its shareholders, respectively. The portfolio turnover rate of a fund may vary from year to year, as well as within a year.

**Inflation-protected securities risk**

Inflation-protected debt securities tend to react to changes in real interest rates. Real interest rates represent nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security falls when real interest rates rise, and rises when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation.

**Investment company securities risk**

Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees. Investments in closed-end funds may involve the payment of substantial premiums above the value of such investment companies' portfolio securities.

**JHVIT Lifestyle Portfolios asset transfer risk**

The Lifestyle Balanced Portfolio, Lifestyle Conservative Portfolio, Lifestyle Growth Portfolio, and Lifestyle Moderate Portfolio (the "JHVIT Lifestyle Portfolios") are offered in connection with specific guaranteed benefits under variable annuity contracts (the "Contracts") issued by John Hancock Life Insurance Company (U.S.A.) and John Hancock Life Insurance Company of New York (collectively, the "John Hancock Issuers").

The Contracts provide that the John Hancock Issuers can automatically transfer contract value between each JHVIT Lifestyle Portfolio and the JHVIT Select Bond Trust through a non-discretionary, systematic mathematical process. The purpose of these transfers is to attempt to protect contract value from declines due to market volatility, and thereby limit the John Hancock Issuers' exposure to risk under the guaranteed benefits under the Contracts. The timing and amount of any transfer of contract value under the John Hancock Issuers' process will depend on several factors including market movements. In general, the higher the equity component of a JHVIT Lifestyle Portfolio, the more likely that contract value will be reallocated from a JHVIT Lifestyle Portfolio to the JHVIT Select Bond Trust when equity markets fall. These asset flows may negatively affect the performance of the JHVIT Lifestyle Portfolio and an underlying fund in which a JHVIT Lifestyle Portfolio invests by increasing the underlying fund's transaction costs and causing it to purchase or sell securities when it would not normally do so. It could be particularly disadvantageous for the underlying fund if it experiences outflows and needs to sell securities at a time of volatility in the markets, when values could be falling. Because the JHVIT Lifestyle Portfolios bear their proportionate share of the transaction costs of the underlying funds, increased underlying fund expenses may indirectly negatively affect the performance of the JHVIT Lifestyle Portfolios.

**Leveraging risk**

A fund's use of derivatives may cause its portfolio to be leveraged (i.e., the fund's exposure to underlying securities, assets or currencies exceeds its net asset value). Leveraging long exposures increases a fund's losses when the value of its investments declines. Because many derivatives have a leverage component (i.e., a notional value in excess of the assets needed to establish and/or maintain the derivative position), adverse changes in the value or level of the underlying asset, rate, or index may result in a loss substantially greater than the amount invested in the derivative itself. In the case of swaps, the risk of loss generally is related to a notional principal amount, even if the parties have not made any initial investment. Some derivatives have the potential for unlimited loss, regardless of the size of the initial investment.

**Liquidity risk**

The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Funds with principal investment strategies that involve investments in securities of companies with smaller market capitalizations, foreign securities, derivatives, or securities with substantial market

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and/or credit risk tend to have the greatest exposure to liquidity risk. Exposure to liquidity risk may be heightened for funds that invest in securities of emerging markets and related derivatives that are not widely traded, and that may be subject to purchase and sale restrictions.

The capacity of traditional dealers to engage in fixed-income trading has not kept pace with the bond market's growth. As a result, dealer inventories of corporate bonds, which indicate the ability to "make markets," i.e., buy or sell a security at the quoted bid and ask price, respectively, are at or near historic lows relative to market size. Because market makers provide stability to fixed-income markets, the significant reduction in dealer inventories could lead to decreased liquidity and increased volatility, which may become exacerbated during periods of economic or political stress.

**Loan participations risk**

A fund's ability to receive payments of principal and interest and other amounts in connection with loans (whether through participations, assignments, or otherwise) will depend primarily on the financial condition of the borrower. The failure by a fund to receive scheduled interest or principal payments on a loan or a loan participation, because of a default, bankruptcy, or any other reason, would adversely affect the income of the fund and would likely reduce the value of its assets. Transactions in loan investments may take a significant amount of time (i.e., seven days or longer) to settle. This could pose a liquidity risk to the fund and, if the fund's exposure to such investments is substantial, could impair the fund's ability to meet shareholder redemptions in a timely manner. Investments in loan participations and assignments present the possibility that a fund could be held liable as a co-lender under emerging legal theories of lender liability. Even with secured loans, there is no assurance that the collateral securing the loan will be sufficient to protect a fund against losses in value or a decline in income in the event of a borrower's nonpayment of principal or interest, and in the event of a bankruptcy of a borrower, the fund could experience delays or limitations in its ability to realize the benefits of any collateral securing the loan. Unless, under the terms of the loan or other indebtedness, a fund has direct recourse against the corporate borrower, the fund may have to rely on the agent bank or other financial intermediary to apply appropriate credit remedies against a corporate borrower. Furthermore, the value of any such collateral may decline and may be difficult to liquidate. The amount of public information available with respect to loans may be less extensive than that available for registered or exchange-listed securities. Because a significant percent of loans and loan participations are not generally rated by independent credit rating agencies, a decision by a fund to invest in a particular loan or loan participation could depend exclusively on the manager's credit analysis of the borrower, and in the case of a loan participation, the intermediary. A fund may have limited rights to enforce the terms of an underlying loan.

It is unclear whether U.S. federal securities laws afford protections against fraud and misrepresentation, as well as market manipulation, to investments in loans and other forms of direct indebtedness under certain circumstances. In the absence of definitive regulatory guidance, a fund relies on the manager's research in an attempt to avoid situations where fraud, misrepresentation, or market manipulation could adversely affect the fund.

A fund also may be in possession of material non-public information about a borrower as a result of owning a floating-rate instrument issued by such borrower. Because of prohibitions on trading in securities of issuers while in possession of such information, a fund might be unable to enter into a transaction in a publicly traded security issued by that borrower when it would otherwise be advantageous to do so.

**Managed volatility portfolio hedging risk**

There may be imperfect or even negative correlation between the price of the futures contracts and the price of the underlying securities. For example, futures contracts may not provide an effective hedge because changes in futures contract prices may not track those of the underlying securities or indexes they are intended to hedge. In addition, there are significant differences between the securities and futures markets that could result in an imperfect correlation between the markets, causing a given hedge not to achieve its objectives. The degree of imperfection of correlation depends on circumstances such as variations in speculative market demand for futures, including technical influences in futures trading, and differences between the financial instruments being hedged and the instruments underlying the standard contracts available for trading. A decision as to whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected interest rate trends. In addition, the fund's investment in exchange-traded futures as a result of the risk management strategy could limit the upside participation of the fund in strong, rising markets with high volatility and could underperform funds that do not use a risk management strategy.

**Master limited partnership (MLP) risk**

Investing in MLPs involves certain risks related to investing in the underlying assets of MLPs and risks associated with pooled investment vehicles. MLPs holding credit-related investments are subject to interest-rate risk and the risk of default on payment obligations by debt securities. In addition, investments in the debt and securities of MLPs involve certain other risks, including risks related to limited control and limited rights to vote on matters affecting MLPs, risks related to potential conflicts of interest between an MLP and the MLP's general partner, cash flow risks, dilution risks and risks related to the general partner's right to require unit-holders to sell their common units at an undesirable time or price. The fund's investments in MLPs may be subject to legal and other restrictions on resale or may be less liquid than publicly traded securities. Certain MLP securities may trade in lower volumes due to their smaller capitalizations, and may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity to enable the fund to effect sales at an advantageous time or without a substantial drop in price. If the fund is one of the largest investors in an MLP, it may be more difficult for the fund to buy and sell significant amounts of such investments without an unfavorable impact on prevailing market prices. Larger purchases or sales of MLP investments by the fund in a short period of time may cause abnormal movements in the market price of these investments.

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As a result, these investments may be difficult to dispose of at an advantageous price when the fund desires to do so. During periods of interest rate volatility, these investments may not provide attractive returns, which may adversely impact the overall performance of the fund.

MLPs in which the fund may invest operate oil, natural gas, petroleum, or other facilities within the energy sector. As a result, the fund will be susceptible to adverse economic, environmental, or regulatory occurrences impacting the energy sector. MLPs and other companies operating in the energy sector are subject to specific risks, including, among others, fluctuations in commodity prices; reduced consumer demand for commodities such as oil, natural gas, or petroleum products; reduced availability of natural gas or other commodities for transporting, processing, storing, or delivering; slowdowns in new construction; extreme weather or other natural disasters; and threats of attack by terrorists on energy assets. Additionally, changes in the regulatory environment for energy companies may adversely impact their profitability. Over time, depletion of natural gas reserves and other energy reserves may also affect the profitability of energy companies.

Global oil prices declined significantly at the beginning of 2020 and have experienced significant price volatility, including a period where an oil-price futures contract fell into negative territory for the first time in history, as demand for oil slowed and oil storage facilities reached their storage capacities. Varying levels of demand and production and continued oil price volatility may continue to adversely impact MLPs and energy infrastructure companies.

**Operational and cybersecurity risk**

With the increased use of technologies, such as mobile devices and "cloud"-based service offerings and the dependence on the internet and computer systems to perform necessary business functions, the fund's service providers are susceptible to operational and information or cybersecurity risks that could result in losses to the fund and its shareholders. Intentional cybersecurity breaches include unauthorized access to systems, networks, or devices (such as through "hacking" activity or "phishing"); infection from computer viruses or other malicious software code; and attacks that shut down, disable, slow, or otherwise disrupt operations, business processes, or website access or functionality. Cyber-attacks can also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on the service providers' systems or websites rendering them unavailable to intended users or via "ransomware" that renders the systems inoperable until appropriate actions are taken. In addition, unintentional incidents can occur, such as the inadvertent release of confidential information (possibly resulting in the violation of applicable privacy laws).

A cybersecurity breach could result in the loss or theft of customer data or funds, loss or theft of proprietary information or corporate data, physical damage to a computer or network system, or costs associated with system repairs. Such incidents could cause a fund, the advisor, a manager, or other service providers to incur regulatory penalties, reputational damage, additional compliance costs, litigation costs or financial loss. In addition, such incidents could affect issuers in which a fund invests, and thereby cause the fund's investments to lose value.

Cyber-events have the potential to materially affect the fund and the advisor's relationships with accounts, shareholders, clients, customers, employees, products, and service providers. The fund has established risk management systems reasonably designed to seek to reduce the risks associated with cyber-events. There is no guarantee that the fund will be able to prevent or mitigate the impact of any or all cyber-events.

The fund is exposed to operational risk arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the fund's service providers, counterparties, or other third parties, failed or inadequate processes and technology or system failures.

Other disruptive events, including (but not limited to) natural disasters and public health crises may adversely affect the fund's ability to conduct business, in particular if the fund's employees or the employees of its service providers are unable or unwilling to perform their responsibilities as a result of any such event. Even if the fund's employees and the employees of its service providers are able to work remotely, those remote work arrangements could result in the fund's business operations being less efficient than under normal circumstances, could lead to delays in its processing of transactions, and could increase the risk of cyber-events.

In addition, technological developments such as the use of cloud-based service providers and/or services and the integration of artificial intelligence in systems and operations create new risks, which can be difficult to assess.

**Quantitative modeling risk**

Use of quantitative models carries the risk that the fund may underperform funds that do not utilize such models. The use of quantitative models may affect the fund's exposure to certain sectors or types of investments and may impact the fund's relative investment performance depending on whether such sectors or investments are in or out of favor in the market. Successful application of a quantitative model is dependent on the manager's skill in building and implementing the model. For example, human judgment plays a role in building, utilizing, testing, modifying, and implementing the financial algorithms and formulas used in these models. Quantitative models are subject to technical issues including programming and data inaccuracies, are based on assumptions, and rely on data that is subject to limitations (e.g., inaccuracies, staleness), any of which could adversely affect their effectiveness or predictive value. Quantitative models may not accurately predict future market movements or characteristics due to the fact that market performance can be affected by non-quantitative factors that are not easily integrated into quantitative analysis, among other factors.

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**Risk management strategies risk**

The purposes of the risk management strategies are to attempt to limit the fund's total risk exposure during periods of high market volatility and reduce the fund's losses during market declines; however, there is no assurance that these strategies will be successful. These risk management strategies could limit the upside participation of the fund in rising equity markets during periods of high volatility. In instances of equity market declines followed by rising equity markets and significant levels of market volatility, these risk management strategies may detract from fund performance and at times prevent the fund from fully recovering losses by limiting the levels of exposure to equity markets. Due to the use of historical data in the models used in the risk management strategy, there can be delays, especially during volatile markets, in fully implementing the strategy when markets are declining causing the fund to experience greater losses than if the strategy had been fully implemented. There can also be delays, especially during volatile markets, in removing hedges designed to limit losses during declining markets when markets are rising strongly causing the fund to not fully participate in the rising market. The application of risk management techniques can be complex, and misjudgments in implementation may result in under- or over-allocations to equity, fixed-income and/or cash and cash equivalent exposure causing the fund to underperform or experience losses. Also, futures contracts may be subject to exchange-imposed daily price fluctuation limits, and trading may be halted if a contract's price moves above or below the limit on a given day. As a result, the fund may not be able to promptly liquidate unfavorable futures positions and could be required to hold such positions until the delivery date, regardless of changes in its value.

Since the characteristics of many securities change as markets change or time passes, the success of risk management techniques will be subject to the portfolio managers' ability to execute the strategy. Moreover, risk management strategies may increase portfolio transaction costs, which could cause or increase losses or reduce gains. Any one or more of these factors may prevent the fund from achieving the intended risk management goals or could cause the fund to underperform or experience losses (some of which may be sudden) or volatility for any particular period.

**Short positions risk**

In taking a short position, a fund seeks to profit from an anticipated decline in the value of a security or index of securities. If the security or index instead appreciates in value, the fund will incur losses by having to pay to close out its position at a higher price than the price it received to open that position. Unlike losses from declines in long positions in stocks or other securities (which may not exceed the original amount invested), the losses a fund may incur to close out a short position if the underlying security or index increases in value are potentially unlimited.

**Short sales risk**

A fund may make short sales of securities. This means a fund may sell a security that it does not own in anticipation of a decline in the market value of the security. A fund generally borrows the security to deliver to the buyer in a short sale. The fund must then buy the security at its market price when the borrowed security must be returned to the lender. Short sales involve costs and risk. The fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security. Further, if other short positions of the same security are closed out at the same time, a "short squeeze" can occur where demand exceeds the supply for the security sold short. A short squeeze makes it more likely that the fund will need to replace the borrowed security at an unfavorable price. A fund may also make short sales "against the box." In a short sale against the box, at the time of sale, the fund owns or has the right to acquire the identical security, or one equivalent in kind or amount, at no additional cost.

Subject to regulatory requirements, until a fund closes its short position or replaces a borrowed security, a fund will comply with all applicable regulatory requirements, including the Derivatives Rule.

**Target allocation risk**

When a fund has a greater allocation to equity securities, it will be less conservative and have more equity securities risk exposure. These risks are explained under "Equity securities risk." The risks associated with fixed-income and short-term fixed-income securities are explained under "Fixed-income securities risk," "Interest-rate risk," "Credit and counterparty risk," and "Lower-rated fixed-income securities risk and high yield securities risk."

**Use of index futures risk**

While the use of index futures may involve a small investment of cash, the losses to a fund could exceed the amount invested, and in certain cases even the total value of the fund's assets, due to the embedded leverage provided by the derivative. Index futures may also result in a loss to the fund if the counterparty to the transaction does not perform.

**U.S. government agency obligations risk**

Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the

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U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.

**Additional information about the funds' principal risks**

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*Unless otherwise noted, in this section, references to a single fund apply equally to all of the funds.*

**Asset allocation risk**

Although asset allocation among different asset categories generally limits risk and exposure to any one category, the risk remains that the subadvisor may favor an asset category that performs poorly relative to the other asset categories. To the extent that alternative asset categories underperform the general stock market, the fund would perform poorly relative to a fund invested primarily in the general stock market.

**Banking industry risk**

Commercial banks (including "money center" regional and community banks), savings and loan associations and holding companies of the foregoing are especially subject to adverse effects of volatile interest rates, concentrations of loans in particular industries (such as real estate or energy) and significant competition. The profitability of these businesses is to a significant degree dependent upon the availability and cost of capital funds. Economic conditions in the real estate market may have a particularly strong effect on certain banks and savings associations. Commercial banks and savings associations are subject to extensive federal and, in many instances, state regulation. Neither such extensive regulation nor the federal insurance of deposits ensures the solvency or profitability of companies in this industry, and there is no assurance against losses in securities issued by such companies.

**Cash and cash equivalents risk**

Under certain market conditions, such as during a rising stock market, rising interest rate or rising credit spread markets, the use of cash and/or cash equivalents, including money market instruments, could have a negative effect on the fund's ability to achieve its investment objective and may negatively impact the fund's performance. To the extent that the fund invests in a money market fund, the fund will indirectly bear a proportionate share of the money market fund's expenses, in addition to the operating expenses of the fund, which are borne directly by fund shareholders. In addition, while money market funds seek to maintain a stable net asset value, the value of a money market fund is not guaranteed and investors in money market funds can lose money, which could detract from the fund's performance.

**Changing distribution levels risk**

The distribution amounts paid by the fund generally depend on the amount of income and/or dividends paid by the fund's investments. As a result of market, interest rate and other circumstances, the amount of cash available for distribution by the fund and the fund's distribution rate may vary or decline. The risk of such variability is accentuated in currently prevailing market and interest rate circumstances.

**Concentration risk**

When a fund's investments are focused in one or more industries or sectors of the economy, they are less broadly invested across industries or sectors than other funds. This means that concentrated funds tend to be more volatile than other funds, and the values of their investments tend to go up and down more rapidly. In addition, a fund that invests in particular industries or sectors is particularly susceptible to the impact of market, economic, political, regulatory, and other conditions and risks affecting those industries or sectors. From time to time, a small number of companies may represent a large portion of a single industry or sector or a group of related industries or sectors as a whole. A downturn in the real estate industry may significantly detract from performance.

**Consumer discretionary sector risk**

The consumer discretionary sector may be affected by fluctuations in supply and demand, and may also be adversely affected by changes in consumer spending as a result of world events, political and economic conditions, commodity price volatility, changes in exchange rates, imposition of import controls, increased competition, depletion of resources, and labor relations.

**Convertible securities risk**

Convertible securities are subject to certain risks of both equity and debt securities. Convertible securities may be converted or exchanged (by the holder or by the issuer) into shares of the underlying common stock (or cash or securities of equivalent value) at a stated exchange ratio. A convertible security may also be called for redemption or conversion by the issuer after a particular date and under certain circumstances (including a specified price) established upon issue. Convertible securities generally offer lower interest or dividend yields than nonconvertible fixed-income securities of similar credit quality because of the potential for capital appreciation. The market values of convertible securities tend to decline as interest rates increase and, conversely, to increase as interest rates decline. However, a convertible security's market value also tends to reflect the market price of common stock of the issuing company, particularly when that stock price is greater than the convertible security's conversion price. The conversion price is defined as the predetermined price or exchange ratio at which the convertible security can be converted or exchanged for the underlying common stock. As the market price of the underlying common stock declines below the conversion price, the price of the convertible security tends to

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be increasingly influenced by the yield of the convertible security. Thus, it may not decline in price to the same extent as the underlying common stock. In the event of a liquidation of the issuing company, convertible securities generally entail less risk than the company's common stock.

**Credit and counterparty risk**

This is the risk that an issuer of a U.S. government security, the issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter (OTC) derivatives contract (see "Hedging, derivatives, and other strategic transactions risk"), or a borrower of a fund's securities will be unable or unwilling to make timely principal, interest, or settlement payments, or otherwise honor its obligations. Credit risk associated with investments in fixed-income securities relates to the ability of the issuer to make scheduled payments of principal and interest on an obligation. A fund that invests in fixed-income securities is subject to varying degrees of risk that the issuers of the securities will have their credit ratings downgraded or will default, potentially reducing the fund's share price and income level. Nearly all fixed-income securities are subject to some credit risk, which may vary depending upon whether the issuers of the securities are corporations, domestic or foreign governments, or their subdivisions or instrumentalities. U.S. government securities are subject to varying degrees of credit risk depending upon whether the securities are supported by the full faith and credit of the United States; supported by the ability to borrow from the U.S. Treasury; supported only by the credit of the issuing U.S. government agency, instrumentality, or corporation; or otherwise supported by the United States. For example, issuers of many types of U.S. government securities (e.g., the Federal Home Loan Mortgage Corporation (Freddie Mac), Federal National Mortgage Association (Fannie Mae), and Federal Home Loan Banks), although chartered or sponsored by Congress, are not funded by congressional appropriations, and their fixed-income securities, including asset-backed and mortgage-backed securities, are neither guaranteed nor insured by the U.S. government. An agency of the U.S. government has placed Fannie Mae and Freddie Mac into conservatorship, a statutory process with the objective of returning the entities to normal business operations. It is unclear what effect this conservatorship will have on the securities issued or guaranteed by Fannie Mae or Freddie Mac. As a result, these securities are subject to more credit risk than U.S. government securities that are supported by the full faith and credit of the United States (e.g., U.S. Treasury bonds). When a fixed-income security is not rated, a manager may have to assess the risk of the security itself. Asset-backed securities, whose principal and interest payments are supported by pools of other assets, such as credit card receivables and automobile loans, are subject to further risks, including the risk that the obligors of the underlying assets default on payment of those assets.

Funds that invest in below-investment-grade securities, also called junk bonds (e.g., fixed-income securities rated Ba or lower by Moody's Investors Service, Inc. or BB or lower by S&P Global Ratings or Fitch Ratings, as applicable, at the time of investment, or determined by a manager to be of comparable quality to securities so rated) are subject to increased credit risk. The sovereign debt of many foreign governments, including their subdivisions and instrumentalities, falls into this category. Below-investment-grade securities offer the potential for higher investment returns than higher-rated securities, but they carry greater credit risk: their issuers' continuing ability to meet principal and interest payments is considered speculative, they are more susceptible to real or perceived adverse economic and competitive industry conditions, and they may be less liquid than higher-rated securities.

In addition, a fund is exposed to credit risk to the extent that it makes use of OTC derivatives (such as forward foreign currency contracts and/or swap contracts) and engages to a significant extent in the lending of fund securities or the use of repurchase agreements. OTC derivatives transactions can be closed out with the other party to the transaction. If the counterparty defaults, a fund will have contractual remedies, but there is no assurance that the counterparty will be able to meet its contractual obligations or that, in the event of default, a fund will succeed in enforcing them. A fund, therefore, assumes the risk that it may be unable to obtain payments owed to it under OTC derivatives contracts or that those payments may be delayed or made only after the fund has incurred the costs of litigation. While the manager intends to monitor the creditworthiness of contract counterparties, there can be no assurance that the counterparty will be in a position to meet its obligations, especially during unusually adverse market conditions.

**Currency risk**

If currencies do not perform as the manager expects, the fund could have significant losses which exceed the amount invested in the currency instruments since currency transactions involve a small investment of cash relative to the magnitude of the risks assumed, thereby magnifying the impact of any resulting gain or loss. Currency risk includes the risk that fluctuations in exchange rates may adversely affect the U.S. dollar value of a fund's investments. Currency risk includes both the risk that currencies in which a fund's investments are traded, or currencies in which a fund has taken an active investment position, will decline in value relative to the U.S. dollar and, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly for a number of reasons, including the forces of supply and demand in the foreign exchange markets, actual or perceived changes in interest rates, and intervention (or the failure to intervene) by U.S. or foreign governments or central banks, or by currency controls or political developments in the U.S. or abroad. Certain funds may engage in proxy hedging of currencies by entering into derivative transactions with respect to a currency whose value is expected to correlate to the value of a currency the fund owns or wants to own. This presents the risk that the two currencies may not move in relation to one another as expected. In that case, the fund could lose money on its investment and also lose money on the position designed to act as a proxy hedge. A fund may also take active currency positions and may cross-hedge currency exposure represented by its securities into another foreign currency. This may result in a fund's currency exposure being substantially different than that suggested by its securities investments. All funds with foreign currency holdings and/or that invest or trade in securities denominated in foreign currencies or related derivative instruments may be adversely affected by changes in foreign currency exchange rates.

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Derivative foreign currency transactions (such as futures, forwards and swaps) may also involve leveraging risk, in addition to currency risk. Leverage may disproportionately increase a fund's portfolio losses and reduce opportunities for gain when interest rates, stock prices or currency rates are changing.

**Defaulted debt risk**

Investing in defaulted debt securities is speculative and involves substantial risks in addition to the risks of investing in high-yield securities that have not defaulted. The fund generally will not receive interest payments on defaulted debt securities, and there is a substantial risk that principal will not be repaid. A fund investing in defaulted debt securities may incur additional expenses to the extent that it is required to seek recovery upon a default in the payment of principal of or interest on the securities. In any reorganization or liquidation proceeding relating to defaulted debt, a fund may lose its entire investment in such securities or may be required to accept cash or securities with a value lower than the fund's original investment. Defaulted debt securities and any securities received in exchange for defaulted debt securities may be subject to restrictions on resale.

**Economic and market events risk**

Events in certain sectors historically have resulted, and may in the future result, in an unusually high degree of volatility in the financial markets, both domestic and foreign. These events have included, but are not limited to: bankruptcies, corporate restructurings, and other similar events; bank failures; governmental efforts to limit short selling and high frequency trading; measures to address U.S. federal and state budget deficits; social, political, and economic instability in Europe; economic stimulus by the Japanese central bank; dramatic changes in energy prices and currency exchange rates; and China's economic slowdown. Interconnected global economies and financial markets increase the possibility that conditions in one country or region might adversely impact issuers in a different country or region. Both domestic and foreign equity markets have experienced increased volatility and turmoil, with issuers that have exposure to the real estate, mortgage, and credit markets particularly affected. Financial institutions could suffer losses as interest rates rise or economic conditions deteriorate. Widespread emerging technologies, like artificial intelligence, have the potential to result in significant and disruptive changes in companies, sectors or industries, and any such changes could create new and unpredictable operational, legal and/or regulatory risks.

In addition, relatively high market volatility and reduced liquidity in credit and fixed-income markets may adversely affect many issuers worldwide. Actions taken by the U.S. Federal Reserve (Fed) or foreign central banks to stimulate or stabilize economic growth, such as interventions in currency markets, could cause high volatility in the equity and fixed-income markets. Reduced liquidity may result in less money being available to purchase raw materials, goods, and services from emerging markets, which may, in turn, bring down the prices of these economic staples. It may also result in emerging-market issuers having more difficulty obtaining financing, which may, in turn, cause a decline in their securities prices.

In response to certain economic conditions, including periods of high inflation, governmental authorities and regulators may respond with significant fiscal and monetary policy changes such as raising interest rates. The fund may be subject to heightened interest rate risk when the Federal Reserve Board (Fed) raises interest rates. Recent and potential future changes in government monetary policy may affect interest rates. It is difficult to accurately predict the timing, frequency or magnitude of potential interest rate increases or decreases by the Fed and the evaluation of macro-economic and other conditions that could cause a change in approach in the future. If the Fed and other central banks increase the federal funds rate and equivalent rates, such increases generally will cause market interest rates to rise and could cause the value of a fund's investments, and the fund's net asset value (NAV), to decline, potentially suddenly and significantly. As a result, the fund may experience high redemptions and, as a result, increased portfolio turnover, which could increase the costs that the fund incurs and may negatively impact the fund's performance.

In addition, if the Fed increases the target Fed funds rate, any such rate increases, among other factors, could cause markets to experience continuing high volatility. A significant increase in interest rates may cause a decline in the market for equity securities. These events and the possible resulting market volatility may have an adverse effect on the fund.

Political turmoil within the United States and abroad may also impact the fund. Although the U.S. government has honored its credit obligations, it remains possible that the United States could default on its obligations. While it is impossible to predict the consequences of such an unprecedented event, it is likely that a default by the United States would be highly disruptive to the U.S. and global securities markets and could significantly impair the value of the fund's investments. Similarly, political events within the United States at times have resulted, and may in the future result, in a shutdown of government services, which could negatively affect the U.S. economy, decrease the value of many fund investments, and increase uncertainty in or impair the operation of the U.S. or other securities markets. The imposition by the U.S. of import tariffs on goods from foreign countries and reciprocal tariffs levied on U.S. goods may lead to price volatility and instability in U.S. and global investment markets. Among other effects, tariffs may increase the cost of production for certain goods or reduce demand for products, which could affect the performance of the fund's investments. It is not known whether, or to what extent, any tariff or other trade protections may affect the fund or its investments.

Uncertainties surrounding the sovereign debt of a number of European Union (EU) countries and the viability of the EU have disrupted and may in the future disrupt markets in the United States and around the world. If one or more countries leave the EU, as the United Kingdom (UK) did in January of 2020 (commonly referred to as "Brexit"), or the EU dissolves, the global securities markets likely will be significantly disrupted.

A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, which may lead to less liquidity in certain instruments, industries, sectors or the markets generally, and may ultimately affect fund performance. For example, the

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coronavirus (COVID-19) pandemic resulted and may continue to result in significant disruptions to global business activity and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. The impact of a health crisis and other epidemics and pandemics that may arise in the future, could affect the global economy in ways that cannot necessarily be foreseen at the present time. A health crisis may exacerbate other pre-existing political, social and economic risks. Any such impact could adversely affect the fund's performance, resulting in losses to your investment.

Political and military events, including in Ukraine, North Korea, Russia, Venezuela, Iran, Syria, and other areas of the Middle East, and nationalist unrest in Europe and South America, also may cause market disruptions.

As a result of continued political tensions and armed conflicts, including the Russian invasion of Ukraine commencing in February of 2022, the extent and ultimate result of which are unknown at this time, the United States and the EU, along with the regulatory bodies of a number of countries, have imposed economic sanctions on certain Russian corporate entities and individuals, and certain sectors of Russia's economy, which may result in, among other things, the continued devaluation of Russian currency, a downgrade in the country's credit rating, and/or a decline in the value and liquidity of Russian securities, property or interests. These sanctions could also result in the immediate freeze of Russian securities and/or funds invested in prohibited assets, impairing the ability of a fund to buy, sell, receive or deliver those securities and/or assets. These sanctions or the threat of additional sanctions could also result in Russia taking counter measures or retaliatory actions, which may further impair the value and liquidity of Russian securities. The United States and other nations or international organizations may also impose additional economic sanctions or take other actions that may adversely affect Russia-exposed issuers and companies in various sectors of the Russian economy. Any or all of these potential results could lead Russia's economy into a recession. Economic sanctions and other actions against Russian institutions, companies, and individuals resulting from the ongoing conflict may also have a substantial negative impact on other economies and securities markets both regionally and globally, as well as on companies with operations in the conflict region, the extent to which is unknown at this time. The United States and the EU have also imposed similar sanctions on Belarus for its support of Russia's invasion of Ukraine. Additional sanctions may be imposed on Belarus and other countries that support Russia. Any such sanctions could present substantially similar risks as those resulting from the sanctions imposed on Russia, including substantial negative impacts on the regional and global economies and securities markets.

In addition, there is a risk that the prices of goods and services in the United States and many foreign economies may decline over time, known as deflation. Deflation may have an adverse effect on stock prices and creditworthiness and may make defaults on debt more likely. If a country's economy slips into a deflationary pattern, it could last for a prolonged period and may be difficult to reverse. Further, there is a risk that the present value of assets or income from investments will be less in the future, known as inflation. Inflation rates may change frequently and drastically as a result of various factors, including unexpected shifts in the domestic or global economy, and a fund's investments may be affected, which may reduce a fund's performance. Further, inflation may lead to the rise in interest rates, which may negatively affect the value of debt instruments held by the fund, resulting in a negative impact on a fund's performance. Generally, securities issued in emerging markets are subject to a greater risk of inflationary or deflationary forces, and more developed markets are better able to use monetary policy to normalize markets.

**Equity securities risk**

Common and preferred stocks represent equity ownership in a company. Stock markets are volatile. The price of equity securities will fluctuate, and can decline and reduce the value of a fund investing in equities. The price of equity securities fluctuates based on changes in a company's financial condition and overall market and economic conditions. The value of equity securities purchased by a fund could decline if the financial condition of the companies in which the fund is invested declines, or if overall market and economic conditions deteriorate. An issuer's financial condition could decline as a result of poor management decisions, competitive pressures, technological obsolescence, undue reliance on suppliers, labor issues, shortages, corporate restructurings, fraudulent disclosures, irregular and/or unexpected trading activity among retail investors, or other factors. Changes in the financial condition of a single issuer can impact the market as a whole.

Even a fund that invests in high-quality, or blue chip, equity securities, or securities of established companies with large market capitalizations (which generally have strong financial characteristics), can be negatively impacted by poor overall market and economic conditions. Companies with large market capitalizations may also have less growth potential than smaller companies and may be less able to react quickly to changes in the marketplace.

A fund generally does not attempt to time the market. Because of its exposure to equities, the possibility that stock market prices in general will decline over short or extended periods subjects the fund to unpredictable declines in the value of its investments, as well as periods of poor performance.

**Growth investment style risk.** Certain equity securities (generally referred to as growth securities) are purchased primarily because a manager believes that these securities will experience relatively rapid earnings growth. Growth securities typically trade at higher multiples of current earnings than other securities. Growth securities are often more sensitive to market fluctuations than other securities because their market prices are highly sensitive to future earnings expectations. At times when it appears that these expectations may not be met, growth stock prices typically fall.

**Value investment style risk.** Certain equity securities (generally referred to as value securities) are purchased primarily because they are selling at prices below what the manager believes to be their fundamental value and not necessarily because the issuing companies are expected to experience significant earnings growth. The fund bears the risk that the companies that issued these securities may not overcome the adverse

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business developments or other factors causing their securities to be perceived by the manager to be underpriced or that the market may never come to recognize their fundamental value. A value security may not increase in price, as anticipated by the manager investing in such securities, if other investors fail to recognize the company's value and bid up the price or invest in markets favoring faster growing companies. The fund's strategy of investing in value securities also carries the risk that in certain markets, value securities will underperform growth securities. In addition, securities issued by U.S. entities with substantial foreign operations may involve risks relating to economic, political or regulatory conditions in foreign countries.

**ESG integration risk (applicable to all funds except 500 Index Trust, International Equity Index Trust, Mid Cap Index Trust, Money Market Trust, Short Term Government Income Trust, Small Cap Index Trust, Total Bond Market Trust, and Total Stock Market Index Trust)**

The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing a fund. The portion of a fund's investments for which a manager considers these ESG factors may vary, and could increase or decrease over time. A manager may consider these ESG factors on all or a meaningful portion of a fund's investments. In certain situations, the extent to which these ESG factors may be applied according to the manager's integrated investment process may not include U.S. Treasuries, government securities, or other asset classes. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that a fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria. Integration of ESG factors into a fund's investment process may result in a manager making different investments for a fund than for a fund with a similar investment universe and/or investment style that does not incorporate such considerations in its investment strategy or processes, and a fund's investment performance may be affected. Because ESG factors are one of many considerations for a fund, the manager may nonetheless include companies with low ESG characteristics or exclude companies with high ESG characteristics in a fund's investments.

The ESG characteristics utilized in a fund's investment process may change over time, and different ESG characteristics may be relevant to different investments. Although the manager has established its own structure to oversee ESG integration in accordance with the fund's investment objective and strategies, successful integration of ESG factors will depend on the manager's skill in researching, identifying, and applying these factors, as well as on the availability of relevant data. The method of evaluating ESG factors and subsequent impact on portfolio composition, performance, proxy voting decisions and other factors, is subject to the interpretation of the manager in accordance with the fund's investment objective and strategies. ESG factors may be evaluated differently by different managers, and may not carry the same meaning to all investors and managers. The manager may employ active shareowner engagement to raise ESG issues with the management of select portfolio companies. The regulatory landscape with respect to ESG investing in the United States is evolving and any future rules or regulations may require a fund to change its investment process with respect to ESG integration.

**Exchange-traded fund (ETF) investment risk**

ETFs are a type of investment company bought and sold on a securities exchange. A fund could purchase shares of an ETF to gain exposure to a portion of the U.S. or a foreign market. The risks of owning shares of an ETF include the risks of directly owning the underlying securities and other instruments the ETF holds. A lack of liquidity in an ETF (e.g., absence of an active trading market) could result in the ETF being more volatile than its underlying securities. The existence of extreme market volatility or potential lack of an active trading market for an ETF's shares could result in the ETF's shares trading at a significant premium or discount to its net asset value (NAV). An ETF has its own fees and expenses, which are indirectly borne by the fund. A fund may also incur brokerage and other related costs when it purchases and sells ETFs. Also, in the case of passively-managed ETFs, there is a risk that an ETF may fail to closely track the index or market segment that it is designed to track due to delays in the ETF's implementation of changes to the composition of the index or other factors.

**Financial services sector risk**

A fund investing principally in securities of companies in the financial services sector is particularly vulnerable to events affecting that sector. Companies in the financial services sector may include, but are not limited to, commercial and industrial banks, savings and loan associations and their holding companies, consumer and industrial finance companies, diversified financial services companies, investment banking, securities brokerage and investment advisory companies, leasing companies, and insurance companies. The types of companies that compose the financial services sector may change over time. These companies are all subject to extensive regulation, rapid business changes, volatile performance dependent upon the availability and cost of capital, prevailing interest rates, and significant competition. General economic conditions significantly affect these companies. Credit and other losses resulting from the financial difficulty of borrowers or other third parties have a potentially adverse effect on companies in this sector. Investment banking, securities brokerage, and investment advisory companies are particularly subject to government regulation and the risks inherent in securities trading and underwriting activities. In addition, certain financial services companies face shrinking profit margins due to new competitors, the cost of new technology, and the pressure to compete globally.

**Fixed-income securities risk**

Fixed-income securities are generally subject to two principal types of risk, as well as other risks described below: (1) interest-rate risk and (2) credit quality risk.

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**Interest-rate risk.** Fixed-income securities are affected by changes in interest rates. When interest rates decline, the market value of fixed-income securities generally can be expected to rise. Conversely, when interest rates rise, the market value of fixed-income securities generally can be expected to decline. The longer the duration or maturity of a fixed-income security, the more susceptible it is to interest-rate risk. Duration is a measure of the price sensitivity of a debt security, or a fund that invests in a portfolio of debt securities, to changes in interest rates, whereas the maturity of a security measures the time until final payment is due. Duration measures sensitivity more accurately than maturity because it takes into account the time value of cash flows generated over the life of a debt security.

In response to certain economic conditions, including periods of high inflation, governmental authorities and regulators may respond with significant fiscal and monetary policy changes such as raising interest rates. The fund may be subject to heightened interest rate risk when the Federal Reserve Board (Fed) raises interest rates. Recent and potential future changes in government monetary policy may affect interest rates. It is difficult to accurately predict the timing, frequency or magnitude of potential interest rate increases or decreases by the Fed and the evaluation of macro-economic and other conditions that could cause a change in approach in the future. If the Fed and other central banks increase the federal funds rate and equivalent rates, such increases generally will cause market interest rates to rise and could cause the value of a fund's investments, and the fund's net asset value (NAV), to decline, potentially suddenly and significantly. As a result, the fund may experience high redemptions and, as a result, increased portfolio turnover, which could increase the costs that the fund incurs and may negatively impact the fund's performance.

A sharp and unexpected rise in interest rates could impair Money Market Trust's ability to maintain a stable net asset value. A low interest rate environment may prevent Money Market Trust from providing a positive yield to shareholders or paying fund expenses out of fund assets and could impair the fund's ability to maintain a stable net asset value.

Additionally, the value of inflation-indexed securities is subject to the effects of changes in market interest rates caused by factors other than inflation ("real interest rates"). If interest rates rise due to reasons other than inflation, the fund's investment in these securities may not be protected to the extent that the increase is not reflected in the security's inflation measure. Generally, when real interest rates rise, the value of inflation-indexed securities will fall and the fund's value may decline as a result of this exposure to these securities.

In certain market conditions, governmental authorities and regulators may considerably lower interest rates, which, in some cases could result in negative interest rates. These actions, including their reversal or potential ineffectiveness, could further increase volatility in securities and other financial markets and reduce market liquidity. To the extent the fund has a bank deposit or holds a debt instrument with a negative interest rate to maturity, the fund would generate a negative return on that investment. Similarly, negative rates on investments by money market funds and similar cash management products could lead to losses on investments, including on investments of the fund's uninvested cash.

**Credit quality risk.** Fixed-income securities are subject to the risk that the issuer of the security will not repay all or a portion of the principal borrowed and will not make all interest payments. If the credit quality of a fixed-income security deteriorates after a fund has purchased the security, the market value of the security may decrease and lead to a decrease in the value of the fund's investments. An issuer's credit quality could deteriorate as a result of poor management decisions, competitive pressures, technological obsolescence, undue reliance on suppliers, labor issues, shortages, corporate restructurings, fraudulent disclosures, or other factors. Funds that may invest in lower-rated fixed-income securities, commonly referred to as junk securities, are riskier than funds that may invest in higher-rated fixed-income securities.

**Investment-grade fixed-income securities in the lowest rating category risk.** Investment-grade fixed-income securities in the lowest rating category (such as Baa by Moody's Investors Service, Inc. or BBB by S&P Global Ratings or Fitch Ratings, as applicable, and comparable unrated securities) involve a higher degree of risk than fixed-income securities in the higher rating categories. While such securities are considered investment-grade quality and are deemed to have adequate capacity for payment of principal and interest, such securities lack outstanding investment characteristics and have speculative characteristics as well. For example, changes in economic conditions or other circumstances are more likely to lead to a weakened capacity to make principal and interest payments than is the case with higher-grade securities.

**Prepayment of principal risk.** Many types of debt securities, including floating-rate loans, are subject to prepayment risk. Prepayment risk is the risk that, when interest rates fall, certain types of obligations will be paid off by the borrower more quickly than originally anticipated and the fund may have to invest the proceeds in securities with lower yields. Securities subject to prepayment risk can offer less potential for gains when the credit quality of the issuer improves.

**Floating rate loans risk**

Floating rate loans are generally rated below investment-grade, or if unrated, determined by the manager to be of comparable quality. They are generally considered speculative because they present a greater risk of loss, including default, than higher quality debt instruments. Such investments may, under certain circumstances, be particularly susceptible to liquidity and valuation risks. Although certain floating rate loans are collateralized, there is no guarantee that the value of the collateral will be sufficient or available to satisfy the borrower's obligation. In times of unusual or adverse market, economic or political conditions, floating rate loans may experience higher than normal default rates. In the event of a serious credit event the value of the fund's investments in floating rate loans are more likely to decline. The secondary market for floating rate loans is limited and, therefore, the fund's ability to sell or realize the full value of its investment in these loans to reinvest sale proceeds or to meet redemption obligations may be impaired. In addition, floating rate loans generally are subject to extended settlement periods that may be longer than seven days. As a result, the fund may be adversely affected by selling other investments at an unfavorable time and/or under unfavorable conditions to meet redemption requests or pursue

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other investment opportunities. In addition, certain floating rate loans may be "covenant-lite" loans that may contain fewer or less restrictive covenants on the borrower or may contain other borrower-friendly characteristics. The fund may experience relatively greater difficulty or delays in enforcing its rights on its holdings of certain covenant-lite loans and debt securities than its holdings of loans or securities with the usual covenants.

In certain circumstances, floating rate loans may not be deemed to be securities. As a result, the fund may not have the protection of the anti-fraud provisions of the federal securities laws. In such cases, the fund generally must rely on the contractual provisions in the loan agreement and common-law fraud protections under applicable state law.

**Foreign securities risk**

Funds that invest in securities traded principally in securities markets outside the United States are subject to additional and more varied risks, as the value of foreign securities may change more rapidly and extremely than the value of U.S. securities. Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. Additionally, issuers of foreign securities may not be subject to the same degree of regulation as U.S. issuers. Reporting, accounting, and auditing standards of foreign countries differ, in some cases significantly, from U.S. standards. There are generally higher commission rates on foreign portfolio transactions, transfer taxes, higher custodial costs, and the possibility that foreign taxes will be charged on dividends and interest payable on foreign securities, some or all of which may not be reclaimable. Also, adverse changes in investment or exchange control regulations (which may include suspension of the ability to transfer currency or assets from a country); political changes; or diplomatic developments could adversely affect a fund's investments. In the event of nationalization, expropriation, confiscatory taxation, or other confiscation, the fund could lose a substantial portion of, or its entire investment in, a foreign security. Some of the foreign securities risks are also applicable to funds that invest a material portion of their assets in securities of foreign issuers traded in the United States.

Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk. Additionally, the Holding Foreign Companies Accountable Act (HFCAA) could cause securities of foreign companies, including American depositary receipts, to be delisted from U.S. stock exchanges if the companies do not allow the U.S. government to oversee the auditing of their financial information. Although the requirements of the HFCAA apply to securities of all foreign issuers, the SEC has thus far limited its enforcement efforts to securities of Chinese companies. If securities are delisted, a fund's ability to transact in such securities will be impaired, and the liquidity and market price of the securities may decline. The fund may also need to seek other markets in which to transact in such securities, which could increase the fund's costs.

**Currency risk.** Currency risk is the risk that fluctuations in exchange rates may adversely affect the U.S. dollar value of a fund's investments. Currency risk includes both the risk that currencies in which a fund's investments are traded, or currencies in which a fund has taken an active investment position, will decline in value relative to the U.S. dollar and, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly for a number of reasons, including the forces of supply and demand in the foreign exchange markets, actual or perceived changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments or central banks, or currency controls or political developments in the United States or abroad. Certain funds may engage in proxy hedging of currencies by entering into derivative transactions with respect to a currency whose value is expected to correlate to the value of a currency the fund owns or wants to own. This presents the risk that the two currencies may not move in relation to one another as expected. In that case, the fund could lose money on its investment and also lose money on the position designed to act as a proxy hedge. Certain funds may also take active currency positions and may cross-hedge currency exposure represented by their securities into another foreign currency. This may result in a fund's currency exposure being substantially different than that suggested by its securities investments. All funds with foreign currency holdings and/or that invest or trade in securities denominated in foreign currencies or related derivative instruments may be adversely affected by changes in foreign currency exchange rates. Derivative foreign currency transactions (such as futures, forwards, and swaps) may also involve leveraging risk, in addition to currency risk. Leverage may disproportionately increase a fund's portfolio losses and reduce opportunities for gain when interest rates, stock prices, or currency rates are changing.

**Emerging-market risk.** Investments in the securities of issuers based in countries with emerging-market economies are subject to greater levels of risk and uncertainty than investments in more-developed foreign markets, since emerging-market securities may present market, credit, currency, liquidity, legal, political, and other risks greater than, or in addition to, the risks of investing in developed foreign countries. These risks include high currency exchange-rate fluctuations; increased risk of default (including both government and private issuers); greater social, economic, and political uncertainty and instability (including the risk of war); more substantial governmental involvement in the economy; less governmental supervision and regulation of the securities markets and participants in those markets; controls on foreign investment and limitations on repatriation of invested capital and on a fund's ability to exchange local currencies for U.S. dollars; unavailability of currency hedging techniques in certain emerging-market countries; the fact that companies in emerging-market countries may be newly organized, smaller, and less seasoned; the difference in, or lack of, auditing and financial reporting requirements or standards, which may result in the unavailability of material information about issuers; different clearance and settlement procedures, which may be unable to keep pace with the volume of securities transactions or otherwise make it difficult to engage in such transactions; difficulties in obtaining and/or enforcing legal judgments against non-U.S. companies and

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non-U.S. persons, including company directors and officers, in foreign jurisdictions; and significantly smaller market capitalizations of emerging-market issuers. In addition, shareholders of emerging market issuers, such as the fund, often have limited rights and few practical remedies in emerging markets. Finally, the risks associated with investments in emerging markets often are significant, and vary from jurisdiction to jurisdiction and company to company.

**Frontier-market risk.** Frontier-market countries generally have smaller economies and less-developed capital markets or legal, regulatory, and political systems than traditional emerging-market countries. As a result, the risks of investing in emerging-market countries are magnified in frontier-market countries. Potential circumstances that may result in magnified risks in frontier-market countries include (i) extreme price volatility and illiquidity, (ii) government ownership or control of parts of the private sector or other protectionist measures, (iii) large currency fluctuations, (iv) limited investment opportunities, and (v) inadequate investor protections and regulatory enforcement. In certain frontier-market countries, fraud and corruption may be more prevalent than in developed-market countries.

**Greater China risk.** Although they are larger and/or more established than many emerging markets, the markets of the Greater China region function in many ways as emerging markets and carry the high levels of risks associated with emerging market economies. In addition, there are risks particular to the region, including less developed trading markets, acute political risks such as possible negative repercussions resulting from China's relationship with Taiwan or Hong Kong, and restrictions on monetary repatriation or other adverse government actions. In addition, investments in Taiwan could be adversely affected by its political relationship with China and because Taiwan does not exercise the same level of control over its economy as the government of the People's Republic of China (PRC) does with respect to Mainland China's economy, changes to its political and economic relationship with the PRC could adversely impact a fund's investments. Further, the attitude of the PRC toward growth and capitalism is uncertain, and the markets of Hong Kong and Mainland China could be hurt significantly by any government interference or any material change in government policy. For example, a government may restrict investment in companies or industries considered important to national interests, intervene in contractual arrangements, or intervene in the financial markets, such as by imposing trading restrictions, or banning or curtailing short selling. A small number of companies and industries may represent a relatively large portion of the Greater China market as a whole. All of these factors combined mean that the fund is more likely to experience greater price volatility and lower liquidity than a portfolio that invests substantially in equity securities of U.S. issuers.

Variable Interest Entities (VIEs) are widely used by China-based companies where China restricts or prohibits foreign ownership in certain sectors, including telecommunications, technology, media, and education. In a typical VIE structure, a shell company is set up in an offshore jurisdiction and enters into contractual arrangements with a China-based operating company. The VIE lists on a U.S. exchange and investors then purchase the stock issued by a VIE. VIE structures do not offer the same level of investor protections as direct ownership and investors may experience losses if VIE structures are altered, contractual disputes emerge, or the legal status of the VIE structure is prohibited under Chinese law. VIEs have not been approved or endorsed by Chinese regulators.

**Hong Kong Stock Connect Program (Stock Connect) risk.** Trading in China A-Shares listed and traded on certain Chinese stock exchanges through Stock Connect, a mutual market access program designed to, among other things, enable foreign investment in the People's Republic of China (PRC) via brokers in Hong Kong, is subject to both a number of restrictions imposed by Chinese securities regulations and local exchange listing rules as well as certain risks. Securities listed on Stock Connect may lose purchase eligibility, which could adversely affect the fund's performance. Trading through Stock Connect is subject to trading, clearance, and settlement procedures that may continue to develop as the program matures. Any changes in laws, regulations and policies applicable to Stock Connect may affect China A-Share prices. These risks are heightened by the underdeveloped state of the PRC's investment and banking systems in general.

**Geographic focus risk**

A fund's performance will be closely tied to the market, currency, political, economic, regulatory, geopolitical, and other conditions in the countries and regions in which the fund's assets are invested. These conditions include anticipated or actual government budget deficits or other financial difficulties, levels of inflation and unemployment, fiscal and monetary controls, and political and social instability in such countries and regions. To the extent the fund focuses its investments in a single country, a small number of countries, or a particular geographic region, its performance may be driven largely by country or region performance and could fluctuate more widely than if the fund were more geographically diversified.

**Healthcare sector risk**

Health sciences industries may be affected by product obsolescence, thin capitalization, limited product lines, markets, and financial resources, or personnel challenges and legislative or regulatory activities affecting the healthcare sector, such as approval policies for drugs, medical devices, or procedures, and changes in governmental and private payment systems and product liabilities.

**Hedging, derivatives, and other strategic transactions risk**

The ability of a fund to utilize hedging, derivatives, and other strategic transactions to benefit the fund will depend in part on its manager's ability to predict pertinent market movements and market risk, counterparty risk, credit risk, interest-rate risk, and other risk factors, none of which can be assured. The skills required to utilize hedging and other strategic transactions are different from those needed to select a fund's securities. Even if the manager only uses hedging and other strategic transactions in a fund primarily for hedging purposes or to gain exposure to a particular securities

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market, if the transaction does not have the desired outcome, it could result in a significant loss to a fund. The amount of loss could be more than the principal amount invested. These transactions may also increase the volatility of a fund and may involve a small investment of cash relative to the magnitude of the risks assumed, thereby magnifying the impact of any resulting gain or loss. For example, the potential loss from the use of futures can exceed a fund's initial investment in such contracts. In addition, these transactions could result in a loss to a fund if the counterparty to the transaction does not perform as promised.

A fund may invest in derivatives, which are financial contracts with a value that depends on, or is derived from, the value of underlying assets, reference rates, or indexes. Derivatives may relate to stocks, bonds, interest rates, currencies or currency exchange rates, and related indexes. A fund may use derivatives for many purposes, including for hedging and as a substitute for direct investment in securities or other assets. Derivatives may be used in a way to efficiently adjust the exposure of a fund to various securities, markets, and currencies without a fund actually having to sell existing investments and make new investments. This generally will be done when the adjustment is expected to be relatively temporary or in anticipation of effecting the sale of fund assets and making new investments over time. Further, since many derivatives have a leverage component, adverse changes in the value or level of the underlying asset, reference rate, or index can result in a loss substantially greater than the amount invested in the derivative itself. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. When a fund uses derivatives for leverage, investments in that fund will tend to be more volatile, resulting in larger gains or losses in response to market changes. To limit risks associated with leverage, a fund is required to comply with Rule 18f-4 under the Investment Company Act of 1940, as amended (the Derivatives Rule) as outlined below. For a description of the various derivative instruments the fund may utilize, refer to the SAI.

The regulation of the U.S. and non-U.S. derivatives markets has undergone substantial change in recent years and such change may continue. In particular, the Dodd-Frank Wall Street Reform and Consumer Protection Act, and regulations promulgated or proposed thereunder require many derivatives to be cleared and traded on an exchange, expand entity registration requirements, impose business conduct requirements on dealers that enter into swaps with a pension plan, endowment, retirement plan or government entity, and required banks to move some derivatives trading units to a non-guaranteed affiliate separate from the deposit-taking bank or divest them altogether. Although the Commodity Futures Trading Commission (CFTC) has released final rules relating to clearing, reporting, recordkeeping and registration requirements under the legislation, many of the provisions are subject to further final rule making, and thus its ultimate impact remains unclear. New regulations could, among other things, restrict a fund's ability to engage in derivatives transactions (for example, by making certain types of derivatives transactions no longer available to the fund) and/or increase the costs of such derivatives transactions (for example, by increasing margin or capital requirements), and a fund may be unable to fully execute its investment strategies as a result. Limits or restrictions applicable to the counterparties with which a fund engages in derivative transactions also could prevent the fund from using these instruments or affect the pricing or other factors relating to these instruments, or may change the availability of certain investments.

The Derivatives Rule mandates that a fund adopt and/or implement: (i) value-at-risk limitations (VaR); (ii) a written derivatives risk management program; (iii) new Board oversight responsibilities; and (iv) new reporting and recordkeeping requirements. In the event that a fund's derivative exposure is 10% or less of its net assets, excluding certain currency and interest rate hedging transactions, it can elect to be classified as a limited derivatives user (Limited Derivatives User) under the Derivatives Rule, in which case the fund is not subject to the full requirements of the Derivatives Rule. Limited Derivatives Users are excepted from VaR testing, implementing a derivatives risk management program, and certain Board oversight and reporting requirements mandated by the Derivatives Rule. However, a Limited Derivatives User is still required to implement written compliance policies and procedures reasonably designed to manage its derivatives risks.

The Derivatives Rule also provides special treatment for reverse repurchase agreements, similar financing transactions and unfunded commitment agreements. Specifically, a fund may elect whether to treat reverse repurchase agreements and similar financing transactions as "derivatives transactions" subject to the requirements of the Derivatives Rule or as senior securities equivalent to bank borrowings for purposes of Section 18 of the Investment Company Act of 1940. In addition, when-issued or forward settling securities transactions that physically settle within 35-days are deemed not to involve a senior security.

At any time after the date of this prospectus, legislation may be enacted that could negatively affect the assets of a fund. Legislation or regulation may change the way in which a fund itself is regulated. The advisor cannot predict the effects of any new governmental regulation that may be implemented, and there can be no assurance that any new governmental regulation will not adversely affect a fund's ability to achieve its investment objectives.

The use of derivative instruments may involve risks different from, or potentially greater than, the risks associated with investing directly in securities and other, more traditional assets. In particular, the use of derivative instruments exposes a fund 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, although either party may engage in an offsetting transaction that puts that party in the same economic position as if it had closed out the transaction with the counterparty or may obtain the other party's consent to assign the transaction to a third party. If the counterparty defaults, the fund will have contractual remedies, but there is no assurance that the counterparty will meet its contractual obligations or that, in the event of default, the fund will succeed in enforcing them. For example, because the contract for each OTC derivatives transaction is individually negotiated with a specific counterparty, a fund is subject to the risk that a counterparty may interpret contractual terms (e.g., the definition of default) differently than the fund when the fund seeks to enforce its contractual rights. If that occurs, the cost and

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unpredictability of the legal proceedings required for the fund to enforce its contractual rights may lead it to decide not to pursue its claims against the counterparty. The fund, therefore, assumes the risk that it may be unable to obtain payments owed to it under OTC derivatives contracts or that those payments may be delayed or made only after the fund has incurred the costs of litigation. While a manager intends to monitor the creditworthiness of counterparties, there can be no assurance that a counterparty will meet its obligations, especially during unusually adverse market conditions. To the extent a fund contracts with a limited number of counterparties, the fund's risk will be concentrated and events that affect the creditworthiness of any of those counterparties may have a pronounced effect on the fund. Derivatives are also subject to a number of other risks, including market risk, liquidity risk and operational risk. Since the value of derivatives is calculated and derived from the value of other assets, instruments, or references, there is a risk that they will be improperly valued. Derivatives also involve the risk that changes in their value may not correlate perfectly with the assets, rates, or indexes they are designed to hedge or closely track. Suitable derivatives transactions may not be available in all circumstances. The fund is also subject to the risk that the counterparty closes out the derivatives transactions upon the occurrence of certain triggering events. In addition, a manager may determine not to use derivatives to hedge or otherwise reduce risk exposure. Government legislation or regulation could affect the use of derivatives transactions and could limit a fund's ability to pursue its investment strategies.

A detailed discussion of various hedging and other strategic transactions appears in the SAI. To the extent that a fund utilizes the following list of certain derivatives and other strategic transactions, it will be subject to associated risks. The main risks of each appear below.

**Credit default swaps.** Counterparty risk, liquidity risk (i.e., the inability to enter into closing transactions), interest-rate risk, risk of default of the underlying reference obligation, and risk of disproportionate loss are the principal risks of engaging in transactions involving credit default swaps.

**Currency options.** Counterparty risk, liquidity risk (i.e., the inability to enter into closing transactions), and risk of disproportionate loss are the principal risks of engaging in transactions involving currency options.

**Depositary receipts.** Depositary receipts are subject to most of the risks associated with investing in foreign and emerging market securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.

**Equity-linked notes** are subject to risks similar to those related to investing in the underlying securities. An equity-linked note is dependent on the individual credit of the note's issuer. Equity-linked notes often are privately placed and may not be rated. The secondary market for equity-linked notes may be limited.

**Foreign currency forward contracts.** Counterparty risk, liquidity risk (i.e., the inability to enter into closing transactions), foreign currency risk, and risk of disproportionate loss are the principal risks of engaging in transactions involving foreign currency forward contracts.

**Foreign currency swaps.** Counterparty risk, liquidity risk (i.e., the inability to enter into closing transactions), foreign currency risk, and risk of disproportionate loss are the principal risks of engaging in transactions involving foreign currency swaps.

**Futures contracts.** Counterparty risk, liquidity risk (i.e., the inability to enter into closing transactions), and risk of disproportionate loss are the principal risks of engaging in transactions involving futures contracts.

**Inflation swaps.** Counterparty risk, liquidity risk (i.e., the inability to enter into closing transactions), interest-rate risk, settlement risk, risk of default of the underlying reference obligation, and risk of disproportionate loss are the principal risks of engaging in transactions involving inflation swaps.

**Interest-rate swaps.** Counterparty risk, liquidity risk (i.e., the inability to enter into closing transactions), interest-rate risk, and risk of disproportionate loss are the principal risks of engaging in transactions involving interest-rate swaps.

**Inverse floating-rate securities.** Liquidity risk (i.e., the inability to enter into closing transactions), interest-rate risk, issuer risk, and risk of disproportionate loss are the principal risks of engaging in transactions involving inverse floating-rate securities.

**Options.** Counterparty risk, liquidity risk (i.e., the inability to enter into closing transactions), and risk of disproportionate loss are the principal risks of engaging in transactions involving options. Counterparty risk does not apply to exchange-traded options.

**Options on futures.** Counterparty risk, liquidity risk (i.e., the inability to enter into closing transactions), and risk of disproportionate loss are the principal risks of engaging in transactions involving options on futures. Counterparty risk does not apply to exchange-traded options.

**Reverse repurchase agreements.** An event of default or insolvency of the counterparty to a reverse repurchase agreement could result in delays or restrictions with respect to the fund's ability to dispose of the underlying securities. A reverse repurchase agreement may be considered a form of leverage and may, therefore, increase fluctuations in the fund's net asset value (NAV) per share.

**Swaps (including variance swaps).** Counterparty risk, liquidity risk (i.e., the inability to enter into closing transactions), interest-rate risk, settlement risk, risk of default of the underlying reference obligation, and risk of disproportionate loss are the principal risks of engaging in transactions involving swaps.

**Swaptions.** Counterparty risk, liquidity risk (i.e., the inability to enter into closing transactions), interest-rate risk, risk of default of the underlying reference obligation, and risk of disproportionate loss are the principal risks of engaging in swaptions.

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**Total return swaps.** Counterparty risk, liquidity risk (i.e., the inability to enter into closing transactions), market risk, interest-rate risk, settlement risk, risk of default of the underlying reference obligation, and risk of disproportionate loss are the principal risks of engaging in total return swaps.

**High portfolio turnover risk**

A high fund portfolio turnover rate (over 100%) generally involves correspondingly greater brokerage commission and tax expenses, which must be borne directly by a fund and its shareholders, respectively. The portfolio turnover rate of a fund may vary from year to year, as well as within a year.

**Hybrid instrument risk**

Hybrid instruments (a type of potentially high-risk derivative) combine the elements of futures contracts or options with those of debt, preferred equity or a depository instrument. The risks of investing in hybrid instruments are a combination of the risks of investing in securities, options, futures and currencies. Therefore, an investment in a hybrid instrument may include significant risks not associated with a similar investment in a traditional debt instrument. The risks of a particular hybrid instrument will depend upon the terms of the instrument, but may include, without limitation, the possibility of significant changes in the benchmark for the hybrid instrument or the prices of underlying assets to which the instrument is linked. These risks generally depend upon factors unrelated to the operations or credit quality of the issuer of the hybrid instrument and that may not be readily foreseen by the purchaser. Such factors include economic and political events, the supply and demand for the underlying assets, and interest rate movements. In recent years, various benchmarks and prices for underlying assets have been highly volatile, and such volatility may be expected in the future. Hybrid instruments may bear interest or pay preferred dividends at below-market (or even relatively nominal) rates. Hybrid instruments may also carry liquidity risk since the instruments are often "customized" to meet the needs of a particular investor. Therefore, the number of investors that would be willing and able to buy such instruments in the secondary market may be smaller than for more traditional debt securities.

**Illiquid and restricted securities risk**

Certain securities are considered illiquid or restricted due to a limited trading market, legal or contractual restrictions on resale or transfer, or are otherwise illiquid because they cannot be sold or disposed of in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Securities that have limitations on their resale are referred to as "restricted securities." Certain restricted securities that are eligible for resale to qualified institutional purchasers may not be regarded as illiquid. Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Market quotations for such securities may be volatile and/or subject to large spreads between bid and ask price. Illiquidity may have an adverse impact on market price and the fund's ability to sell particular securities when necessary to meet the fund's liquidity needs or in response to a specific economic event. The fund may incur additional expense when disposing of illiquid or restricted securities, including all or a portion of the cost to register the securities.

**Income stock risk**

Income provided by the fund may be affected by changes in the dividend polices of the companies in which the fund invests and the capital resources available for such payments at such companies.

**Index management risk**

Certain factors may cause a fund that is an index fund to track its target index less closely. For example, a subadvisor may select securities that are not fully representative of the index, and the fund's transaction expenses and the size and timing of its cash flows, may result in the fund's performance being different than that of its index. Moreover, the fund will generally reflect the performance of its target index even when the index does not perform well.

**Industrials sector risk**

Companies in the industrials sector may be affected by general economic conditions, commodity production and pricing, supply and demand fluctuations, environmental and other government regulations, geopolitical events, interest rates, insurance costs, technological developments, liabilities arising from governmental or civil actions, labor relations, import controls and government spending. The value of securities issued by companies in the industrials sector may also be adversely affected by supply and demand related to their specific products or services and industrials sector products in general, as well as liability for environmental damage and product liability claims and government regulations. For example, the products of manufacturing companies may face obsolescence due to rapid technological developments and frequent new product introduction. Certain companies within this sector, particularly aerospace and defense companies, may be heavily affected by government spending policies because companies involved in this industry rely, to a significant extent, on government demand for their products and services. In addition, securities of industrials companies in transportation may be cyclical and have occasional sharp price movements which may result from economic changes, fuel prices, labor relations and insurance costs, and transportation companies in certain countries may also be subject to significant government regulation and oversight, which may adversely affect their businesses.

**Information technology companies risk**

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.

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**Initial public offerings (IPOs) risk**

Certain funds may invest a portion of their assets in shares of IPOs. IPOs may have a magnified impact on the performance of a fund with a small asset base. The impact of IPOs on a fund's performance will likely decrease as the fund's asset size increases, which could reduce the fund's returns. IPOs may not be consistently available to a fund for investing, particularly as the fund's asset base grows. IPO shares are frequently volatile in price due to the absence of a prior public market, the small number of shares available for trading, and limited information about the issuer. Therefore, a fund may hold IPO shares for a very short period of time. This may increase the turnover of a fund and may lead to increased expenses for a fund, such as commissions and transaction costs. In addition, IPO shares can experience an immediate drop in value if the demand for the securities does not continue to support the offering price.

**Investment company securities risk**

Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees. Investments in closed-end funds may involve the payment of substantial premiums above the value of such investment companies' portfolio securities.

**Large company risk**

Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Many larger companies also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. For purposes of the fund's investment policies, the market capitalization of a company is based on its capitalization at the time the fund purchases the company's securities. Market capitalizations of companies change over time. The fund is not obligated to sell a company's security simply because, subsequent to its purchase, the company's market capitalization has changed to be outside the capitalization range, if any, in effect for the fund.

**Liquidity risk**

The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Funds with principal investment strategies that involve investments in securities of companies with smaller market capitalizations, foreign securities, derivatives, or securities with substantial market and/or credit risk tend to have the greatest exposure to liquidity risk. Exposure to liquidity risk may be heightened for funds that invest in securities of emerging markets and related derivatives that are not widely traded, and that may be subject to purchase and sale restrictions.

The capacity of traditional dealers to engage in fixed-income trading has not kept pace with the bond market's growth. As a result, dealer inventories of corporate bonds, which indicate the ability to "make markets," i.e., buy or sell a security at the quoted bid and ask price, respectively, are at or near historic lows relative to market size. Because market makers provide stability to fixed-income markets, the significant reduction in dealer inventories could lead to decreased liquidity and increased volatility, which may become exacerbated during periods of economic or political stress.

**<u>Money Market Trust Only</u>**

A fund is exposed to liquidity risk when reduced trading volume, a relative lack of market makers, or legal restrictions impair the fund's ability to sell its portfolio securities at an advantageous market price. While the fund endeavors to maintain a high level of liquidity in its portfolio, its ability to sell portfolio securities can deteriorate rapidly due to a lack of willing buyers, a reduced number of traditional market participants, the reduced capacity of traditional market participants to make a market in fixed-income securities, or general market conditions.

In addition, liquidity risk may be magnified in a rising interest rate environment in which investor redemptions from money market funds may be higher than normal. The selling of fixed-income securities to satisfy fund shareholder redemptions may result in an increased supply of such securities during periods of reduced investor demand, thereby impairing the fund's ability to sell such securities. The inability to sell portfolio securities or the need to sell such securities under unfavorable market conditions may adversely affect the fund's ability to maintain a stable $1.00 share price.

**Loan participations risk**

A fund's ability to receive payments of principal and interest and other amounts in connection with loans (whether through participations, assignments, or otherwise) will depend primarily on the financial condition of the borrower. The failure by a fund to receive scheduled interest or principal payments on a loan or a loan participation, because of a default, bankruptcy, or any other reason, would adversely affect the income of the fund and would likely reduce the value of its assets. Transactions in loan investments may take a significant amount of time (i.e., seven days or longer) to settle. This could pose a liquidity risk to the fund and, if the fund's exposure to such investments is substantial, could impair the fund's ability to meet shareholder redemptions in a timely manner. Investments in loan participations and assignments present the possibility that a fund could be held liable as a co-lender under emerging legal theories of lender liability. Even with secured loans, there is no assurance that the collateral securing the loan will be sufficient to protect a fund against losses in value or a decline in income in the event of a borrower's nonpayment of principal or interest, and in the event of a bankruptcy of a borrower, the fund could experience delays or limitations in its ability to realize the benefits of any collateral securing the loan. Unless, under the terms of the loan or other indebtedness, a fund has direct recourse against the corporate borrower, the fund may have to rely on the agent bank or other financial intermediary to apply appropriate credit remedies against a corporate borrower. Furthermore, the value of any such

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collateral may decline and may be difficult to liquidate. The amount of public information available with respect to loans may be less extensive than that available for registered or exchange-listed securities. Because a significant percent of loans and loan participations are not generally rated by independent credit rating agencies, a decision by a fund to invest in a particular loan or loan participation could depend exclusively on the manager's credit analysis of the borrower, and in the case of a loan participation, the intermediary. A fund may have limited rights to enforce the terms of an underlying loan.

It is unclear whether U.S. federal securities laws afford protections against fraud and misrepresentation, as well as market manipulation, to investments in loans and other forms of direct indebtedness under certain circumstances. In the absence of definitive regulatory guidance, a fund relies on the manager's research in an attempt to avoid situations where fraud, misrepresentation, or market manipulation could adversely affect the fund.

A fund also may be in possession of material non-public information about a borrower as a result of owning a floating-rate instrument issued by such borrower. Because of prohibitions on trading in securities of issuers while in possession of such information, a fund might be unable to enter into a transaction in a publicly traded security issued by that borrower when it would otherwise be advantageous to do so.

**Lower-rated and high-yield fixed-income securities risk**

Lower-rated fixed-income securities are defined as securities rated below investment grade (such as Ba and below by Moody's Investors Service, Inc. and BB and below by S&P Global Ratings and Fitch Ratings, as applicable) (also called junk bonds). The general risks of investing in these securities are as follows:

**Risk to principal and income.** Investing in lower-rated fixed-income securities is considered speculative. While these securities generally provide greater income potential than investments in higher-rated securities, there is a greater risk that principal and interest payments will not be made. Issuers of these securities may even go into default or become bankrupt.

**Price volatility.** The price of lower-rated fixed-income securities may be more volatile than securities in the higher-rated categories. This volatility may increase during periods of economic uncertainty or change. The price of these securities is affected more than higher-rated fixed-income securities by the market's perception of their credit quality, especially during times of adverse publicity. In the past, economic downturns or increases in interest rates have, at times, caused more defaults by issuers of these securities and may do so in the future. Economic downturns and increases in interest rates have an even greater effect on highly leveraged issuers of these securities.

**Liquidity.** The market for lower-rated fixed-income securities may have more limited trading than the market for investment-grade fixed-income securities. Therefore, it may be more difficult to sell these securities, and these securities may have to be sold at prices below their market value in order to meet redemption requests or to respond to changes in market conditions.

**Dependence on manager's own credit analysis.** While a manager may rely on ratings by established credit rating agencies, it will also supplement such ratings with its own independent review of the credit quality of the issuer. Therefore, the assessment of the credit risk of lower-rated fixed-income securities is more dependent on the manager's evaluation than the assessment of the credit risk of higher-rated securities.

**Additional risks regarding lower-rated corporate fixed-income securities.** Lower-rated corporate fixed-income securities (and comparable unrated securities) tend to be more sensitive to individual corporate developments and changes in economic conditions than higher-rated corporate fixed-income securities. Issuers of lower-rated corporate fixed-income securities may also be highly leveraged, increasing the risk that principal and income will not be repaid.

**Additional risks regarding lower-rated foreign government fixed-income securities.** Lower-rated foreign government fixed-income securities are subject to the risks of investing in foreign countries described under "Foreign securities risk." In addition, the ability and willingness of a foreign government to make payments on debt when due may be affected by the prevailing economic and political conditions within the country. Emerging-market countries may experience high inflation, interest rates, and unemployment, as well as exchange-rate fluctuations which adversely affect trade and political uncertainty or instability. These factors increase the risk that a foreign government will not make payments when due.

**Master limited partnership (MLP) risk**

Investing in MLPs involves certain risks related to investing in the underlying assets of MLPs and risks associated with pooled investment vehicles. MLPs holding credit-related investments are subject to interest-rate risk and the risk of default on payment obligations by debt securities. In addition, investments in the debt and securities of MLPs involve certain other risks, including risks related to limited control and limited rights to vote on matters affecting MLPs, risks related to potential conflicts of interest between an MLP and the MLP's general partner, cash flow risks, dilution risks and risks related to the general partner's right to require unit-holders to sell their common units at an undesirable time or price. The fund's investments in MLPs may be subject to legal and other restrictions on resale or may be less liquid than publicly traded securities. Certain MLP securities may trade in lower volumes due to their smaller capitalizations, and may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity to enable the fund to effect sales at an advantageous time or without a substantial drop in price. If the fund is one of the largest investors in an MLP, it may be more difficult for the fund to buy and sell significant amounts of such investments without an unfavorable impact on prevailing market prices. Larger purchases or sales of MLP investments by the fund in a short period of time may cause abnormal movements in the market price of these investments. As a result, these investments may be difficult to dispose of at an advantageous price when the fund desires to do so. During periods of interest rate volatility, these investments may not provide attractive returns, which may adversely impact the overall performance of the fund.

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MLPs in which the fund may invest operate oil, natural gas, petroleum, or other facilities within the energy sector. As a result, the fund will be susceptible to adverse economic, environmental, or regulatory occurrences impacting the energy sector. MLPs and other companies operating in the energy sector are subject to specific risks, including, among others, fluctuations in commodity prices; reduced consumer demand for commodities such as oil, natural gas, or petroleum products; reduced availability of natural gas or other commodities for transporting, processing, storing, or delivering; slowdowns in new construction; extreme weather or other natural disasters; and threats of attack by terrorists on energy assets. Additionally, changes in the regulatory environment for energy companies may adversely impact their profitability. Over time, depletion of natural gas reserves and other energy reserves may also affect the profitability of energy companies.

Global oil prices declined significantly at the beginning of 2020 and have experienced significant price volatility, including a period where an oil-price futures contract fell into negative territory for the first time in history, as demand for oil slowed and oil storage facilities reached their storage capacities. Varying levels of demand and production and continued oil price volatility may continue to adversely impact MLPs and energy infrastructure companies.

**Media and communications sector risk**

Media and communications companies may be significantly affected by product and service obsolescence due to technological advancement or development, competitive pressures (including innovation by competitors and pricing competition), substantial capital requirements, research and development costs, fluctuating demand due to shifting demographics and changing consumer tastes, and changes in regulation. Certain companies in the communications sector may be particular targets of hacking and/or other cybersecurity breaches, which could adversely affect their businesses.

**Mortgage-backed and asset-backed securities risk**

**Mortgage-backed securities.** Mortgage-backed securities represent participating interests in pools of residential mortgage loans, which are guaranteed by the U.S. government, its agencies, or its instrumentalities. However, the guarantee of these types of securities relates to the principal and interest payments, and not to the market value of such securities. In addition, the guarantee only relates to the mortgage-backed securities held by a fund and not the purchase of shares of the fund.

Mortgage-backed securities are issued by lenders, such as mortgage bankers, commercial banks, and savings and loan associations. Such securities differ from conventional debt securities, which provide for the periodic payment of interest in fixed amounts (usually semiannually) with principal payments at maturity or on specified dates. Mortgage-backed securities provide periodic payments which are, in effect, a pass-through of the interest and principal payments (including any prepayments) made by the individual borrowers on the pooled mortgage loans. A mortgage-backed security will mature when all the mortgages in the pool mature or are prepaid. Therefore, mortgage-backed securities do not have a fixed maturity and their expected maturities may vary when interest rates rise or fall.

When interest rates fall, homeowners are more likely to prepay their mortgage loans. An increased rate of prepayments on a fund's mortgage-backed securities will result in an unforeseen loss of interest income to the fund as the fund may be required to reinvest assets at a lower interest rate. Because prepayments increase when interest rates fall, the prices of mortgage-backed securities do not increase as much as other fixed-income securities when interest rates fall.

When interest rates rise, homeowners are less likely to prepay their mortgage loans. A decreased rate of prepayments lengthens the expected maturity of a mortgage-backed security. Therefore, the prices of mortgage-backed securities may decrease more than prices of other fixed-income securities when interest rates rise.

The yield of mortgage-backed securities is based on the average life of the underlying pool of mortgage loans. The actual life of any particular pool may be shortened by unscheduled or early payments of principal and interest. Principal prepayments may result from the sale of the underlying property or the refinancing or foreclosure of underlying mortgages. The occurrence of prepayments is affected by a wide range of economic, demographic, and social factors and, accordingly, it is not possible to accurately predict the average life of a particular pool. The actual prepayment experience of a pool of mortgage loans may cause the yield realized by a fund to differ from the yield calculated on the basis of the average life of the pool. In addition, if a fund purchases mortgage-backed securities at a premium, the premium may be lost in the event of early prepayment, which may result in a loss to the fund.

Prepayments tend to increase during periods of falling interest rates, while during periods of rising interest rates, prepayments are likely to decline. Monthly interest payments received by a fund have a compounding effect, which will increase the yield to shareholders as compared to debt obligations that pay interest semiannually. Because of the reinvestment of prepayments of principal at current rates, mortgage-backed securities may be less effective than U.S. Treasury bonds of similar maturity at maintaining yields during periods of declining interest rates. Also, although the value of debt securities may increase as interest rates decline, the value of these pass-through types of securities may not increase as much, due to their prepayment feature.

**Collateralized mortgage obligations (CMOs)**. A fund may invest in mortgage-backed securities called CMOs. CMOs are issued in separate classes with different stated maturities. As the mortgage pool experiences prepayments, the pool pays off investors in classes with shorter

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maturities first. By investing in CMOs, a fund may manage the prepayment risk of mortgage-backed securities. However, prepayments may cause the actual maturity of a CMO to be substantially shorter than its stated maturity.

**Asset-backed securities**. Asset-backed securities include interests in pools of debt securities, commercial or consumer loans, or other receivables. The value of these securities depends on many factors, including changes in interest rates, the availability of information concerning the pool and its structure, the credit quality of the underlying assets, the market's perception of the servicer of the pool, and any credit enhancement provided. In addition, asset-backed securities have prepayment risks similar to mortgage-backed securities.

**Inverse interest-only securities.** Inverse interest-only securities that are mortgage-backed securities are subject to the same risks as other mortgage-backed securities. In addition, the coupon on an inverse interest-only security can be extremely sensitive to changes in prevailing interest rates.

**TBA mortgage contracts.** To-be-announced (TBA) mortgage contracts involve a risk of loss if the value of the underlying security to be purchased declines prior to delivery date. The yield obtained for such securities may be higher or lower than yields available in the market on delivery date.

**Mortgage dollar roll risk**

Under a mortgage dollar roll, a fund sells mortgage-backed securities for delivery in the future (generally within 30 days) and simultaneously contracts to repurchase substantially similar securities (of the same type, coupon and maturity) on a specified future date. During the roll period, a fund forgoes principal and interest paid on the mortgage-backed securities. A fund is compensated by the difference between the current sale price and the lower forward price for the future purchase (often referred to as the "drop"), as well as by the interest earned on the cash proceeds of the initial sale. A fund also may be compensated by receipt of a commitment fee. Dollar roll transactions involve the risk that the market value of the securities sold by a fund may decline below the repurchase price of those securities. A mortgage dollar roll may be considered a form of leveraging, and may, therefore, increase fluctuations in a fund's NAV per share.

**Municipal bond risk**

With general obligation bonds, which are backed by the municipal issuer's ability to levy taxes, the main risk is that the issuer's overall credit quality will decline. In extreme cases, a municipal issuer could declare bankruptcy or otherwise become unable to honor its commitments to bondholders. Although rare, this can be prompted by many possible reasons, ranging from fiscal mismanagement to erosion of the tax base. With revenue bonds, which are backed only by income associated with a specific facility (such as a power plant or stadium), the risk is generally higher, because any circumstance that reduces or threatens the economic viability of that particular facility can affect the bond's credit quality.

In addition, since there are a limited number of municipal obligation insurers, the fund may have several investments covered by one insurer. Accordingly, this may make the value of those investments dependent on the claims-paying ability of that one insurer and could result in increased share price volatility for the fund's shares. In addition, a ratings agency's downgrade of the claims-paying ability of companies that provide bond insurance may affect the value of those securities.

Income from municipal bonds held by the fund could become taxable because of changes in tax laws or interpretations by taxing authorities, or noncompliant conduct of a municipal issuer. In addition, a portion of the fund's otherwise tax-exempt dividends may be taxable to shareholders subject to the AMT. Values of municipal bonds could be adversely affected by changes in tax rates that make tax-exempt returns less attractive.

The effects of a widespread health crisis such as a global pandemic could affect the ability of states and their political subdivisions to make payments on debt obligations when due and could adversely impact the value of their bonds, which could negatively impact the performance of the fund.

**Non-diversified risk**

Overall risk can be reduced by investing in securities from a diversified pool of issuers, while overall risk is increased by investing in securities of a small number of issuers. If a fund is not diversified within the meaning of the Investment Company Act of 1940, as amended, that means it is allowed to invest a large portion of assets in any one issuer or a small number of issuers, which may result in greater susceptibility to associated risks. As a result, credit, market, and other risks associated with a non-diversified fund's investment strategies or techniques may be more pronounced than for funds that are diversified.

**Operational and cybersecurity risk**

With the increased use of technologies, such as mobile devices and "cloud"-based service offerings and the dependence on the internet and computer systems to perform necessary business functions, the fund's service providers are susceptible to operational and information or cybersecurity risks that could result in losses to the fund and its shareholders. Intentional cybersecurity breaches include unauthorized access to systems, networks, or devices (such as through "hacking" activity or "phishing"); infection from computer viruses or other malicious software code; and attacks that shut down, disable, slow, or otherwise disrupt operations, business processes, or website access or functionality. Cyber-attacks can also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on the service providers' systems or websites rendering

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them unavailable to intended users or via "ransomware" that renders the systems inoperable until appropriate actions are taken. In addition, unintentional incidents can occur, such as the inadvertent release of confidential information (possibly resulting in the violation of applicable privacy laws).

A cybersecurity breach could result in the loss or theft of customer data or funds, loss or theft of proprietary information or corporate data, physical damage to a computer or network system, or costs associated with system repairs. Such incidents could cause a fund, the advisor, a manager, or other service providers to incur regulatory penalties, reputational damage, additional compliance costs, litigation costs or financial loss. In addition, such incidents could affect issuers in which a fund invests, and thereby cause the fund's investments to lose value.

Cyber-events have the potential to materially affect the fund and the advisor's relationships with accounts, shareholders, clients, customers, employees, products, and service providers. The fund has established risk management systems reasonably designed to seek to reduce the risks associated with cyber-events. There is no guarantee that the fund will be able to prevent or mitigate the impact of any or all cyber-events.

The fund is exposed to operational risk arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the fund's service providers, counterparties, or other third parties, failed or inadequate processes and technology or system failures.

Other disruptive events, including (but not limited to) natural disasters and public health crises may adversely affect the fund's ability to conduct business, in particular if the fund's employees or the employees of its service providers are unable or unwilling to perform their responsibilities as a result of any such event. Even if the fund's employees and the employees of its service providers are able to work remotely, those remote work arrangements could result in the fund's business operations being less efficient than under normal circumstances, could lead to delays in its processing of transactions, and could increase the risk of cyber-events.

In addition, technological developments such as the use of cloud-based service providers and/or services and the integration of artificial intelligence in systems and operations create new risks, which can be difficult to assess.

**Participatory notes risk**

Participatory notes (p-notes) represent interests in securities listed on certain foreign exchanges. The return on a p-note is linked to the performance of the issuers of the underlying securities. The performance of p-notes will not replicate exactly the performance of the issuers that they seek to replicate due to transaction costs and other expenses. P-notes are subject to counterparty risk since the notes constitute general unsecured contractual obligations of the financial institutions issuing the notes, and the fund is relying on the creditworthiness of such institutions and has no rights under the notes against the issuers of the underlying securities. In addition, p-notes are subject to liquidity risk.

**Preferred and convertible securities risk**

Unlike interest on debt securities, preferred stock dividends are payable only if declared by the issuer's board. Also, preferred stock may be subject to optional or mandatory redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. The value of convertible preferred stock can depend heavily upon the value of the security into which such convertible preferred stock is converted, depending on whether the market price of the underlying security exceeds the conversion price.

**Privately held and newly public companies risk**

Investments in the stocks of privately held companies and newly public companies involve greater risks than investments in stocks of companies that have traded publicly on an exchange for extended time periods. Investments in such companies are less liquid and may be difficult to value. There may be significantly less information available about these companies' business models, quality of management, earnings growth potential, and other criteria used to evaluate their investment prospects. The extent (if at all) to which securities of privately held companies or newly public companies may be sold without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Funds with principal investment strategies that involve investments in securities of privately held companies tend to have a greater exposure to liquidity risk than funds that do not invest in securities of privately held companies.

**Quantitative modeling risk**

Use of quantitative models carries the risk that the fund may underperform funds that do not utilize such models. The use of quantitative models may affect the fund's exposure to certain sectors or types of investments and may impact the fund's relative investment performance depending on whether such sectors or investments are in or out of favor in the market. Successful application of a quantitative model is dependent on the manager's skill in building and implementing the model. For example, human judgment plays a role in building, utilizing, testing, modifying, and implementing the financial algorithms and formulas used in these models. Quantitative models are subject to technical issues including programming and data inaccuracies, are based on assumptions, and rely on data that is subject to limitations (e.g., inaccuracies, staleness), any of which could adversely affect their effectiveness or predictive value. Quantitative models may not accurately predict future market movements or characteristics due to the fact that market performance can be affected by non-quantitative factors that are not easily integrated into quantitative analysis, among other factors.

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**Real estate investment trust (REIT) risk**

REITs are subject to risks associated with the ownership of real estate. Some REITs experience market risk and liquidity risk due to investment in a limited number of properties, in a narrow geographic area, or in a single property type, which increases the risk that such REIT could be unfavorably affected by the poor performance of a single investment or investment type. These companies are also sensitive to factors such as changes in real estate values and property taxes, interest rates, cash flow of underlying real estate assets, supply and demand, and the management skill and creditworthiness of the issuer. Borrowers could default on or sell investments that a REIT holds, which could reduce the cash flow needed to make distributions to investors. In addition, REITs may also be affected by tax and regulatory requirements impacting the REITs' ability to qualify for preferential tax treatments or exemptions. REITs require specialized management and pay management expenses. REITs also are subject to physical risks to real property, including weather, natural disasters, terrorist attacks, war, or other events that destroy real property.

REITs include equity REITs and mortgage REITs. Equity REITs may be affected by changes in the value of the underlying property owned by the trusts, while mortgage REITs may be affected by the quality of any credit extended. Further, equity and mortgage REITs are dependent upon management skills and generally may not be diversified. Equity and mortgage REITs are also subject to heavy cash flow dependency, defaults by borrowers or lessees, and self-liquidations. In addition, equity and mortgage REITs could possibly fail to qualify for tax-free pass-through of income under the Internal Revenue Code of 1986, as amended (the Code), or to maintain their exemptions from registration under the Investment Company Act of 1940, as amended. The above factors may also adversely affect a borrower's or a lessee's ability to meet its obligations to the REIT. In the event of a default by a borrower or lessee, the REIT may experience delays in enforcing its rights as a mortgagee or lessor and may incur substantial costs associated with protecting its investments. In addition, even many of the larger REITs in the industry tend to be small to medium-sized companies in relation to the equity markets as a whole. Moreover, shares of REITs may trade less frequently and, therefore, are subject to more erratic price movements than securities of larger issuers.

**Real estate securities risk**

Investing in securities of companies in the real estate industry subjects a fund to the risks associated with the direct ownership of real estate.

These risks include:

● Declines in the value of real estate

● Risks related to general and local economic conditions

● Possible lack of availability of mortgage funds

● Overbuilding

● Extended vacancies of properties

● Increased competition

● Increases in property taxes and operating expenses

● Changes in zoning laws

● Losses due to costs resulting from the cleanup of environmental problems

● Liability to third parties for damages resulting from environmental problems

● Casualty or condemnation losses

● Limitations on rents

● Changes in neighborhood values and the appeal of properties to tenants

● Changes in interest rates and

● Liquidity risk

Therefore, for a fund investing a substantial amount of its assets in securities of companies in the real estate industry, the value of the fund's shares may change at different rates compared with the value of shares of a fund with investments in a mix of different industries.

Securities of companies in the real estate industry have been and may continue to be negatively affected by widespread health crises such as a global pandemic. Potential impacts on the real estate market may include lower occupancy rates, decreased lease payments, defaults and foreclosures, among other consequences. These impacts could adversely affect corporate borrowers and mortgage lenders, the value of mortgage-backed securities, the bonds of municipalities that depend on tax revenues and tourist dollars generated by such properties, and insurers of the property and/or of corporate, municipal or mortgage-backed securities. It is not known how long such impacts, or any future impacts of other significant events, will last.

Securities of companies in the real estate industry include equity REITs and mortgage REITs. Equity REITs may be affected by changes in the value of the underlying property owned by the REIT, while mortgage REITs may be affected by the quality of any credit extended. Further, equity and mortgage REITs are dependent upon management skills and generally may not be diversified. Equity and mortgage REITs are also subject to heavy cash flow dependency, defaults by borrowers or lessees, and self-liquidations. In addition, equity and mortgage REITs could possibly fail to qualify for tax-free pass through of income under the Internal Revenue Code of 1986 (the Code) or to maintain their exemptions from registration under the Investment Company Act of 1940, as amended. The above factors may also adversely affect a borrower's or a lessee's ability to meet its obligations to a REIT. In the

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event of a default by a borrower or lessee, a REIT may experience delays in enforcing its rights as a mortgagee or lessor and may incur substantial costs associated with protecting its investments.

In addition, even the larger REITs in the industry tend to be small to medium-sized companies in relation to the equity markets as a whole. Moreover, shares of REITs may trade less frequently and, therefore, are subject to more erratic price movements than securities of larger issuers.

**Redemption risk**

Money Market Trust may experience periods of heavy redemptions that could cause the fund to liquidate its assets at inopportune times or at a loss or depressed value, particularly during periods of declining or illiquid markets, and that could affect the fund's ability to maintain a $1.00 share price. Redemption risk is greater to the extent that the fund has investors with large shareholdings, short investment horizons or unpredictable cash flow needs. The redemption by one or more large shareholders of their holdings in the fund could cause the remaining shareholders in the fund to lose money. In addition, the fund may suspend redemptions and liquidate the fund when permitted by applicable regulations.

**Repurchase agreements risk**

The risk of a repurchase agreement transaction is limited to the ability of the seller to pay the agreed-upon sum on the delivery date. In the event of bankruptcy or other default by the seller, the instrument purchased may decline in value, interest payable on the instrument may be lost and there may be possible difficulties and delays in obtaining collateral and delays and expense in liquidating the instrument. If an issuer of a repurchase agreement fails to repurchase the underlying obligation, the loss, if any, would be the difference between the repurchase price and the underlying obligation's market value. The fund might also incur certain costs in liquidating the underlying obligation. Moreover, if bankruptcy or other insolvency proceedings are commenced with respect to the seller, realization upon the underlying obligation might be delayed or limited.

**S&P 500 Index risk**

An investment in the fund involves risks similar to the risks of investing directly in the equity securities included in the S&P 500 Index.

**Sector risk**

When a fund's investments are focused in one or more sectors of the economy, they are less broadly invested across industries or sectors than other funds. This means that focused funds tend to be more volatile than other funds, and the values of their investments tend to go up and down more rapidly. In addition, a fund that invests in particular sectors is particularly susceptible to the impact of market, economic, political, regulatory, and other conditions and risks affecting those sectors. From time to time, a small number of companies may represent a large portion of a single sector or a group of related sectors as a whole.

**Banking industry risk.** Commercial banks (including "money center" regional and community banks), savings and loan associations and holding companies of the foregoing are especially subject to adverse effects of volatile interest rates, concentrations of loans in particular industries (such as real estate or energy) and significant competition. The profitability of these businesses is to a significant degree dependent upon the availability and cost of capital funds. Economic conditions in the real estate market may have a particularly strong effect on certain banks and savings associations. Commercial banks and savings associations are subject to extensive federal and, in many instances, state regulation. Neither such extensive regulation nor the federal insurance of deposits ensures the solvency or profitability of companies in this industry, and there is no assurance against losses in securities issued by such companies.

**Communication risk.** Companies in the communication sector are subject to the additional risks of rapid obsolescence, lack of standardization or compatibility with existing technologies, an unfavorable regulatory environment and a dependency on patent and copyright protection. The prices of the securities of companies in the communication sector may fluctuate widely due to both federal and state regulations governing rates of return and services that may be offered, fierce competition for market share, and competitive challenges in the U.S. from foreign competitors engaged in strategic joint ventures with U.S. companies and in foreign markets from both U.S. and foreign competitors. In addition, recent industry consolidation trends may lead to increased regulation of communication companies in their primary markets.

**Financial services risk.** To the extent that a fund invests in securities of companies in the financial services sector, the fund may be significantly affected by economic, market, and business developments, borrowing costs, interest-rate fluctuations, competition, and government regulation, among other factors, impacting that sector. Companies in the financial services sector may include, but are not limited to, commercial and industrial banks, savings and loan associations and their holding companies, consumer and industrial finance companies, diversified financial services companies, investment banking, securities brokerage and investment advisory companies, leasing companies and insurance companies. The types of companies that comprise the financial services sector may change over time. These companies compete with banks and thrifts to provide traditional financial service products, in addition to their traditional services, such as brokerage and investment advice. In addition, certain financial service companies face shrinking profit margins due to new competitors, the cost of new technology and the pressure to compete globally.

**Health sciences risk.** Companies in this sector are subject to the additional risks of increased competition within the health care industry, changes in legislation or government regulations, reductions in government funding, the uncertainty of governmental approval of a particular product, product liability or other litigation, patent expirations and the obsolescence of popular products. The prices of the securities of health sciences companies may fluctuate widely due to government regulation and approval of their products and services, which may have a significant

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effect on their price and availability. In addition, the types of products or services produced or provided by these companies may quickly become obsolete. Moreover, liability for products that are later alleged to be harmful or unsafe may be substantial and may have a significant impact on a company's market value or share price.

**Insurance companies risk.** Insurance companies are engaged in underwriting, selling, distributing or placing of property and casualty, life or health insurance. Insurance company profits are affected by many factors, including interest rate movements, the imposition of premium rate caps, competition and pressure to compete globally. Property and casualty insurance profits may also be affected by weather catastrophes and other disasters. Already extensively regulated, insurance companies' profits may also be adversely affected by increased government regulations or tax law changes. Insurance companies are particularly subject to government regulation and rate setting, potential anti-trust and tax law changes, and industry-wide pricing and competition cycles. Property and casualty insurance companies may also be affected by weather and other catastrophes. Life and health insurance companies may be affected by mortality and morbidity rates, including the effects of epidemics. Individual insurance companies may be exposed to reserve inadequacies, problems in investment portfolios (for example, due to real estate or "junk" bond holdings) and failures of reinsurance carriers.

**Other financial services companies risk.** Many of the investment considerations discussed in connection with banks and insurance companies also apply to financial services companies. These companies are all subject to extensive regulation, rapid business changes, volatile performance dependent upon the availability and cost of capital and prevailing interest rates and significant competition. General economic conditions significantly affect these companies. Credit and other losses resulting from the financial difficulty of borrowers or other third parties have a potentially adverse effect on companies in this sector. Investment banking, securities brokerage and investment advisory companies are particularly subject to government regulation and the risks inherent in securities trading and underwriting activities.

**Technology companies risk.** A fund investing in technology companies, including companies engaged in Internet-related activities, is subject to the risk of short product cycles and rapid obsolescence of products and services and competition from new and existing companies. Investments in the technology sector may be susceptible to heightened risk of cybersecurity breaches, which may allow an unauthorized party to gain access to personally identifiable information and other customer data. The realization of any one of these risks may result in significant earnings loss and price volatility. Some technology companies also have limited operating histories and are subject to the risks of a small or unseasoned company described under "Small and mid-sized company risk."

**Utilities risk.** Issuers in the utilities sector are subject to many risks, including the following: increases in fuel and other operating costs; restrictions on operations; increased costs and delays as a result of environmental and safety regulations; coping with the impact of energy conservation and other factors reducing the demand for services; technological innovations that may render existing plants, equipment or products obsolete; the potential impact of natural or man-made disasters; difficulty in obtaining adequate returns on invested capital; difficulty in obtaining approval for rate increases; the high cost of obtaining financing, particularly during periods of inflation; increased competition resulting from deregulation, overcapacity and pricing pressures; and the negative impact of regulation. Because utility companies are faced with the same obstacles, issues and regulatory burdens, their securities may react similarly and more in unison to these or other market conditions.

**Short sales risk**

A fund may make short sales of securities. This means a fund may sell a security that it does not own in anticipation of a decline in the market value of the security. A fund generally borrows the security to deliver to the buyer in a short sale. The fund must then buy the security at its market price when the borrowed security must be returned to the lender. Short sales involve costs and risk. The fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security. Further, if other short positions of the same security are closed out at the same time, a "short squeeze" can occur where demand exceeds the supply for the security sold short. A short squeeze makes it more likely that the fund will need to replace the borrowed security at an unfavorable price. A fund may also make short sales "against the box." In a short sale against the box, at the time of sale, the fund owns or has the right to acquire the identical security, or one equivalent in kind or amount, at no additional cost.

Subject to regulatory requirements, until a fund closes its short position or replaces a borrowed security, a fund will comply with all applicable regulatory requirements, including the Derivatives Rule.

**Small and mid-sized company risk**

Market risk and liquidity risk may be pronounced for securities of companies with medium-sized market capitalizations and are particularly pronounced for securities of companies with smaller market capitalizations (including micro-capitalization companies). These companies may have limited product lines, markets, or financial resources, or they may depend on a few key employees. The securities of companies with medium and smaller market capitalizations may trade less frequently and in lesser volume than more widely held securities, and their value may fluctuate more sharply than those securities. They may also trade in the OTC market or on a regional exchange, or may otherwise have limited liquidity. Investments in less-seasoned companies with medium and smaller market capitalizations may present greater opportunities for growth and capital appreciation, but also involve greater risks than are customarily associated with more established companies with larger market capitalizations. These risks apply to all funds that invest in the securities of companies with smaller- or medium-sized market capitalizations. For purposes of the fund's investment policies, the market capitalization of a company is based on its capitalization at the time the fund purchases the company's securities. Market capitalizations of companies

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change over time. The fund is not obligated to sell a company's security simply because, subsequent to its purchase, the company's market capitalization has changed to be outside the capitalization range, if any, in effect for the fund.

**Tax diversification risk**

Money Market Trust operates as a "government money market fund" in accordance with Rule 2a-7 under the Investment Company Act of 1940, as amended (a "Government Fund"). Additionally, the fund intends to meet the diversification requirements that are applicable to insurance company separate accounts under Subchapter L of the Internal Revenue Code of 1986, as amended (the "Diversification Requirements"). To satisfy the Diversification Requirements applicable to variable annuity contracts, the value of the assets of the fund invested in securities issued by the United States government must remain below specified thresholds. For these purposes, each United States government agency or instrumentality is treated as a separate issuer (subject to special rules applicable to government agency-issued mortgage-backed securities). Under a Notice issued by the Internal Revenue Service in 2016, pending amendment of the applicable regulations, government money market funds may rely upon an alternative diversification standard.

A failure to satisfy the Diversification Requirements could have significant adverse tax consequences for variable annuity contract owners whose contract values are determined by investment in the fund.

**Telecommunications sector risk**

Companies in the telecommunications sector are subject to the additional risks of rapid obsolescence, lack of standardization or compatibility with existing technologies, an unfavorable regulatory environment, and a dependency on patent and copyright protection. The prices of the securities of companies in the telecommunications sector may fluctuate widely due to both federal and state regulations governing rates of return and services that may be offered, fierce competition for market share, and competitive challenges in the United States from foreign competitors engaged in strategic joint ventures with U.S. companies and in foreign markets from both U.S. and foreign competitors. In addition, recent industry consolidation trends may lead to increased regulation of telecommunications companies in their primary markets.

**U.S. government agency obligations risk**

Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.

**U.S. Treasury obligations risk**

The market value of direct obligations of the U.S. Treasury may vary due to changes in interest rates. In addition, changes to the financial condition or credit rating of the U.S. government may cause the value of the fund's investments in obligations issued by the U.S. Treasury to decline.

**Value investment style risk**

Certain equity securities (generally referred to as value securities) are purchased primarily because they are selling at prices below what the manager believes to be their fundamental value and not necessarily because the issuing companies are expected to experience significant earnings growth. The fund bears the risk that the companies that issued these securities may not overcome the adverse business developments or other factors causing their securities to be perceived by the manager to be underpriced or that the market may never come to recognize their fundamental value. A value security may not increase in price, as anticipated by the manager investing in such securities, if other investors fail to recognize the company's value and bid up the price or invest in markets favoring faster growing companies. The fund's strategy of investing in value securities also carries the risk that in certain markets, value securities will underperform growth securities. In addition, securities issued by U.S. entities with substantial foreign operations may involve risks relating to economic, political or regulatory conditions in foreign countries.

**Warrants risk**

Warrants are rights to purchase securities at specific prices and are valid for a specific period of time. Warrant prices do not necessarily move parallel to the prices of the underlying securities, and warrant holders receive no dividends and have no voting rights or rights with respect to the assets of an issuer. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. Warrants cease to have value if not exercised prior to the expiration date. These factors can make warrants more speculative than other types of investments.

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**Additional information about the funds' and the fundS of funds' investment policies**

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Subject to certain restrictions and except as noted below, a fund may use the following investment strategies and purchase the following types of securities.

**Foreign Repurchase Agreements**

A fund may enter into foreign repurchase agreements. Foreign repurchase agreements may be less well secured than U.S. repurchase agreements, and may be denominated in foreign currencies. They also may involve greater risk of loss if the counterparty defaults. Some counterparties in these transactions may be less creditworthy than those in U.S. markets.

**Illiquid Securities**

A fund may not invest more than 15% of its net assets (or 5% in the case of Money Market Trust) in securities that cannot be sold or disposed of in seven calendar days or less without the sale or disposition significantly changing the market value of the investment ("illiquid securities"). Investment in illiquid securities involves the risk that, because of the lack of consistent market demand for such securities, a fund may be forced to sell them at a discount from the last offer price.

**Indexed/Structured Securities**

A fund may invest in indexed/structured securities. These securities are typically short-to intermediate-term debt securities whose value at maturity or interest rate is linked to currencies, interest rates, equity securities, indices, commodity prices or other financial indicators. Such securities may be positively or negatively indexed (i.e., their value may increase or decrease if the reference index or instrument appreciates). Indexed/structured securities may have return characteristics similar to direct investments in the underlying instruments. A fund bears the market risk of an investment in the underlying instruments, as well as the credit risk of the issuer.

**Lending of Fund Securities**

A fund may lend its securities so long as such loans do not represent more than 33 1⁄3% of the fund's total assets, except through the purchase of debt obligations or the use of repurchase agreements. As collateral for the loaned securities, the borrower gives the lending portfolio collateral equal to at least 100% of the value of the loaned securities. The collateral may consist of cash, cash equivalents or securities issued or guaranteed by the U.S. government or its agencies or instrumentalities. The borrower must also agree to increase the collateral if the value of the loaned securities increases. As with other extensions of credit, there are risks of delay in recovery or even loss of rights in the collateral should the borrower of the securities fail financially.

**Loan Participations**

The funds may invest in fixed-and floating-rate loans, which investments generally will be in the form of loan participations and assignments of such loans. Participations and assignments involve special types of risks, including credit risk, interest rate risk, liquidity risk, and the risks of being a lender. Investments in loan participations and assignments present the possibility that a fund could be held liable as a co-lender under emerging legal theories of lender liability. If a fund purchases a participation, it may only be able to enforce its rights through the lender and may assume the credit risk of the lender in addition to the borrower.

**Mortgage Dollar Rolls**

Under a mortgage dollar roll, a fund sells mortgage-backed securities for delivery in the future (generally within 30 days) and simultaneously contracts to repurchase substantially similar securities (of the same type, coupon and maturity) on a specified future date. During the roll period, a fund forgoes principal and interest paid on the mortgage-backed securities. A fund is compensated by the difference between the current sale price and the lower forward price for the future purchase (often referred to as the "drop"), as well as by the interest earned on the cash proceeds of the initial sale. A fund also may be compensated by receipt of a commitment fee. Dollar roll transactions involve the risk that the market value of the securities sold by a fund may decline below the repurchase price of those securities. A mortgage dollar roll may be considered a form of leveraging, and may, therefore, increase fluctuations in a fund's NAV per share. Please see the "Government Regulation of Derivatives" section of the SAI for additional information. For financial reporting and tax purposes, the funds treat mortgage dollar rolls as two separate transactions; one involving the purchase of a security and a separate transaction involving a sale.

**Repurchase Agreements**

The funds may enter into repurchase agreements. Repurchase agreements involve the acquisition by a fund of debt securities subject to an agreement to resell them at an agreed-upon price. The arrangement is in economic effect a loan collateralized by securities. The fund's risk in a repurchase transaction is limited to the ability of the seller to pay the agreed-upon sum on the delivery date. In the event of bankruptcy or other default by the seller, the instrument purchased may decline in value, interest payable on the instrument may be lost and there may be possible delays and expense in liquidating the instrument. Securities subject to repurchase agreements will be valued every business day and additional collateral will be requested if

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necessary so that the value of the collateral is at least equal to the value of the repurchased obligation, including the interest accrued thereon. Repurchases agreements maturing in more than seven days are deemed to be illiquid (except for those that can be terminated after a notice period of seven days or less).

**Reverse Repurchase Agreements**

The funds may enter into "reverse" repurchase agreements. Under a reverse repurchase agreement, a fund may sell a debt security and agree to repurchase it at an agreed-upon time and at an agreed-upon price. Subject to the requirements noted in the "Government Regulation of Derivatives" section of the SAI, a fund will either treat reverse repurchase agreements and similar financings as derivatives subject to the Derivatives Rule limitations or not as derivatives and treat reverse repurchase agreements and similar financings transactions as senior securities equivalent to bank borrowings subject to asset coverage requirements of Section 18 of the 1940 Act. A fund will ensure that its repurchase agreement transactions are "fully collateralized" by maintaining in a custodial account cash, Treasury bills, other U.S. government securities, or certain other liquid assets having an aggregate value at least equal to the amount of such commitment to repurchase including accrued interest, until payment is made. A reverse repurchase agreement may be considered a form of leveraging and may, therefore, increase fluctuations in a fund's NAV per share.

**U.S. Government Securities**

A fund may invest in U.S. government securities issued or guaranteed by the U.S. government or by an agency or instrumentality of the U.S. government. Not all U.S. government securities are backed by the full faith and credit of the United States. Some are supported only by the credit of the issuing agency or instrumentality, which depends entirely on its own resources to repay the debt. U.S. government securities that are backed by the full faith and credit of the United States include U.S. Treasuries and mortgage-backed securities guaranteed by the Government National Mortgage Association. Securities that are only supported by the credit of the issuing agency or instrumentality include Fannie Mae, FHLBs and Freddie Mac. See "Credit and counterparty risk" for additional information on Fannie Mae and Freddie Mac securities.

**Warrants**

The funds may, subject to certain restrictions, purchase warrants, including warrants traded independently of the underlying securities. Warrants are rights to purchase securities at specific prices valid for a specific period of time. Their prices do not necessarily move parallel to the prices of the underlying securities, and warrant holders receive no dividends and have no voting rights or rights with respect to the assets of an issuer. Warrants cease to have value if not exercised prior to their expiration dates.

**Management**

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**Board of Trustees**

JHVIT is managed under the direction of its Trustees. The Board of Trustees oversees the business activities of the funds and retains the services of the various firms that carry out the operations of the funds. The Board may change the investment objective and strategy of a fund without shareholder approval.

**Investment Management**

John Hancock Variable Trust Advisers LLC (Advisor or advisor) is the investment advisor to JHVIT and is registered with the SEC as an investment advisor under the Investment Advisers Act of 1940, as amended (Advisers Act). The Advisor is a Delaware limited liability company with its principal offices located at 200 Berkeley Street, Boston, Massachusetts 02116. The Advisor is an indirect principally owned subsidiary of John Hancock Life Insurance Company (U.S.A.), which in turn is a subsidiary of Manulife Financial Corporation (MFC), a publicly traded company based in Toronto, Canada. MFC and its subsidiaries operate as "Manulife Financial" in Canada and Asia and principally as "John Hancock" in the United States.

JHVIT fund shares are sold only to insurance companies and their separate accounts as the underlying investment option for variable annuity and variable life insurance contracts and group annuity contract offered to 401(k) plans (variable contracts). Two of these insurance companies, John Hancock Life Insurance Company (U.S.A.) and John Hancock Life Insurance Company of New York, are affiliates of the Advisor (Affiliated Insurance Companies). The Affiliated Insurance Companies perform administrative services for the JHVIT funds in connection with the variable contracts for which they serve as the underlying investment option. To compensate the Affiliated Insurance Companies for providing these services, the Advisor, not the JHVIT funds, pays each Affiliated Insurance Company an administrative fee equal to 0.25% of the total average daily net assets of the JHVIT funds attributable to variable contracts issued by the Affiliated Insurance Company. The Advisor may also pay insurance companies not affiliated with the Advisor an administrative fee for performing similar administrative services for the funds.

Subject to general oversight by the Board of Trustees, the Advisor manages and supervises the investment operations and business affairs of the fund. The Advisor selects, contracts with and compensates one or more subadvisors to manage all or a portion of the fund's portfolio assets, subject to oversight by the Advisor. In this role, the Advisor has supervisory responsibility for managing the investment and reinvestment of the funds' portfolio assets through proactive oversight and monitoring of the subadvisor and the funds, as described in further detail below. The Advisor is responsible for developing overall investment strategies for the funds and overseeing and implementing the funds' continuous investment programs and provides a

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variety of advisory oversight and investment research services. The Advisor also provides management and transition services associated with certain fund events (e.g., strategy, portfolio manager or subadvisor changes) and coordinates and oversees services provided under other agreements.

The Advisor has ultimate responsibility to oversee a subadvisor and recommend to the Board of Trustees its hiring, termination, and replacement. In this capacity, the Advisor, among other things: (i) monitors on a daily basis the compliance of the subadvisor with the investment objectives and related policies of the fund; (ii) monitors significant changes that may impact the subadvisor's overall business and regularly performs due diligence reviews of the subadvisor; (iii) reviews the performance of the subadvisor; and (iv) reports periodically on such performance to the Board of Trustees. The Advisor employs a team of investment professionals who provide these ongoing research and monitoring services.

Subject to approval by the Board of Trustees, the Advisor may elect to manage fund assets directly. As compensation for its services, the Advisor receives a fee from JHVIT computed separately for each. Appendix A to this Prospectus is a schedule of the management fees each fund currently is obligated to pay the Advisor. The subadvisors are compensated by the Advisor and not by the funds.

Each fund relies on an order from the Securities and Exchange Commission permitting the Advisor, subject to approval by the Board of Trustees, to appoint a subadvisor or change the terms of a subadvisory agreement without obtaining shareholder approval. Each, therefore, is able to change subadvisors or the fees paid to a subadvisor, from time to time, without the expense and delays associated with obtaining shareholder approval of the change. This order does not, however, permit the Advisor to appoint a subadvisor that is an affiliate of the Advisor or JHVIT (other than by reason of serving as a subadvisor to a fund), or to increase the subadvisory fee of an affiliated subadvisor, without the approval of the shareholders.

During its most recent fiscal period, each fund paid the Advisor a management fee as a percentage of average daily net assets, including any waivers or reimbursements, as follows.

500 Index Trust: 0.20%

Active Bond Trust: 0.59%

American Asset Allocation Trust: 0.00%

American Global Growth Trust: 0.00%

American Growth Trust: 0.00%

American Growth-Income Trust: 0.00%

Blue Chip Growth Trust: 0.68%

Capital Appreciation Value Trust: 0.78%

Core Bond Trust: 0.57%

Disciplined Value Emerging Markets Equity Trust: 0.75%

Disciplined Value International Trust: 0.66%

Equity Income Trust: 0.65%

Financial Industries Trust: 0.78%

Fundamental All Cap Core Trust: 0.66%

Fundamental Large Cap Value Trust: 0.67%

Global Equity Trust: 0.79%

Health Sciences Trust: 0.80%

High Yield Trust: 0.45%

International Equity Index Trust: 0.22%

International Small Company Trust: 0.79%

Investment Quality Bond Trust: 0.59%

Lifestyle Balanced Portfolio: 0.04%

Lifestyle Conservative Portfolio: 0.00%

Lifestyle Growth Portfolio: 0.04%

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Lifestyle Moderate Portfolio: 0.02%

Managed Volatility Balanced Portfolio: 0.09%

Managed Volatility Conservative Portfolio: 0.09%

Managed Volatility Growth Portfolio: 0.09%

Managed Volatility Moderate Portfolio: 0.08%

Mid Cap Growth Trust: 0.83%

Mid Cap Index Trust: 0.36%

Mid Value Trust: 0.81%

Money Market Trust: 0.24%

Opportunistic Fixed Income Trust: 0.51%

Real Estate Securities Trust: 0.69%

Science & Technology Trust: 0.88%

Select Bond Trust: 0.54%

Short Term Government Income Trust: 0.56%

Small Cap Core Trust: 0.86%

Small Cap Index Trust: 0.42%

Small Cap Opportunities Trust: 0.72%

Small Cap Stock Trust: 1.00%

Small Company Value Trust: 0.98%

Strategic Equity Allocation Trust: 0.49%

Strategic Income Opportunities Trust: 0.64%

Total Bond Market Trust: 0.20%

Total Stock Market Index Trust: 0.39%

U.S. Growth Trust: 0.60%

Ultra Short Term Bond Trust: 0.48%

The basis for the Board of Trustees' approval of the advisory fees, and of the investment advisory agreement overall, including the subadvisory agreements, is discussed in each fund's most recent Form N-CSR filing for the period ended June 30.

For information on the advisory fee for the master fund for each of the JHVIT Feeder Funds, please refer to the master fund prospectus (the American Funds Insurance Series prospectus) which accompanies this Prospectus.

**Additional information about fund expenses**

Each fund's annual operating expenses will likely vary throughout the period and from year to year. Each fund's expenses for the current fiscal year may be higher than the expenses listed in the fund's "Annual fund operating expenses" table, for some of the following reasons: (i) a significant decrease in average net assets may result in a higher advisory fee rate if any advisory fee breakpoints are not achieved; (ii) a significant decrease in average net assets may result in an increase in the expense ratio because certain fund expenses do not decrease as asset levels decrease; or (iii) fees may be incurred for extraordinary events such as fund tax expenses.

The Advisor has contractually agreed to waive a portion of its management fee and/or reimburse expenses for certain funds of the John Hancock funds complex, including the funds, except the funds of funds (the participating portfolios). The waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that

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portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. 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 contractually agrees to reduce its management fee or, if necessary, make payment to Lifestyle Balanced Portfolio Series I, Series II and Series NAV shares in an amount equal to the amount by which expenses of Lifestyle Balanced Portfolio Series I, Series II and Series NAV shares exceed 1.83% of average daily net assets attributable to the class. For purposes of this agreement, "expenses of Lifestyle Balanced Portfolio Series I, Series II and Series NAV shares" means all expenses of the class (including fund expenses attributable to the class), 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, and (e) short dividend expense. This agreement expires on April 30, 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 contractually agrees to reduce its management fee or, if necessary, make payment to the Lifestyle Balanced Portfolio and Lifestyle Growth Portfolio in an amount equal to the amount by which "Other expenses" of the fund exceed 0.04% of the average daily net assets of the fund. "Other expenses" means all of the expenses of the fund, excluding certain expenses such as advisory 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, distribution and service (Rule 12b-1) fees, underlying fund expenses (acquired fund fees), and short dividend expense. The current expense limitation agreement expires on April 30, 2028 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.

**Subadvisors and Portfolio Managers**

The subadvisors handle the portfolio management activities of the funds, subject to oversight by the Advisor. Each subadvisor formulates a continuous investment program for each fund it subadvises, consistent with the fund's investment objective and strategies as described above. Each subadvisor regularly reports to the Advisor and the Board of Trustees with respect to the implementation of such programs.

Set forth below, in alphabetical order by subadvisor, is additional information about the subadvisors and the fund portfolio managers. The SAI includes additional details about the portfolio managers, including information about their compensation, accounts they manage other than the funds and their ownership of fund securities.

**<u>Funds of Funds</u>** 

The subadvisor will benefit from increased subadvisory fees when assets are allocated to affiliated subadvised funds that it manages. In addition, MFC, as the parent company of each subadvisor and all affiliated investment advisors, will benefit through increased revenue generated from the fees on assets managed by the affiliated subadvisors. Accordingly, there is a conflict of interest in that there is an incentive for each subadvisor to allocate fund assets to funds subadvised by the subadvisor and other affiliated subadvised funds. However, the subadvisor has a duty to allocate assets to an affiliated subadvised fund (and to affiliated underlying funds more broadly) only when the subadvisor believes it is in the best interests of fund shareholders, without regard to any economic incentive. As part of its oversight of the funds and the subadvisors, the Advisor will monitor to ensure that allocations are conducted in accordance with these principles. This conflict of interest is also considered by the Independent Trustees when approving or replacing affiliated subadvisors.

**Allspring Global Investments, LLC ("Allspring Investments")** 

Allspring Investments, located at 1415 Vantage Park Drive, Charlotte, North Carolina, is a registered investment advisor that provides investment advisory services for registered mutual funds, company retirement plans, foundations, endowments, trust companies and high net-worth individuals. Allspring Investments is a wholly-owned subsidiary of Allspring Global Investment Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. As of December 31, 2025, Allspring Investments had total assets under management of approximately $469.8 billion.

Allspring Investments has identified the following persons as jointly and primarily responsible for the day-to-day management of the fund's portfolio as set forth below. These managers are employed by Allspring Investments.

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|:---|:---|
| **Fund** | **Portfolio Managers** |
| **Core Bond Trust** | &nbsp;&nbsp; Maulik Bhansali, CFA<br> Jarad Vasquez<br>|

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● *Maulik Bhansali, CFA.* Mr. Bhansali joined Allspring Investments in 2001, where he currently serves as a Senior Portfolio Manager.

● *Jarad Vasquez.* Mr. Vasquez joined Allspring Investments in 2007, where he currently serves as a Senior Portfolio Manager.

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**Boston Partners Global Investors, Inc. ("Boston Partners")** 

Boston Partners is an indirect, wholly owned subsidiary of ORIX Corporation of Japan. Boston Partners Global Investors, Inc. is located at One Beacon Street, 30th Floor, Boston, MA 02108. As of December 31, 2025, Boston Partners had total assets under management of approximately $127 billion.

Boston Partners has identified the following persons as jointly and primarily responsible for the day-to-day management of the funds' portfolios as set forth below. These managers are employed by Boston Partners.

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|:---|:---|
| **Fund** | **Portfolio Managers** |
| **Disciplined Value Emerging Markets Equity Trust** | David Kim |
| **Disciplined Value International Trust** | &nbsp;&nbsp; Christopher Hart, CFA<br> Joshua Jones, CFA<br> Soyoun Song<br>|

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● *Christopher Hart, CFA*. Portfolio Manager. Managed the fund since 2020. Joined Boston Partners in 2002.

● *Joshua Jones, CFA*. Portfolio Manager. Managed the fund since 2020. Joined Boston Partners in 2006.

● *David Kim*. Portfolio Manager. Managed the fund since 2024. Joined Boston Partners in 2018.

● *Soyoun Song.* Portfolio Manager. Managed the fund since 2024. Joined Boston Partners in 2019.

**Capital Research and Management Company ("CRMC")** 

CRMC is located at 333 South Hope Street, Los Angeles, California 90071. CRMC is a wholly-owned subsidiary of The Capital Group Companies, Inc. CRMC has been providing investment management services since 1931. As of December 31, 2025, CRMC had total assets under management of more than $3.2 trillion.

CRMC manages equity assets through three equity investment divisions and fixed-income assets through its fixed-income investment division, Capital Fixed Income Investors. The three equity investment divisions - Capital World Investors, Capital Research Global Investors and Capital International Investors - make investment decisions independently of one another.

CRMC has identified the following persons as jointly and primarily responsible for the day-to-day management of the master funds' portfolios as set forth below. These managers are employed by CRMC.

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|:---|:---|:---|
| **Portfolio Manager**<br> **for the Series/Title**<br> **(If Applicable)**<br>| **Primary Title with Investment Advisor**<br> **(or Affiliate) and Investment Experience**<br> **During Past Five Years**<br>| **Portfolio Manager's Role in**<br> **Management of the Fund(s)**<br>|
| **Julian N. Abdey** | Partner — Capital International Investors<br> Investment professional for 31 years;<br> 24 years with CRMC or affiliate<br>| Serves as an equity portfolio manager for Growth <br> Fund<br>|
| **Brad Barrett** | Partner – Capital Research Global Investors<br> Investment professional for 25 years in total; all<br> with CRMC or affiliate<br>| Serves as an equity portfolio manager for <br> Growth-Income Fund<br>|
| **Paul Benjamin** | Partner — Capital World Investors<br> Investment professional for 21 years; <br> all with CRMC or affiliate<br>| Serves as an equity portfolio manager for Growth <br> Fund<br>|
| **Alan N. Berro** | Partner — Capital World Investors<br> Investment professional for 40 years in total;<br> 35 years with CRMC or affiliate<br>| Serves as an equity portfolio manager for Asset <br> Allocation Fund<br>|
| **Barbara Burtin** | Partner — Capital World Investors<br> Investment professional for 17 years in total; all<br> with CRMC or affiliate<br>| Serves as an equity portfolio manager for Global <br> Growth Fund<br>|
| **Mark L. Casey** | Partner — Capital International Investors <br> Investment professional for 26 years;<br> all with CRMC or affiliate<br>| Serves as an equity portfolio manager for Growth <br> Fund<br>|
| **Mathews Cherian** | Partner – Capital World Investors<br> Investment professional for 29 years in total;<br> 22 years with CRMC or affiliate<br>| Serves as an equity portfolio manager for Global <br> Growth Fund<br>|
| **Tom Chow** | Partner — Capital Fixed Income Investors<br> Investment professional for 37 years;<br> 11 years with CRMC or affiliate<br>| Serves as a fixed-income portfolio manager for <br> Asset Allocation Fund<br>|
| **Patrice Collette**<br>| Partner — Capital World Investors<br> Investment professional for 29 years in total;<br> 26 years with CRMC or affiliate<br>| Serves as an equity portfolio manager for Global <br> Growth Fund <br>|

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| | | |
|:---|:---|:---|
| **Portfolio Manager**<br> **for the Series/Title**<br> **(If Applicable)**<br>| **Primary Title with Investment Advisor**<br> **(or Affiliate) and Investment Experience**<br> **During Past Five Years**<br>| **Portfolio Manager's Role in**<br> **Management of the Fund(s)**<br>|
| **Charles E. Ellwein** | Partner — Capital Research Global Investors<br> Investment professional for 30 years in total; <br> 20 years with CRMC or affiliate<br>| Serves as an equity portfolio manager for <br> Growth-Income Fund<br>|
| **Cheryl E. Frank** | Partner – Capital Research Global Investors<br> Investment professional for 28 years in total;<br> 24 years with CRMC or affiliate<br>| Serves as an equity portfolio manager for<br> Growth-Income Fund<br>|
| **Irfan M. Furniturewala**<br>| Partner — Capital International Investors<br> Investment professional for 26 years in total;<br> 25 years with CRMC or affiliate<br>| Serves as an equity portfolio manager for Growth <br> Fund<br>|
| **Matt Hochstetler** | Partner — Capital World Investors<br> Investment professional for 27 years in total;<br> 12 years with CRMC or affiliate<br>| Serves as an equity portfolio manager for Global <br> Growth Fund<br>|
| **Martin Jacobs** | Partner – Capital Research Global Investors<br> Investment professional for 38 years in <br> total;25 years with CRMC or affiliate<br>| Serves as an equity portfolio manager for <br> Growth-Income Fund<br>|
| **Caroline Jones** | Partner — Capital Research Global Investors<br> Investment professional for 29 years in total;<br> 22 years with CRMC or affiliate<br>| Serves as an equity portfolio manager for <br> Growth-Income Fund<br>|
| **Emme Kozloff** | Partner — Capital World Investors<br> Investment professional for 27 years in total;<br> 20 years with CRMC or affiliate<br>| Serves as an equity portfolio manager for Asset <br> Allocation Fund<br>|
| **Jin Lee** | Partner — Capital World Investors<br> Investment professional for 30 years in total;<br> 29 years with CRMC or affiliate<br>| Serves as an equity portfolio manager for Asset <br> Allocation Fund<br>|
| **Anne-Marie Peterson** | Partner — Capital World Investors<br> Investment professional for 32 years in total;<br> 21 years with CRMC or affiliate<br>| Serves as an equity portfolio manager for Growth <br> Fund<br>|
| **John R. Queen** | Partner — Capital Fixed Income Investors<br> Investment professional for 36 years in total;<br> 24 years with CRMC or affiliate<br>| Serves as a fixed-income portfolio manager for <br> Asset Allocation Fund<br>|
| **Andraz Razen** | Partner — Capital World Investors<br> Investment professional for 28 years in total;<br> 22 years with CRMC or affiliate<br>| Serves as an equity portfolio manager for Growth <br> Fund<br>|
| **Jason B. Smith** | Partner — Capital World Investors<br> Investment professional for 29 years in total;<br> 19 years with CRMC or affiliate<br>| Serves as an equity portfolio manager for Global <br> Growth Fund<br>|
| **Jessica C. Spaly** | Partner – Capital Research Global Investors<br> Investment professional for 27 years in total;<br> 22 years with CRMC or affiliate<br>| Serves as an equity portfolio manager for <br> Growth-Income Fund<br>|
| **Justin Toner** | Partner — Capital World Investors<br> Investment professional for 31 years in total;<br> 25 years with CRMC or affiliate<br>| Serves as an equity portfolio manager for Asset <br> Allocation Fund<br>|
| **Alan J. Wilson**<br>| Partner — Capital World Investors<br> Investment professional for 41 years in total;<br> 35 years with CRMC or affiliate<br>| Serves as an equity portfolio manager for Growth <br> Fund<br>|

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Additional information regarding the portfolio managers' compensation, management of other accounts, and ownership of securities in the funds can be found in the SAI.

**Dimensional Fund Advisors LP ("Dimensional")** 

Dimensional was organized in 1981 as "Dimensional Fund Advisors, Inc.," a Delaware corporation, and in 2006, it converted its legal name and organizational form to "Dimensional Fund Advisors LP," a Delaware limited partnership. Dimensional is engaged in the business of providing investment management services. Dimensional is located at 6300 Bee Cave Road, Building One, Austin, Texas 78746. As of December 31, 2025, Dimensional had total assets under management of approximately $944 billion.

*Dimensional uses a team approach*. The investment team includes the Investment Committee of Dimensional, portfolio managers and trading personnel. The Investment Committee is composed primarily of certain officers and directors of Dimensional who are appointed annually. Investment strategies for funds managed by Dimensional are set by the Investment Committee, which meets on a regular basis and also as needed to consider

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investment issues. The Investment Committee also sets and reviews all investment related policies and procedures and approves any changes in regards to approved countries, security types and brokers.

In accordance with the team approach, the portfolio managers and portfolio traders implement the policies and procedures established by the Investment Committee. The portfolio managers and portfolio traders also make daily investment decisions regarding fund management based on the parameters established by the Investment Committee. Dimensional has identified the following persons as jointly and primarily responsible for coordinating the day-to-day management of the funds' portfolios as set forth below. These managers are employed by Dimensional.

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| **Funds** | **Portfolio Managers** |
| **International Small Company Trust** | &nbsp;&nbsp; Jed S. Fogdall<br> Brendan J. McAndrews<br> Joel P. Schneider<br>|
| **Small Cap Opportunities Trust** | &nbsp;&nbsp; Jed S. Fogdall<br> Marc C. Leblond<br> Joel P. Schneider<br>|

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● *Jed S. Fogdall*. Global Head of Portfolio Management, Senior Portfolio Manager and Vice President at Dimensional and chairman of the Investment Committee. Mr. Fogdall joined Dimensional as a Portfolio Manager in 2004 and has been Global Head of Portfolio Management since 2019.

● *Marc C. Leblond*. Senior Portfolio Manager and Vice President at Dimensional. Mr. Leblond joined Dimensional in 2015 and has been a portfolio manager since 2017.

● *Brendan J. McAndrews*. Senior Portfolio Manager and Vice President at Dimensional. Mr. McAndrews joined Dimensional in 2015 and has been a portfolio manager since 2018.

● *Joel P. Schneider*. Deputy Head of Portfolio Management, North America, Senior Portfolio Manager and Vice President at Dimensional and a member of the Investment Committee. Mr. Schneider joined Dimensional in 2011 and has been a portfolio manager since 2013.

**Manulife Investment Management (US) LLC ("Manulife IM (US)")** 

Manulife IM (US), a Delaware limited liability company located at 197 Clarendon Street, Boston, Massachusetts 02116, was founded in 1979. It is a wholly-owned subsidiary of John Hancock Life Insurance Company (U.S.A.) and an affiliate of the Advisor. John Hancock Life Insurance Company (U.S.A.) is a subsidiary of MFC, based in Toronto, Canada. MFC is the holding company of the Manufacturers Life Insurance Company and its subsidiaries, collectively known as Manulife Financial. References to Manulife IM (US) below refer to its predecessor or affiliate organizations and entities. As of December 31, 2025, Manulife IM (US) had total assets under management of approximately $250.64 billion.

Manulife IM (US) has identified the following persons as jointly and primarily responsible for the day-to-day management of the funds' portfolios as set forth below. These managers are employed by Manulife IM (US).

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|:---|:---|
| **Funds** | **Portfolio Managers** |
| **500 Index Trust** | Jenny Kim, CFA<br> Boncana Maiga, CFA, CIM<br>|
| **Active Bond Trust** | Jeffrey N. Given, CFA<br> Spencer Godfrey, CFA<br> Howard C. Greene, CFA<sup>1</sup> <br>Connor Minnaar, CFA<br> Pranay Sonalkar, CFA<br>|
| **Financial Industries Trust** | Susan A. Curry<br> Ryan P. Lentell, CFA<br>|
| **Fundamental All Cap Core Trust** | Michael J. Mattioli, CFA<br> Nicholas P. Renart<br> Jonathan T. White, CFA<br>|
| **Fundamental Large Cap Value Trust** | Michael Bokoff, CFA<br> Nicholas P. Renart<br> Jonathan T. White, CFA<br>|
| **Global Equity Trust** | Paul Boyne<br> Stephen Hermsdorf<br> Edward Ritchie, ASIP<br> Felicity Smith<br>|
| **High Yield Trust** | James Gearhart, CFA<br> Jonas Grazulis, CFA<br> Caryn E. Rothman, CFA <br>|

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| | |
|:---|:---|
| **Funds** | **Portfolio Managers** |
| **Lifestyle Balanced Portfolio** | Geoffrey Kelley, CFA<br> David Kobuszewski, CFA<br> Robert E. Sykes, CFA<br>|
| **Lifestyle Conservative Portfolio** | Geoffrey Kelley, CFA<br> David Kobuszewski, CFA<br> Robert E. Sykes, CFA<br>|
| **Lifestyle Growth Portfolio** | Geoffrey Kelley, CFA<br> David Kobuszewski, CFA<br> Robert E. Sykes, CFA<br>|
| **Lifestyle Moderate Portfolio** | Geoffrey Kelley, CFA<br> David Kobuszewski, CFA<br> Robert E. Sykes, CFA<br>|
| **Managed Volatility Balanced Portfolio** | Geoffrey Kelley, CFA<br> Robert E. Sykes, CFA<br> Jeffrey Wu<br>|
| **Managed Volatility Conservative Portfolio** | Geoffrey Kelley, CFA<br> Robert E. Sykes, CFA<br> Jeffrey Wu<br>|
| **Managed Volatility Growth Portfolio** | Geoffrey Kelley, CFA<br> Robert E. Sykes, CFA<br> Jeffrey Wu<br>|
| **Managed Volatility Moderate Portfolio** | Geoffrey Kelley, CFA<br> Robert E. Sykes, CFA<br> Jeffrey Wu<br>|
| **Mid Cap Index Trust** | Jenny Kim, CFA<br> Boncana Maiga, CFA, CIM<br>|
| **Select Bond Trust** | Jeffrey N. Given, CFA<br> Spencer Godfrey, CFA<br> Howard C. Greene, CFA<sup>1</sup> <br>Connor Minnaar, CFA<br> Pranay Sonalkar, CFA<br>|
| **Short Term Government Income Trust** | Jeffrey N. Given, CFA<br> Spencer Godfrey, CFA<br> Howard C. Greene, CFA<sup>1</sup> <br>Connor Minnaar, CFA<br>|
| **Small Cap Core Trust** | Ryan Davies, CFA<br> Joseph Nowinski<br> Bill Talbot, CFA<sup>2</sup><br>|
| **Small Cap Index Trust** | Jenny Kim, CFA<br> Boncana Maiga, CFA, CIM<br>|
| **Strategic Equity Allocation Trust** | Michael J. Comer, CFA<br> James Robertson, CIM<br>|
| **Strategic Income Opportunities Trust** | David A. Bees, CFA<br> Christopher M. Chapman, CFA<br> Thomas C. Goggins<br> Kelly Lim, CFA<br> Brad Lutz, CFA<br> Kisoo Park<sup>3</sup> <br>Christopher Smith, CFA, CAIA<br>|
| **Total Bond Market Trust** | Connor Minnaar, CFA<br> Pranay Sonalkar, CFA<br>|
| **Total Stock Market Index Trust** | Jenny Kim, CFA<br> Boncana Maiga, CFA, CIM<br>|
| **Ultra Short Term Bond Trust** | Jeffrey N. Given, CFA<br> Spencer Godfrey, CFA<br> Howard C. Greene, CFA<sup>1</sup> <br>Connor Minnaar, CFA<br> Pranay Sonalkar, CFA<br>|

---

● *David A. Bees, CFA.* Portfolio Manager; joined Manulife IM (US) in 2001.

● *Michael Bokoff, CFA.* Portfolio Manager; joined Manulife IM (US) in 2015.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● *Paul Boyne*. Senior Managing Director and Senior Portfolio Manager; joined Manulife IM (US) in 2013.

● *Christopher M. Chapman, CFA*. Senior Portfolio Manager, Co-Head of Global Multi-Sector Fixed Income; joined Manulife IM (US) in 2005.

● *Michael J. Comer, CFA.* Managing Director and Portfolio Manager; joined Manulife IM (US) in 2010.

● *Susan A. Curry.* Senior Portfolio Manager; joined Manulife IM (US) in 2004.

● *Ryan Davies, CFA.* Portfolio Manager; joined Manulife IM (US) in 2018.

● *James Gearhart, CFA.* Portfolio Manager; joined Manulife IM (US) in 2015.

● *Jeffrey N. Given, CFA.* Senior Portfolio Manager, Co-Head of U.S. Core and Core-Plus Fixed Income; joined Manulife IM (US) in 1993.

● *Spencer Godfrey, CFA.* Associate Portfolio Manager; joined Manulife IM (US) in 2016.

● *Thomas C. Goggins.* Senior Portfolio Manager; joined Manulife IM (US) in 2009.

● *Jonas Grazulis, CFA.* Portfolio Manager; joined Manulife IM (US) in 2011.

● *Howard C. Greene, CFA.* Senior Portfolio Manager, Co-Head of U.S. Core and Core-Plus Fixed Income; joined Manulife IM (US) in 2002.

● *Stephen Hermsdorf.* Portfolio Manager and Analyst; joined Manulife IM (US) in 2015.

● *Geoffrey Kelley, CFA.* Senior Portfolio Manager, Global Head of Strategic Asset Allocation and Systematic Equity; joined Manulife IM (US) in 2018.

● *Jenny Kim, CFA.* Portfolio Manager; joined Manulife IM (US) in 2010.<sup>4</sup>

● *Kelly Lim, CFA.* Associate Portfolio Manager; joined Manulife IM (US) in 2026; began business career in 2010.

● *David Kobuszewski, CFA.* Portfolio Manager, Senior Investment Analyst; joined Manulife IM (US) in 2018.

● *Ryan P. Lentell, CFA.* Portfolio Manager; joined Manulife IM (US) in 2008.

● *Brad Lutz, CFA.* Senior Portfolio Manager; joined Manulife IM (US) in 2002.

● *Boncana Maiga, CFA, CIM*. Portfolio Manager; joined Manulife IM (US) in 2010.<sup>4</sup>

● *Michael J. Mattioli, CFA.* Portfolio Manager and Senior Investment Analyst; joined Manulife IM (US) in 2011.

● *Connor Minnaar, CFA.* Portfolio Manager; joined Manulife IM (US) in 2006.

● *Joseph Nowinski.* Senior Portfolio Manager; joined Manulife IM (US) in 2013.

● *Kisoo Park.* Senior Portfolio Manager; joined Manulife IM (US) in 2011.

● *Nicholas P. Renart.* Portfolio Manager and Senior Investment Analyst; joined Manulife IM (US) in 2011.

● *Edward Ritchie, ASIP.* Senior Managing Director and Head of Japan Equities, Portfolio Manager and Analyst; joined Manulife IM (US) in 2010.

● *James Robertson, CIM.* Head of Asset Allocation, Canada, Head of Tactical Asset Allocation and Senior Portfolio Manager; joined Manulife IM (US) in 2016.

● *Caryn E. Rothman, CFA.* Senior Portfolio Manager, Head of Global Credit; joined Manulife IM (US) in 1996.

● *Felicity Smith.* Portfolio Manager and Analyst; joined Manulife IM (US) in 2020.

● *Christopher Smith, CIA, CAIA.* Associate Portfolio Manager; joined Manulife IM (US) in 2012.

● *Pranay Sonalkar, CFA.* Portfolio Manager; joined Manulife IM (US) in 2014.

● *Robert E. Sykes, CFA.* Senior Portfolio Manager and Head of Asset Allocation; joined Manulife IM (US) in 2008.

● *Bill Talbot, CFA.* Senior Portfolio Manager, Head of US Small Cap Equities; joined Manulife IM (US) in 2013.

● *Jonathan T. White, CFA.* Senior Portfolio Manager; joined Manulife IM (US) in 2011.

● *Jeffrey Wu.* Portfolio Manager and Senior Investment Analyst; joined Manulife IM (US) in 2017.

**1**

Effective December 31, 2027, Howard C. Greene, CFA will no longer serve as a portfolio manager of the fund.

**2**

Effective December 31, 2026, Bill Talbot, CFA will no longer serve as a portfolio manager of the fund.

**3**

Effective September 30, 2026, Kisoo Park will no longer serve as a portfolio manager of the fund.

**4**

References to Manulife IM (US) refer to its predecessor or affiliate organizations and entities.

**SSGA Funds Management, Inc. ("SSGA FM")** 

SSGA FM is located at One Congress Street, Boston, Massachusetts 02114. SSGA FM is a wholly-owned subsidiary of State Street Global Advisors, Inc., which itself is a wholly-owned subsidiary of State Street Corporation, a publicly traded financial holding company organized in Massachusetts. SSGA FM is registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940, as amended. SSGA FM and certain other affiliates of State Street Corporation make up State Street Investment Management, the investment management arm of State Street Corporation. As of December 31, 2025, State Street Investment Management had total assets under management of approximately $5.66 trillion.

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The International Equity Index Trust is managed by State Street Investment Management's Systematic Equity Team. Portfolio managers Thomas Coleman and Karl Schneider are jointly and primarily responsible for the day-to-day management of the Portfolio. These managers are employed by SSGA FM.

---

| | |
|:---|:---|
| **Fund** | **Portfolio Managers** |
| **International Equity Index Trust** | &nbsp;&nbsp; Thomas Coleman, CFA<br> Karl Schneider, CAIA<br>|

---

● *Thomas Coleman, CFA*. Vice President and Senior Portfolio Manager in the Systematic Equity Team; joined SSGA FM in 1998.

● *Karl Schneider, CAIA*. Managing Director and Co-Head of the Systematic Equity Team in the Americas; joined SSGA FM in 1997.

**T. Rowe Price Associates, Inc. ("T. Rowe Price")** 

*T. Rowe Price Investment Management, Inc. serves as sub-subadvisor to Capital Appreciation Value Trust and Small Company Value Trust* 

T. Rowe Price, 1307 Point Street, Baltimore, Maryland 21231, was founded in 1937. As of December 31, 2025, T. Rowe Price had total assets under management of approximately $1.8 trillion.

T. Rowe Price has identified the following persons as primarily responsible for the day-to-day management of the funds' portfolios as set forth below. These managers are employed by T. Rowe Price.

---

| | |
|:---|:---|
| **Funds** | **Portfolio Managers** |
| **Blue Chip Growth Trust** | Paul Greene II |
| **Capital Appreciation Value Trust** | David R. Giroux, CFA, Vivek Rajeswaran, Mike Signore, and Brian Solomon |
| **Equity Income Trust** | John D. Linehan, CFA |
| **Health Sciences Trust** | Ziad Bakri, MD, CFA<sup>1</sup> and Jeff Holford |
| **Mid Value Trust** | Vincent DeAugustino, CFA |
| **Science & Technology Trust** | Anthony Wang |
| **Small Company Value Trust** | J. David Wagner, CFA |

---

● *Ziad Bakri, MD, CFA.* Vice President; joined T. Rowe Price in 2011.

● *Vincent DeAugustino, CFA.* Vice President; originally joined T. Rowe Price in 2006 and returned to T. Rowe Price in 2015.

● *David R. Giroux, CFA*. Vice President; joined T. Rowe Price in 1998.

● *Paul Greene II.* Vice President; joined T. Rowe Price in 2006.

● *Jeff Holford.* Vice President; joined T. Rowe Price in 2018.

● *John D. Linehan, CFA*. Vice President; joined T. Rowe Price in 1998.

● *J. David Wagner, CFA*. Vice President; joined T. Rowe Price in 2000.

● *Vivek Rajeswaran, CFA.* Vice President; joined T. Rowe Price in 2012.

● *Mike Signore.* Vice President; originally joined T. Rowe Price in 2015 and returned to T. Rowe Price in 2020.

● *Brian Solomon, CFA.* Vice President; joined T. Rowe Price in 2015.

● *Anthony Wang*. Vice President; joined T. Rowe Price in 2017.

**1**

Effective July 1, 2026, Ziad Bakri will no longer serve as a portfolio manager of the fund.

**Wellington Management Company LLP ("Wellington Management")** 

Wellington Management is a Delaware limited liability partnership with principal offices at 280 Congress Street, Boston, Massachusetts 02210. Wellington Management is a professional investment counseling firm which provides investment services to investment companies, employee benefit plans, endowments, foundations and other institutions. Wellington Management and its predecessor organizations have provided investment advisory services for over 80 years. Wellington Management is owned by the partners of Wellington Management Group LLP, a Massachusetts limited liability partnership. As of December 31, 2025, Wellington Management had total assets under management of approximately $1,333 billion.

Wellington Management has identified the following persons as jointly and primarily responsible for the day-to-day management of the funds' portfolios as set forth below. These managers are employed by Wellington Management.

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| | |
|:---|:---|
| **Funds** | **Portfolio Managers** |
| **Investment Quality Bond Trust** | &nbsp;&nbsp; Robert D. Burn, CFA<br> Connor Fitzgerald, CFA<br> Jeremy Forster<sup>1</sup> <br>Campe Goodman, CFA<br> Joseph F. Marvan, CFA<sup>1</sup><br>|
| **Mid Cap Growth Trust** | &nbsp;&nbsp; Mario E. Abularach, CFA<br> Stephen Mortimer<br>|
| **Opportunistic Fixed Income Trust** | &nbsp;&nbsp; Brian M. Garvey<sup>2</sup> <br>Brij S. Khurana<br> Rakesh R. Yeredla, CFA<br>|
| **Real Estate Securities Trust** | Bradford D. Stoesser |
| **Small Cap Stock Trust** | Ranjit Ramachandran, CFA |
| **U.S. Growth Trust** | Timothy N. Manning |

---

● *Mario E. Abularach, CFA.* Senior Managing Director and Equity Research Analyst of Wellington Management; joined the firm as an investment professional in 2001.

● *Robert D. Burn, CFA.* Senior Managing Director and Fixed Income Portfolio Manager of Wellington Management; joined the firm as an investment professional in 2007.

● *Connor Fitzgerald, CFA.* Senior Managing Director and Fixed Income Portfolio Manager of Wellington Management; joined the firm as an investment professional in 2015.

● *Jeremy Forster.* Senior Managing Director and Fixed Income Portfolio Manager of Wellington Management; joined the firm as an investment professional in 2011.

● *Brian M. Garvey*. Senior Managing Director and Portfolio Manager of Wellington Management; joined the firm as an investment professional in 2007.

● *Campe Goodman, CFA.* Senior Managing Director and Fixed Income Portfolio Manager of Wellington Management; joined the firm as an investment professional in 2000.

● *Brij S. Khurana.* Senior Managing Director and Portfolio Manager of Wellington Management; joined the firm as an investment professional in 2016.

● *Timothy N. Manning.* Senior Managing Director and Equity Portfolio Manager of Wellington Management; joined the firm as an investment professional in 2007.

● *Joseph F. Marvan, CFA.* Senior Managing Director and Fixed Income Portfolio Manager of Wellington Management; joined the firm as an investment professional in 2003.

● *Stephen Mortimer.* Senior Managing Director and Equity Portfolio Manager of Wellington Management; joined the firm as an investment professional in 2001.

● *Ranjit Ramachandran, CFA.* Managing Director and Equity Portfolio Manager of Wellington Management; joined the firm as an investment professional in 2014.

● *Bradford D. Stoesser.* Senior Managing Director and Equity Portfolio Manager of Wellington Management; joined the firm as an investment professional in 2005.

● *Rakesh R. Yeredla, CFA.* Managing Director and Fixed Income Portfolio Manager of Wellington Management; joined the firm as an investment professional in 2013.

**1**

Effective June 30, 2026, Jeremy Forster will be added as a portfolio manager of the fund. In addition, effective June 30, 2026, Joseph F. Marvan, CFA, will no longer serve as a portfolio manager of the fund.

**2**

Effective December 31, 2026, Brian M. Garvey will no longer serve as a portfolio manager of the fund.

**Share classes and rule 12b-1 plans**

------

**Share classes**

The funds may issue four classes of shares: Series I, Series II, Series III and NAV shares (not all funds issue all share classes). Each share class is the same except for differences in the allocation of fund expenses and voting rights as described below.

The expenses of each fund are generally borne by its Series I, Series II, Series III and NAV shares (as applicable) based on the net assets of the fund attributable to shares of each class. "Class expenses," however, are allocated to each class. "Class expenses" include Rule 12b-1 fees (if any) paid by a share class and other expenses determined by the Advisor to be properly allocable to a particular class. The Advisor will make such allocations in a manner and using such methodology as it determines to be reasonably appropriate, subject to ratification or approval by the Board. The kinds of expenses that the Advisor may allocate to a particular class include the following: (i) printing and postage expenses related to preparing and

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distributing to the shareholders of a specific class (or owners of contracts funded by shares of such class) materials such as shareholder reports, prospectuses and proxies; (ii) professional fees relating solely to such class; (iii) Trustees' fees, including independent counsel fees, relating specifically to one class; and (iv) expenses associated with meetings of shareholders of a particular class.

All shares of each fund have equal voting rights and are voted in the aggregate, and not by class, except that shares of each class have exclusive voting rights on any matter submitted to shareholders that relates solely to the arrangement of that class and have separate voting rights when any matter is submitted to shareholders in which the interests of one class differ from the interests of any other class or when voting by class is otherwise required by law.

**Rule 12b-1 plans**

Rule 12b-1 fees will be paid to JHVIT's Distributor, John Hancock Distributors, LLC, or any successor thereto (the "Distributor").

To the extent consistent with applicable laws, regulations and rules, the Distributor may use Rule 12b-1 fees:

(i) for any expenses relating to the distribution of the shares of the class,

(ii) for any expenses relating to shareholder or administrative services for holders of the shares of the class (or owners of contracts funded in insurance company separate accounts that invest in the shares of the class) and

(iii) for the payment of "service fees" that come within Rule 2341 of the Conduct Rules of the Financial Industry Regulatory Authority.

Without limiting the foregoing, the Distributor may pay all or part of the Rule 12b-1 fees from a fund to one or more affiliated and unaffiliated insurance companies that have issued variable insurance contracts for which the fund serves as an investment vehicle as compensation for providing some or all of the types of services described in the preceding sentence; this provision, however, does not obligate the Distributor to make any payments of Rule 12b-1 fees and does not limit the use that the Distributor may make of the Rule 12b-1 fees it receives.

The annual Rule 12b-1 fee rate currently accrued by each fund is set forth in the expense table of each fund. Subject to the approval of the Board, each fund may under the 12b-1 Plans charge Rule 12b-1 fees up to the following maximum annual rates:

Series I shares

an annual rate of up to 0.15%\* of the net assets of the Series I shares

\*0.60% in the case of American Asset Allocation Trust, American Global Growth Trust, American Growth-Income Trust and American Growth Trust.

Series II shares

an annual rate of up to 0.35%\* of the net assets of the Series II shares

\*0.75% in the case of American Asset Allocation Trust, American Global Growth Trust, American Growth-Income Trust and American Growth Trust.

Series III shares

an annual rate of up to 0.25% of the net assets of the Series III shares

Rule 12b-1 fees are paid out of a fund's assets on an ongoing basis. Therefore, these fees will increase the cost of an investment in a fund and may, over time, be greater than other types of sales charges.

**General information**

------

**Purchase and redemption of shares**

Shares of each fund are offered continuously, without sales charge, and are sold and redeemed each business day at a price equal to their net asset value (NAV) determined for that business day as set forth under "Valuation of shares" in this prospectus. A business day is any day that the New York Stock Exchange is open for business. Depending upon the NAV at that time, the amount paid upon redemption may be more or less than the cost of the shares redeemed. Payment for shares redeemed will generally be made within seven days after receipt of a proper notice of redemption. However, JHVIT may suspend the right of redemption or postpone the date of payment beyond seven days during any period when:

&nbsp;&nbsp;&nbsp;&nbsp;● trading on the New York Stock Exchange (NYSE) is restricted, as determined by the SEC, or the NYSE is closed for other than weekends and holidays;

&nbsp;&nbsp;&nbsp;&nbsp;● an emergency exists, as determined by the SEC, as a result of which disposal by JHVIT of securities owned by it is not reasonably practicable or it is not reasonably practicable for JHVIT fairly to determine the value of its net assets; or

&nbsp;&nbsp;&nbsp;&nbsp;● the SEC by order so permits for the protection of security holders of JHVIT.

Shares of the funds are not sold directly to the public but generally may be sold only to insurance companies and their separate accounts as the underlying investment options for variable annuity and variable life insurance contracts issued by such companies, to certain entities affiliated with the

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insurance companies, to those funds of JHVIT that operate as funds of funds and invest in other funds (Underlying Funds) and to certain qualified retirement plans (qualified plans).

Due to differences in tax treatments and other considerations, the interests of holders of variable annuity and variable life insurance contracts, and the interests of holders of variable contracts and qualified plan investors, that participate in JHVIT may conflict. The Board of Trustees of JHVIT (the "Board" or "Trustees") will monitor events in order to identify the existence of any material irreconcilable conflicts and determine what action, if any, should be taken in response to any such conflict.

**<u>Money Market Trust Only</u>**

If the Board of Trustees, including a majority of the Independent Trustees, determines that the deviation between the fund's amortized cost price per share and the market-based NAV per share may result in material dilution or other unfair results, the Board of Trustees, subject to certain conditions, may suspend redemptions and payments in order to facilitate the permanent termination of the fund in an orderly manner. If this were to occur, it would likely result in a delay in your receipt of your redemption proceeds.

**Valuation of shares**

The net asset value (NAV) for each class of shares of the funds is normally determined once daily as of the close of regular trading on the New York Stock Exchange (NYSE) (typically 4:00 p.m., Eastern time, on each business day that the NYSE is open). 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 NAV may be determined as of the regularly scheduled close of the NYSE pursuant to the Advisor's Valuation Policies and Procedures. The time at which shares and transactions are priced and until which orders are accepted may vary to the extent permitted by the Securities and Exchange Commission and applicable regulations. On holidays or other days when the NYSE is closed, the NAV is not calculated and the funds do not transact purchase or redemption requests. Trading of securities that are primarily listed on foreign exchanges may take place on weekends and U.S. business holidays on which the funds' NAV is not calculated. Consequently, each fund's portfolio securities may trade and the NAV of the funds' shares may be significantly affected on days when a shareholder will not be able to purchase or redeem shares of each fund.

Each class of shares of each fund (except Money Market Trust) has its own NAV, which is computed by dividing the total assets (which may include realized and unrealized capital gain and income), minus liabilities, allocated to each share class by the number of fund shares outstanding for that class.

**<u>Money Market Trust Only</u>**

The net asset value (NAV) for each class of shares of the fund is normally determined each business day at the close of regular trading on the New York Stock Exchange (NYSE) (typically 4:00 p.m., Eastern time) on each business day that the NYSE is open. 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 NAV may be determined as of the regularly scheduled close of the NYSE pursuant to the Advisor's Valuation Policies and Procedures. The time at which shares and transactions are priced and until which orders are accepted may vary to the extent permitted by the Securities and Exchange Commission and applicable regulations. On holidays or other days when the NYSE is closed, the NAV is not calculated and the fund does not transact purchase or redemption requests.

To help the fund maintain its $1 constant share price, portfolio investments are valued at cost, and any discount or premium is amortized to maturity. To ensure that such amortized cost valuations are representative of the investments' fair market value, the fund also calculates a market-based NAV daily. If the fund's board determines that the deviation between the fund's amortized cost NAV and its market-based NAV would cause a material dilution or other unfair results to shareholders, the board will cause the fund to take appropriate remedial action, which may include redeeming shares in kind, selling portfolio securities, or reducing the number of outstanding fund shares. See "Net Asset Value" in the SAI for more information. The current NAV of the fund is available on our website at https://www.johnhancock.com/life-insurance/money-market-trust-filings.html.

**Valuation of securities**

The Board has designated the funds' advisor as the valuation designee to perform fair value functions for each fund in accordance with the advisor's valuation policies and procedures. As valuation designee, the advisor will determine the fair value, in good faith, of securities and other assets held by each fund for which market quotations are not readily available and, among other things, will assess and manage material risks associated with fair value determinations, select, apply and test fair value methodologies, and oversee and evaluate pricing services and other valuation agents used in valuing a fund's investments. The advisor is subject to Board oversight and reports to the Board information regarding the fair valuation process and related material matters. The advisor carries out its responsibilities as valuation designee through its Pricing Committee.

Portfolio securities are valued by various methods that are generally described below. Portfolio securities also may be fair valued by the advisor's Pricing Committee in certain instances pursuant to procedures established by the advisor and adopted by the Board of Trustees. Equity securities are generally valued at the last sale price or, for certain markets, the official closing price as of the close of the relevant exchange. Securities not traded on a particular day are valued using last available bid prices. A security that is listed or traded on more than one exchange is typically valued at the price on the exchange where the security was acquired or most likely will be sold. In certain instances, the Pricing Committee may determine to value equity

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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. Equity securities traded principally in foreign markets are typically valued using the last sale price or official closing price in the relevant exchange or market, as adjusted by an independent pricing vendor to reflect fair value as of the close of the NYSE. On any day a foreign market is closed and the NYSE is open, any foreign securities will typically be valued using the last price or official closing price obtained from the relevant exchange on the prior business day adjusted based on information provided by an independent pricing vendor to reflect fair value as of the close of the NYSE. Debt obligations are typically valued based on evaluated prices provided by an independent pricing vendor. The value of securities denominated in foreign currencies is converted into U.S. dollars at the exchange rate supplied by an independent pricing vendor. Forward foreign currency contracts are valued at the prevailing forward rates which are based on foreign currency exchange spot rates and forward points supplied by an independent pricing vendor. Exchange-traded options are valued at the mid-price of the last quoted bid and ask prices. Futures contracts are typically valued based on daily published settlement prices. Swaps and unlisted options are generally valued using evaluated prices obtained from an independent pricing vendor. Shares of other open-end investment companies that are not exchange-traded funds (underlying funds) are valued based on the NAVs of such underlying funds.

Pricing vendors may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data, broker-dealer quotations, credit quality information, general market conditions, news, and other factors and assumptions. The fund may receive different prices when it sells odd-lot positions than it would receive for sales of institutional round lot positions. Pricing vendors generally value securities assuming orderly transactions of institutional round lot sizes, but a fund may hold or transact in such securities in smaller, odd lot sizes.

The Pricing Committee engages in oversight activities with respect to pricing vendors, which includes, among other things, monitoring significant or unusual price fluctuations above predetermined tolerance levels from the prior day, back-testing of pricing vendor prices against actual trades, conducting periodic due diligence meetings and reviews, and periodically reviewing the inputs, assumptions and methodologies used by these vendors. Nevertheless, market quotations, official closing prices, or information furnished by a pricing vendor could be inaccurate, which could lead to a security being valued incorrectly.

If market quotations, official closing prices, or information furnished by a pricing vendor are not readily available or are otherwise deemed unreliable or not representative of the fair value of such security because of market- or issuer-specific events, a security will be valued at its fair value as determined in good faith by the Board's valuation designee, the advisor. In certain instances, therefore, the Pricing Committee may determine that a reported valuation does not reflect fair value, based on additional information available or other factors, and may accordingly determine in good faith the fair value of the assets, which may differ from the reported valuation.

Fair value pricing of securities is intended to help ensure that a fund's NAV reflects the fair market value of the fund's portfolio securities as of the close of regular trading on the NYSE (as opposed to a value that no longer reflects market value as of such close), thus limiting the opportunity for aggressive traders or market timers to purchase shares of the fund at deflated prices reflecting stale security valuations and promptly sell such shares at a gain, thereby diluting the interests of long-term shareholders. However, a security's valuation may differ depending on the method used for determining value, and no assurance can be given that fair value pricing of securities will successfully eliminate all potential opportunities for such trading gains.

The use of fair value pricing has the effect of valuing a security based upon the price the fund might reasonably expect to receive if it sold that security in an orderly transaction between market participants, but does not guarantee that the security can be sold at the fair value price. Further, because of the inherent uncertainty and subjective nature of fair valuation, a fair valuation price may differ significantly from the value that would have been used had a readily available market price for the investment existed and these differences could be material.

Regarding the fund's investment in an underlying fund that is not an ETF, which (as noted above) is valued at such underlying fund's NAV, the prospectus for such underlying fund explains the circumstances and effects of fair value pricing for that underlying fund.

**<u>Money Market Trust Only</u>**

Money Market Trust operates as a government money market fund, as defined in Rule 2a-7 under the Investment Company Act of 1940, as amended, and, accordingly, uses the amortized cost valuation method, which approximates market value, to value its portfolio securities. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between the principal amount due at maturity and the cost of the security to the fund.

The Board has established procedures designed to stabilize, to the extent reasonably possible, the fund's price per share as computed for the purpose of sales and redemptions at $1.00. The procedures direct the Advisor to establish procedures that will allow for the monitoring of the propriety of the continued use of amortized cost valuation to maintain a constant NAV of $1.00 for the fund. The procedures also direct the Advisor to determine NAV based upon available market quotations ("Shadow Pricing"), pursuant to which daily market values for securities held by the fund will be obtained and compared to such securities' amortized cost values to ensure that the amortized cost values are representative of fair market value pursuant to the funds' procedures. The fund shall value daily: (a) all portfolio instruments for which market quotations are readily available at market; and (b) all portfolio instruments for which market quotations are not readily available or are not obtainable from a pricing service, at their fair value as determined

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in good faith by the Board's valuation designee, the Advisor. If the fair value of a security needs to be determined, the Advisor's Pricing Committee will provide determinations, in accordance with procedures and methods established by the Advisor and adopted by the Board, of the fair value of securities held by the fund.

In determining market quotations that the fund may use for purposes of Shadow Pricing, pricing vendors may use matrix pricing or models that utilize certain inputs and assumptions to derive market quotations, including transaction data, credit quality information, general market conditions, news, and other factors and assumptions. Special Shadow Pricing considerations may apply with respect to the fund's "odd-lot" positions, as the fund may receive different prices when it sells such positions than it would receive for sales of institutional round lot positions. Pricing vendors generally determine market quotations for securities assuming orderly transactions of institutional round lot sizes, but the fund may transact in such securities in smaller, odd lot sizes.

The Advisor's Pricing Committee engages in oversight activities with respect to the fund's pricing vendors, which includes, among other things, monitoring significant or unusual price fluctuations above predetermined tolerance levels from the prior day, back-testing of pricing vendor prices against actual trades, conducting periodic due diligence meetings and reviews, and periodically reviewing the inputs, assumptions and methodologies used by these vendors. Nevertheless, market quotations, official closing prices, or information furnished by a pricing vendor could be inaccurate, which could lead to a security being valued incorrectly.

In the event that the deviation from the amortized cost exceeds 0.30% of $1, or $0.003, per share in NAV, the Advisor shall promptly call a special meeting of the Board to determine what, if any, action should be initiated. Where the Trustees believe the extent of any deviation from the fund's amortized cost NAV may result in material dilution or other unfair results to investors or existing shareholders, they shall take the action they deem appropriate to eliminate or reduce to the extent reasonably practical such dilution or unfair results. The actions that may be taken by the Board include, but are not limited to:

● redeeming shares in kind;

● selling portfolio instruments prior to maturity to realize capital gains or losses or to shorten the average portfolio maturity of the fund;

● withholding or reducing dividends;

● utilizing a NAV based on available market quotations; or

● investing all cash in instruments with a maturity on the next business day.

In certain extraordinary circumstances, the Board may suspend redemptions in the fund and approve the liquidation of the fund if the Board determines that the deviation between the fund's amortized cost price per share and its market-based NAV may result in material dilution or other unfair results to investors or existing shareholders. The Board may also suspend redemptions in the fund and approve the liquidation of the fund if the fund's weekly liquid assets were to fall below 10% and the Board determines it would not be in the best interests of the fund to continue operating.

If the fund has a negative gross yield as a result of negatives interest rates the fund may, with Board approval, reduce the number of shares outstanding by redeeming proportionately from shareholders, such number of full and fractional shares as is necessary to maintain the NAV at $1.00 for the fund. Such reduction in the number of outstanding fund shares would not reduce the value of a shareholder's holdings in the fund, and as a result, no monetary compensation would be paid for the redemption.

Since a dividend is declared to shareholders each time net asset value is determined, the NAV per share of each class of the fund will normally remain constant at $1.00. There is no assurance that the fund can maintain the $1.00 NAV. Monthly, any increase in the value of a shareholder's investment in either class from dividends is reflected as an increase in the number of shares of such class in the shareholder's account or is distributed as cash if a shareholder has so elected.

It is expected that the fund's net income will be positive each time it is determined. However, if because of a sudden rise in interest rates or for any other reason the net income of the fund determined at any time is a negative amount, the fund will offset the negative amount against income accrued during the month for each shareholder account. If at the time of payment of a distribution such negative amount exceeds a shareholder's portion of accrued income, the fund may reduce the number of its outstanding shares by treating the shareholder as having contributed to the capital of the fund that number of full or fractional shares which represents the amount of excess. By investing in any class of shares of the fund, shareholders are deemed to have agreed to make such a contribution. This procedure permits the fund to maintain its NAV at $1.00.

If, in the view of the Trustees, it is inadvisable to continue the practice of maintaining the fund's NAV at $1.00, the Trustees reserve the right to alter the procedures for determining NAV. The fund will notify shareholders of any such alteration.

**Dividends**

JHVIT intends to declare as dividends substantially all of the net investment income, if any, of each fund. Dividends from the net investment income and the net capital gain, if any, for each fund will be declared not less frequently than annually and reinvested in additional full and fractional shares of that fund or paid in cash.

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**<u>Money Market Trust Only</u>**

Money Market Trust seeks to maintain a constant per share NAV of $1.00. Dividends from net investment income for this fund will generally be declared and reinvested, or paid in cash, as to a share class daily. However, if class expenses exceed class income on any given day, as may occur from time to time, the fund may determine not to pay a dividend on the class on that day and to resume paying dividends on that class only when, on a future date, the accumulated net investment income of the class is positive. The accumulated net investment income for a class on any day is equal to the accumulated income attributable to that class less the accumulated expenses attributable to that class since the last payment of a dividend on that class. When the fund resumes paying a dividend on a class, the amount of the initial dividend will be the accumulated net investment income for the class on the date of payment. As a result of this policy, the fund: (1) on any given day, may pay a dividend on all of its classes, on none of its classes or on some but not all of its classes; (2) may not pay a dividend on one or more classes for one or more indeterminate periods which may be as short as a day or quite lengthy; and (3) may, during a period in which it does not pay a dividend on a class, have days on which the net investment income for that class is positive but is not paid as a dividend because the accumulated net investment income for the class continues to be negative. In addition, a shareholder who purchases shares of a class with a negative accumulated net investment income could hold those shares during a period of positive net investment income and never receive a dividend unless and until that accumulated positive net investment income exceeded the negative accumulated net investment income at the time of purchase.

**Disruptive short-term trading**

None of the funds are designed for short-term trading (frequent purchases and redemption of shares) or market timing activities, which may increase portfolio transaction costs, disrupt management of a fund (affecting a subadvisor's ability to effectively manage a fund in accordance with its investment objective and policies), dilute the interest in a fund held for long-term investment or adversely affect a fund's performance (Disruptive Short-Term Trading).

The Board has adopted procedures to deter Disruptive Short-Term Trading and JHVIT seeks to deter and prevent such trading through several methods:

First, to the extent that there is a delay between a change in the value of a fund's holdings, and the time when that change is reflected in the NAV of the fund's shares, the fund is exposed to the risk that investors may seek to exploit this delay by purchasing or redeeming shares at NAVs that do not reflect appropriate fair value prices. JHVIT seeks to deter and prevent this activity, sometimes referred to as "market timing" or "stale price arbitrage," by the appropriate use of "fair value" pricing of the funds' portfolio securities. See "Purchases and Redemption of Shares" above for further information on fair value pricing.

Second, management of JHVIT will monitor purchases and redemptions of JHVIT shares either directly or through procedures adopted by the affiliated insurance companies that use JHVIT as their underlying investment vehicle. If management of JHVIT becomes aware of short-term trading that it believes, in its sole discretion, is having or may potentially have the effect of materially increasing portfolio transaction costs, significantly disrupting portfolio management or significantly diluting the interest in a fund held for long-term investment i.e. Disruptive Short-Term Trading, JHVIT may impose restrictions on such trading as described below.

Pursuant to Rule 22c-2 under the Investment Company Act of 1940, as amended, JHVIT and each insurance company that uses JHVIT as an underlying investment vehicle have entered into information sharing agreements under which the insurance companies are obligated to: (i) adopt, and enforce during the term of the agreement, a short-term trading policy that the insurance company reasonably believes is designed to deter disruptive short-term trading; (ii) furnish JHVIT, upon its request, with information regarding contract holder trading activities in shares of JHVIT; and (iii) enforce its short term trading policy with respect to contract holders identified by JHVIT as having engaged in Disruptive Short-Term Trading. Further, when requested information regarding contract holder trading activities is in the possession of a financial intermediary rather than the insurance company, the agreement obligates the insurance company to undertake to obtain such information from the financial intermediary or, if directed by JHVIT, to cease to accept trading instructions from the financial intermediary for the contract holder unless such instructions are sent to the financial intermediary by regular U.S. mail.

Investors in JHVIT should note that insurance companies have legal and technological limitations on their ability to impose restrictions on Disruptive Short-Term Trading that such limitations and ability may vary among insurance companies and by insurance product. Investors should also note that insurance company separate accounts and omnibus or other nominee accounts, in which purchases and sales of fund shares by multiple investors are aggregated for presentation to a fund on a net basis, inherently make it more difficult for JHVIT to identify short-term transactions in a fund and the investor who is effecting the transaction. Therefore, no assurance can be given that JHVIT will be able to impose uniform restrictions on all insurance companies and all insurance products or that it will be able to successfully impose restrictions on all Disruptive Short-Term Trading. If JHVIT is unsuccessful in restricting Disruptive Short-Term Trading, the affected funds may incur higher brokerage costs, may maintain higher cash levels (limiting their ability to achieve their investment objective and affecting the subadvisor's ability to effectively manage them) and may be exposed to dilution with respect to interests held for long-term investment.

Market timers may target funds with the following types of investments:

1. Funds with significant investments in foreign securities traded on markets that close before the fund determines its NAV;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2. Funds with significant investments in high yield securities that are infrequently traded; and

3. Funds with significant investments in small cap securities.

Market timers may also target funds with other types of investments for frequent trading of shares.

**<u>Money Market Trust Only</u>**

The fund does not knowingly accept shareholders who engage in market timing or other types of excessive short-term trading. Short-term trading into and out of the fund can disrupt portfolio investment strategies and may increase fund expenses for all shareholders, including long-term shareholders who do not generate these costs. However, money market funds are typically utilized by investors for short-term investments. Investors in money market funds value the ability to add and withdraw their funds quickly and without restrictions.

Moreover, because Government money market funds seek to maintain a $1.00 per share price and typically do not fluctuate in market value, they generally are not the targets of abusive trading practices. For these reasons, the fund's Board of Trustees has not adopted policies and procedures with respect to frequent purchases and redemptions of the fund's shares, and the fund does not impose redemption fees or minimum holding periods for its investors. However, the fund's management will seek to prevent an investor from utilizing the fund to facilitate frequent purchases and redemptions of shares in other JHVIT funds that are not money market funds. The JHVIT funds have adopted policies and procedures with respect to excessive trading and potential market timing activity for the non-money market JHVIT funds (as described above), and a contract holder will be prevented from purchasing additional shares or making further exchanges if the fund's management determines that a contract holder has engaged in timing activities in contravention of a non-money market JHVIT fund's policies.

**Policy regarding disclosure of fund portfolio holdings**

A description of the funds' policies and procedures regarding disclosure of portfolio holdings can be found in the SAI.

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**Financial highlights**

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The financial highlights table below for each fund is intended to help investors understand the financial performance of the fund for the past five years. Certain information reflects financial results for a single share of a fund. The total returns presented in the table represent the rate that an investor would have earned (or lost) on an investment in a particular fund (assuming reinvestment of all dividends and distributions). The total return information shown in the Financial Highlights tables does not reflect the fees and expenses of any separate account that may use John Hancock Variable Insurance Trust (JHVIT) as its underlying investment option or of any variable insurance contract that may be funded in such a separate account. If these fees and expenses were included, the total return figures for all periods shown would be reduced.

The financial statements of the funds as of December 31, 2025, have been audited by PricewaterhouseCoopers LLP (PwC), the funds' independent registered public accounting firm. The report of PwC, along with the funds' financial statements in each fund's Form N-CSR filing for the fiscal period ended December 31, 2025, has been incorporated by reference into the SAI. Copies of each fund's most recent Form N-CSR filing are available upon request.

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **500 Index Trust** | **500 Index Trust** | **500 Index Trust** | **500 Index Trust** | **500 Index Trust** | **500 Index Trust** | **500 Index Trust** | **500 Index Trust** | **500 Index Trust** | **500 Index Trust** | **500 Index Trust** | **500 Index Trust** | **500 Index Trust** | **500 Index Trust** | **500 Index Trust** |
| **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** |
|  | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| **Period ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of period**<br> **($)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **($)**<sup>1</sup> <br>| **Net realized**<br> **and**<br> **unrealized**<br> **gain (loss)**<br> **on**<br> **investments**<br> **($)**<br>| **Total from**<br> **investment**<br> **operations**<br> **($)**<br>| **From net**<br> **investment**<br> **income**<br> **($)**<br>| **From net**<br> **realized**<br> **gain**<br> **($)**<br>| **Total**<br> **distributions**<br> **($)**<br>| **Net asset**<br> **value,**<br> **end of**<br> **period**<br> **($)**<br>| **Total**<br> **return**<br> **(%)**<sup>2</sup> <br>| &nbsp;&nbsp; **Expenses**<br> **before**<br> **reductions**<br> **(%)**<br>| **Expenses**<br> **including**<br> **reductions**<br> **(%)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **(%)**<br>| &nbsp;&nbsp; **Net**<br> **assets,**<br> **end of**<br> **period (in**<br> **thousands)**<br>| **Portfolio**<br> **turnover**<br> **(%)**<br>|
| **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 60.79 | 0.65 | 9.97 | 10.62 | (0.70)<br>| (1.08)<br>| (1.78)<br>| 69.63 | 17.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | 0.30 | 1.02 | &nbsp;&nbsp;&nbsp; 8302 | 2 |
| 12-31-2024 | 49.87 | 0.68 | 11.57 | 12.25 | (0.62)<br>| (0.71)<br>| (1.33)<br>| 60.79 | 24.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | 0.30 | 1.20 | &nbsp;&nbsp;&nbsp; 7339 | 3 |
| 12-31-2023 | 40.70 | 0.67 | 9.72 | 10.39 | (0.58)<br>| (0.64)<br>| (1.22)<br>| 49.87 | 25.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | 0.30 | 1.48 | &nbsp;&nbsp;&nbsp; 5787 | 2 |
| 12-31-2022 | 52.44 | 0.59 | (10.22)<br>| (9.63)<br>| (0.56)<br>| (1.55)<br>| (2.11)<br>| 40.70 | (18.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.55 | 0.30 | 1.31 | &nbsp;&nbsp;&nbsp; 4441 | 2 |
| 12-31-2021 | 43.08 | 0.52 | 11.55 | 12.07 | (0.67)<br>| (2.04)<br>| (2.71)<br>| 52.44 | 28.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | 0.30 | 1.06 | &nbsp;&nbsp;&nbsp; 5400 | 2 |
| **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 60.78 | 0.52 | 9.95 | 10.47 | (0.59)<br>| (1.08)<br>| (1.67)<br>| 69.58 | 17.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | 0.50 | 0.82 | &nbsp;&nbsp;&nbsp; 96 | 2 |
| 12-31-2024 | 49.88 | 0.57 | 11.56 | 12.13 | (0.52)<br>| (0.71)<br>| (1.23)<br>| 60.78 | 24.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | 0.50 | 1.00 | &nbsp;&nbsp;&nbsp; 92 | 3 |
| 12-31-2023 | 40.72 | 0.58 | 9.72 | 10.30 | (0.50)<br>| (0.64)<br>| (1.14)<br>| 49.88 | 25.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | 0.50 | 1.28 | &nbsp;&nbsp;&nbsp; 82 | 2 |
| 12-31-2022 | 52.45 | 0.50 | (10.21)<br>| (9.71)<br>| (0.47)<br>| (1.55)<br>| (2.02)<br>| 40.72 | (18.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.75 | 0.50 | 1.11 | &nbsp;&nbsp;&nbsp; 70 | 2 |
| 12-31-2021 | 43.09 | 0.42 | 11.56 | 11.98 | (0.58)<br>| (2.04)<br>| (2.62)<br>| 52.45 | 28.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | 0.50 | 0.86 | &nbsp;&nbsp;&nbsp; 96 | 2 |
| **Series NAV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 60.80 | 0.69 | 9.96 | 10.65 | (0.73)<br>| (1.08)<br>| (1.81)<br>| 69.64 | 17.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | 0.25 | 1.07 | &nbsp;&nbsp;&nbsp; 3829 | 2 |
| 12-31-2024 | 49.87 | 0.71 | 11.57 | 12.28 | (0.64)<br>| (0.71)<br>| (1.35)<br>| 60.80 | 24.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | 0.25 | 1.25 | &nbsp;&nbsp;&nbsp; 3277 | 3 |
| 12-31-2023 | 40.70 | 0.70 | 9.71 | 10.41 | (0.60)<br>| (0.64)<br>| (1.24)<br>| 49.87 | 25.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | 0.25 | 1.53 | &nbsp;&nbsp;&nbsp; 2764 | 2 |
| 12-31-2022 | 52.43 | 0.61 | (10.20)<br>| (9.59)<br>| (0.59)<br>| (1.55)<br>| (2.14)<br>| 40.70 | (18.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.50 | 0.25 | 1.36 | &nbsp;&nbsp;&nbsp; 2201 | 2 |
| 12-31-2021 | 43.07 | 0.54 | 11.55 | 12.09 | (0.69)<br>| (2.04)<br>| (2.73)<br>| 52.43 | 28.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | 0.25 | 1.11 | &nbsp;&nbsp;&nbsp; 2944 | 2 |

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|:---|:---|
| **1** | Based on average daily shares outstanding. |
| **2** | Total returns exclude insurance-related fees and expenses and would have been lower had certain expenses not been reduced during the applicable periods. |

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Active Bond Trust** | **Active Bond Trust** | **Active Bond Trust** | **Active Bond Trust** | **Active Bond Trust** | **Active Bond Trust** | **Active Bond Trust** | **Active Bond Trust** | **Active Bond Trust** | **Active Bond Trust** | **Active Bond Trust** | **Active Bond Trust** | **Active Bond Trust** | **Active Bond Trust** | **Active Bond Trust** |
| **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** |
|  | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| **Period ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of period**<br> **($)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **($)**<sup>1</sup> <br>| **Net realized**<br> **and**<br> **unrealized**<br> **gain (loss)**<br> **on**<br> **investments**<br> **($)**<br>| **Total from**<br> **investment**<br> **operations**<br> **($)**<br>| **From net**<br> **investment**<br> **income**<br> **($)**<br>| **From net**<br> **realized**<br> **gain**<br> **($)**<br>| **Total**<br> **distributions**<br> **($)**<br>| **Net asset**<br> **value,**<br> **end of**<br> **period**<br> **($)**<br>| **Total**<br> **return**<br> **(%)**<sup>2</sup> <br>| &nbsp;&nbsp; **Expenses**<br> **before**<br> **reductions**<br> **(%)**<br>| **Expenses**<br> **including**<br> **reductions**<br> **(%)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **(%)**<br>| &nbsp;&nbsp; **Net**<br> **assets,**<br> **end of**<br> **period (in**<br> **thousands)**<br>| **Portfolio**<br> **turnover**<br> **(%)**<br>|
| **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 8.13 | 0.36 | 0.24 | 0.60 | (0.38)<br>|  | (0.38)<br>| 8.35 | 7.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | 0.70 | 4.26 | &nbsp;&nbsp;&nbsp; 25 | 90 |
| 12-31-2024 | 8.26 | 0.34 | (0.15)<br>| 0.19 | (0.32)<br>|  | (0.32)<br>| 8.13 | 2.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | 0.70 | 4.07 | &nbsp;&nbsp;&nbsp; 26 | 111 |
| 12-31-2023 | 8.06 | 0.30 | 0.19 | 0.49 | (0.29)<br>|  | (0.29)<br>| 8.26 | 6.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | 0.71 | 3.68 | &nbsp;&nbsp;&nbsp; 27 | 85 |
| 12-31-2022 | 9.79 | 0.27 | (1.64)<br>| (1.37)<br>| (0.30)<br>| (0.06)<br>| (0.36)<br>| 8.06 | (13.85)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.71 | 0.70 | 3.05 | &nbsp;&nbsp;&nbsp; 26 | 91 |
| 12-31-2021 | 10.34 | 0.24 | (0.30)<br>| (0.06)<br>| (0.33)<br>| (0.16)<br>| (0.49)<br>| 9.79 | (0.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.70 | 0.69 | 2.35 | &nbsp;&nbsp;&nbsp; 34 | 95 |
| **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 8.15 | 0.34 | 0.25 | 0.59 | (0.37)<br>|  | (0.37)<br>| 8.37 | 7.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | 0.90 | 4.06 | &nbsp;&nbsp;&nbsp; 100 | 90 |
| 12-31-2024 | 8.28 | 0.32 | (0.15)<br>| 0.17 | (0.30)<br>|  | (0.30)<br>| 8.15 | 2.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | 0.90 | 3.87 | &nbsp;&nbsp;&nbsp; 100 | 111 |
| 12-31-2023 | 8.08 | 0.29 | 0.19 | 0.48 | (0.28)<br>|  | (0.28)<br>| 8.28 | 6.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | 0.91 | 3.48 | &nbsp;&nbsp;&nbsp; 105 | 85 |
| 12-31-2022 | 9.81 | 0.25 | (1.64)<br>| (1.39)<br>| (0.28)<br>| (0.06)<br>| (0.34)<br>| 8.08 | (14.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.91 | 0.90 | 2.83 | &nbsp;&nbsp;&nbsp; 103 | 91 |
| 12-31-2021 | 10.36 | 0.22 | (0.30)<br>| (0.08)<br>| (0.31)<br>| (0.16)<br>| (0.47)<br>| 9.81 | (0.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.90 | 0.89 | 2.15 | &nbsp;&nbsp;&nbsp; 144 | 95 |
| **Series NAV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 8.13 | 0.36 | 0.25 | 0.61 | (0.38)<br>|  | (0.38)<br>| 8.36 | 7.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | 0.65 | 4.31 | &nbsp;&nbsp;&nbsp; 440 | 90 |
| 12-31-2024 | 8.27 | 0.34 | (0.16)<br>| 0.18 | (0.32)<br>|  | (0.32)<br>| 8.13 | 2.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | 0.65 | 4.12 | &nbsp;&nbsp;&nbsp; 425 | 111 |
| 12-31-2023 | 8.07 | 0.31 | 0.19 | 0.50 | (0.30)<br>|  | (0.30)<br>| 8.27 | 6.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | 0.66 | 3.73 | &nbsp;&nbsp;&nbsp; 425 | 85 |
| 12-31-2022 | 9.80 | 0.27 | (1.63)<br>| (1.36)<br>| (0.31)<br>| (0.06)<br>| (0.37)<br>| 8.07 | (13.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.66 | 0.65 | 3.10 | &nbsp;&nbsp;&nbsp; 420 | 91 |
| 12-31-2021 | 10.34 | 0.24 | (0.28)<br>| (0.04)<br>| (0.34)<br>| (0.16)<br>| (0.50)<br>| 9.80 | (0.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.65 | 0.64 | 2.40 | &nbsp;&nbsp;&nbsp; 549 | 95 |

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|:---|:---|
| **1** | Based on average daily shares outstanding. |
| **2** | Total returns exclude insurance-related fees and expenses and would have been lower had certain expenses not been reduced during the applicable periods. |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **American Asset Allocation Trust** | **American Asset Allocation Trust** | **American Asset Allocation Trust** | **American Asset Allocation Trust** | **American Asset Allocation Trust** | **American Asset Allocation Trust** | **American Asset Allocation Trust** | **American Asset Allocation Trust** | **American Asset Allocation Trust** | **American Asset Allocation Trust** | **American Asset Allocation Trust** |
| **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Ratios and supplemental data** | **Ratios and supplemental data** |
|  | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  | **Ratios to average net assets** |  |
| **Period ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of period**<br> **($)**<br>| **Net realized**<br> **and**<br> **unrealized**<br> **gain (loss)**<br> **on**<br> **investments**<br> **($)**<br>| **Total from**<br> **investment**<br> **operations**<br> **($)**<br>| **From net**<br> **investment**<br> **income**<br> **($)**<br>| **From net**<br> **realized**<br> **gain**<br> **($)**<br>| **Total**<br> **distributions**<br> **($)**<br>| **Net asset**<br> **value,**<br> **end of**<br> **period**<br> **($)**<br>| **Total**<br> **return**<br> **(%)**<sup>2</sup> <br>| &nbsp;&nbsp; **Net**<br> **assets,**<br> **end of**<br> **period (in**<br> **thousands)**<br>| **Portfolio**<br> **turnover**<br> **(%)**<br>|
| **Series I** |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 9.86<br>0.17<br> <sup>3</sup><br>| 1.33 | 1.50 | (0.16)<br>| (0.85)<br>| (1.01)<br>| 10.35 | 15.39<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> <sup>4</sup><br>0.62<br> <sup>4</sup><br>1.64<br> <sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 422 | 10 |
| 12-31-2024 | 9.17<br>0.18 <br><sup>3</sup><br>| 1.29 | 1.47 | (0.17)<br>| (0.61)<br>| (0.78)<br>| 9.86 | 16.02<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.63 <br><sup>4</sup><br>0.62 <br><sup>4</sup><br>1.78 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 382 | 7 |
| 12-31-2023 | 9.59<br>0.18 <br><sup>3</sup><br>| 1.00 | 1.18 | (0.17)<br>| (1.43)<br>| (1.60)<br>| 9.17 | 13.90<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.63 <br><sup>4</sup><br>1.83 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 343 | 6 |
| 12-31-2022 | 13.11<br>0.17 <br><sup>3</sup><br>| (2.02)<br>| (1.85)<br>| (0.16)<br>| (1.51)<br>| (1.67)<br>| 9.59 | (13.76)<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.63 <br><sup>4</sup><br>0.62 <br><sup>4</sup><br>1.54 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 320 | 9 |
| 12-31-2021 | 12.26<br>0.15 <br><sup>3</sup><br>| 1.65 | 1.80 | (0.15)<br>| (0.80)<br>| (0.95)<br>| 13.11 | 14.71<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.63 <br><sup>4</sup><br>0.62 <br><sup>4</sup><br>1.16 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 374 | 5 |
| **Series II** |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 9.86<br>0.15<br> <sup>3</sup><br>| 1.35 | 1.50 | (0.15)<br>| (0.85)<br>| (1.00)<br>| 10.36 | 15.31<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> <sup>4</sup><br>0.71<br> <sup>4</sup><br>1.46<br> <sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 695 | 10 |
| 12-31-2024 | 9.17<br>0.16 <br><sup>3</sup><br>| 1.30 | 1.46 | (0.16)<br>| (0.61)<br>| (0.77)<br>| 9.86 | 15.92<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.78 <br><sup>4</sup><br>0.71 <br><sup>4</sup><br>1.59 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 704 | 7 |
| 12-31-2023 | 9.60<br>0.16 <br><sup>3</sup><br>| 1.00 | 1.16 | (0.16)<br>| (1.43)<br>| (1.59)<br>| 9.17 | 13.68<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.78 <br><sup>4</sup><br>0.72 <br><sup>4</sup><br>1.67 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 707 | 6 |
| 12-31-2022 | 13.11<br>0.16 <br><sup>3</sup><br>| (2.01)<br>| (1.85)<br>| (0.15)<br>| (1.51)<br>| (1.66)<br>| 9.60 | (13.77)<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.78 <br><sup>4</sup><br>0.71 <br><sup>4</sup><br>1.37 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 710 | 9 |
| 12-31-2021 | 12.26<br>0.13 <br><sup>3</sup><br>| 1.65 | 1.78 | (0.13)<br>| (0.80)<br>| (0.93)<br>| 13.11 | 14.61<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.78 <br><sup>4</sup><br>0.71 <br><sup>4</sup><br>0.98 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 921 | 5 |
| **Series III** |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 9.88<br>0.20<br> <sup>3</sup><br>| 1.34 | 1.54 | (0.23)<br>| (0.85)<br>| (1.08)<br>| 10.34 | 15.76<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> <sup>4</sup><br>0.27<br> <sup>4</sup><br>1.92<br> <sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 105 | 10 |
| 12-31-2024 | 9.18<br>0.20 <br><sup>3</sup><br>| 1.31 | 1.51 | (0.20)<br>| (0.61)<br>| (0.81)<br>| 9.88 | 16.50<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.28 <br><sup>4</sup><br>0.27 <br><sup>4</sup><br>2.04 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 104 | 7 |
| 12-31-2023 | 9.60<br>0.21 <br><sup>3</sup><br>| 1.00 | 1.21 | (0.20)<br>| (1.43)<br>| (1.63)<br>| 9.18 | 14.23<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.28 <br><sup>4</sup><br>2.14 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 104 | 6 |
| 12-31-2022 | 13.12<br>0.21 <br><sup>3</sup><br>| (2.02)<br>| (1.81)<br>| (0.20)<br>| (1.51)<br>| (1.71)<br>| 9.60 | (13.44)<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.28 <br><sup>4</sup><br>0.27 <br><sup>4</sup><br>1.82 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 101 | 9 |
| 12-31-2021 | 12.27<br>0.19 <br><sup>3</sup><br>| 1.65 | 1.84 | (0.19)<br>| (0.80)<br>| (0.99)<br>| 13.12 | 15.07<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.28 <br><sup>4</sup><br>0.27 <br><sup>4</sup><br>1.45 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 128 | 5 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **1** | Based on average daily shares outstanding. |
| **2** | Total returns exclude insurance-related fees and expenses and would have been lower had certain expenses not been reduced during the applicable periods. |
| **3** | Net investment income is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the portfolio invests. |
| **4** | Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the portfolio. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**310**

------

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **American Global Growth Trust** | **American Global Growth Trust** | **American Global Growth Trust** | **American Global Growth Trust** | **American Global Growth Trust** | **American Global Growth Trust** | **American Global Growth Trust** | **American Global Growth Trust** | **American Global Growth Trust** | **American Global Growth Trust** | **American Global Growth Trust** |
| **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Ratios and supplemental data** | **Ratios and supplemental data** |
|  | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  | **Ratios to average net assets** |  |
| **Period ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of period**<br> **($)**<br>| **Net realized**<br> **and**<br> **unrealized**<br> **gain (loss)**<br> **on**<br> **investments**<br> **($)**<br>| **Total from**<br> **investment**<br> **operations**<br> **($)**<br>| **From net**<br> **investment**<br> **income**<br> **($)**<br>| **From net**<br> **realized**<br> **gain**<br> **($)**<br>| **Total**<br> **distributions**<br> **($)**<br>| **Net asset**<br> **value,**<br> **end of**<br> **period**<br> **($)**<br>| **Total**<br> **return**<br> **(%)**<sup>2</sup> <br>| &nbsp;&nbsp; **Net**<br> **assets,**<br> **end of**<br> **period (in**<br> **thousands)**<br>| **Portfolio**<br> **turnover**<br> **(%)**<br>|
| **Series I** |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 14.38<br>0.15<br> <sup>3</sup><br>| 2.88 | 3.03 | (0.14)<br>| (1.35)<br>| (1.49)<br>| 15.92 | 21.17<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> <sup>4</sup><br>0.67<br> <sup>4</sup><br>0.94<br> <sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 65 | 16 |
| 12-31-2024 | 14.27<br>0.18 <br><sup>3</sup><br>| 1.74 | 1.92 | (0.16)<br>| (1.65)<br>| (1.81)<br>| 14.38 | 13.20<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.66 <br><sup>4</sup><br>0.65 <br><sup>4</sup><br>1.16 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 58 | 6 |
| 12-31-2023 | 13.73<br>0.08 <br><sup>3</sup><br>| 2.66 | 2.74 | (0.07)<br>| (2.13)<br>| (2.20)<br>| 14.27 | 22.12<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.66 <br><sup>4</sup><br>0.65 <br><sup>4</sup><br>0.52 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 52 | 12 |
| 12-31-2022 | 21.63<br>0.05 <br><sup>3</sup><br>| (5.61)<br>| (5.56)<br>| (0.04)<br>| (2.30)<br>| (2.34)<br>| 13.73 | (25.05)<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.66 <br><sup>4</sup><br>0.65 <br><sup>4</sup><br>0.33 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 41 | 13 |
| 12-31-2021 | 19.75<br>(0.01 )<sup>3</sup><br>| 3.16 | 3.15 |  | (1.27)<br>| (1.27)<br>| 21.63 | 16.00<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.64 <br><sup>4</sup><br>0.63 <br><sup>4</sup><br>(0.04 )<sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 48 | 8 |
| **Series II** |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 14.27<br>0.13<br> <sup>3</sup><br>| 2.86 | 2.99 | (0.12)<br>| (1.35)<br>| (1.47)<br>| 15.79 | 21.08<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> <sup>4</sup><br>0.74<br> <sup>4</sup><br>0.83<br> <sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 115 | 16 |
| 12-31-2024 | 14.17<br>0.15 <br><sup>3</sup><br>| 1.74 | 1.89 | (0.14)<br>| (1.65)<br>| (1.79)<br>| 14.27 | 13.15<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.81 <br><sup>4</sup><br>0.72 <br><sup>4</sup><br>1.00 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 111 | 6 |
| 12-31-2023 | 13.65<br>0.06 <br><sup>3</sup><br>| 2.65 | 2.71 | (0.06)<br>| (2.13)<br>| (2.19)<br>| 14.17 | 22.02<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.81 <br><sup>4</sup><br>0.72 <br><sup>4</sup><br>0.38 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 117 | 12 |
| 12-31-2022 | 21.51<br>0.03 <br><sup>3</sup><br>| (5.57)<br>| (5.54)<br>| (0.02)<br>| (2.30)<br>| (2.32)<br>| 13.65 | (25.08)<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.81 <br><sup>4</sup><br>0.72 <br><sup>4</sup><br>0.18 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 112 | 13 |
| 12-31-2021 | 19.66<br>(0.03 )<sup>3</sup><br>| 3.15 | 3.12 |  | (1.27)<br>| (1.27)<br>| 21.51 | 15.92<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.79 <br><sup>4</sup><br>0.70 <br><sup>4</sup><br>(0.14 )<sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 169 | 8 |
| **Series III** |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 14.47<br>0.19<br> <sup>3</sup><br>| 2.91 | 3.10 | (0.23)<br>| (1.35)<br>| (1.58)<br>| 15.99 | 21.55<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> <sup>4</sup><br>0.32<br> <sup>4</sup><br>1.24<br> <sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 27 | 16 |
| 12-31-2024 | 14.35<br>0.23 <br><sup>3</sup><br>| 1.75 | 1.98 | (0.21)<br>| (1.65)<br>| (1.86)<br>| 14.47 | 13.58<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.31 <br><sup>4</sup><br>0.30 <br><sup>4</sup><br>1.44 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 27 | 6 |
| 12-31-2023 | 13.79<br>0.12 <br><sup>3</sup><br>| 2.69 | 2.81 | (0.12)<br>| (2.13)<br>| (2.25)<br>| 14.35 | 22.55<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.31 <br><sup>4</sup><br>0.30 <br><sup>4</sup><br>0.82 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 27 | 12 |
| 12-31-2022 | 21.71<br>0.11 <br><sup>3</sup><br>| (5.64)<br>| (5.53)<br>| (0.09)<br>| (2.30)<br>| (2.39)<br>| 13.79 | (24.77)<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.31 <br><sup>4</sup><br>0.30 <br><sup>4</sup><br>0.64 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 25 | 13 |
| 12-31-2021 | 19.75<br>0.06 <br><sup>3</sup><br>| 3.17 | 3.23 |  | (1.27)<br>| (1.27)<br>| 21.71 | 16.41<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.29 <br><sup>4</sup><br>0.28 <br><sup>4</sup><br>0.29 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 33 | 8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **1** | Based on average daily shares outstanding. |
| **2** | Total returns exclude insurance-related fees and expenses and would have been lower had certain expenses not been reduced during the applicable periods. |
| **3** | Net investment income is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the portfolio invests. |
| **4** | Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the portfolio. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**311**

------

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **American Growth Trust** | **American Growth Trust** | **American Growth Trust** | **American Growth Trust** | **American Growth Trust** | **American Growth Trust** | **American Growth Trust** | **American Growth Trust** | **American Growth Trust** | **American Growth Trust** | **American Growth Trust** |
| **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Ratios and supplemental data** | **Ratios and supplemental data** |
|  | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  | **Ratios to average net assets** |  |
| **Period ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of period**<br> **($)**<br>| **Net realized**<br> **and**<br> **unrealized**<br> **gain (loss)**<br> **on**<br> **investments**<br> **($)**<br>| **Total from**<br> **investment**<br> **operations**<br> **($)**<br>| **From net**<br> **investment**<br> **income**<br> **($)**<br>| **From net**<br> **realized**<br> **gain**<br> **($)**<br>| **Total**<br> **distributions**<br> **($)**<br>| **Net asset**<br> **value,**<br> **end of**<br> **period**<br> **($)**<br>| **Total**<br> **return**<br> **(%)**<sup>2</sup> <br>| &nbsp;&nbsp; **Net**<br> **assets,**<br> **end of**<br> **period (in**<br> **thousands)**<br>| **Portfolio**<br> **turnover**<br> **(%)**<br>|
| **Series I** |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 18.54<br>(0.08)<sup>3</sup><br>| 3.76 | 3.68 |  | (1.79)<sup>4</sup><br>| (1.79)<br>| 20.43 | 19.81<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> <sup>5</sup><br>0.62<br> <sup>5</sup><br>(0.38)<sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 420 | 11 |
| 12-31-2024 | 15.41<br>(0.01 )<sup>3</sup><br>| 4.72 | 4.71 |  | (1.58 )<sup>4</sup><br>| (1.58)<br>| 18.54 | 31.09<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.63 <br><sup>5</sup><br>0.62 <br><sup>5</sup><br>(0.03 )<sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 354 | 5 |
| 12-31-2023 | 13.39<br>— <br><sup>3, 6</sup><br>| 4.67 | 4.67 | (0.01)<br>| (2.64)<br>| (2.65)<br>| 15.41 | 37.99<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.64 <br><sup>5</sup><br>0.63 <br><sup>5</sup><br>(0.01 )<sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 271 | 8 |
| 12-31-2022 | 26.51<br>— <br><sup>3, 6</sup><br>| (7.86)<br>| (7.86)<br>|  | (5.26 )<sup>4</sup><br>| (5.26)<br>| 13.39 | (30.20)<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.63 <br><sup>5</sup><br>0.62 <br><sup>5</sup><br>(0.02 )<sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 188 | 11 |
| 12-31-2021 | 23.31<br>(0.04 )<sup>3</sup><br>| 5.05 | 5.01 |  | (1.81 )<sup>4</sup><br>| (1.81)<br>| 26.51 | 21.55<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.63 <br><sup>5</sup><br>0.62 <br><sup>5</sup><br>(0.14 )<sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 265 | 14 |
| **Series II** |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 18.15<br>(0.08)<sup>3</sup><br>| 3.67 | 3.59 |  | (1.78)<sup>4</sup><br>| (1.78)<br>| 19.96 | 19.73<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> <sup>5</sup><br>0.68<br> <sup>5</sup><br>(0.44)<sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 588 | 11 |
| 12-31-2024 | 15.12<br>(0.02 )<sup>3</sup><br>| 4.63 | 4.61 |  | (1.58 )<sup>4</sup><br>| (1.58)<br>| 18.15 | 31.03<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.78 <br><sup>5</sup><br>0.68 <br><sup>5</sup><br>(0.13 )<sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 577 | 5 |
| 12-31-2023 | 13.19<br>(0.02 )<sup>3</sup><br>| 4.60 | 4.58 | (0.01)<br>| (2.64)<br>| (2.65)<br>| 15.12 | 37.88<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.79 <br><sup>5</sup><br>0.69 <br><sup>5</sup><br>(0.10 )<sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 545 | 8 |
| 12-31-2022 | 26.22<br>(0.02 )<sup>3</sup><br>| (7.76)<br>| (7.78)<br>| (0.01)<br>| (5.24 )<sup>4</sup><br>| (5.25)<br>| 13.19 | (30.25)<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.78 <br><sup>5</sup><br>0.68 <br><sup>5</sup><br>(0.11 )<sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 481 | 11 |
| 12-31-2021 | 23.07<br>(0.06 )<sup>3</sup><br>| 5.00 | 4.94 |  | (1.79 )<sup>4</sup><br>| (1.79)<br>| 26.22 | 21.49<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.78 <br><sup>5</sup><br>0.68 <br><sup>5</sup><br>(0.23 )<sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 739 | 14 |
| **Series III** |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 18.50<br>(0.01)<sup>3</sup><br>| 3.75 | 3.74 |  | (1.86)<sup>4</sup><br>| (1.86)<br>| 20.38 | 20.17<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> <sup>5</sup><br>0.27<br> <sup>5</sup><br>(0.03)<sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 91 | 11 |
| 12-31-2024 | 15.33<br>0.05 <br><sup>3</sup><br>| 4.71 | 4.76 |  | (1.59 )<sup>4</sup><br>| (1.59)<br>| 18.50 | 31.60<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.28 <br><sup>5</sup><br>0.27 <br><sup>5</sup><br>0.29 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 91 | 5 |
| 12-31-2023 | 13.29<br>0.05 <br><sup>3</sup><br>| 4.64 | 4.69 | (0.01)<br>| (2.64)<br>| (2.65)<br>| 15.33 | 38.45<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.29 <br><sup>5</sup><br>0.28 <br><sup>5</sup><br>0.31 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 86 | 8 |
| 12-31-2022 | 26.38<br>0.06 <br><sup>3</sup><br>| (7.82)<br>| (7.76)<br>|  | (5.33 )<sup>4</sup><br>| (5.33)<br>| 13.29 | (29.95)<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.28 <br><sup>5</sup><br>0.27 <br><sup>5</sup><br>0.31 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 76 | 11 |
| 12-31-2021 | 23.19<br>0.05 <br><sup>3</sup><br>| 5.04 | 5.09 |  | (1.90 )<sup>4</sup><br>| (1.90)<br>| 26.38 | 22.00<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.28 <br><sup>5</sup><br>0.27 <br><sup>5</sup><br>0.19 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 106 | 14 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **1** | Based on average daily shares outstanding. |
| **2** | Total returns exclude insurance-related fees and expenses and would have been lower had certain expenses not been reduced during the applicable periods. |
| **3** | Net investment income is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the portfolio invests. |
| **4** | Capital gain distributions may vary between classes due to expense differences applied to ordinary income distributions from underlying funds. |
| **5** | Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the portfolio. |
| **6** | Less than $0.005 per share. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**312**

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **American Growth-Income Trust** | **American Growth-Income Trust** | **American Growth-Income Trust** | **American Growth-Income Trust** | **American Growth-Income Trust** | **American Growth-Income Trust** | **American Growth-Income Trust** | **American Growth-Income Trust** | **American Growth-Income Trust** | **American Growth-Income Trust** | **American Growth-Income Trust** |
| **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Ratios and supplemental data** | **Ratios and supplemental data** |
|  | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  | **Ratios to average net assets** |  |
| **Period ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of period**<br> **($)**<br>| **Net realized**<br> **and**<br> **unrealized**<br> **gain (loss)**<br> **on**<br> **investments**<br> **($)**<br>| **Total from**<br> **investment**<br> **operations**<br> **($)**<br>| **From net**<br> **investment**<br> **income**<br> **($)**<br>| **From net**<br> **realized**<br> **gain**<br> **($)**<br>| **Total**<br> **distributions**<br> **($)**<br>| **Net asset**<br> **value,**<br> **end of**<br> **period**<br> **($)**<br>| **Total**<br> **return**<br> **(%)**<sup>2</sup> <br>| &nbsp;&nbsp; **Net**<br> **assets,**<br> **end of**<br> **period (in**<br> **thousands)**<br>| **Portfolio**<br> **turnover**<br> **(%)**<br>|
| **Series I** |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 18.05<br>0.10<br> <sup>3</sup><br>| 3.06 | 3.16 | (0.08)<br>| (2.18)<br>| (2.26)<br>| 18.95 | 17.65<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> <sup>4</sup><br>0.53<br> <sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 405 | 13 |
| 12-31-2024 | 15.73<br>0.13 <br><sup>3</sup><br>| 3.58 | 3.71 | (0.12)<br>| (1.27)<br>| (1.39)<br>| 18.05 | 23.71<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.63 <br><sup>4</sup><br>0.72 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 368 | 6 |
| 12-31-2023 | 14.21<br>0.15 <br><sup>3</sup><br>| 3.27 | 3.42 | (0.16)<br>| (1.74)<br>| (1.90)<br>| 15.73 | 25.68<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.64 <br><sup>4</sup><br>0.63 <br><sup>4</sup><br>0.97 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 315 | 8 |
| 12-31-2022 | 18.55<br>0.14 <br><sup>3</sup><br>| (3.28)<br>| (3.14)<br>| (0.13)<br>| (1.07)<br>| (1.20)<br>| 14.21 | (16.78)<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.63 <br><sup>4</sup><br>0.62 <br><sup>4</sup><br>0.89 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 268 | 12 |
| 12-31-2021 | 15.87<br>0.13 <br><sup>3</sup><br>| 3.59 | 3.72 | (0.13)<br>| (0.91)<br>| (1.04)<br>| 18.55 | 23.61<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.63 <br><sup>4</sup><br>0.62 <br><sup>4</sup><br>0.74 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 344 | 3 |
| **Series II** |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 17.92<br>0.08<br> <sup>3</sup><br>| 3.04 | 3.12 | (0.07)<br>| (2.18)<br>| (2.25)<br>| 18.79 | 17.53<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> <sup>4</sup><br>0.71<br> <sup>4</sup><br>0.41<br> <sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 422 | 13 |
| 12-31-2024 | 15.62<br>0.10 <br><sup>3</sup><br>| 3.57 | 3.67 | (0.10)<br>| (1.27)<br>| (1.37)<br>| 17.92 | 23.66<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.78 <br><sup>4</sup><br>0.71 <br><sup>4</sup><br>0.58 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 417 | 6 |
| 12-31-2023 | 14.13<br>0.13 <br><sup>3</sup><br>| 3.24 | 3.37 | (0.14)<br>| (1.74)<br>| (1.88)<br>| 15.62 | 25.52<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.79 <br><sup>4</sup><br>0.71 <br><sup>4</sup><br>0.85 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 410 | 8 |
| 12-31-2022 | 18.45<br>0.12 <br><sup>3</sup><br>| (3.25)<br>| (3.13)<br>| (0.12)<br>| (1.07)<br>| (1.19)<br>| 14.13 | (16.84)<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.78 <br><sup>4</sup><br>0.70 <br><sup>4</sup><br>0.78 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 380 | 12 |
| 12-31-2021 | 15.79<br>0.11 <br><sup>3</sup><br>| 3.58 | 3.69 | (0.12)<br>| (0.91)<br>| (1.03)<br>| 18.45 | 23.51<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.78 <br><sup>4</sup><br>0.70 <br><sup>4</sup><br>0.61 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 531 | 3 |
| **Series III** |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 18.02<br>0.16<br> <sup>3</sup><br>| 3.06 | 3.22 | (0.17)<br>| (2.18)<br>| (2.35)<br>| 18.89 | 18.10<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> <sup>4</sup><br>0.83<br> <sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 176 | 13 |
| 12-31-2024 | 15.69<br>0.18 <br><sup>3</sup><br>| 3.60 | 3.78 | (0.18)<br>| (1.27)<br>| (1.45)<br>| 18.02 | 24.17<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.28 <br><sup>4</sup><br>1.01 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 177 | 6 |
| 12-31-2023 | 14.17<br>0.20 <br><sup>3</sup><br>| 3.27 | 3.47 | (0.21)<br>| (1.74)<br>| (1.95)<br>| 15.69 | 26.14<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.29 <br><sup>4</sup><br>0.28 <br><sup>4</sup><br>1.29 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 175 | 8 |
| 12-31-2022 | 18.52<br>0.20 <br><sup>3</sup><br>| (3.29)<br>| (3.09)<br>| (0.19)<br>| (1.07)<br>| (1.26)<br>| 14.17 | (16.56)<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.28 <br><sup>4</sup><br>0.27 <br><sup>4</sup><br>1.24 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 163 | 12 |
| 12-31-2021 | 15.83<br>0.19 <br><sup>3</sup><br>| 3.60 | 3.79 | (0.19)<br>| (0.91)<br>| (1.10)<br>| 18.52 | 24.13<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.28 <br><sup>4</sup><br>0.27 <br><sup>4</sup><br>1.05 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 216 | 3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **1** | Based on average daily shares outstanding. |
| **2** | Total returns exclude insurance-related fees and expenses and would have been lower had certain expenses not been reduced during the applicable periods. |
| **3** | Net investment income is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the portfolio invests. |
| **4** | Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the portfolio. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**313**

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Blue Chip Growth Trust** | **Blue Chip Growth Trust** | **Blue Chip Growth Trust** | **Blue Chip Growth Trust** | **Blue Chip Growth Trust** | **Blue Chip Growth Trust** | **Blue Chip Growth Trust** | **Blue Chip Growth Trust** | **Blue Chip Growth Trust** | **Blue Chip Growth Trust** | **Blue Chip Growth Trust** | **Blue Chip Growth Trust** | **Blue Chip Growth Trust** | **Blue Chip Growth Trust** | **Blue Chip Growth Trust** |
| **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** |
|  | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| **Period ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of period**<br> **($)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **($)**<sup>1</sup> <br>| **Net realized**<br> **and**<br> **unrealized**<br> **gain (loss)**<br> **on**<br> **investments**<br> **($)**<br>| **Total from**<br> **investment**<br> **operations**<br> **($)**<br>| **From net**<br> **investment**<br> **income**<br> **($)**<br>| **From net**<br> **realized**<br> **gain**<br> **($)**<br>| **Total**<br> **distributions**<br> **($)**<br>| **Net asset**<br> **value,**<br> **end of**<br> **period**<br> **($)**<br>| **Total**<br> **return**<br> **(%)**<sup>2</sup> <br>| &nbsp;&nbsp; **Expenses**<br> **before**<br> **reductions**<br> **(%)**<br>| **Expenses**<br> **including**<br> **reductions**<br> **(%)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **(%)**<br>| &nbsp;&nbsp; **Net**<br> **assets,**<br> **end of**<br> **period (in**<br> **thousands)**<br>| **Portfolio**<br> **turnover**<br> **(%)**<br>|
| **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 33.67 | (0.09)<br>| 6.26 | 6.17 |  | (5.42)<br>| (5.42)<br>| 34.42 | 18.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | 0.78 | (0.27)<br>| &nbsp;&nbsp;&nbsp; 368 | 18 |
| 12-31-2024 | 27.01 | (0.07)<br>| 9.59 | 9.52 |  | (2.86)<br>| (2.86)<br>| 33.67 | 35.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | 0.78 | (0.23)<br>| &nbsp;&nbsp;&nbsp; 358 | 17 |
| 12-31-2023 | 18.06 | (0.04)<br>| 8.99 | 8.95 |  |  |  | 27.01 | 49.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | 0.79 | (0.19)<br>| &nbsp;&nbsp;&nbsp; 304 | 11 |
| 12-31-2022 | 40.95 | (0.08)<br>| (14.95)<br>| (15.03)<br>|  | (7.86)<br>| (7.86)<br>| 18.06 | (38.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.83 | 0.79 | (0.28)<br>| &nbsp;&nbsp;&nbsp; 227 | 17 |
| 12-31-2021 | 40.21 | (0.20)<br>| 7.02 | 6.82 |  | (6.08)<br>| (6.08)<br>| 40.95 | 16.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | 0.79 | (0.46)<br>| &nbsp;&nbsp;&nbsp; 402 | 36 |
| **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 30.79 | (0.15)<br>| 5.71 | 5.56 |  | (5.42)<br>| (5.42)<br>| 30.93 | 18.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | 0.98 | (0.47)<br>| &nbsp;&nbsp;&nbsp; 114 | 18 |
| 12-31-2024 | 24.94 | (0.13)<br>| 8.84 | 8.71 |  | (2.86)<br>| (2.86)<br>| 30.79 | 35.36 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | 0.98 | (0.43)<br>| &nbsp;&nbsp;&nbsp; 114 | 17 |
| 12-31-2023 | 16.71 | (0.08)<br>| 8.31 | 8.23 |  |  |  | 24.94 | 49.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | 0.99 | (0.39)<br>| &nbsp;&nbsp;&nbsp; 101 | 11 |
| 12-31-2022 | 38.84 | (0.13)<br>| (14.14)<br>| (14.27)<br>|  | (7.86)<br>| (7.86)<br>| 16.71 | (38.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.03 | 0.99 | (0.48)<br>| &nbsp;&nbsp;&nbsp; 79 | 17 |
| 12-31-2021 | 38.48 | (0.27)<br>| 6.71 | 6.44 |  | (6.08)<br>| (6.08)<br>| 38.84 | 16.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | 0.99 | (0.66)<br>| &nbsp;&nbsp;&nbsp; 146 | 36 |
| **Series NAV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 33.84 | (0.08)<br>| 6.30 | 6.22 |  | (5.42)<br>| (5.42)<br>| 34.64 | 18.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | 0.73 | (0.22)<br>| &nbsp;&nbsp;&nbsp; 1711 | 18 |
| 12-31-2024 | 27.12 | (0.06)<br>| 9.64 | 9.58 |  | (2.86)<br>| (2.86)<br>| 33.84 | 35.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | 0.73 | (0.18)<br>| &nbsp;&nbsp;&nbsp; 1605 | 17 |
| 12-31-2023 | 18.13 | (0.03)<br>| 9.02 | 8.99 |  |  |  | 27.12 | 49.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | 0.74 | (0.14)<br>| &nbsp;&nbsp;&nbsp; 1382 | 11 |
| 12-31-2022 | 41.04 | (0.07)<br>| (14.98)<br>| (15.05)<br>|  | (7.86)<br>| (7.86)<br>| 18.13 | (38.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.78 | 0.74 | (0.23)<br>| &nbsp;&nbsp;&nbsp; 1119 | 17 |
| 12-31-2021 | 40.27 | (0.18)<br>| 7.03 | 6.85 |  | (6.08)<br>| (6.08)<br>| 41.04 | 16.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | 0.74 | (0.41)<br>| &nbsp;&nbsp;&nbsp; 1883 | 36 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **1** | Based on average daily shares outstanding. |
| **2** | Total returns exclude insurance-related fees and expenses and would have been lower had certain expenses not been reduced during the applicable periods. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**314**

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Capital Appreciation Value Trust** | **Capital Appreciation Value Trust** | **Capital Appreciation Value Trust** | **Capital Appreciation Value Trust** | **Capital Appreciation Value Trust** | **Capital Appreciation Value Trust** | **Capital Appreciation Value Trust** | **Capital Appreciation Value Trust** | **Capital Appreciation Value Trust** | **Capital Appreciation Value Trust** | **Capital Appreciation Value Trust** | **Capital Appreciation Value Trust** | **Capital Appreciation Value Trust** | **Capital Appreciation Value Trust** | **Capital Appreciation Value Trust** |
| **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** |
|  | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| **Period ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of period**<br> **($)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **($)**<sup>1</sup> <br>| **Net realized**<br> **and**<br> **unrealized**<br> **gain (loss)**<br> **on**<br> **investments**<br> **($)**<br>| **Total from**<br> **investment**<br> **operations**<br> **($)**<br>| **From net**<br> **investment**<br> **income**<br> **($)**<br>| **From net**<br> **realized**<br> **gain**<br> **($)**<br>| **Total**<br> **distributions**<br> **($)**<br>| **Net asset**<br> **value,**<br> **end of**<br> **period**<br> **($)**<br>| **Total**<br> **return**<br> **(%)**<sup>2</sup> <br>| &nbsp;&nbsp; **Expenses**<br> **before**<br> **reductions**<br> **(%)**<br>| **Expenses**<br> **including**<br> **reductions**<br> **(%)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **(%)**<br>| &nbsp;&nbsp; **Net**<br> **assets,**<br> **end of**<br> **period (in**<br> **thousands)**<br>| **Portfolio**<br> **turnover**<br> **(%)**<br>|
| **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 12.17 | 0.21 | 1.20 | 1.41 | (0.26)<br>| (1.32)<br>| (1.58)<br>| 12.00 | 11.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | 0.89 | 1.69 | &nbsp;&nbsp;&nbsp; 11 | 127 |
| 12-31-2024 | 11.02 | 0.24 | 1.12 | 1.36 | (0.10)<br>| (0.11)<br>| (0.21)<br>| 12.17 | 12.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | 0.89 | 2.04 | &nbsp;&nbsp;&nbsp; 8 | 83 |
| 12-31-2023 | 10.62 | 0.24 | 1.56 | 1.80 | (0.20)<br>| (1.20)<br>| (1.40)<br>| 11.02 | 18.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | 0.90 | 2.10 | &nbsp;&nbsp;&nbsp; 7 | 76 |
| 12-31-2022 | 14.06 | 0.14 | (1.83)<br>| (1.69)<br>| (0.13)<br>| (1.62)<br>| (1.75)<br>| 10.62 | (11.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.94 | 0.90 | 1.14 | &nbsp;&nbsp;&nbsp; 8 | 88 |
| 12-31-2021 | 13.39 | 0.09 | 2.31 | 2.40 | (0.11)<br>| (1.62)<br>| (1.73)<br>| 14.06 | 18.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | 0.88 | 0.63 | &nbsp;&nbsp;&nbsp; 8 | 55 |
| **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 12.07 | 0.19 | 1.18 | 1.37 | (0.24)<br>| (1.32)<br>| (1.56)<br>| 11.88 | 11.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | 1.09 | 1.49 | &nbsp;&nbsp;&nbsp; 224 | 127 |
| 12-31-2024 | 10.93 | 0.22 | 1.11 | 1.33 | (0.08)<br>| (0.11)<br>| (0.19)<br>| 12.07 | 12.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | 1.09 | 1.84 | &nbsp;&nbsp;&nbsp; 237 | 83 |
| 12-31-2023 | 10.54 | 0.21 | 1.56 | 1.77 | (0.18)<br>| (1.20)<br>| (1.38)<br>| 10.93 | 18.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | 1.10 | 1.90 | &nbsp;&nbsp;&nbsp; 245 | 76 |
| 12-31-2022 | 13.97 | 0.11 | (1.82)<br>| (1.71)<br>| (0.10)<br>| (1.62)<br>| (1.72)<br>| 10.54 | (12.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.14 | 1.10 | 0.93 | &nbsp;&nbsp;&nbsp; 233 | 88 |
| 12-31-2021 | 13.32 | 0.06 | 2.29 | 2.35 | (0.08)<br>| (1.62)<br>| (1.70)<br>| 13.97 | 17.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | 1.08 | 0.43 | &nbsp;&nbsp;&nbsp; 290 | 55 |
| **Series NAV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 12.12 | 0.22 | 1.19 | 1.41 | (0.27)<br>| (1.32)<br>| (1.59)<br>| 11.94 | 11.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | 0.84 | 1.74 | &nbsp;&nbsp;&nbsp; 256 | 127 |
| 12-31-2024 | 10.97 | 0.25 | 1.11 | 1.36 | (0.10)<br>| (0.11)<br>| (0.21)<br>| 12.12 | 12.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | 0.84 | 2.09 | &nbsp;&nbsp;&nbsp; 232 | 83 |
| 12-31-2023 | 10.57 | 0.24 | 1.57 | 1.81 | (0.21)<br>| (1.20)<br>| (1.41)<br>| 10.97 | 18.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | 0.85 | 2.16 | &nbsp;&nbsp;&nbsp; 215 | 76 |
| 12-31-2022 | 14.01 | 0.15 | (1.84)<br>| (1.69)<br>| (0.13)<br>| (1.62)<br>| (1.75)<br>| 10.57 | (11.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.89 | 0.85 | 1.20 | &nbsp;&nbsp;&nbsp; 179 | 88 |
| 12-31-2021 | 13.35 | 0.10 | 2.30 | 2.40 | (0.12)<br>| (1.62)<br>| (1.74)<br>| 14.01 | 18.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | 0.83 | 0.68 | &nbsp;&nbsp;&nbsp; 198 | 55 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **1** | Based on average daily shares outstanding. |
| **2** | Total returns exclude insurance-related fees and expenses and would have been lower had certain expenses not been reduced during the applicable periods. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**315**

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Core Bond Trust** | **Core Bond Trust** | **Core Bond Trust** | **Core Bond Trust** | **Core Bond Trust** | **Core Bond Trust** | **Core Bond Trust** | **Core Bond Trust** | **Core Bond Trust** | **Core Bond Trust** | **Core Bond Trust** | **Core Bond Trust** | **Core Bond Trust** | **Core Bond Trust** | **Core Bond Trust** |
| **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** |
|  | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| **Period ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of period**<br> **($)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **($)**<sup>1</sup> <br>| **Net realized**<br> **and**<br> **unrealized**<br> **gain (loss)**<br> **on**<br> **investments**<br> **($)**<br>| **Total from**<br> **investment**<br> **operations**<br> **($)**<br>| **From net**<br> **investment**<br> **income**<br> **($)**<br>| **From net**<br> **realized**<br> **gain**<br> **($)**<br>| **Total**<br> **distributions**<br> **($)**<br>| **Net asset**<br> **value,**<br> **end of**<br> **period**<br> **($)**<br>| **Total**<br> **return**<br> **(%)**<sup>2</sup> <br>| &nbsp;&nbsp; **Expenses**<br> **before**<br> **reductions**<br> **(%)**<br>| **Expenses**<br> **including**<br> **reductions**<br> **(%)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **(%)**<br>| &nbsp;&nbsp; **Net**<br> **assets,**<br> **end of**<br> **period (in**<br> **thousands)**<br>| **Portfolio**<br> **turnover**<br> **(%)**<br>|
| **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 11.06 | 0.46 | 0.31 | 0.77 | (0.49)<br>|  | (0.49)<br>| 11.34 | 6.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | 0.67 | 4.03 | &nbsp;&nbsp;&nbsp; 60 | 234 |
| 12-31-2024 | 11.31 | 0.45 | (0.28)<br>| 0.17 | (0.42)<br>|  | (0.42)<br>| 11.06 | 1.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | 0.67 | 3.98 | &nbsp;&nbsp;&nbsp; 61 | 233 |
| 12-31-2023 | 11.04 | 0.39 | 0.22 | 0.61 | (0.34)<br>|  | (0.34)<br>| 11.31 | 5.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | 0.68 | 3.49 | &nbsp;&nbsp;&nbsp; 63 | 258 |
| 12-31-2022 | 13.10 | 0.23 | (2.03)<br>| (1.80)<br>| (0.26)<br>|  | (0.26)<br>| 11.04 | (13.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.68 | 0.68 | 1.95 | &nbsp;&nbsp;&nbsp; 64 | 275 |
| 12-31-2021 | 14.23 | 0.11 | (0.39)<br>| (0.28)<br>| (0.26)<br>| (0.59)<br>| (0.85)<br>| 13.10 | (1.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.67 | 0.66 | 0.82 | &nbsp;&nbsp;&nbsp; 84 | 269 |
| **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 11.04 | 0.43 | 0.32 | 0.75 | (0.47)<br>|  | (0.47)<br>| 11.32 | 6.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | 0.87 | 3.83 | &nbsp;&nbsp;&nbsp; 87 | 234 |
| 12-31-2024 | 11.30 | 0.43 | (0.29)<br>| 0.14 | (0.40)<br>|  | (0.40)<br>| 11.04 | 1.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | 0.87 | 3.78 | &nbsp;&nbsp;&nbsp; 77 | 233 |
| 12-31-2023 | 11.03 | 0.37 | 0.22 | 0.59 | (0.32)<br>|  | (0.32)<br>| 11.30 | 5.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | 0.88 | 3.30 | &nbsp;&nbsp;&nbsp; 69 | 258 |
| 12-31-2022 | 13.08 | 0.21 | (2.02)<br>| (1.81)<br>| (0.24)<br>|  | (0.24)<br>| 11.03 | (13.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.88 | 0.88 | 1.76 | &nbsp;&nbsp;&nbsp; 64 | 275 |
| 12-31-2021 | 14.22 | 0.09 | (0.41)<br>| (0.32)<br>| (0.23)<br>| (0.59)<br>| (0.82)<br>| 13.08 | (2.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.87 | 0.86 | 0.62 | &nbsp;&nbsp;&nbsp; 79 | 269 |
| **Series NAV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 11.00 | 0.46 | 0.31 | 0.77 | (0.49)<br>|  | (0.49)<br>| 11.28 | 7.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | 0.62 | 4.08 | &nbsp;&nbsp;&nbsp; 652 | 234 |
| 12-31-2024 | 11.25 | 0.45 | (0.27)<br>| 0.18 | (0.43)<br>|  | (0.43)<br>| 11.00 | 1.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | 0.62 | 4.03 | &nbsp;&nbsp;&nbsp; 657 | 233 |
| 12-31-2023 | 10.98 | 0.39 | 0.23 | 0.62 | (0.35)<br>|  | (0.35)<br>| 11.25 | 5.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | 0.63 | 3.55 | &nbsp;&nbsp;&nbsp; 669 | 258 |
| 12-31-2022 | 13.03 | 0.24 | (2.02)<br>| (1.78)<br>| (0.27)<br>|  | (0.27)<br>| 10.98 | (13.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.63 | 0.63 | 2.00 | &nbsp;&nbsp;&nbsp; 658 | 275 |
| 12-31-2021 | 14.17 | 0.12 | (0.41)<br>| (0.29)<br>| (0.26)<br>| (0.59)<br>| (0.85)<br>| 13.03 | (1.99)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.62 | 0.61 | 0.87 | &nbsp;&nbsp;&nbsp; 836 | 269 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **1** | Based on average daily shares outstanding. |
| **2** | Total returns exclude insurance-related fees and expenses and would have been lower had certain expenses not been reduced during the applicable periods. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**316**

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Disciplined Value Emerging Markets Equity Trust** | **Disciplined Value Emerging Markets Equity Trust** | **Disciplined Value Emerging Markets Equity Trust** | **Disciplined Value Emerging Markets Equity Trust** | **Disciplined Value Emerging Markets Equity Trust** | **Disciplined Value Emerging Markets Equity Trust** | **Disciplined Value Emerging Markets Equity Trust** | **Disciplined Value Emerging Markets Equity Trust** | **Disciplined Value Emerging Markets Equity Trust** | **Disciplined Value Emerging Markets Equity Trust** | **Disciplined Value Emerging Markets Equity Trust** | **Disciplined Value Emerging Markets Equity Trust** | **Disciplined Value Emerging Markets Equity Trust** | **Disciplined Value Emerging Markets Equity Trust** | **Disciplined Value Emerging Markets Equity Trust** |
| **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** |
|  | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| **Period ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of period**<br> **($)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **($)**<sup>1</sup> <br>| **Net realized**<br> **and**<br> **unrealized**<br> **gain (loss)**<br> **on**<br> **investments**<br> **($)**<br>| **Total from**<br> **investment**<br> **operations**<br> **($)**<br>| **From net**<br> **investment**<br> **income**<br> **($)**<br>| **From net**<br> **realized**<br> **gain**<br> **($)**<br>| **Total**<br> **distributions**<br> **($)**<br>| **Net asset**<br> **value,**<br> **end of**<br> **period**<br> **($)**<br>| **Total**<br> **return**<br> **(%)**<sup>2</sup> <br>| &nbsp;&nbsp; **Expenses**<br> **before**<br> **reductions**<br> **(%)**<br>| **Expenses**<br> **including**<br> **reductions**<br> **(%)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **(%)**<br>| &nbsp;&nbsp; **Net**<br> **assets,**<br> **end of**<br> **period (in**<br> **thousands)**<br>| **Portfolio**<br> **turnover**<br> **(%)**<br>|
| **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 9.41 | 0.27 | 2.73 | 3.00 | (0.14)<br>|  | (0.14)<br>| 12.27 | 31.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | 0.96 | 2.54 | &nbsp;&nbsp;&nbsp; 7 | 199 |
| 12-31-2024 | 10.06 | 0.18 | (0.41)<br>| (0.23)<br>| (0.42)<br>|  | (0.42)<br>| 9.41 | (2.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.08 | 1.07 | 1.76 | &nbsp;&nbsp;&nbsp; 6 | 264 <br><sup>3</sup><br>|
| 12-31-2023 | 8.88 | 0.30 | 1.03 | 1.33 | (0.15)<br>|  | (0.15)<br>| 10.06 | 15.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | 1.08 | 3.21 | &nbsp;&nbsp;&nbsp; 6 | 12 |
| 12-31-2022 | 10.50 | 0.37 | (1.63)<br>| (1.26)<br>| (0.36)<br>|  | (0.36)<br>| 8.88 | (11.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.12 | 1.11 | 3.83 | &nbsp;&nbsp;&nbsp; 6 | 15 |
| 12-31-2021 | 9.67 | 0.26 | 0.83 | 1.09 | (0.26)<br>|  | (0.26)<br>| 10.50 | 11.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | 1.08 | 2.48 | &nbsp;&nbsp;&nbsp; 7 | 26 |
| **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 9.41 | 0.25 | 2.73 | 2.98 | (0.12)<br>|  | (0.12)<br>| 12.27 | 31.68 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | 1.16 | 2.31 | &nbsp;&nbsp;&nbsp; 23 | 199 |
| 12-31-2024 | 10.06 | 0.16 | (0.41)<br>| (0.25)<br>| (0.40)<br>|  | (0.40)<br>| 9.41 | (2.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.28 | 1.27 | 1.57 | &nbsp;&nbsp;&nbsp; 21 | 264 <br><sup>3</sup><br>|
| 12-31-2023 | 8.89 | 0.28 | 1.03 | 1.31 | (0.14)<br>|  | (0.14)<br>| 10.06 | 14.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | 1.28 | 2.97 | &nbsp;&nbsp;&nbsp; 26 | 12 |
| 12-31-2022 | 10.51 | 0.35 | (1.63)<br>| (1.28)<br>| (0.34)<br>|  | (0.34)<br>| 8.89 | (11.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.32 | 1.31 | 3.61 | &nbsp;&nbsp;&nbsp; 26 | 15 |
| 12-31-2021 | 9.67 | 0.24 | 0.84 | 1.08 | (0.24)<br>|  | (0.24)<br>| 10.51 | 11.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | 1.28 | 2.27 | &nbsp;&nbsp;&nbsp; 34 | 26 |
| **Series NAV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 9.39 | 0.28 | 2.72 | 3.00 | (0.14)<br>|  | (0.14)<br>| 12.25 | 32.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | 0.91 | 2.56 | &nbsp;&nbsp;&nbsp; 241 | 199 |
| 12-31-2024 | 10.04 | 0.18 | (0.40)<br>| (0.22)<br>| (0.43)<br>|  | (0.43)<br>| 9.39 | (2.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.03 | 1.02 | 1.81 | &nbsp;&nbsp;&nbsp; 192 | 264 <br><sup>3</sup><br>|
| 12-31-2023 | 8.87 | 0.30 | 1.03 | 1.33 | (0.16)<br>|  | (0.16)<br>| 10.04 | 15.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | 1.03 | 3.22 | &nbsp;&nbsp;&nbsp; 189 | 12 |
| 12-31-2022 | 10.49 | 0.37 | (1.63)<br>| (1.26)<br>| (0.36)<br>|  | (0.36)<br>| 8.87 | (11.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.07 | 1.06 | 3.89 | &nbsp;&nbsp;&nbsp; 173 | 15 |
| 12-31-2021 | 9.65 | 0.27 | 0.83 | 1.10 | (0.26)<br>|  | (0.26)<br>| 10.49 | 11.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | 1.03 | 2.55 | &nbsp;&nbsp;&nbsp; 210 | 26 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **1** | Based on average daily shares outstanding. |
| **2** | Total returns exclude insurance-related fees and expenses and would have been lower had certain expenses not been reduced during the applicable periods. |
| **3** | Increase in portfolio turnover rate resulted from repositioning of the portfolio during the period in accordance with investment policy changes approved by the Board of <br> Trustees.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**317**

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Disciplined Value International Trust** | **Disciplined Value International Trust** | **Disciplined Value International Trust** | **Disciplined Value International Trust** | **Disciplined Value International Trust** | **Disciplined Value International Trust** | **Disciplined Value International Trust** | **Disciplined Value International Trust** | **Disciplined Value International Trust** | **Disciplined Value International Trust** | **Disciplined Value International Trust** | **Disciplined Value International Trust** | **Disciplined Value International Trust** | **Disciplined Value International Trust** | **Disciplined Value International Trust** |
| **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** |
|  | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| **Period ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of period**<br> **($)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **($)**<sup>1</sup> <br>| **Net realized**<br> **and**<br> **unrealized**<br> **gain (loss)**<br> **on**<br> **investments**<br> **($)**<br>| **Total from**<br> **investment**<br> **operations**<br> **($)**<br>| **From net**<br> **investment**<br> **income**<br> **($)**<br>| **From net**<br> **realized**<br> **gain**<br> **($)**<br>| **Total**<br> **distributions**<br> **($)**<br>| **Net asset**<br> **value,**<br> **end of**<br> **period**<br> **($)**<br>| **Total**<br> **return**<br> **(%)**<sup>2</sup> <br>| &nbsp;&nbsp; **Expenses**<br> **before**<br> **reductions**<br> **(%)**<br>| **Expenses**<br> **including**<br> **reductions**<br> **(%)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **(%)**<br>| &nbsp;&nbsp; **Net**<br> **assets,**<br> **end of**<br> **period (in**<br> **thousands)**<br>| **Portfolio**<br> **turnover**<br> **(%)**<br>|
| **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 13.99 | 0.33 | 5.32 | 5.65 | (0.31)<br>| (1.35)<br>| (1.66)<br>| 17.98 | 40.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | 0.84 | 1.99 | &nbsp;&nbsp;&nbsp; 83 | 72 |
| 12-31-2024 | 15.47 | 0.31 | (0.24)<br>| 0.07 | (0.05)<br>| (1.50)<br>| (1.55)<br>| 13.99 | (0.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.84 | 0.84 | 1.95 | &nbsp;&nbsp;&nbsp; 68 | 93 |
| 12-31-2023 | 13.15 | 0.32 | 2.28 | 2.60 | (0.28)<br>|  | (0.28)<br>| 15.47 | 19.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | 0.86 | 2.22 | &nbsp;&nbsp;&nbsp; 77 | 81 |
| 12-31-2022 | 14.38 | 0.31 | (1.05)<br>| (0.74)<br>| (0.49)<br>|  | (0.49)<br>| 13.15 | (4.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.93 | 0.92 | 2.33 | &nbsp;&nbsp;&nbsp; 67 | 74 |
| 12-31-2021 | 13.05 | 0.46 | 1.25 | 1.71 | (0.38)<br>|  | (0.38)<br>| 14.38 | 13.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | 0.92 | 3.21 | &nbsp;&nbsp;&nbsp; 78 | 60 |
| **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 13.97 | 0.30 | 5.30 | 5.60 | (0.28)<br>| (1.35)<br>| (1.63)<br>| 17.94 | 40.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | 1.04 | 1.77 | &nbsp;&nbsp;&nbsp; 50 | 72 |
| 12-31-2024 | 15.45 | 0.28 | (0.24)<br>| 0.04 | (0.02)<br>| (1.50)<br>| (1.52)<br>| 13.97 | (0.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.04 | 1.04 | 1.75 | &nbsp;&nbsp;&nbsp; 40 | 93 |
| 12-31-2023 | 13.14 | 0.29 | 2.27 | 2.56 | (0.25)<br>|  | (0.25)<br>| 15.45 | 19.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | 1.06 | 2.02 | &nbsp;&nbsp;&nbsp; 45 | 81 |
| 12-31-2022 | 14.37 | 0.29 | (1.06)<br>| (0.77)<br>| (0.46)<br>|  | (0.46)<br>| 13.14 | (4.98)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.13 | 1.12 | 2.15 | &nbsp;&nbsp;&nbsp; 41 | 74 |
| 12-31-2021 | 13.04 | 0.43 | 1.25 | 1.68 | (0.35)<br>|  | (0.35)<br>| 14.37 | 12.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | 1.12 | 3.02 | &nbsp;&nbsp;&nbsp; 46 | 60 |
| **Series NAV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 13.85 | 0.33 | 5.28 | 5.61 | (0.32)<br>| (1.35)<br>| (1.67)<br>| 17.79 | 41.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | 0.79 | 1.98 | &nbsp;&nbsp;&nbsp; 210 | 72 |
| 12-31-2024 | 15.33 | 0.31 | (0.23)<br>| 0.08 | (0.06)<br>| (1.50)<br>| (1.56)<br>| 13.85 | (0.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.79 | 0.79 | 1.98 | &nbsp;&nbsp;&nbsp; 156 | 93 |
| 12-31-2023 | 13.03 | 0.33 | 2.25 | 2.58 | (0.28)<br>|  | (0.28)<br>| 15.33 | 20.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | 0.81 | 2.27 | &nbsp;&nbsp;&nbsp; 161 | 81 |
| 12-31-2022 | 14.26 | 0.31 | (1.04)<br>| (0.73)<br>| (0.50)<br>|  | (0.50)<br>| 13.03 | (4.75)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.88 | 0.87 | 2.35 | &nbsp;&nbsp;&nbsp; 151 | 74 |
| 12-31-2021 | 12.94 | 0.46 | 1.24 | 1.70 | (0.38)<br>|  | (0.38)<br>| 14.26 | 13.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | 0.87 | 3.26 | &nbsp;&nbsp;&nbsp; 193 | 60 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **1** | Based on average daily shares outstanding. |
| **2** | Total returns exclude insurance-related fees and expenses and would have been lower had certain expenses not been reduced during the applicable periods. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**318**

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Equity Income Trust** | **Equity Income Trust** | **Equity Income Trust** | **Equity Income Trust** | **Equity Income Trust** | **Equity Income Trust** | **Equity Income Trust** | **Equity Income Trust** | **Equity Income Trust** | **Equity Income Trust** | **Equity Income Trust** | **Equity Income Trust** | **Equity Income Trust** | **Equity Income Trust** | **Equity Income Trust** |
| **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** |
|  | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| **Period ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of period**<br> **($)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **($)**<sup>1</sup> <br>| **Net realized**<br> **and**<br> **unrealized**<br> **gain (loss)**<br> **on**<br> **investments**<br> **($)**<br>| **Total from**<br> **investment**<br> **operations**<br> **($)**<br>| **From net**<br> **investment**<br> **income**<br> **($)**<br>| **From net**<br> **realized**<br> **gain**<br> **($)**<br>| **Total**<br> **distributions**<br> **($)**<br>| **Net asset**<br> **value,**<br> **end of**<br> **period**<br> **($)**<br>| **Total**<br> **return**<br> **(%)**<sup>2</sup> <br>| &nbsp;&nbsp; **Expenses**<br> **before**<br> **reductions**<br> **(%)**<br>| **Expenses**<br> **including**<br> **reductions**<br> **(%)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **(%)**<br>| &nbsp;&nbsp; **Net**<br> **assets,**<br> **end of**<br> **period (in**<br> **thousands)**<br>| **Portfolio**<br> **turnover**<br> **(%)**<br>|
| **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 14.12 | 0.24 | 1.69 | 1.93 | (0.38)<br>| (2.50)<br>| (2.88)<br>| 13.17 | 14.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | 0.76 | 1.70 | &nbsp;&nbsp;&nbsp; 212 | 25 |
| 12-31-2024 | 13.44 | 0.26 | 1.34 | 1.60 | (0.25)<br>| (0.67)<br>| (0.92)<br>| 14.12 | 11.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | 0.74 | 1.79 | &nbsp;&nbsp;&nbsp; 211 | 22 |
| 12-31-2023 | 13.93 | 0.27 | 0.83 | 1.10 | (0.27)<br>| (1.32)<br>| (1.59)<br>| 13.44 | 9.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | 0.75 | 1.97 | &nbsp;&nbsp;&nbsp; 214 | 18 |
| 12-31-2022 | 16.63 | 0.30 | (0.95)<br>| (0.65)<br>| (0.29)<br>| (1.76)<br>| (2.05)<br>| 13.93 | (3.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.78 | 0.75 | 1.92 | &nbsp;&nbsp;&nbsp; 218 | 16 |
| 12-31-2021 | 13.79 | 0.26 | 3.23 | 3.49 | (0.32)<br>| (0.33)<br>| (0.65)<br>| 16.63 | 25.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | 0.74 | 1.62 | &nbsp;&nbsp;&nbsp; 250 | 21 |
| **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 13.98 | 0.21 | 1.67 | 1.88 | (0.35)<br>| (2.50)<br>| (2.85)<br>| 13.01 | 14.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | 0.96 | 1.50 | &nbsp;&nbsp;&nbsp; 97 | 25 |
| 12-31-2024 | 13.33 | 0.23 | 1.31 | 1.54 | (0.22)<br>| (0.67)<br>| (0.89)<br>| 13.98 | 11.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | 0.94 | 1.59 | &nbsp;&nbsp;&nbsp; 100 | 22 |
| 12-31-2023 | 13.82 | 0.24 | 0.84 | 1.08 | (0.25)<br>| (1.32)<br>| (1.57)<br>| 13.33 | 9.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | 0.95 | 1.77 | &nbsp;&nbsp;&nbsp; 107 | 18 |
| 12-31-2022 | 16.52 | 0.27 | (0.95)<br>| (0.68)<br>| (0.26)<br>| (1.76)<br>| (2.02)<br>| 13.82 | (3.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.98 | 0.95 | 1.72 | &nbsp;&nbsp;&nbsp; 113 | 16 |
| 12-31-2021 | 13.70 | 0.23 | 3.21 | 3.44 | (0.29)<br>| (0.33)<br>| (0.62)<br>| 16.52 | 25.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | 0.94 | 1.42 | &nbsp;&nbsp;&nbsp; 130 | 21 |
| **Series NAV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 13.99 | 0.24 | 1.68 | 1.92 | (0.39)<br>| (2.50)<br>| (2.89)<br>| 13.02 | 14.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | 0.71 | 1.69 | &nbsp;&nbsp;&nbsp; 557 | 25 |
| 12-31-2024 | 13.33 | 0.26 | 1.32 | 1.58 | (0.25)<br>| (0.67)<br>| (0.92)<br>| 13.99 | 11.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | 0.69 | 1.84 | &nbsp;&nbsp;&nbsp; 1056 | 22 |
| 12-31-2023 | 13.82 | 0.28 | 0.83 | 1.11 | (0.28)<br>| (1.32)<br>| (1.60)<br>| 13.33 | 9.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | 0.70 | 2.02 | &nbsp;&nbsp;&nbsp; 1067 | 18 |
| 12-31-2022 | 16.52 | 0.31 | (0.95)<br>| (0.64)<br>| (0.30)<br>| (1.76)<br>| (2.06)<br>| 13.82 | (3.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.73 | 0.70 | 1.96 | &nbsp;&nbsp;&nbsp; 1043 | 16 |
| 12-31-2021 | 13.70 | 0.27 | 3.21 | 3.48 | (0.33)<br>| (0.33)<br>| (0.66)<br>| 16.52 | 25.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | 0.69 | 1.67 | &nbsp;&nbsp;&nbsp; 1311 | 21 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **1** | Based on average daily shares outstanding. |
| **2** | Total returns exclude insurance-related fees and expenses and would have been lower had certain expenses not been reduced during the applicable periods. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**319**

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Financial Industries Trust** | **Financial Industries Trust** | **Financial Industries Trust** | **Financial Industries Trust** | **Financial Industries Trust** | **Financial Industries Trust** | **Financial Industries Trust** | **Financial Industries Trust** | **Financial Industries Trust** | **Financial Industries Trust** | **Financial Industries Trust** | **Financial Industries Trust** | **Financial Industries Trust** | **Financial Industries Trust** | **Financial Industries Trust** |
| **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** |
|  | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| **Period ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of period**<br> **($)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **($)**<sup>1</sup> <br>| **Net realized**<br> **and**<br> **unrealized**<br> **gain (loss)**<br> **on**<br> **investments**<br> **($)**<br>| **Total from**<br> **investment**<br> **operations**<br> **($)**<br>| **From net**<br> **investment**<br> **income**<br> **($)**<br>| **From net**<br> **realized**<br> **gain**<br> **($)**<br>| **Total**<br> **distributions**<br> **($)**<br>| **Net asset**<br> **value,**<br> **end of**<br> **period**<br> **($)**<br>| **Total**<br> **return**<br> **(%)**<sup>2</sup> <br>| &nbsp;&nbsp; **Expenses**<br> **before**<br> **reductions**<br> **(%)**<br>| **Expenses**<br> **including**<br> **reductions**<br> **(%)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **(%)**<br>| &nbsp;&nbsp; **Net**<br> **assets,**<br> **end of**<br> **period (in**<br> **thousands)**<br>| **Portfolio**<br> **turnover**<br> **(%)**<br>|
| **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 14.20 | 0.17 | 1.46 | 1.63 | (0.18)<br>| (0.71)<br>| (0.89)<br>| 14.94 | 12.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | 0.93 | 1.16 | &nbsp;&nbsp;&nbsp; 88 | 75 |
| 12-31-2024 | 11.01 | 0.16 | 3.16 | 3.32 | (0.13)<br>|  | (0.13)<br>| 14.20 | 30.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | 0.93 | 1.27 | &nbsp;&nbsp;&nbsp; 95 | 67 |
| 12-31-2023 | 11.20 | 0.21 | 0.26 | 0.47 | (0.19)<br>| (0.47)<br>| (0.66)<br>| 11.01 | 5.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | 0.94 | 1.95 | &nbsp;&nbsp;&nbsp; 77 | 68 |
| 12-31-2022 | 16.38 | 0.22 | (2.47)<br>| (2.25)<br>| (0.35)<br>| (2.58)<br>| (2.93)<br>| 11.20 | (13.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.91 | 0.90 | 1.51 | &nbsp;&nbsp;&nbsp; 93 | 50 |
| 12-31-2021 | 12.79 | 0.15 | 3.65 | 3.80 | (0.13)<br>| (0.08)<br>| (0.21)<br>| 16.38 | 29.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | 0.89 | 0.96 | &nbsp;&nbsp;&nbsp; 132 | 74 |
| **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 14.00 | 0.14 | 1.44 | 1.58 | (0.15)<br>| (0.71)<br>| (0.86)<br>| 14.72 | 11.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | 1.13 | 0.96 | &nbsp;&nbsp;&nbsp; 19 | 75 |
| 12-31-2024 | 10.86 | 0.13 | 3.12 | 3.25 | (0.11)<br>|  | (0.11)<br>| 14.00 | 29.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | 1.13 | 1.07 | &nbsp;&nbsp;&nbsp; 16 | 67 |
| 12-31-2023 | 11.06 | 0.18 | 0.26 | 0.44 | (0.17)<br>| (0.47)<br>| (0.64)<br>| 10.86 | 4.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | 1.14 | 1.75 | &nbsp;&nbsp;&nbsp; 14 | 68 |
| 12-31-2022 | 16.21 | 0.18 | (2.43)<br>| (2.25)<br>| (0.32)<br>| (2.58)<br>| (2.90)<br>| 11.06 | (13.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.11 | 1.10 | 1.31 | &nbsp;&nbsp;&nbsp; 16 | 50 |
| 12-31-2021 | 12.67 | 0.11 | 3.62 | 3.73 | (0.11)<br>| (0.08)<br>| (0.19)<br>| 16.21 | 29.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | 1.09 | 0.75 | &nbsp;&nbsp;&nbsp; 22 | 74 |
| **Series NAV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 14.13 | 0.18 | 1.45 | 1.63 | (0.18)<br>| (0.71)<br>| (0.89)<br>| 14.87 | 12.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | 0.88 | 1.21 | &nbsp;&nbsp;&nbsp; 33 | 75 |
| 12-31-2024 | 10.95 | 0.16 | 3.16 | 3.32 | (0.14)<br>|  | (0.14)<br>| 14.13 | 30.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | 0.88 | 1.32 | &nbsp;&nbsp;&nbsp; 31 | 67 |
| 12-31-2023 | 11.15 | 0.21 | 0.25 | 0.46 | (0.19)<br>| (0.47)<br>| (0.66)<br>| 10.95 | 5.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | 0.89 | 2.00 | &nbsp;&nbsp;&nbsp; 26 | 68 |
| 12-31-2022 | 16.32 | 0.22 | (2.45)<br>| (2.23)<br>| (0.36)<br>| (2.58)<br>| (2.94)<br>| 11.15 | (13.61)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.86 | 0.85 | 1.57 | &nbsp;&nbsp;&nbsp; 27 | 50 |
| 12-31-2021 | 12.75 | 0.15 | 3.64 | 3.79 | (0.14)<br>| (0.08)<br>| (0.22)<br>| 16.32 | 29.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | 0.84 | 1.01 | &nbsp;&nbsp;&nbsp; 34 | 74 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **1** | Based on average daily shares outstanding. |
| **2** | Total returns exclude insurance-related fees and expenses and would have been lower had certain expenses not been reduced during the applicable periods. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**320**

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fundamental All Cap Core Trust** | **Fundamental All Cap Core Trust** | **Fundamental All Cap Core Trust** | **Fundamental All Cap Core Trust** | **Fundamental All Cap Core Trust** | **Fundamental All Cap Core Trust** | **Fundamental All Cap Core Trust** | **Fundamental All Cap Core Trust** | **Fundamental All Cap Core Trust** | **Fundamental All Cap Core Trust** | **Fundamental All Cap Core Trust** | **Fundamental All Cap Core Trust** | **Fundamental All Cap Core Trust** | **Fundamental All Cap Core Trust** | **Fundamental All Cap Core Trust** |
| **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** |
|  | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| **Period ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of period**<br> **($)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **($)**<sup>1</sup> <br>| **Net realized**<br> **and**<br> **unrealized**<br> **gain (loss)**<br> **on**<br> **investments**<br> **($)**<br>| **Total from**<br> **investment**<br> **operations**<br> **($)**<br>| **From net**<br> **investment**<br> **income**<br> **($)**<br>| **From net**<br> **realized**<br> **gain**<br> **($)**<br>| **Total**<br> **distributions**<br> **($)**<br>| **Net asset**<br> **value,**<br> **end of**<br> **period**<br> **($)**<br>| **Total**<br> **return**<br> **(%)**<sup>2</sup> <br>| &nbsp;&nbsp; **Expenses**<br> **before**<br> **reductions**<br> **(%)**<br>| **Expenses**<br> **including**<br> **reductions**<br> **(%)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **(%)**<br>| &nbsp;&nbsp; **Net**<br> **assets,**<br> **end of**<br> **period (in**<br> **thousands)**<br>| **Portfolio**<br> **turnover**<br> **(%)**<br>|
| **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 32.65 | 0.13 | 1.47 | 1.60 | (0.13)<br>| (3.63)<br>| (3.76)<br>| 30.49 | 4.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | 0.76 | 0.41 | &nbsp;&nbsp;&nbsp; 138 | 41 |
| 12-31-2024 | 28.84 | 0.13 | 6.76 | 6.89 | (0.04)<br>| (3.04)<br>| (3.08)<br>| 32.65 | 24.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | 0.75 | 0.40 | &nbsp;&nbsp;&nbsp; 113 | 16 |
| 12-31-2023 | 24.72 | 0.11 | 7.89 | 8.00 | (0.11)<br>| (3.77)<br>| (3.88)<br>| 28.84 | 35.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | 0.76 | 0.39 | &nbsp;&nbsp;&nbsp; 105 | 16 |
| 12-31-2022 | 36.40 | 0.07 | (8.85)<br>| (8.78)<br>| (0.07)<br>| (2.83)<br>| (2.90)<br>| 24.72 | (24.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.76 | 0.76 | 0.24 | &nbsp;&nbsp;&nbsp; 85 | 29 |
| 12-31-2021 | 30.15 | 0.04 | 9.14 | 9.18 | (0.04)<br>| (2.89)<br>| (2.93)<br>| 36.40 | 30.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | 0.75 | 0.11 | &nbsp;&nbsp;&nbsp; 138 | 14 |
| **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 32.42 | 0.07 | 1.45 | 1.52 | (0.07)<br>| (3.63)<br>| (3.70)<br>| 30.24 | 4.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | 0.96 | 0.23 | &nbsp;&nbsp;&nbsp; 44 | 41 |
| 12-31-2024 | 28.68 | 0.06 | 6.72 | 6.78 |  | (3.04)<br>| (3.04)<br>| 32.42 | 23.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | 0.95 | 0.20 | &nbsp;&nbsp;&nbsp; 51 | 16 |
| 12-31-2023 | 24.61 | 0.05 | 7.84 | 7.89 | (0.05)<br>| (3.77)<br>| (3.82)<br>| 28.68 | 35.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | 0.96 | 0.19 | &nbsp;&nbsp;&nbsp; 48 | 16 |
| 12-31-2022 | 36.24 | 0.01 | (8.81)<br>| (8.80)<br>| — <br><sup>3</sup><br>| (2.83)<br>| (2.83)<br>| 24.61 | (24.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.96 | 0.96 | 0.04 | &nbsp;&nbsp;&nbsp; 41 | 29 |
| 12-31-2021 | 30.06 | (0.03)<br>| 9.10 | 9.07 |  | (2.89)<br>| (2.89)<br>| 36.24 | 30.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | 0.95 | (0.09)<br>| &nbsp;&nbsp;&nbsp; 62 | 14 |
| **Series NAV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 32.97 | 0.15 | 1.48 | 1.63 | (0.14)<br>| (3.63)<br>| (3.77)<br>| 30.83 | 4.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | 0.71 | 0.47 | &nbsp;&nbsp;&nbsp; 2388 | 41 |
| 12-31-2024 | 29.09 | 0.14 | 6.83 | 6.97 | (0.05)<br>| (3.04)<br>| (3.09)<br>| 32.97 | 24.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | 0.70 | 0.45 | &nbsp;&nbsp;&nbsp; 2485 | 16 |
| 12-31-2023 | 24.91 | 0.12 | 7.95 | 8.07 | (0.12)<br>| (3.77)<br>| (3.89)<br>| 29.09 | 35.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | 0.71 | 0.44 | &nbsp;&nbsp;&nbsp; 2148 | 16 |
| 12-31-2022 | 36.66 | 0.09 | (8.93)<br>| (8.84)<br>| (0.08)<br>| (2.83)<br>| (2.91)<br>| 24.91 | (24.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.71 | 0.71 | 0.29 | &nbsp;&nbsp;&nbsp; 1717 | 29 |
| 12-31-2021 | 30.34 | 0.06 | 9.21 | 9.27 | (0.06)<br>| (2.89)<br>| (2.95)<br>| 36.66 | 30.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | 0.70 | 0.16 | &nbsp;&nbsp;&nbsp; 2457 | 14 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **1** | Based on average daily shares outstanding. |
| **2** | Total returns exclude insurance-related fees and expenses and would have been lower had certain expenses not been reduced during the applicable periods. |
| **3** | Less than $0.005 per share. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**321**

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fundamental Large Cap Value Trust** | **Fundamental Large Cap Value Trust** | **Fundamental Large Cap Value Trust** | **Fundamental Large Cap Value Trust** | **Fundamental Large Cap Value Trust** | **Fundamental Large Cap Value Trust** | **Fundamental Large Cap Value Trust** | **Fundamental Large Cap Value Trust** | **Fundamental Large Cap Value Trust** | **Fundamental Large Cap Value Trust** | **Fundamental Large Cap Value Trust** | **Fundamental Large Cap Value Trust** | **Fundamental Large Cap Value Trust** | **Fundamental Large Cap Value Trust** | **Fundamental Large Cap Value Trust** |
| **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** |
|  | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| **Period ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of period**<br> **($)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **($)**<sup>1</sup> <br>| **Net realized**<br> **and**<br> **unrealized**<br> **gain (loss)**<br> **on**<br> **investments**<br> **($)**<br>| **Total from**<br> **investment**<br> **operations**<br> **($)**<br>| **From net**<br> **investment**<br> **income**<br> **($)**<br>| **From net**<br> **realized**<br> **gain**<br> **($)**<br>| **Total**<br> **distributions**<br> **($)**<br>| **Net asset**<br> **value,**<br> **end of**<br> **period**<br> **($)**<br>| **Total**<br> **return**<br> **(%)**<sup>2</sup> <br>| &nbsp;&nbsp; **Expenses**<br> **before**<br> **reductions**<br> **(%)**<br>| **Expenses**<br> **including**<br> **reductions**<br> **(%)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **(%)**<br>| &nbsp;&nbsp; **Net**<br> **assets,**<br> **end of**<br> **period (in**<br> **thousands)**<br>| **Portfolio**<br> **turnover**<br> **(%)**<br>|
| **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 26.75 | 0.30 | 3.92 | 4.22 | (0.31)<br>| (3.73)<br>| (4.04)<br>| 26.93 | 15.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | 0.77 | 1.07 | &nbsp;&nbsp;&nbsp; 467 | 15 |
| 12-31-2024 | 25.39 | 0.30 | 4.06 | 4.36 | (0.09)<br>| (2.91)<br>| (3.00)<br>| 26.75 | 16.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | 0.76 | 1.06 | &nbsp;&nbsp;&nbsp; 462 | 16 |
| 12-31-2023 | 22.62 | 0.28 | 4.68 | 4.96 | (0.26)<br>| (1.93)<br>| (2.19)<br>| 25.39 | 23.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | 0.77 | 1.14 | &nbsp;&nbsp;&nbsp; 447 | 13 |
| 12-31-2022 | 28.91 | 0.26 | (2.73)<br>| (2.47)<br>| (0.29)<br>| (3.53)<br>| (3.82)<br>| 22.62 | (7.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.78 | 0.77 | 1.01 | &nbsp;&nbsp;&nbsp; 408 | 21 |
| 12-31-2021 | 25.10 | 0.22 | 7.34 | 7.56 | (0.24)<br>| (3.51)<br>| (3.75)<br>| 28.91 | 29.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | 0.76 | 0.75 | &nbsp;&nbsp;&nbsp; 483 | 29 |
| **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 27.05 | 0.24 | 3.97 | 4.21 | (0.26)<br>| (3.73)<br>| (3.99)<br>| 27.27 | 15.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | 0.97 | 0.88 | &nbsp;&nbsp;&nbsp; 148 | 15 |
| 12-31-2024 | 25.66 | 0.24 | 4.10 | 4.34 | (0.04)<br>| (2.91)<br>| (2.95)<br>| 27.05 | 16.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | 0.96 | 0.86 | &nbsp;&nbsp;&nbsp; 149 | 16 |
| 12-31-2023 | 22.84 | 0.23 | 4.74 | 4.97 | (0.22)<br>| (1.93)<br>| (2.15)<br>| 25.66 | 23.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | 0.97 | 0.94 | &nbsp;&nbsp;&nbsp; 150 | 13 |
| 12-31-2022 | 29.14 | 0.21 | (2.74)<br>| (2.53)<br>| (0.24)<br>| (3.53)<br>| (3.77)<br>| 22.84 | (8.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.98 | 0.97 | 0.81 | &nbsp;&nbsp;&nbsp; 143 | 21 |
| 12-31-2021 | 25.28 | 0.16 | 7.39 | 7.55 | (0.18)<br>| (3.51)<br>| (3.69)<br>| 29.14 | 29.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | 0.96 | 0.55 | &nbsp;&nbsp;&nbsp; 177 | 29 |
| **Series NAV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 26.77 | 0.31 | 3.93 | 4.24 | (0.32)<br>| (3.73)<br>| (4.05)<br>| 26.96 | 16.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | 0.72 | 1.13 | &nbsp;&nbsp;&nbsp; 223 | 15 |
| 12-31-2024 | 25.41 | 0.31 | 4.06 | 4.37 | (0.10)<br>| (2.91)<br>| (3.01)<br>| 26.77 | 17.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | 0.71 | 1.10 | &nbsp;&nbsp;&nbsp; 211 | 16 |
| 12-31-2023 | 22.64 | 0.29 | 4.68 | 4.97 | (0.27)<br>| (1.93)<br>| (2.20)<br>| 25.41 | 23.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | 0.72 | 1.19 | &nbsp;&nbsp;&nbsp; 176 | 13 |
| 12-31-2022 | 28.92 | 0.28 | (2.72)<br>| (2.44)<br>| (0.31)<br>| (3.53)<br>| (3.84)<br>| 22.64 | (7.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.73 | 0.72 | 1.06 | &nbsp;&nbsp;&nbsp; 163 | 21 |
| 12-31-2021 | 25.11 | 0.23 | 7.34 | 7.57 | (0.25)<br>| (3.51)<br>| (3.76)<br>| 28.92 | 30.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | 0.71 | 0.79 | &nbsp;&nbsp;&nbsp; 163 | 29 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **1** | Based on average daily shares outstanding. |
| **2** | Total returns exclude insurance-related fees and expenses and would have been lower had certain expenses not been reduced during the applicable periods. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**322**

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Global Equity Trust** | **Global Equity Trust** | **Global Equity Trust** | **Global Equity Trust** | **Global Equity Trust** | **Global Equity Trust** | **Global Equity Trust** | **Global Equity Trust** | **Global Equity Trust** | **Global Equity Trust** | **Global Equity Trust** | **Global Equity Trust** | **Global Equity Trust** | **Global Equity Trust** | **Global Equity Trust** |
| **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** |
|  | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| **Period ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of period**<br> **($)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **($)**<sup>1</sup><br>| **Net realized**<br> **and**<br> **unrealized**<br> **gain (loss)**<br> **on**<br> **investments**<br> **($)**<br>| **Total from**<br> **investment**<br> **operations**<br> **($)**<br>| **From net**<br> **investment**<br> **income**<br> **($)**<br>| **From net**<br> **realized**<br> **gain**<br> **($)**<br>| **Total**<br> **distributions**<br> **($)**<br>| **Net asset**<br> **value,**<br> **end of**<br> **period**<br> **($)**<br>| **Total**<br> **return**<br> **(%)**<sup>2</sup><br>| &nbsp;&nbsp; **Expenses**<br> **before**<br> **reductions**<br> **(%)**<br>| **Expenses**<br> **including**<br> **reductions**<br> **(%)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **(%)**<br>| &nbsp;&nbsp; **Net**<br> **assets,**<br> **end of**<br> **period (in**<br> **thousands)**<br>| **Portfolio**<br> **turnover**<br> **(%)**<br>|
| **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 23.22 | 0.25 | 3.85 | 4.10 | (0.32)<br>| (2.85)<br>| (3.17)<br>| 24.15 | 18.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | 0.93 | 1.01 | &nbsp;&nbsp;&nbsp; 220 | 42 |
| 12-31-2024 | 22.37 | 0.29 | 2.09 | 2.38 | (0.29)<br>| (1.24)<br>| (1.53)<br>| 23.22 | 10.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | 0.93 | 1.21 | &nbsp;&nbsp;&nbsp; 220 | 47 |
| 12-31-2023 | 19.49 | 0.26 | 3.55 | 3.81 | (0.17)<br>| (0.76)<br>| (0.93)<br>| 22.37 | 20.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | 0.94 | 1.24 | &nbsp;&nbsp;&nbsp; 225 | 38 |
| 12-31-2022 | 25.34 | 0.31 | (4.12)<br>| (3.81)<br>| (0.61)<br>| (1.43)<br>| (2.04)<br>| 19.49 | (14.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.94 | 0.93 | 1.40 | &nbsp;&nbsp;&nbsp; 212 | 61 |
| 12-31-2021 | 20.89 | 0.39 | 4.06 | 4.45 |  |  |  | 25.34 | 21.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | 0.92 | 1.68 | &nbsp;&nbsp;&nbsp; 277 | 64 |
| **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 23.02 | 0.20 | 3.81 | 4.01 | (0.27)<br>| (2.85)<br>| (3.12)<br>| 23.91 | 17.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | 1.13 | 0.82 | &nbsp;&nbsp;&nbsp; 20 | 42 |
| 12-31-2024 | 22.19 | 0.24 | 2.08 | 2.32 | (0.25)<br>| (1.24)<br>| (1.49)<br>| 23.02 | 10.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | 1.13 | 1.01 | &nbsp;&nbsp;&nbsp; 21 | 47 |
| 12-31-2023 | 19.35 | 0.22 | 3.52 | 3.74 | (0.14)<br>| (0.76)<br>| (0.90)<br>| 22.19 | 19.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | 1.14 | 1.04 | &nbsp;&nbsp;&nbsp; 22 | 38 |
| 12-31-2022 | 25.17 | 0.26 | (4.09)<br>| (3.83)<br>| (0.56)<br>| (1.43)<br>| (1.99)<br>| 19.35 | (15.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.14 | 1.13 | 1.20 | &nbsp;&nbsp;&nbsp; 21 | 61 |
| 12-31-2021 | 20.79 | 0.34 | 4.04 | 4.38 |  |  |  | 25.17 | 21.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | 1.12 | 1.46 | &nbsp;&nbsp;&nbsp; 29 | 64 |
| **Series NAV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 23.20 | 0.26 | 3.85 | 4.11 | (0.33)<br>| (2.85)<br>| (3.18)<br>| 24.13 | 18.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | 0.88 | 1.05 | &nbsp;&nbsp;&nbsp; 60 | 42 |
| 12-31-2024 | 22.35 | 0.30 | 2.09 | 2.39 | (0.30)<br>| (1.24)<br>| (1.54)<br>| 23.20 | 10.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | 0.88 | 1.26 | &nbsp;&nbsp;&nbsp; 54 | 47 |
| 12-31-2023 | 19.47 | 0.27 | 3.55 | 3.82 | (0.18)<br>| (0.76)<br>| (0.94)<br>| 22.35 | 20.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | 0.89 | 1.28 | &nbsp;&nbsp;&nbsp; 49 | 38 |
| 12-31-2022 | 25.32 | 0.32 | (4.12)<br>| (3.80)<br>| (0.62)<br>| (1.43)<br>| (2.05)<br>| 19.47 | (14.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.89 | 0.88 | 1.45 | &nbsp;&nbsp;&nbsp; 42 | 61 |
| 12-31-2021 | 20.87 | 0.39 | 4.06 | 4.45 |  |  |  | 25.32 | 21.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | 0.87 | 1.69 | &nbsp;&nbsp;&nbsp; 51 | 64 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **1** | Based on average daily shares outstanding. |
| **2** | Total returns exclude insurance-related fees and expenses and would have been lower had certain expenses not been reduced during the applicable periods. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**323**

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Health Sciences Trust** | **Health Sciences Trust** | **Health Sciences Trust** | **Health Sciences Trust** | **Health Sciences Trust** | **Health Sciences Trust** | **Health Sciences Trust** | **Health Sciences Trust** | **Health Sciences Trust** | **Health Sciences Trust** | **Health Sciences Trust** | **Health Sciences Trust** | **Health Sciences Trust** | **Health Sciences Trust** | **Health Sciences Trust** |
| **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** |
|  | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| **Period ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of period**<br> **($)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **($)**<sup>1</sup> <br>| **Net realized**<br> **and**<br> **unrealized**<br> **gain (loss)**<br> **on**<br> **investments**<br> **($)**<br>| **Total from**<br> **investment**<br> **operations**<br> **($)**<br>| **From net**<br> **investment**<br> **income**<br> **($)**<br>| **From net**<br> **realized**<br> **gain**<br> **($)**<br>| **Total**<br> **distributions**<br> **($)**<br>| **Net asset**<br> **value,**<br> **end of**<br> **period**<br> **($)**<br>| **Total**<br> **return**<br> **(%)**<sup>2</sup> <br>| &nbsp;&nbsp; **Expenses**<br> **before**<br> **reductions**<br> **(%)**<br>| **Expenses**<br> **including**<br> **reductions**<br> **(%)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **(%)**<br>| &nbsp;&nbsp; **Net**<br> **assets,**<br> **end of**<br> **period (in**<br> **thousands)**<br>| **Portfolio**<br> **turnover**<br> **(%)**<br>|
| **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 22.30 | (0.07)<br>| 4.13 | 4.06 |  | (3.23)<br>| (3.23)<br>| 23.13 | 19.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | 1.00 | (0.31)<br>| &nbsp;&nbsp;&nbsp; 46 | 68 |
| 12-31-2024 | 23.45 | (0.08)<br>| 0.64 | 0.56 |  | (1.71)<br>| (1.71)<br>| 22.30 | 1.78 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | 0.94 | (0.32)<br>| &nbsp;&nbsp;&nbsp; 48 | 44 |
| 12-31-2023 | 23.84 | (0.06)<br>| 0.93 | 0.87 |  | (1.26)<br>| (1.26)<br>| 23.45 | 4.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | 1.00 | (0.26)<br>| &nbsp;&nbsp;&nbsp; 58 | 43 |
| 12-31-2022 | 31.29 | (0.07)<br>| (4.14)<br>| (4.21)<br>|  | (3.24)<br>| (3.24)<br>| 23.84 | (13.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.06 | 1.01 | (0.29)<br>| &nbsp;&nbsp;&nbsp; 65 | 24 |
| 12-31-2021 | 31.07 | (0.15)<br>| 3.67 | 3.52 |  | (3.30)<br>| (3.30)<br>| 31.29 | 11.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | 1.03 | (0.47)<br>| &nbsp;&nbsp;&nbsp; 80 | 29 |
| **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 18.92 | (0.10)<br>| 3.45 | 3.35 |  | (3.23)<br>| (3.23)<br>| 19.04 | 19.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | 1.20 | (0.51)<br>| &nbsp;&nbsp;&nbsp; 42 | 68 |
| 12-31-2024 | 20.16 | (0.11)<br>| 0.58 | 0.47 |  | (1.71)<br>| (1.71)<br>| 18.92 | 1.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | 1.14 | (0.52)<br>| &nbsp;&nbsp;&nbsp; 43 | 44 |
| 12-31-2023 | 20.73 | (0.09)<br>| 0.78 | 0.69 |  | (1.26)<br>| (1.26)<br>| 20.16 | 4.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | 1.20 | (0.46)<br>| &nbsp;&nbsp;&nbsp; 50 | 43 |
| 12-31-2022 | 27.76 | (0.11)<br>| (3.68)<br>| (3.79)<br>|  | (3.24)<br>| (3.24)<br>| 20.73 | (13.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.26 | 1.21 | (0.49)<br>| &nbsp;&nbsp;&nbsp; 56 | 24 |
| 12-31-2021 | 27.95 | (0.19)<br>| 3.30 | 3.11 |  | (3.30)<br>| (3.30)<br>| 27.76 | 10.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | 1.23 | (0.67)<br>| &nbsp;&nbsp;&nbsp; 75 | 29 |
| **Series NAV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 22.98 | (0.06)<br>| 4.26 | 4.20 |  | (3.23)<br>| (3.23)<br>| 23.95 | 19.53 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | 0.95 | (0.26)<br>| &nbsp;&nbsp;&nbsp; 157 | 68 |
| 12-31-2024 | 24.10 | (0.07)<br>| 0.66 | 0.59 |  | (1.71)<br>| (1.71)<br>| 22.98 | 1.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | 0.89 | (0.27)<br>| &nbsp;&nbsp;&nbsp; 145 | 44 |
| 12-31-2023 | 24.46 | (0.05)<br>| 0.95 | 0.90 |  | (1.26)<br>| (1.26)<br>| 24.10 | 4.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | 0.95 | (0.20)<br>| &nbsp;&nbsp;&nbsp; 155 | 43 |
| 12-31-2022 | 31.98 | (0.06)<br>| (4.22)<br>| (4.28)<br>|  | (3.24)<br>| (3.24)<br>| 24.46 | (13.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.01 | 0.96 | (0.23)<br>| &nbsp;&nbsp;&nbsp; 157 | 24 |
| 12-31-2021 | 31.68 | (0.14)<br>| 3.74 | 3.60 |  | (3.30)<br>| (3.30)<br>| 31.98 | 11.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | 0.98 | (0.42)<br>| &nbsp;&nbsp;&nbsp; 183 | 29 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **1** | Based on average daily shares outstanding. |
| **2** | Total returns exclude insurance-related fees and expenses and would have been lower had certain expenses not been reduced during the applicable periods. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**324**

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **High Yield Trust** | **High Yield Trust** | **High Yield Trust** | **High Yield Trust** | **High Yield Trust** | **High Yield Trust** | **High Yield Trust** | **High Yield Trust** | **High Yield Trust** | **High Yield Trust** | **High Yield Trust** | **High Yield Trust** | **High Yield Trust** | **High Yield Trust** | **High Yield Trust** |
| **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** |
|  | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| **Period ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of period**<br> **($)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **($)**<sup>1</sup> <br>| **Net realized**<br> **and**<br> **unrealized**<br> **gain (loss)**<br> **on**<br> **investments**<br> **($)**<br>| **Total from**<br> **investment**<br> **operations**<br> **($)**<br>| **From net**<br> **investment**<br> **income**<br> **($)**<br>| **From net**<br> **realized**<br> **gain**<br> **($)**<br>| **Total**<br> **distributions**<br> **($)**<br>| **Net asset**<br> **value,**<br> **end of**<br> **period**<br> **($)**<br>| **Total**<br> **return**<br> **(%)**<sup>2</sup> <br>| &nbsp;&nbsp; **Expenses**<br> **before**<br> **reductions**<br> **(%)**<br>| **Expenses**<br> **including**<br> **reductions**<br> **(%)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **(%)**<br>| &nbsp;&nbsp; **Net**<br> **assets,**<br> **end of**<br> **period (in**<br> **thousands)**<br>| **Portfolio**<br> **turnover**<br> **(%)**<br>|
| **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 4.80 | 0.32 | 0.03 | 0.35 | (0.37)<br>|  | (0.37)<br>| 4.78 | 7.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | 0.71 | 6.51 | &nbsp;&nbsp;&nbsp; 47 | 147<br> <sup>3</sup><br>|
| 12-31-2024 | 4.73 | 0.35 | 0.07 | 0.42 | (0.35)<br>|  | (0.35)<br>| 4.80 | 8.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | 0.87 | 7.12 | &nbsp;&nbsp;&nbsp; 48 | 38 |
| 12-31-2023 | 4.30 | 0.33 | 0.22 | 0.55 | (0.12)<br>|  | (0.12)<br>| 4.73 | 13.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | 0.86 | 7.24 | &nbsp;&nbsp;&nbsp; 50 | 38 |
| 12-31-2022 | 5.30 | 0.29 | (1.00)<br>| (0.71)<br>| (0.29)<br>|  | (0.29)<br>| 4.30 | (13.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.85 | 0.84 | 6.03 | &nbsp;&nbsp;&nbsp; 50 | 32 |
| 12-31-2021 | 5.27 | 0.27 | 0.04 | 0.31 | (0.28)<br>|  | (0.28)<br>| 5.30 | 5.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | 0.82 | 4.99 | &nbsp;&nbsp;&nbsp; 64 | 76 |
| **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 4.95 | 0.32 | 0.04 | 0.36 | (0.37)<br>|  | (0.37)<br>| 4.94 | 7.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | 0.91 | 6.30 | &nbsp;&nbsp;&nbsp; 29 | 147<br> <sup>3</sup><br>|
| 12-31-2024 | 4.87 | 0.35 | 0.07 | 0.42 | (0.34)<br>|  | (0.34)<br>| 4.95 | 8.72 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | 1.07 | 6.92 | &nbsp;&nbsp;&nbsp; 31 | 38 |
| 12-31-2023 | 4.43 | 0.33 | 0.22 | 0.55 | (0.11)<br>|  | (0.11)<br>| 4.87 | 12.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | 1.06 | 7.04 | &nbsp;&nbsp;&nbsp; 32 | 38 |
| 12-31-2022 | 5.45 | 0.28 | (1.02)<br>| (0.74)<br>| (0.28)<br>|  | (0.28)<br>| 4.43 | (13.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.05 | 1.04 | 5.80 | &nbsp;&nbsp;&nbsp; 33 | 32 |
| 12-31-2021 | 5.41 | 0.27 | 0.03 | 0.30 | (0.26)<br>|  | (0.26)<br>| 5.45 | 5.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | 1.02 | 4.79 | &nbsp;&nbsp;&nbsp; 48 | 76 |
| **Series NAV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 4.70 | 0.31 | 0.04 | 0.35 | (0.38)<br>|  | (0.38)<br>| 4.67 | 7.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | 0.66 | 6.56 | &nbsp;&nbsp;&nbsp; 107 | 147<br> <sup>3</sup><br>|
| 12-31-2024 | 4.63 | 0.34 | 0.08 | 0.42 | (0.35)<br>|  | (0.35)<br>| 4.70 | 9.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | 0.82 | 7.17 | &nbsp;&nbsp;&nbsp; 101 | 38 |
| 12-31-2023 | 4.22 | 0.32 | 0.21 | 0.53 | (0.12)<br>|  | (0.12)<br>| 4.63 | 12.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | 0.81 | 7.30 | &nbsp;&nbsp;&nbsp; 98 | 38 |
| 12-31-2022 | 5.20 | 0.28 | (0.97)<br>| (0.69)<br>| (0.29)<br>|  | (0.29)<br>| 4.22 | (13.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.80 | 0.79 | 6.12 | &nbsp;&nbsp;&nbsp; 85 | 32 |
| 12-31-2021 | 5.18 | 0.27 | 0.03 | 0.30 | (0.28)<br>|  | (0.28)<br>| 5.20 | 5.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | 0.77 | 5.05 | &nbsp;&nbsp;&nbsp; 96 | 76 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **1** | Based on average daily shares outstanding. |
| **2** | Total returns exclude insurance-related fees and expenses and would have been lower had certain expenses not been reduced during the applicable periods. |
| **3** | Increase in portfolio turnover rate resulted from repositioning of the portfolio during the period in accordance with investment policy changes approved by the Board of <br> Trustees.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**325**

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **International Equity Index Trust** | **International Equity Index Trust** | **International Equity Index Trust** | **International Equity Index Trust** | **International Equity Index Trust** | **International Equity Index Trust** | **International Equity Index Trust** | **International Equity Index Trust** | **International Equity Index Trust** | **International Equity Index Trust** | **International Equity Index Trust** | **International Equity Index Trust** | **International Equity Index Trust** | **International Equity Index Trust** | **International Equity Index Trust** |
| **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** |
|  | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| **Period ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of period**<br> **($)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **($)**<sup>1</sup> <br>| **Net realized**<br> **and**<br> **unrealized**<br> **gain (loss)**<br> **on**<br> **investments**<br> **($)**<br>| **Total from**<br> **investment**<br> **operations**<br> **($)**<br>| **From net**<br> **investment**<br> **income**<br> **($)**<br>| **From net**<br> **realized**<br> **gain**<br> **($)**<br>| **Total**<br> **distributions**<br> **($)**<br>| **Net asset**<br> **value,**<br> **end of**<br> **period**<br> **($)**<br>| **Total**<br> **return**<br> **(%)**<sup>2</sup> <br>| &nbsp;&nbsp; **Expenses**<br> **before**<br> **reductions**<br> **(%)**<br>| **Expenses**<br> **including**<br> **reductions**<br> **(%)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **(%)**<br>| &nbsp;&nbsp; **Net**<br> **assets,**<br> **end of**<br> **period (in**<br> **thousands)**<br>| **Portfolio**<br> **turnover**<br> **(%)**<br>|
| **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 18.93 | 0.50 | 5.64 | 6.14 | (0.51)<br>|  | (0.51)<br>| 24.56 | 32.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | 0.40 | 2.26 | &nbsp;&nbsp;&nbsp; 403 | 4 |
| 12-31-2024 | 18.34 | 0.47 | 0.43 | 0.90 | (0.31)<br>|  | (0.31)<br>| 18.93 | 4.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | 0.39 | 2.43 | &nbsp;&nbsp;&nbsp; 307 | 3 |
| 12-31-2023 | 16.31 | 0.45 | 2.01 | 2.46 | (0.43)<br>|  | (0.43)<br>| 18.34 | 15.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | 0.39 | 2.59 | &nbsp;&nbsp;&nbsp; 326 | 4 |
| 12-31-2022 | 20.25 | 0.48 | (3.84)<br>| (3.36)<br>| (0.50)<br>| (0.08)<br>| (0.58)<br>| 16.31 | (16.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.67 | 0.39 | 2.77 | &nbsp;&nbsp;&nbsp; 294 | 6 |
| 12-31-2021 | 19.55 | 0.48 | 1.02 | 1.50 | (0.55)<br>| (0.25)<br>| (0.80)<br>| 20.25 | 7.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | 0.39 | 2.29 | &nbsp;&nbsp;&nbsp; 371 | 5 |
| **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 18.95 | 0.46 | 5.64 | 6.10 | (0.47)<br>|  | (0.47)<br>| 24.58 | 32.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | 0.60 | 2.08 | &nbsp;&nbsp;&nbsp; 20 | 4 |
| 12-31-2024 | 18.37 | 0.43 | 0.43 | 0.86 | (0.28)<br>|  | (0.28)<br>| 18.95 | 4.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | 0.59 | 2.25 | &nbsp;&nbsp;&nbsp; 17 | 3 |
| 12-31-2023 | 16.34 | 0.42 | 2.01 | 2.43 | (0.40)<br>|  | (0.40)<br>| 18.37 | 15.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | 0.59 | 2.38 | &nbsp;&nbsp;&nbsp; 19 | 4 |
| 12-31-2022 | 20.27 | 0.44 | (3.82)<br>| (3.38)<br>| (0.47)<br>| (0.08)<br>| (0.55)<br>| 16.34 | (16.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.87 | 0.59 | 2.55 | &nbsp;&nbsp;&nbsp; 17 | 6 |
| 12-31-2021 | 19.58 | 0.43 | 1.02 | 1.45 | (0.51)<br>| (0.25)<br>| (0.76)<br>| 20.27 | 7.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | 0.59 | 2.09 | &nbsp;&nbsp;&nbsp; 23 | 5 |
| **Series NAV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 18.92 | 0.51 | 5.64 | 6.15 | (0.52)<br>|  | (0.52)<br>| 24.55 | 32.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | 0.35 | 2.33 | &nbsp;&nbsp;&nbsp; 771 | 4 |
| 12-31-2024 | 18.33 | 0.48 | 0.43 | 0.91 | (0.32)<br>|  | (0.32)<br>| 18.92 | 4.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | 0.34 | 2.47 | &nbsp;&nbsp;&nbsp; 575 | 3 |
| 12-31-2023 | 16.31 | 0.46 | 2.00 | 2.46 | (0.44)<br>|  | (0.44)<br>| 18.33 | 15.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | 0.34 | 2.64 | &nbsp;&nbsp;&nbsp; 541 | 4 |
| 12-31-2022 | 20.24 | 0.49 | (3.83)<br>| (3.34)<br>| (0.51)<br>| (0.08)<br>| (0.59)<br>| 16.31 | (16.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.62 | 0.34 | 2.84 | &nbsp;&nbsp;&nbsp; 468 | 6 |
| 12-31-2021 | 19.55 | 0.48 | 1.02 | 1.50 | (0.56)<br>| (0.25)<br>| (0.81)<br>| 20.24 | 7.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | 0.34 | 2.33 | &nbsp;&nbsp;&nbsp; 535 | 5 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **1** | Based on average daily shares outstanding. |
| **2** | Total returns exclude insurance-related fees and expenses and would have been lower had certain expenses not been reduced during the applicable periods. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**326**

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **International Small Company Trust** | **International Small Company Trust** | **International Small Company Trust** | **International Small Company Trust** | **International Small Company Trust** | **International Small Company Trust** | **International Small Company Trust** | **International Small Company Trust** | **International Small Company Trust** | **International Small Company Trust** | **International Small Company Trust** | **International Small Company Trust** | **International Small Company Trust** | **International Small Company Trust** |
| **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** |
|  | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| **Period ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of period**<br> **($)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **($)**<sup>1</sup> <br>| **Net realized**<br> **and**<br> **unrealized**<br> **gain (loss)**<br> **on**<br> **investments**<br> **($)**<br>| **Total from**<br> **investment**<br> **operations**<br> **($)**<br>| **From net**<br> **investment**<br> **income**<br> **($)**<br>| **From net**<br> **realized**<br> **gain**<br> **($)**<br>| **Total**<br> **distributions**<br> **($)**<br>| **Net asset**<br> **value,**<br> **end of**<br> **period**<br> **($)**<br>| **Total**<br> **return**<br> **(%)**<sup>2</sup> <br>| **Expenses**<br> **including**<br> **reductions**<br> **(%)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **(%)**<br>| &nbsp;&nbsp; **Net**<br> **assets,**<br> **end of**<br> **period (in**<br> **thousands)**<br>| **Portfolio**<br> **turnover**<br> **(%)**<br>|
| **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 12.63 | 0.31 | 4.08 | 4.39 | (0.34)<br>| (0.66)<br>| (1.00)<br>| 16.02 | 34.98 | 1.06 | 2.10 | &nbsp;&nbsp;&nbsp; 21 | 15 |
| 12-31-2024 | 12.69 | 0.25 | 0.16 | 0.41 | (0.37)<br>| (0.10)<br>| (0.47)<br>| 12.63 | 3.07 | 1.06 | 1.95 | &nbsp;&nbsp;&nbsp; 18 | 13 |
| 12-31-2023 | 11.72 | 0.25 | 1.24 | 1.49 | (0.25)<br>| (0.27)<br>| (0.52)<br>| 12.69 | 13.44 | 1.05 | 2.02 | &nbsp;&nbsp;&nbsp; 19 | 11 |
| 12-31-2022 | 16.08 | 0.25 | (3.32)<br>| (3.07)<br>| (0.26)<br>| (1.03)<br>| (1.29)<br>| 11.72 | (18.17)<br>| 1.08 | 1.92 | &nbsp;&nbsp;&nbsp; 19 | 20 |
| 12-31-2021 | 14.73 | 0.21 | 1.82 | 2.03 | (0.21)<br>| (0.47)<br>| (0.68)<br>| 16.08 | 13.72 | 1.07 | 1.31 | &nbsp;&nbsp;&nbsp; 26 | 23 |
| **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 12.61 | 0.28 | 4.06 | 4.34 | (0.31)<br>| (0.66)<br>| (0.97)<br>| 15.98 | 34.67 | 1.26 | 1.88 | &nbsp;&nbsp;&nbsp; 16 | 15 |
| 12-31-2024 | 12.68 | 0.23 | 0.14 | 0.37 | (0.34)<br>| (0.10)<br>| (0.44)<br>| 12.61 | 2.82 | 1.26 | 1.75 | &nbsp;&nbsp;&nbsp; 12 | 13 |
| 12-31-2023 | 11.70 | 0.22 | 1.26 | 1.48 | (0.23)<br>| (0.27)<br>| (0.50)<br>| 12.68 | 13.33 | 1.25 | 1.82 | &nbsp;&nbsp;&nbsp; 13 | 11 |
| 12-31-2022 | 16.05 | 0.22 | (3.31)<br>| (3.09)<br>| (0.23)<br>| (1.03)<br>| (1.26)<br>| 11.70 | (18.35)<br>| 1.28 | 1.70 | &nbsp;&nbsp;&nbsp; 12 | 20 |
| 12-31-2021 | 14.71 | 0.18 | 1.81 | 1.99 | (0.18)<br>| (0.47)<br>| (0.65)<br>| 16.05 | 13.47 | 1.27 | 1.12 | &nbsp;&nbsp;&nbsp; 15 | 23 |
| **Series NAV** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 12.64 | 0.31 | 4.08 | 4.39 | (0.34)<br>| (0.66)<br>| (1.00)<br>| 16.03 | 35.01 | 1.01 | 2.13 | &nbsp;&nbsp;&nbsp; 77 | 15 |
| 12-31-2024 | 12.70 | 0.26 | 0.15 | 0.41 | (0.37)<br>| (0.10)<br>| (0.47)<br>| 12.64 | 3.11 | 1.01 | 2.00 | &nbsp;&nbsp;&nbsp; 65 | 13 |
| 12-31-2023 | 11.72 | 0.25 | 1.25 | 1.50 | (0.25)<br>| (0.27)<br>| (0.52)<br>| 12.70 | 13.59 | 1.00 | 2.06 | &nbsp;&nbsp;&nbsp; 75 | 11 |
| 12-31-2022 | 16.09 | 0.26 | (3.33)<br>| (3.07)<br>| (0.27)<br>| (1.03)<br>| (1.30)<br>| 11.72 | (18.17)<br>| 1.03 | 1.96 | &nbsp;&nbsp;&nbsp; 68 | 20 |
| 12-31-2021 | 14.74 | 0.22 | 1.82 | 2.04 | (0.22)<br>| (0.47)<br>| (0.69)<br>| 16.09 | 13.77 | 1.02 | 1.37 | &nbsp;&nbsp;&nbsp; 88 | 23 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **1** | Based on average daily shares outstanding. |
| **2** | Total returns exclude insurance-related fees and expenses and would have been lower had certain expenses not been reduced during the applicable periods. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**327**

------

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment Quality Bond Trust** | **Investment Quality Bond Trust** | **Investment Quality Bond Trust** | **Investment Quality Bond Trust** | **Investment Quality Bond Trust** | **Investment Quality Bond Trust** | **Investment Quality Bond Trust** | **Investment Quality Bond Trust** | **Investment Quality Bond Trust** | **Investment Quality Bond Trust** | **Investment Quality Bond Trust** | **Investment Quality Bond Trust** | **Investment Quality Bond Trust** | **Investment Quality Bond Trust** | **Investment Quality Bond Trust** |
| **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** |
|  | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| **Period ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of period**<br> **($)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **($)**<sup>1</sup> <br>| **Net realized**<br> **and**<br> **unrealized**<br> **gain (loss)**<br> **on**<br> **investments**<br> **($)**<br>| **Total from**<br> **investment**<br> **operations**<br> **($)**<br>| **From net**<br> **investment**<br> **income**<br> **($)**<br>| **From net**<br> **realized**<br> **gain**<br> **($)**<br>| **Total**<br> **distributions**<br> **($)**<br>| **Net asset**<br> **value,**<br> **end of**<br> **period**<br> **($)**<br>| **Total**<br> **return**<br> **(%)**<sup>2</sup> <br>| &nbsp;&nbsp; **Expenses**<br> **before**<br> **reductions**<br> **(%)**<br>| **Expenses**<br> **including**<br> **reductions**<br> **(%)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **(%)**<br>| &nbsp;&nbsp; **Net**<br> **assets,**<br> **end of**<br> **period (in**<br> **thousands)**<br>| **Portfolio**<br> **turnover**<br> **(%)**<br>|
| **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 9.53 | 0.38 | 0.29 | 0.67 | (0.45)<br>|  | (0.45)<br>| 9.75 | 6.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | 0.77 | 3.83 | &nbsp;&nbsp;&nbsp; 93 | 49 |
| 12-31-2024 | 9.67 | 0.38 | (0.18)<br>| 0.20 | (0.34)<br>|  | (0.34)<br>| 9.53 | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | 0.75 | 3.87 | &nbsp;&nbsp;&nbsp; 97 | 44 |
| 12-31-2023 | 9.22 | 0.33 | 0.27 | 0.60 | (0.15)<br>|  | (0.15)<br>| 9.67 | 6.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | 0.76 | 3.52 | &nbsp;&nbsp;&nbsp; 101 | 41 |
| 12-31-2022 | 11.50 | 0.27 | (2.01)<br>| (1.74)<br>| (0.33)<br>| (0.21)<br>| (0.54)<br>| 9.22 | (14.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.76 | 0.75 | 2.62 | &nbsp;&nbsp;&nbsp; 100 | 39 |
| 12-31-2021 | 12.17 | 0.22 | (0.37)<br>| (0.15)<br>| (0.25)<br>| (0.27)<br>| (0.52)<br>| 11.50 | (1.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.74 | 0.73 | 1.86 | &nbsp;&nbsp;&nbsp; 134 | 37 |
| **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 9.54 | 0.36 | 0.28 | 0.64 | (0.43)<br>|  | (0.43)<br>| 9.75 | 6.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | 0.97 | 3.63 | &nbsp;&nbsp;&nbsp; 49 | 49 |
| 12-31-2024 | 9.68 | 0.36 | (0.18)<br>| 0.18 | (0.32)<br>|  | (0.32)<br>| 9.54 | 1.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | 0.95 | 3.66 | &nbsp;&nbsp;&nbsp; 50 | 44 |
| 12-31-2023 | 9.23 | 0.31 | 0.27 | 0.58 | (0.13)<br>|  | (0.13)<br>| 9.68 | 6.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | 0.96 | 3.32 | &nbsp;&nbsp;&nbsp; 51 | 41 |
| 12-31-2022 | 11.50 | 0.25 | (2.00)<br>| (1.75)<br>| (0.31)<br>| (0.21)<br>| (0.52)<br>| 9.23 | (15.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.96 | 0.95 | 2.42 | &nbsp;&nbsp;&nbsp; 51 | 39 |
| 12-31-2021 | 12.18 | 0.20 | (0.39)<br>| (0.19)<br>| (0.22)<br>| (0.27)<br>| (0.49)<br>| 11.50 | (1.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.94 | 0.93 | 1.66 | &nbsp;&nbsp;&nbsp; 71 | 37 |
| **Series NAV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 9.49 | 0.38 | 0.28 | 0.66 | (0.45)<br>|  | (0.45)<br>| 9.70 | 6.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | 0.72 | 3.89 | &nbsp;&nbsp;&nbsp; 73 | 49 |
| 12-31-2024 | 9.63 | 0.38 | (0.18)<br>| 0.20 | (0.34)<br>|  | (0.34)<br>| 9.49 | 2.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | 0.70 | 3.92 | &nbsp;&nbsp;&nbsp; 70 | 44 |
| 12-31-2023 | 9.18 | 0.33 | 0.27 | 0.60 | (0.15)<br>|  | (0.15)<br>| 9.63 | 6.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | 0.71 | 3.58 | &nbsp;&nbsp;&nbsp; 62 | 41 |
| 12-31-2022 | 11.45 | 0.27 | (2.00)<br>| (1.73)<br>| (0.33)<br>| (0.21)<br>| (0.54)<br>| 9.18 | (14.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.71 | 0.70 | 2.70 | &nbsp;&nbsp;&nbsp; 56 | 39 |
| 12-31-2021 | 12.13 | 0.23 | (0.39)<br>| (0.16)<br>| (0.25)<br>| (0.27)<br>| (0.52)<br>| 11.45 | (1.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.69 | 0.68 | 1.91 | &nbsp;&nbsp;&nbsp; 65 | 37 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **1** | Based on average daily shares outstanding. |
| **2** | Total returns exclude insurance-related fees and expenses and would have been lower had certain expenses not been reduced during the applicable periods. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**328**

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Lifestyle Balanced Portfolio** | **Lifestyle Balanced Portfolio** | **Lifestyle Balanced Portfolio** | **Lifestyle Balanced Portfolio** | **Lifestyle Balanced Portfolio** | **Lifestyle Balanced Portfolio** | **Lifestyle Balanced Portfolio** | **Lifestyle Balanced Portfolio** | **Lifestyle Balanced Portfolio** | **Lifestyle Balanced Portfolio** | **Lifestyle Balanced Portfolio** |
| **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Ratios and supplemental data** | **Ratios and supplemental data** |
|  | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  | **Ratios to average net assets** |  |
| **Period ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of period**<br> **($)**<br>| **Net realized**<br> **and**<br> **unrealized**<br> **gain (loss)**<br> **on**<br> **investments**<br> **($)**<br>| **Total from**<br> **investment**<br> **operations**<br> **($)**<br>| **From net**<br> **investment**<br> **income**<br> **($)**<br>| **From net**<br> **realized**<br> **gain**<br> **($)**<br>| **Total**<br> **distributions**<br> **($)**<br>| **Net asset**<br> **value,**<br> **end of**<br> **period**<br> **($)**<br>| **Total**<br> **return**<br> **(%)**<sup>2</sup> <br>| &nbsp;&nbsp; **Net**<br> **assets,**<br> **end of**<br> **period (in**<br> **thousands)**<br>| **Portfolio**<br> **turnover**<br> **(%)**<br>|
| **Series I** |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 13.06<br>0.37<br> <sup>3</sup><br>| 1.47 | 1.84 | (0.40)<br>| (0.77)<br>| (1.17)<br>| 13.73 | 14.10<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> <sup>4</sup><br>0.12<br> <sup>4</sup><br>2.72<br> <sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 36 | 12 |
| 12-31-2024 | 12.65<br>0.31 <br><sup>3</sup><br>| 0.77 | 1.08 | (0.31)<br>| (0.36)<br>| (0.67)<br>| 13.06 | 8.52<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.13 <br><sup>4</sup><br>0.12 <br><sup>4</sup><br>2.35 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 37 | 13 |
| 12-31-2023 | 12.55<br>0.31 <br><sup>3</sup><br>| 1.28 | 1.59 | (0.29)<br>| (1.20)<br>| (1.49)<br>| 12.65 | 13.74<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.13 <br><sup>4</sup><br>2.39 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 38 | 9 |
| 12-31-2022 | 16.79<br>0.31 <br><sup>3</sup><br>| (2.95)<br>| (2.64)<br>| (0.30)<br>| (1.30)<br>| (1.60)<br>| 12.55 | (15.45)<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.12 <br><sup>4</sup><br>2.11 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 32 | 15 |
| 12-31-2021 | 16.40<br>0.37 <br><sup>3</sup><br>| 1.17 | 1.54 | (0.37)<br>| (0.78)<br>| (1.15)<br>| 16.79 | 9.44<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.12 <br><sup>4</sup><br>0.11 <br><sup>4</sup><br>2.18 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 42 | 10 |
| **Series II** |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 13.10<br>0.35<br> <sup>3</sup><br>| 1.45 | 1.80 | (0.34)<br>| (0.77)<br>| (1.11)<br>| 13.79 | 13.81<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> <sup>4</sup><br>0.32<br> <sup>4</sup><br>2.53<br> <sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 730 | 12 |
| 12-31-2024 | 12.68<br>0.29 <br><sup>3</sup><br>| 0.77 | 1.06 | (0.28)<br>| (0.36)<br>| (0.64)<br>| 13.10 | 8.37<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.33 <br><sup>4</sup><br>0.32 <br><sup>4</sup><br>2.16 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 735 | 13 |
| 12-31-2023 | 12.58<br>0.27 <br><sup>3</sup><br>| 1.29 | 1.56 | (0.26)<br>| (1.20)<br>| (1.46)<br>| 12.68 | 13.50<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.33 <br><sup>4</sup><br>2.06 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 772 | 9 |
| 12-31-2022 | 16.82<br>0.27 <br><sup>3</sup><br>| (2.94)<br>| (2.67)<br>| (0.27)<br>| (1.30)<br>| (1.57)<br>| 12.58 | (15.60)<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.32 <br><sup>4</sup><br>1.87 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 730 | 15 |
| 12-31-2021 | 16.43<br>0.34 <br><sup>3</sup><br>| 1.17 | 1.51 | (0.34)<br>| (0.78)<br>| (1.12)<br>| 16.82 | 9.21<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.32 <br><sup>4</sup><br>0.31 <br><sup>4</sup><br>1.98 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 997 | 10 |
| **Series NAV** |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 13.05<br>0.40<br> <sup>3</sup><br>| 1.43 | 1.83 | (0.41)<br>| (0.77)<br>| (1.18)<br>| 13.70 | 14.06<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> <sup>4</sup><br>0.07<br> <sup>4</sup><br>2.94<br> <sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 233 | 12 |
| 12-31-2024 | 12.63<br>0.32 <br><sup>3</sup><br>| 0.78 | 1.10 | (0.32)<br>| (0.36)<br>| (0.68)<br>| 13.05 | 8.67<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.08 <br><sup>4</sup><br>0.07 <br><sup>4</sup><br>2.41 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 205 | 13 |
| 12-31-2023 | 12.54<br>0.31 <br><sup>3</sup><br>| 1.28 | 1.59 | (0.30)<br>| (1.20)<br>| (1.50)<br>| 12.63 | 13.72<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.08 <br><sup>4</sup><br>2.38 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 156 | 9 |
| 12-31-2022 | 16.77<br>0.32 <br><sup>3</sup><br>| (2.94)<br>| (2.62)<br>| (0.31)<br>| (1.30)<br>| (1.61)<br>| 12.54 | (15.36)<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.07 <br><sup>4</sup><br>2.21 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 137 | 15 |
| 12-31-2021 | 16.38<br>0.40 <br><sup>3</sup><br>| 1.15 | 1.55 | (0.38)<br>| (0.78)<br>| (1.16)<br>| 16.77 | 9.51<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.07 <br><sup>4</sup><br>0.06 <br><sup>4</sup><br>2.33 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 161 | 10 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **1** | Based on average daily shares outstanding. |
| **2** | Total returns exclude insurance-related fees and expenses and would have been lower had certain expenses not been reduced during the applicable periods. |
| **3** | Net investment income is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the portfolio invests. |
| **4** | Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the portfolio. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**329**

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Lifestyle Conservative Portfolio** | **Lifestyle Conservative Portfolio** | **Lifestyle Conservative Portfolio** | **Lifestyle Conservative Portfolio** | **Lifestyle Conservative Portfolio** | **Lifestyle Conservative Portfolio** | **Lifestyle Conservative Portfolio** | **Lifestyle Conservative Portfolio** | **Lifestyle Conservative Portfolio** | **Lifestyle Conservative Portfolio** | **Lifestyle Conservative Portfolio** |
| **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Ratios and supplemental data** | **Ratios and supplemental data** |
|  | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  | **Ratios to average net assets** |  |
| **Period ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of period**<br> **($)**<br>| **Net realized**<br> **and**<br> **unrealized**<br> **gain (loss)**<br> **on**<br> **investments**<br> **($)**<br>| **Total from**<br> **investment**<br> **operations**<br> **($)**<br>| **From net**<br> **investment**<br> **income**<br> **($)**<br>| **From net**<br> **realized**<br> **gain**<br> **($)**<br>| **Total**<br> **distributions**<br> **($)**<br>| **Net asset**<br> **value,**<br> **end of**<br> **period**<br> **($)**<br>| **Total**<br> **return**<br> **(%)**<sup>2</sup> <br>| &nbsp;&nbsp; **Net**<br> **assets,**<br> **end of**<br> **period (in**<br> **thousands)**<br>| **Portfolio**<br> **turnover**<br> **(%)**<br>|
| **Series I** |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 11.26<br>0.40<br> <sup>3</sup><br>| 0.73 | 1.13 | (0.44)<br>| (0.02)<br>| (0.46)<br>| 11.93 | 10.05<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> <sup>4</sup><br>0.13<br> <sup>4</sup><br>3.42<br> <sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 13 | 11 |
| 12-31-2024 | 11.15<br>0.34 <br><sup>3</sup><br>| 0.15 | 0.49 | (0.36)<br>| (0.02)<br>| (0.38)<br>| 11.26 | 4.43<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.17 <br><sup>4</sup><br>0.13 <br><sup>4</sup><br>2.96 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 13 | 11 |
| 12-31-2023 | 11.01<br>0.30 <br><sup>3</sup><br>| 0.66 | 0.96 | (0.32)<br>| (0.50)<br>| (0.82)<br>| 11.15 | 9.12<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.17 <br><sup>4</sup><br>0.13 <br><sup>4</sup><br>2.62 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 13 | 11 |
| 12-31-2022 | 14.10<br>0.32 <br><sup>3</sup><br>| (2.41)<br>| (2.09)<br>| (0.32)<br>| (0.68)<br>| (1.00)<br>| 11.01 | (14.62)<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.16 <br><sup>4</sup><br>0.13 <br><sup>4</sup><br>2.59 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 14 | 16 |
| 12-31-2021 | 14.43<br>0.38 <br><sup>3</sup><br>| 0.04 | 0.42 | (0.35)<br>| (0.40)<br>| (0.75)<br>| 14.10 | 2.96<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.14 <br><sup>4</sup><br>0.13 <br><sup>4</sup><br>2.62 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 18 | 22 |
| **Series II** |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 11.28<br>0.38<br> <sup>3</sup><br>| 0.73 | 1.11 | (0.40)<br>| (0.02)<br>| (0.42)<br>| 11.97 | 9.82<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> <sup>4</sup><br>0.33<br> <sup>4</sup><br>3.25<br> <sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 129 | 11 |
| 12-31-2024 | 11.17<br>0.33 <br><sup>3</sup><br>| 0.14 | 0.47 | (0.34)<br>| (0.02)<br>| (0.36)<br>| 11.28 | 4.22<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.37 <br><sup>4</sup><br>0.33 <br><sup>4</sup><br>2.85 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 136 | 11 |
| 12-31-2023 | 11.03<br>0.29 <br><sup>3</sup><br>| 0.64 | 0.93 | (0.29)<br>| (0.50)<br>| (0.79)<br>| 11.17 | 8.90<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.37 <br><sup>4</sup><br>0.33 <br><sup>4</sup><br>2.54 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 146 | 11 |
| 12-31-2022 | 14.11<br>0.28 <br><sup>3</sup><br>| (2.38)<br>| (2.10)<br>| (0.30)<br>| (0.68)<br>| (0.98)<br>| 11.03 | (14.71)<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.36 <br><sup>4</sup><br>0.33 <br><sup>4</sup><br>2.27 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 144 | 16 |
| 12-31-2021 | 14.45<br>0.32 <br><sup>3</sup><br>| 0.07 | 0.39 | (0.33)<br>| (0.40)<br>| (0.73)<br>| 14.11 | 2.68<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.34 <br><sup>4</sup><br>0.33 <br><sup>4</sup><br>2.19 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 200 | 22 |
| **Series NAV** |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 11.25<br>0.40<br> <sup>3</sup><br>| 0.73 | 1.13 | (0.45)<br>| (0.02)<br>| (0.47)<br>| 11.91 | 10.07<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> <sup>4</sup><br>0.08<br> <sup>4</sup><br>3.43<br> <sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 7 | 11 |
| 12-31-2024 | 11.14<br>0.37 <br><sup>3</sup><br>| 0.13 | 0.50 | (0.37)<br>| (0.02)<br>| (0.39)<br>| 11.25 | 4.48<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.12 <br><sup>4</sup><br>0.08 <br><sup>4</sup><br>3.20 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 7 | 11 |
| 12-31-2023 | 11.00<br>0.30 <br><sup>3</sup><br>| 0.66 | 0.96 | (0.32)<br>| (0.50)<br>| (0.82)<br>| 11.14 | 9.18<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.12 <br><sup>4</sup><br>0.08 <br><sup>4</sup><br>2.63 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 7 | 11 |
| 12-31-2022 | 14.08<br>0.35 <br><sup>3</sup><br>| (2.42)<br>| (2.07)<br>| (0.33)<br>| (0.68)<br>| (1.01)<br>| 11.00 | (14.52)<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.11 <br><sup>4</sup><br>0.08 <br><sup>4</sup><br>2.84 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 8 | 16 |
| 12-31-2021 | 14.42<br>0.33 <br><sup>3</sup><br>| 0.09 | 0.42 | (0.36)<br>| (0.40)<br>| (0.76)<br>| 14.08 | 2.94<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.09 <br><sup>4</sup><br>0.08 <br><sup>4</sup><br>2.24 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 8 | 22 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **1** | Based on average daily shares outstanding. |
| **2** | Total returns exclude insurance-related fees and expenses and would have been lower had certain expenses not been reduced during the applicable periods. |
| **3** | Net investment income is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the portfolio invests. |
| **4** | Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the portfolio. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**330**

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Lifestyle Growth Portfolio** | **Lifestyle Growth Portfolio** | **Lifestyle Growth Portfolio** | **Lifestyle Growth Portfolio** | **Lifestyle Growth Portfolio** | **Lifestyle Growth Portfolio** | **Lifestyle Growth Portfolio** | **Lifestyle Growth Portfolio** | **Lifestyle Growth Portfolio** | **Lifestyle Growth Portfolio** | **Lifestyle Growth Portfolio** |
| **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Ratios and supplemental data** | **Ratios and supplemental data** |
|  | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  | **Ratios to average net assets** |  |
| **Period ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of period**<br> **($)**<br>| **Net realized**<br> **and**<br> **unrealized**<br> **gain (loss)**<br> **on**<br> **investments**<br> **($)**<br>| **Total from**<br> **investment**<br> **operations**<br> **($)**<br>| **From net**<br> **investment**<br> **income**<br> **($)**<br>| **From net**<br> **realized**<br> **gain**<br> **($)**<br>| **Total**<br> **distributions**<br> **($)**<br>| **Net asset**<br> **value,**<br> **end of**<br> **period**<br> **($)**<br>| **Total**<br> **return**<br> **(%)**<sup>2</sup> <br>| &nbsp;&nbsp; **Net**<br> **assets,**<br> **end of**<br> **period (in**<br> **thousands)**<br>| **Portfolio**<br> **turnover**<br> **(%)**<br>|
| **Series I** |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 13.76<br>0.32<br> <sup>3</sup><br>| 1.97 | 2.29 | (0.34)<br>| (1.20)<br>| (1.54)<br>| 14.51 | 16.72<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> <sup>4</sup><br>2.17<br> <sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 197 | 11 |
| 12-31-2024 | 13.11<br>0.27 <br><sup>3</sup><br>| 1.22 | 1.49 | (0.28)<br>| (0.56)<br>| (0.84)<br>| 13.76 | 11.31<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.12 <br><sup>4</sup><br>0.11 <br><sup>4</sup><br>1.96 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 198 | 9 |
| 12-31-2023 | 13.15<br>0.26 <br><sup>3</sup><br>| 1.75 | 2.01 | (0.25)<br>| (1.80)<br>| (2.05)<br>| 13.11 | 17.00<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.12 <br><sup>4</sup><br>1.91 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 200 | 6 |
| 12-31-2022 | 18.57<br>0.29 <br><sup>3</sup><br>| (3.35)<br>| (3.06)<br>| (0.27)<br>| (2.09)<br>| (2.36)<br>| 13.15 | (16.08)<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.12 <br><sup>4</sup><br>0.11 <br><sup>4</sup><br>1.81 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 194 | 12 |
| 12-31-2021 | 17.79<br>0.37 <br><sup>3</sup><br>| 2.11 | 2.48 | (0.36)<br>| (1.34)<br>| (1.70)<br>| 18.57 | 14.07<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.11 <br><sup>4</sup><br>1.97 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 252 | 12 <br><sup>5</sup><br>|
| **Series II** |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 13.78<br>0.29<br> <sup>3</sup><br>| 1.97 | 2.26 | (0.28)<br>| (1.20)<br>| (1.48)<br>| 14.56 | 16.51<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> <sup>4</sup><br>1.99<br> <sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 4255 | 11 |
| 12-31-2024 | 13.12<br>0.24 <br><sup>3</sup><br>| 1.23 | 1.47 | (0.25)<br>| (0.56)<br>| (0.81)<br>| 13.78 | 11.17<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.32 <br><sup>4</sup><br>0.31 <br><sup>4</sup><br>1.74 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 4222 | 9 |
| 12-31-2023 | 13.17<br>0.23 <br><sup>3</sup><br>| 1.75 | 1.98 | (0.23)<br>| (1.80)<br>| (2.03)<br>| 13.12 | 16.67<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.32 <br><sup>4</sup><br>1.70 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 4375 | 6 |
| 12-31-2022 | 18.59<br>0.25 <br><sup>3</sup><br>| (3.34)<br>| (3.09)<br>| (0.24)<br>| (2.09)<br>| (2.33)<br>| 13.17 | (16.24)<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.32 <br><sup>4</sup><br>0.31 <br><sup>4</sup><br>1.59 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 4184 | 12 |
| 12-31-2021 | 17.81<br>0.33 <br><sup>3</sup><br>| 2.11 | 2.44 | (0.32)<br>| (1.34)<br>| (1.66)<br>| 18.59 | 13.84<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.31 <br><sup>4</sup><br>1.72 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 5588 | 12 <br><sup>5</sup><br>|
| **Series NAV** |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 13.75<br>0.34<br> <sup>3</sup><br>| 1.96 | 2.30 | (0.35)<br>| (1.20)<br>| (1.55)<br>| 14.50 | 16.84<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> <sup>4</sup><br>2.33<br> <sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 732 | 11 |
| 12-31-2024 | 13.10<br>0.29 <br><sup>3</sup><br>| 1.21 | 1.50 | (0.29)<br>| (0.56)<br>| (0.85)<br>| 13.75 | 11.37<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.07 <br><sup>4</sup><br>0.06 <br><sup>4</sup><br>2.09 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 642 | 9 |
| 12-31-2023 | 13.15<br>0.28 <br><sup>3</sup><br>| 1.73 | 2.01 | (0.26)<br>| (1.80)<br>| (2.06)<br>| 13.10 | 16.97<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.07 <br><sup>4</sup><br>2.04 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 577 | 6 |
| 12-31-2022 | 18.56<br>0.30 <br><sup>3</sup><br>| (3.34)<br>| (3.04)<br>| (0.28)<br>| (2.09)<br>| (2.37)<br>| 13.15 | (15.99)<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.07 <br><sup>4</sup><br>0.06 <br><sup>4</sup><br>1.92 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 495 | 12 |
| 12-31-2021 | 17.78<br>0.40 <br><sup>3</sup><br>| 2.09 | 2.49 | (0.37)<br>| (1.34)<br>| (1.71)<br>| 18.56 | 14.13<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.06 <br><sup>4</sup><br>2.12 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 587 | 12<br> <sup>5</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **1** | Based on average daily shares outstanding. |
| **2** | Total returns exclude insurance-related fees and expenses and would have been lower had certain expenses not been reduced during the applicable periods. |
| **3** | Net investment income is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the portfolio invests. |
| **4** | Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the portfolio. |
| **5** | Excludes merger activity. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**331**

------

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Lifestyle Moderate Portfolio** | **Lifestyle Moderate Portfolio** | **Lifestyle Moderate Portfolio** | **Lifestyle Moderate Portfolio** | **Lifestyle Moderate Portfolio** | **Lifestyle Moderate Portfolio** | **Lifestyle Moderate Portfolio** | **Lifestyle Moderate Portfolio** | **Lifestyle Moderate Portfolio** | **Lifestyle Moderate Portfolio** | **Lifestyle Moderate Portfolio** |
| **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Ratios and supplemental data** | **Ratios and supplemental data** |
|  | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  | **Ratios to average net assets** |  |
| **Period ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of period**<br> **($)**<br>| **Net realized**<br> **and**<br> **unrealized**<br> **gain (loss)**<br> **on**<br> **investments**<br> **($)**<br>| **Total from**<br> **investment**<br> **operations**<br> **($)**<br>| **From net**<br> **investment**<br> **income**<br> **($)**<br>| **From net**<br> **realized**<br> **gain**<br> **($)**<br>| **Total**<br> **distributions**<br> **($)**<br>| **Net asset**<br> **value,**<br> **end of**<br> **period**<br> **($)**<br>| **Total**<br> **return**<br> **(%)**<sup>2</sup> <br>| &nbsp;&nbsp; **Net**<br> **assets,**<br> **end of**<br> **period (in**<br> **thousands)**<br>| **Portfolio**<br> **turnover**<br> **(%)**<br>|
| **Series I** |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 12.30<br>0.39<br> <sup>3</sup><br>| 1.17 | 1.56 | (0.42)<br>| (0.38)<br>| (0.80)<br>| 13.06 | 12.67<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> <sup>4</sup><br>0.13<br> <sup>4</sup><br>2.98<br> <sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 12 | 10 |
| 12-31-2024 | 12.03<br>0.33 <br><sup>3</sup><br>| 0.54 | 0.87 | (0.34)<br>| (0.26)<br>| (0.60)<br>| 12.30 | 7.14<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.15 <br><sup>4</sup><br>0.13 <br><sup>4</sup><br>2.63 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 12 | 9 |
| 12-31-2023 | 11.97<br>0.29 <br><sup>3</sup><br>| 1.06 | 1.35 | (0.29)<br>| (1.00)<br>| (1.29)<br>| 12.03 | 12.15<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.15 <br><sup>4</sup><br>0.13 <br><sup>4</sup><br>2.36 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 13 | 9 |
| 12-31-2022 | 15.82<br>0.31 <br><sup>3</sup><br>| (2.75)<br>| (2.44)<br>| (0.31)<br>| (1.10)<br>| (1.41)<br>| 11.97 | (15.19)<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.14 <br><sup>4</sup><br>0.13 <br><sup>4</sup><br>2.28 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 12 | 15 |
| 12-31-2021 | 15.74<br>0.38 <br><sup>3</sup><br>| 0.75 | 1.13 | (0.36)<br>| (0.69)<br>| (1.05)<br>| 15.82 | 7.25<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.13 <br><sup>4</sup><br>2.36 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 16 | 13 |
| **Series II** |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 12.33<br>0.36<br> <sup>3</sup><br>| 1.18 | 1.54 | (0.37)<br>| (0.38)<br>| (0.75)<br>| 13.12 | 12.48<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> <sup>4</sup><br>0.33<br> <sup>4</sup><br>2.75<br> <sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 207 | 10 |
| 12-31-2024 | 12.06<br>0.29 <br><sup>3</sup><br>| 0.55 | 0.84 | (0.31)<br>| (0.26)<br>| (0.57)<br>| 12.33 | 6.91<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.35 <br><sup>4</sup><br>0.33 <br><sup>4</sup><br>2.35 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 208 | 9 |
| 12-31-2023 | 12.00<br>0.27 <br><sup>3</sup><br>| 1.05 | 1.32 | (0.26)<br>| (1.00)<br>| (1.26)<br>| 12.06 | 11.91<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.35 <br><sup>4</sup><br>0.33 <br><sup>4</sup><br>2.19 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 231 | 9 |
| 12-31-2022 | 15.85<br>0.28 <br><sup>3</sup><br>| (2.75)<br>| (2.47)<br>| (0.28)<br>| (1.10)<br>| (1.38)<br>| 12.00 | (15.34)<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.34 <br><sup>4</sup><br>0.33 <br><sup>4</sup><br>2.00 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 224 | 15 |
| 12-31-2021 | 15.77<br>0.33 <br><sup>3</sup><br>| 0.77 | 1.10 | (0.33)<br>| (0.69)<br>| (1.02)<br>| 15.85 | 7.03<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.33 <br><sup>4</sup><br>2.05 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 301 | 13 |
| **Series NAV** |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 12.30<br>0.41<br> <sup>3</sup><br>| 1.15 | 1.56 | (0.43)<br>| (0.38)<br>| (0.81)<br>| 13.05 | 12.69<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> <sup>4</sup><br>0.08<br> <sup>4</sup><br>3.15<br> <sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 51 | 10 |
| 12-31-2024 | 12.03<br>0.34 <br><sup>3</sup><br>| 0.53 | 0.87 | (0.34)<br>| (0.26)<br>| (0.60)<br>| 12.30 | 7.19<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.10 <br><sup>4</sup><br>0.08 <br><sup>4</sup><br>2.69 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 47 | 9 |
| 12-31-2023 | 11.97<br>0.32 <br><sup>3</sup><br>| 1.03 | 1.35 | (0.29)<br>| (1.00)<br>| (1.29)<br>| 12.03 | 12.21<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.10 <br><sup>4</sup><br>0.08 <br><sup>4</sup><br>2.57 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 45 | 9 |
| 12-31-2022 | 15.81<br>0.33 <br><sup>3</sup><br>| (2.76)<br>| (2.43)<br>| (0.31)<br>| (1.10)<br>| (1.41)<br>| 11.97 | (15.08)<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.09 <br><sup>4</sup><br>0.08 <br><sup>4</sup><br>2.37 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 39 | 15 |
| 12-31-2021 | 15.74<br>0.40 <br><sup>3</sup><br>| 0.73 | 1.13 | (0.37)<br>| (0.69)<br>| (1.06)<br>| 15.81 | 7.23<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.08 <br><sup>4</sup><br>2.44 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 45 | 13 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **1** | Based on average daily shares outstanding. |
| **2** | Total returns exclude insurance-related fees and expenses and would have been lower had certain expenses not been reduced during the applicable periods. |
| **3** | Net investment income is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the portfolio invests. |
| **4** | Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the portfolio. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**332**

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Managed Volatility Balanced Portfolio** | **Managed Volatility Balanced Portfolio** | **Managed Volatility Balanced Portfolio** | **Managed Volatility Balanced Portfolio** | **Managed Volatility Balanced Portfolio** | **Managed Volatility Balanced Portfolio** | **Managed Volatility Balanced Portfolio** | **Managed Volatility Balanced Portfolio** | **Managed Volatility Balanced Portfolio** | **Managed Volatility Balanced Portfolio** | **Managed Volatility Balanced Portfolio** | **Managed Volatility Balanced Portfolio** | **Managed Volatility Balanced Portfolio** | **Managed Volatility Balanced Portfolio** | **Managed Volatility Balanced Portfolio** |
| **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** |
|  | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| **Period ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of period**<br> **($)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **($)**<sup>1, 2</sup> <br>| **Net realized**<br> **and**<br> **unrealized**<br> **gain (loss)**<br> **on**<br> **investments**<br> **($)**<br>| **Total from**<br> **investment**<br> **operations**<br> **($)**<br>| **From net**<br> **investment**<br> **income**<br> **($)**<br>| **From net**<br> **realized**<br> **gain**<br> **($)**<br>| **Total**<br> **distributions**<br> **($)**<br>| **Net asset**<br> **value,**<br> **end of**<br> **period**<br> **($)**<br>| **Total**<br> **return**<br> **(%)**<sup>3</sup> <br>| &nbsp;&nbsp; **Expenses**<br> **before**<br> **reductions**<br> **(%)**<sup>4</sup> <br>| **Expenses**<br> **including**<br> **reductions**<br> **(%)**<sup>4</sup> <br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **(%)**<sup>2</sup> <br>| &nbsp;&nbsp; **Net**<br> **assets,**<br> **end of**<br> **period (in**<br> **thousands)**<br>| **Portfolio**<br> **turnover**<br> **(%)**<br>|
| **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 10.62 | 0.28 | 0.75 | 1.03 | (0.30)<br>| (0.44)<br>| (0.74)<br>| 10.91 | 9.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | 0.17 | 2.57 | &nbsp;&nbsp;&nbsp; 320 | 16 |
| 12-31-2024 | 10.00 | 0.25 | 0.69 | 0.94 | (0.27)<br>| (0.05)<br>| (0.32)<br>| 10.62 | 9.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | 0.17 | 2.36 | &nbsp;&nbsp;&nbsp; 342 | 6 |
| 12-31-2023 | 9.99 | 0.23 | 0.87 | 1.10 | (0.23)<br>| (0.86)<br>| (1.09)<br>| 10.00 | 11.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | 0.18 | 2.28 | &nbsp;&nbsp;&nbsp; 359 | 6 |
| 12-31-2022 | 12.48 | 0.22 | (2.11)<br>| (1.89)<br>| (0.23)<br>| (0.37)<br>| (0.60)<br>| 9.99 | (15.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.25 | 0.17 | 2.01 | &nbsp;&nbsp;&nbsp; 360 | 11 |
| 12-31-2021 | 11.66 | 0.23 | 0.91 | 1.14 | (0.25)<br>| (0.07)<br>| (0.32)<br>| 12.48 | 9.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | 0.15 | 1.89 | &nbsp;&nbsp;&nbsp; 476 | 11 |
| **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 10.52 | 0.26 | 0.74 | 1.00 | (0.26)<br>| (0.44)<br>| (0.70)<br>| 10.82 | 9.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | 0.37 | 2.37 | &nbsp;&nbsp;&nbsp; 2453 | 16 |
| 12-31-2024 | 9.91 | 0.23 | 0.68 | 0.91 | (0.25)<br>| (0.05)<br>| (0.30)<br>| 10.52 | 9.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | 0.37 | 2.16 | &nbsp;&nbsp;&nbsp; 2654 | 6 |
| 12-31-2023 | 9.91 | 0.21 | 0.86 | 1.07 | (0.21)<br>| (0.86)<br>| (1.07)<br>| 9.91 | 11.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | 0.38 | 2.06 | &nbsp;&nbsp;&nbsp; 2852 | 6 |
| 12-31-2022 | 12.38 | 0.20 | (2.09)<br>| (1.89)<br>| (0.21)<br>| (0.37)<br>| (0.58)<br>| 9.91 | (15.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.45 | 0.37 | 1.79 | &nbsp;&nbsp;&nbsp; 2969 | 11 |
| 12-31-2021 | 11.57 | 0.20 | 0.90 | 1.10 | (0.22)<br>| (0.07)<br>| (0.29)<br>| 12.38 | 9.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | 0.35 | 1.66 | &nbsp;&nbsp;&nbsp; 3991 | 11 |
| **Series NAV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 10.66 | 0.30 | 0.75 | 1.05 | (0.31)<br>| (0.44)<br>| (0.75)<br>| 10.96 | 9.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | 0.12 | 2.69 | &nbsp;&nbsp;&nbsp; 1103 | 16 |
| 12-31-2024 | 10.04 | 0.26 | 0.68 | 0.94 | (0.27)<br>| (0.05)<br>| (0.32)<br>| 10.66 | 9.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | 0.12 | 2.46 | &nbsp;&nbsp;&nbsp; 1079 | 6 |
| 12-31-2023 | 10.03 | 0.24 | 0.86 | 1.10 | (0.23)<br>| (0.86)<br>| (1.09)<br>| 10.04 | 12.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | 0.13 | 2.35 | &nbsp;&nbsp;&nbsp; 1055 | 6 |
| 12-31-2022 | 12.52 | 0.23 | (2.11)<br>| (1.88)<br>| (0.24)<br>| (0.37)<br>| (0.61)<br>| 10.03 | (14.98)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.20 | 0.12 | 2.08 | &nbsp;&nbsp;&nbsp; 1019 | 11 |
| 12-31-2021 | 11.69 | 0.24 | 0.91 | 1.15 | (0.25)<br>| (0.07)<br>| (0.32)<br>| 12.52 | 9.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | 0.10 | 1.97 | &nbsp;&nbsp;&nbsp; 1269 | 11 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **1** | Based on average daily shares outstanding. |
| **2** | Net investment income is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the portfolio invests. |
| **3** | Total returns exclude insurance-related fees and expenses and 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 portfolio. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**333**

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Managed Volatility Conservative Portfolio** | **Managed Volatility Conservative Portfolio** | **Managed Volatility Conservative Portfolio** | **Managed Volatility Conservative Portfolio** | **Managed Volatility Conservative Portfolio** | **Managed Volatility Conservative Portfolio** | **Managed Volatility Conservative Portfolio** | **Managed Volatility Conservative Portfolio** | **Managed Volatility Conservative Portfolio** | **Managed Volatility Conservative Portfolio** | **Managed Volatility Conservative Portfolio** | **Managed Volatility Conservative Portfolio** | **Managed Volatility Conservative Portfolio** | **Managed Volatility Conservative Portfolio** | **Managed Volatility Conservative Portfolio** |
| **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** |
|  | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| **Period ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of period**<br> **($)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **($)**<sup>1, 2</sup> <br>| **Net realized**<br> **and**<br> **unrealized**<br> **gain (loss)**<br> **on**<br> **investments**<br> **($)**<br>| **Total from**<br> **investment**<br> **operations**<br> **($)**<br>| **From net**<br> **investment**<br> **income**<br> **($)**<br>| **From net**<br> **realized**<br> **gain**<br> **($)**<br>| **Total**<br> **distributions**<br> **($)**<br>| **Net asset**<br> **value,**<br> **end of**<br> **period**<br> **($)**<br>| **Total**<br> **return**<br> **(%)**<sup>3</sup> <br>| &nbsp;&nbsp; **Expenses**<br> **before**<br> **reductions**<br> **(%)**<sup>4</sup> <br>| **Expenses**<br> **including**<br> **reductions**<br> **(%)**<sup>4</sup> <br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **(%)**<sup>2</sup> <br>| &nbsp;&nbsp; **Net**<br> **assets,**<br> **end of**<br> **period (in**<br> **thousands)**<br>| **Portfolio**<br> **turnover**<br> **(%)**<br>|
| **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 9.67 | 0.35 | 0.51 | 0.86 | (0.39)<br>| —<br> <sup>5</sup><br>| (0.39)<br>| 10.14 | 8.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | 0.19 | 3.49 | &nbsp;&nbsp;&nbsp; 72 | 11 |
| 12-31-2024 | 9.65 | 0.30 | 0.05 | 0.35 | (0.33)<br>| — <br><sup>5</sup><br>| (0.33)<br>| 9.67 | 3.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | 0.19 | 3.01 | &nbsp;&nbsp;&nbsp; 78 | 6 |
| 12-31-2023 | 9.64 | 0.28 | 0.23 | 0.51 | (0.29)<br>| (0.21)<br>| (0.50)<br>| 9.65 | 5.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | 0.19 | 2.90 | &nbsp;&nbsp;&nbsp; 95 | 5 |
| 12-31-2022 | 11.66 | 0.26 | (1.99)<br>| (1.73)<br>| (0.28)<br>| (0.01)<br>| (0.29)<br>| 9.64 | (14.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.25 | 0.18 | 2.53 | &nbsp;&nbsp;&nbsp; 109 | 8 |
| 12-31-2021 | 11.62 | 0.28 | 0.12 | 0.40 | (0.29)<br>| (0.07)<br>| (0.36)<br>| 11.66 | 3.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | 0.16 | 2.33 | &nbsp;&nbsp;&nbsp; 145 | 7 |
| **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 9.58 | 0.32 | 0.51 | 0.83 | (0.35)<br>| —<br> <sup>5</sup><br>| (0.35)<br>| 10.06 | 8.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | 0.39 | 3.20 | &nbsp;&nbsp;&nbsp; 345 | 11 |
| 12-31-2024 | 9.56 | 0.28 | 0.05 | 0.33 | (0.31)<br>| — <br><sup>5</sup><br>| (0.31)<br>| 9.58 | 3.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | 0.39 | 2.86 | &nbsp;&nbsp;&nbsp; 384 | 6 |
| 12-31-2023 | 9.56 | 0.26 | 0.22 | 0.48 | (0.27)<br>| (0.21)<br>| (0.48)<br>| 9.56 | 5.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | 0.39 | 2.63 | &nbsp;&nbsp;&nbsp; 449 | 5 |
| 12-31-2022 | 11.56 | 0.24 | (1.97)<br>| (1.73)<br>| (0.26)<br>| (0.01)<br>| (0.27)<br>| 9.56 | (14.93)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.45 | 0.38 | 2.31 | &nbsp;&nbsp;&nbsp; 499 | 8 |
| 12-31-2021 | 11.52 | 0.25 | 0.13 | 0.38 | (0.27)<br>| (0.07)<br>| (0.34)<br>| 11.56 | 3.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | 0.36 | 2.10 | &nbsp;&nbsp;&nbsp; 683 | 7 |
| **Series NAV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 9.70 | 0.36 | 0.51 | 0.87 | (0.40)<br>| —<br> <sup>5</sup><br>| (0.40)<br>| 10.17 | 8.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | 0.14 | 3.55 | &nbsp;&nbsp;&nbsp; 50 | 11 |
| 12-31-2024 | 9.68 | 0.31 | 0.04 | 0.35 | (0.33)<br>| — <br><sup>5</sup><br>| (0.33)<br>| 9.70 | 3.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | 0.14 | 3.19 | &nbsp;&nbsp;&nbsp; 49 | 6 |
| 12-31-2023 | 9.67 | 0.29 | 0.23 | 0.52 | (0.30)<br>| (0.21)<br>| (0.51)<br>| 9.68 | 5.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | 0.14 | 2.93 | &nbsp;&nbsp;&nbsp; 52 | 5 |
| 12-31-2022 | 11.69 | 0.28 | (2.00)<br>| (1.72)<br>| (0.29)<br>| (0.01)<br>| (0.30)<br>| 9.67 | (14.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.20 | 0.13 | 2.67 | &nbsp;&nbsp;&nbsp; 53 | 8 |
| 12-31-2021 | 11.65 | 0.29 | 0.12 | 0.41 | (0.30)<br>| (0.07)<br>| (0.37)<br>| 11.69 | 3.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | 0.11 | 2.44 | &nbsp;&nbsp;&nbsp; 62 | 7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **1** | Based on average daily shares outstanding. |
| **2** | Net investment income is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the portfolio invests. |
| **3** | Total returns exclude insurance-related fees and expenses and 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 portfolio. |
| **5** | Less than $0.005 per share. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**334**

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Managed Volatility Growth Portfolio** | **Managed Volatility Growth Portfolio** | **Managed Volatility Growth Portfolio** | **Managed Volatility Growth Portfolio** | **Managed Volatility Growth Portfolio** | **Managed Volatility Growth Portfolio** | **Managed Volatility Growth Portfolio** | **Managed Volatility Growth Portfolio** | **Managed Volatility Growth Portfolio** | **Managed Volatility Growth Portfolio** | **Managed Volatility Growth Portfolio** | **Managed Volatility Growth Portfolio** | **Managed Volatility Growth Portfolio** | **Managed Volatility Growth Portfolio** | **Managed Volatility Growth Portfolio** |
| **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** |
|  | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| **Period ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of period**<br> **($)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **($)**<sup>1, 2</sup> <br>| **Net realized**<br> **and**<br> **unrealized**<br> **gain (loss)**<br> **on**<br> **investments**<br> **($)**<br>| **Total from**<br> **investment**<br> **operations**<br> **($)**<br>| **From net**<br> **investment**<br> **income**<br> **($)**<br>| **From net**<br> **realized**<br> **gain**<br> **($)**<br>| **Total**<br> **distributions**<br> **($)**<br>| **Net asset**<br> **value,**<br> **end of**<br> **period**<br> **($)**<br>| **Total**<br> **return**<br> **(%)**<sup>3</sup> <br>| &nbsp;&nbsp; **Expenses**<br> **before**<br> **reductions**<br> **(%)**<sup>4</sup> <br>| **Expenses**<br> **including**<br> **reductions**<br> **(%)**<sup>4</sup> <br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **(%)**<sup>2</sup> <br>| &nbsp;&nbsp; **Net**<br> **assets,**<br> **end of**<br> **period (in**<br> **thousands)**<br>| **Portfolio**<br> **turnover**<br> **(%)**<br>|
| **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 11.46 | 0.24 | 0.99 | 1.23 | (0.25)<br>| (0.71)<br>| (0.96)<br>| 11.73 | 10.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | 0.18 | 2.03 | &nbsp;&nbsp;&nbsp; 417 | 20 |
| 12-31-2024 | 10.51 | 0.21 | 1.05 | 1.26 | (0.23)<br>| (0.08)<br>| (0.31)<br>| 11.46 | 11.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | 0.17 | 1.86 | &nbsp;&nbsp;&nbsp; 432 | 7 |
| 12-31-2023 | 10.79 | 0.21 | 1.09 | 1.30 | (0.20)<br>| (1.38)<br>| (1.58)<br>| 10.51 | 13.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | 0.18 | 1.89 | &nbsp;&nbsp;&nbsp; 451 | 8 |
| 12-31-2022 | 13.28 | 0.19 | (2.17)<br>| (1.98)<br>| (0.20)<br>| (0.31)<br>| (0.51)<br>| 10.79 | (14.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.27 | 0.18 | 1.64 | &nbsp;&nbsp;&nbsp; 450 | 14 |
| 12-31-2021 | 12.03 | 0.21 | 1.33 | 1.54 | (0.21)<br>| (0.08)<br>| (0.29)<br>| 13.28 | 12.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | 0.16 | 1.64 | &nbsp;&nbsp;&nbsp; 589 | 12 <br><sup>5</sup><br>|
| **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 11.40 | 0.21 | 0.99 | 1.20 | (0.21)<br>| (0.71)<br>| (0.92)<br>| 11.68 | 10.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | 0.38 | 1.82 | &nbsp;&nbsp;&nbsp; 3739 | 20 |
| 12-31-2024 | 10.46 | 0.19 | 1.03 | 1.22 | (0.20)<br>| (0.08)<br>| (0.28)<br>| 11.40 | 11.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | 0.37 | 1.67 | &nbsp;&nbsp;&nbsp; 3981 | 7 |
| 12-31-2023 | 10.74 | 0.18 | 1.10 | 1.28 | (0.18)<br>| (1.38)<br>| (1.56)<br>| 10.46 | 13.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | 0.38 | 1.68 | &nbsp;&nbsp;&nbsp; 4188 | 8 |
| 12-31-2022 | 13.22 | 0.17 | (2.16)<br>| (1.99)<br>| (0.18)<br>| (0.31)<br>| (0.49)<br>| 10.74 | (15.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.47 | 0.38 | 1.43 | &nbsp;&nbsp;&nbsp; 4246 | 14 |
| 12-31-2021 | 11.98 | 0.18 | 1.33 | 1.51 | (0.19)<br>| (0.08)<br>| (0.27)<br>| 13.22 | 12.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | 0.36 | 1.37 | &nbsp;&nbsp;&nbsp; 5630 | 12 <br><sup>5</sup><br>|
| **Series NAV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 11.49 | 0.25 | 0.99 | 1.24 | (0.26)<br>| (0.71)<br>| (0.97)<br>| 11.76 | 10.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | 0.13 | 2.13 | &nbsp;&nbsp;&nbsp; 1084 | 20 |
| 12-31-2024 | 10.54 | 0.22 | 1.04 | 1.26 | (0.23)<br>| (0.08)<br>| (0.31)<br>| 11.49 | 11.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | 0.12 | 1.98 | &nbsp;&nbsp;&nbsp; 1025 | 7 |
| 12-31-2023 | 10.81 | 0.22 | 1.09 | 1.31 | (0.20)<br>| (1.38)<br>| (1.58)<br>| 10.54 | 13.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | 0.13 | 1.97 | &nbsp;&nbsp;&nbsp; 951 | 8 |
| 12-31-2022 | 13.30 | 0.20 | (2.17)<br>| (1.97)<br>| (0.21)<br>| (0.31)<br>| (0.52)<br>| 10.81 | (14.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.22 | 0.13 | 1.72 | &nbsp;&nbsp;&nbsp; 891 | 14 |
| 12-31-2021 | 12.05 | 0.23 | 1.32 | 1.55 | (0.22)<br>| (0.08)<br>| (0.30)<br>| 13.30 | 12.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | 0.11 | 1.80 | &nbsp;&nbsp;&nbsp; 1075 | 12<br> <sup>5</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **1** | Based on average daily shares outstanding. |
| **2** | Net investment income is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the portfolio invests. |
| **3** | Total returns exclude insurance-related fees and expenses and 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 portfolio. |
| **5** | Excludes merger activity. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**335**

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Managed Volatility Moderate Portfolio** | **Managed Volatility Moderate Portfolio** | **Managed Volatility Moderate Portfolio** | **Managed Volatility Moderate Portfolio** | **Managed Volatility Moderate Portfolio** | **Managed Volatility Moderate Portfolio** | **Managed Volatility Moderate Portfolio** | **Managed Volatility Moderate Portfolio** | **Managed Volatility Moderate Portfolio** | **Managed Volatility Moderate Portfolio** | **Managed Volatility Moderate Portfolio** | **Managed Volatility Moderate Portfolio** | **Managed Volatility Moderate Portfolio** | **Managed Volatility Moderate Portfolio** | **Managed Volatility Moderate Portfolio** |
| **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** |
|  | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| **Period ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of period**<br> **($)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **($)**<sup>1, 2</sup> <br>| **Net realized**<br> **and**<br> **unrealized**<br> **gain (loss)**<br> **on**<br> **investments**<br> **($)**<br>| **Total from**<br> **investment**<br> **operations**<br> **($)**<br>| **From net**<br> **investment**<br> **income**<br> **($)**<br>| **From net**<br> **realized**<br> **gain**<br> **($)**<br>| **Total**<br> **distributions**<br> **($)**<br>| **Net asset**<br> **value,**<br> **end of**<br> **period**<br> **($)**<br>| **Total**<br> **return**<br> **(%)**<sup>3</sup> <br>| &nbsp;&nbsp; **Expenses**<br> **before**<br> **reductions**<br> **(%)**<sup>4</sup> <br>| **Expenses**<br> **including**<br> **reductions**<br> **(%)**<sup>4</sup> <br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **(%)**<sup>2</sup> <br>| &nbsp;&nbsp; **Net**<br> **assets,**<br> **end of**<br> **period (in**<br> **thousands)**<br>| **Portfolio**<br> **turnover**<br> **(%)**<br>|
| **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 10.13 | 0.29 | 0.65 | 0.94 | (0.33)<br>| (0.23)<br>| (0.56)<br>| 10.51 | 9.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | 0.17 | 2.81 | &nbsp;&nbsp;&nbsp; 114 | 16 |
| 12-31-2024 | 9.63 | 0.26 | 0.53 | 0.79 | (0.28)<br>| (0.01)<br>| (0.29)<br>| 10.13 | 8.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | 0.17 | 2.58 | &nbsp;&nbsp;&nbsp; 126 | 6 |
| 12-31-2023 | 9.61 | 0.24 | 0.71 | 0.95 | (0.24)<br>| (0.69)<br>| (0.93)<br>| 9.63 | 10.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | 0.18 | 2.44 | &nbsp;&nbsp;&nbsp; 141 | 6 |
| 12-31-2022 | 12.01 | 0.23 | (2.03)<br>| (1.80)<br>| (0.24)<br>| (0.36)<br>| (0.60)<br>| 9.61 | (14.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.25 | 0.17 | 2.19 | &nbsp;&nbsp;&nbsp; 153 | 10 |
| 12-31-2021 | 11.44 | 0.24 | 0.66 | 0.90 | (0.25)<br>| (0.08)<br>| (0.33)<br>| 12.01 | 7.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | 0.15 | 2.02 | &nbsp;&nbsp;&nbsp; 196 | 10 |
| **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 10.02 | 0.27 | 0.64 | 0.91 | (0.29)<br>| (0.23)<br>| (0.52)<br>| 10.41 | 9.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | 0.37 | 2.64 | &nbsp;&nbsp;&nbsp; 749 | 16 |
| 12-31-2024 | 9.54 | 0.24 | 0.51 | 0.75 | (0.26)<br>| (0.01)<br>| (0.27)<br>| 10.02 | 7.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | 0.37 | 2.38 | &nbsp;&nbsp;&nbsp; 814 | 6 |
| 12-31-2023 | 9.52 | 0.22 | 0.71 | 0.93 | (0.22)<br>| (0.69)<br>| (0.91)<br>| 9.54 | 10.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | 0.38 | 2.24 | &nbsp;&nbsp;&nbsp; 898 | 6 |
| 12-31-2022 | 11.91 | 0.21 | (2.02)<br>| (1.81)<br>| (0.22)<br>| (0.36)<br>| (0.58)<br>| 9.52 | (15.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.45 | 0.37 | 1.95 | &nbsp;&nbsp;&nbsp; 945 | 10 |
| 12-31-2021 | 11.34 | 0.22 | 0.66 | 0.88 | (0.23)<br>| (0.08)<br>| (0.31)<br>| 11.91 | 7.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | 0.35 | 1.82 | &nbsp;&nbsp;&nbsp; 1277 | 10 |
| **Series NAV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 10.14 | 0.31 | 0.64 | 0.95 | (0.34)<br>| (0.23)<br>| (0.57)<br>| 10.52 | 9.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | 0.12 | 2.98 | &nbsp;&nbsp;&nbsp; 123 | 16 |
| 12-31-2024 | 9.65 | 0.27 | 0.51 | 0.78 | (0.28)<br>| (0.01)<br>| (0.29)<br>| 10.14 | 8.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | 0.12 | 2.66 | &nbsp;&nbsp;&nbsp; 117 | 6 |
| 12-31-2023 | 9.62 | 0.25 | 0.71 | 0.96 | (0.24)<br>| (0.69)<br>| (0.93)<br>| 9.65 | 10.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | 0.13 | 2.52 | &nbsp;&nbsp;&nbsp; 120 | 6 |
| 12-31-2022 | 12.03 | 0.24 | (2.04)<br>| (1.80)<br>| (0.25)<br>| (0.36)<br>| (0.61)<br>| 9.62 | (14.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.20 | 0.12 | 2.27 | &nbsp;&nbsp;&nbsp; 116 | 10 |
| 12-31-2021 | 11.45 | 0.25 | 0.67 | 0.92 | (0.26)<br>| (0.08)<br>| (0.34)<br>| 12.03 | 8.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | 0.10 | 2.12 | &nbsp;&nbsp;&nbsp; 142 | 10 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **1** | Based on average daily shares outstanding. |
| **2** | Net investment income is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the portfolio invests. |
| **3** | Total returns exclude insurance-related fees and expenses and 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 portfolio. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**336**

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Mid Cap Growth Trust** | **Mid Cap Growth Trust** | **Mid Cap Growth Trust** | **Mid Cap Growth Trust** | **Mid Cap Growth Trust** | **Mid Cap Growth Trust** | **Mid Cap Growth Trust** | **Mid Cap Growth Trust** | **Mid Cap Growth Trust** | **Mid Cap Growth Trust** | **Mid Cap Growth Trust** | **Mid Cap Growth Trust** | **Mid Cap Growth Trust** | **Mid Cap Growth Trust** |
| **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** |
|  | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| **Period ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of period**<br> **($)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **($)**<sup>1</sup> <br>| **Net realized**<br> **and**<br> **unrealized**<br> **gain (loss)**<br> **on**<br> **investments**<br> **($)**<br>| **Total from**<br> **investment**<br> **operations**<br> **($)**<br>| **From net**<br> **investment**<br> **income**<br> **($)**<br>| **From net**<br> **realized**<br> **gain**<br> **($)**<br>| **Total**<br> **distributions**<br> **($)**<br>| **Net asset**<br> **value,**<br> **end of**<br> **period**<br> **($)**<br>| **Total**<br> **return**<br> **(%)**<sup>2</sup> <br>| **Expenses**<br> **including**<br> **reductions**<br> **(%)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **(%)**<br>| &nbsp;&nbsp; **Net**<br> **assets,**<br> **end of**<br> **period (in**<br> **thousands)**<br>| **Portfolio**<br> **turnover**<br> **(%)**<br>|
| **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 10.80 | (0.06)<br>| 0.72 | 0.66 |  |  |  | 11.46 | 6.11 | 0.93 | (0.52)<br>| &nbsp;&nbsp;&nbsp; 134 | 143 |
| 12-31-2024 | 8.63 | (0.06)<br>| 2.23 | 2.17 |  |  |  | 10.80 | 25.14 | 0.93 | (0.62)<br>| &nbsp;&nbsp;&nbsp; 144 | 152 |
| 12-31-2023 | 7.27 | (0.03)<br>| 1.39 | 1.36 |  |  |  | 8.63 | 18.71 | 0.94 | (0.42)<br>| &nbsp;&nbsp;&nbsp; 135 | 104 |
| 12-31-2022 | 19.86 | (0.06)<br>| (6.98)<br>| (7.04)<br>|  | (5.55)<br>| (5.55)<br>| 7.27 | (34.64)<br>| 0.93 | (0.50)<br>| &nbsp;&nbsp;&nbsp; 128 | 97 |
| 12-31-2021 | 26.19 | (0.19)<br>| 1.58 | 1.39 |  | (7.72)<br>| (7.72)<br>| 19.86 | 3.54 | 0.92 | (0.71)<br>| &nbsp;&nbsp;&nbsp; 215 | 91 |
| **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 8.42 | (0.06)<br>| 0.56 | 0.50 |  |  |  | 8.92 | 5.94 | 1.13 | (0.72)<br>| &nbsp;&nbsp;&nbsp; 58 | 143 |
| 12-31-2024 | 6.75 | (0.06)<br>| 1.73 | 1.67 |  |  |  | 8.42 | 24.74 | 1.13 | (0.82)<br>| &nbsp;&nbsp;&nbsp; 64 | 152 |
| 12-31-2023 | 5.69 | (0.04)<br>| 1.10 | 1.06 |  |  |  | 6.75 | 18.63 | 1.14 | (0.62)<br>| &nbsp;&nbsp;&nbsp; 63 | 104 |
| 12-31-2022 | 17.47 | (0.07)<br>| (6.16)<br>| (6.23)<br>|  | (5.55)<br>| (5.55)<br>| 5.69 | (34.77)<br>| 1.13 | (0.70)<br>| &nbsp;&nbsp;&nbsp; 60 | 97 |
| 12-31-2021 | 23.93 | (0.22)<br>| 1.48 | 1.26 |  | (7.72)<br>| (7.72)<br>| 17.47 | 3.30 | 1.12 | (0.92)<br>| &nbsp;&nbsp;&nbsp; 105 | 91 |
| **Series NAV** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 11.35 | (0.05)<br>| 0.75 | 0.70 |  |  |  | 12.05 | 6.17 | 0.88 | (0.47)<br>| &nbsp;&nbsp;&nbsp; 438 | 143 |
| 12-31-2024 | 9.07 | (0.06)<br>| 2.34 | 2.28 |  |  |  | 11.35 | 25.14 | 0.88 | (0.57)<br>| &nbsp;&nbsp;&nbsp; 447 | 152 |
| 12-31-2023 | 7.63 | (0.03)<br>| 1.47 | 1.44 |  |  |  | 9.07 | 18.87 | 0.89 | (0.37)<br>| &nbsp;&nbsp;&nbsp; 408 | 104 |
| 12-31-2022 | 20.40 | (0.06)<br>| (7.16)<br>| (7.22)<br>|  | (5.55)<br>| (5.55)<br>| 7.63 | (34.61)<br>| 0.88 | (0.44)<br>| &nbsp;&nbsp;&nbsp; 373 | 97 |
| 12-31-2021 | 26.70 | (0.18)<br>| 1.60 | 1.42 |  | (7.72)<br>| (7.72)<br>| 20.40 | 3.58 | 0.87 | (0.66)<br>| &nbsp;&nbsp;&nbsp; 611 | 91 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **1** | Based on average daily shares outstanding. |
| **2** | Total returns exclude insurance-related fees and expenses and would have been lower had certain expenses not been reduced during the applicable periods. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**337**

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Mid Cap Index Trust** | **Mid Cap Index Trust** | **Mid Cap Index Trust** | **Mid Cap Index Trust** | **Mid Cap Index Trust** | **Mid Cap Index Trust** | **Mid Cap Index Trust** | **Mid Cap Index Trust** | **Mid Cap Index Trust** | **Mid Cap Index Trust** | **Mid Cap Index Trust** | **Mid Cap Index Trust** | **Mid Cap Index Trust** | **Mid Cap Index Trust** | **Mid Cap Index Trust** |
| **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** |
|  | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| **Period ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of period**<br> **($)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **($)**<sup>1</sup> <br>| **Net realized**<br> **and**<br> **unrealized**<br> **gain (loss)**<br> **on**<br> **investments**<br> **($)**<br>| **Total from**<br> **investment**<br> **operations**<br> **($)**<br>| **From net**<br> **investment**<br> **income**<br> **($)**<br>| **From net**<br> **realized**<br> **gain**<br> **($)**<br>| **Total**<br> **distributions**<br> **($)**<br>| **Net asset**<br> **value,**<br> **end of**<br> **period**<br> **($)**<br>| **Total**<br> **return**<br> **(%)**<sup>2</sup> <br>| &nbsp;&nbsp; **Expenses**<br> **before**<br> **reductions**<br> **(%)**<br>| **Expenses**<br> **including**<br> **reductions**<br> **(%)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **(%)**<br>| &nbsp;&nbsp; **Net**<br> **assets,**<br> **end of**<br> **period (in**<br> **thousands)**<br>| **Portfolio**<br> **turnover**<br> **(%)**<br>|
| **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 21.25 | 0.23 | 1.23 | 1.46 | (0.26)<br>| (1.58)<br>| (1.84)<br>| 20.87 | 6.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | 0.46 | 1.07 | &nbsp;&nbsp;&nbsp; 808 | 14 |
| 12-31-2024 | 19.60 | 0.23 | 2.39 | 2.62 | (0.23)<br>| (0.74)<br>| (0.97)<br>| 21.25 | 13.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | 0.45 | 1.09 | &nbsp;&nbsp;&nbsp; 886 | 15 |
| 12-31-2023 | 18.11 | 0.23 | 2.46 | 2.69 | (0.21)<br>| (0.99)<br>| (1.20)<br>| 19.60 | 16.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | 0.46 | 1.21 | &nbsp;&nbsp;&nbsp; 883 | 19 |
| 12-31-2022 | 24.89 | 0.25 | (3.67)<br>| (3.42)<br>| (0.24)<br>| (3.12)<br>| (3.36)<br>| 18.11 | (13.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.56 | 0.45 | 1.15 | &nbsp;&nbsp;&nbsp; 844 | 12 |
| 12-31-2021 | 21.34 | 0.19 | 4.95 | 5.14 | (0.23)<br>| (1.36)<br>| (1.59)<br>| 24.89 | 24.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | 0.45 | 0.78 | &nbsp;&nbsp;&nbsp; 1086 | 17 |
| **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 21.06 | 0.18 | 1.24 | 1.42 | (0.23)<br>| (1.58)<br>| (1.81)<br>| 20.67 | 6.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | 0.66 | 0.87 | &nbsp;&nbsp;&nbsp; 49 | 14 |
| 12-31-2024 | 19.44 | 0.19 | 2.36 | 2.55 | (0.19)<br>| (0.74)<br>| (0.93)<br>| 21.06 | 13.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | 0.65 | 0.89 | &nbsp;&nbsp;&nbsp; 55 | 15 |
| 12-31-2023 | 17.98 | 0.19 | 2.43 | 2.62 | (0.17)<br>| (0.99)<br>| (1.16)<br>| 19.44 | 15.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | 0.66 | 1.01 | &nbsp;&nbsp;&nbsp; 56 | 19 |
| 12-31-2022 | 24.73 | 0.20 | (3.63)<br>| (3.43)<br>| (0.20)<br>| (3.12)<br>| (3.32)<br>| 17.98 | (13.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.76 | 0.65 | 0.95 | &nbsp;&nbsp;&nbsp; 55 | 12 |
| 12-31-2021 | 21.21 | 0.14 | 4.91 | 5.05 | (0.17)<br>| (1.36)<br>| (1.53)<br>| 24.73 | 23.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | 0.65 | 0.58 | &nbsp;&nbsp;&nbsp; 73 | 17 |
| **Series NAV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 21.25 | 0.24 | 1.23 | 1.47 | (0.27)<br>| (1.58)<br>| (1.85)<br>| 20.87 | 7.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | 0.41 | 1.13 | &nbsp;&nbsp;&nbsp; 318 | 14 |
| 12-31-2024 | 19.59 | 0.24 | 2.40 | 2.64 | (0.24)<br>| (0.74)<br>| (0.98)<br>| 21.25 | 13.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | 0.40 | 1.15 | &nbsp;&nbsp;&nbsp; 303 | 15 |
| 12-31-2023 | 18.11 | 0.24 | 2.45 | 2.69 | (0.22)<br>| (0.99)<br>| (1.21)<br>| 19.59 | 16.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | 0.41 | 1.27 | &nbsp;&nbsp;&nbsp; 273 | 19 |
| 12-31-2022 | 24.89 | 0.26 | (3.66)<br>| (3.40)<br>| (0.26)<br>| (3.12)<br>| (3.38)<br>| 18.11 | (13.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.51 | 0.40 | 1.20 | &nbsp;&nbsp;&nbsp; 235 | 12 |
| 12-31-2021 | 21.34 | 0.21 | 4.94 | 5.15 | (0.24)<br>| (1.36)<br>| (1.60)<br>| 24.89 | 24.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | 0.40 | 0.84 | &nbsp;&nbsp;&nbsp; 297 | 17 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **1** | Based on average daily shares outstanding. |
| **2** | Total returns exclude insurance-related fees and expenses and would have been lower had certain expenses not been reduced during the applicable periods. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**338**

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Mid Value Trust** | **Mid Value Trust** | **Mid Value Trust** | **Mid Value Trust** | **Mid Value Trust** | **Mid Value Trust** | **Mid Value Trust** | **Mid Value Trust** | **Mid Value Trust** | **Mid Value Trust** | **Mid Value Trust** | **Mid Value Trust** | **Mid Value Trust** | **Mid Value Trust** | **Mid Value Trust** |
| **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** |
|  | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| **Period ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of period**<br> **($)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **($)**<sup>1</sup> <br>| **Net realized**<br> **and**<br> **unrealized**<br> **gain (loss)**<br> **on**<br> **investments**<br> **($)**<br>| **Total from**<br> **investment**<br> **operations**<br> **($)**<br>| **From net**<br> **investment**<br> **income**<br> **($)**<br>| **From net**<br> **realized**<br> **gain**<br> **($)**<br>| **Total**<br> **distributions**<br> **($)**<br>| **Net asset**<br> **value,**<br> **end of**<br> **period**<br> **($)**<br>| **Total**<br> **return**<br> **(%)**<sup>2</sup> <br>| &nbsp;&nbsp; **Expenses**<br> **before**<br> **reductions**<br> **(%)**<br>| **Expenses**<br> **including**<br> **reductions**<br> **(%)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **(%)**<br>| &nbsp;&nbsp; **Net**<br> **assets,**<br> **end of**<br> **period (in**<br> **thousands)**<br>| **Portfolio**<br> **turnover**<br> **(%)**<br>|
| **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 10.86 | 0.15 | 0.46 | 0.61 | (0.13)<br>| (1.99)<br>| (2.12)<br>| 9.35 | 5.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | 0.92 | 1.40 | &nbsp;&nbsp;&nbsp; 219 | 56 |
| 12-31-2024 | 9.87 | 0.12 | 1.49 | 1.61 | (0.04)<br>| (0.58)<br>| (0.62)<br>| 10.86 | 16.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | 0.92 | 1.09 | &nbsp;&nbsp;&nbsp; 245 | 50 |
| 12-31-2023 | 9.95 | 0.11 | 1.44 | 1.55 | (0.12)<br>| (1.51)<br>| (1.63)<br>| 9.87 | 18.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | 0.93 | 1.04 | &nbsp;&nbsp;&nbsp; 235 | 46 |
| 12-31-2022 | 11.97 | 0.11 | (0.69)<br>| (0.58)<br>| (0.10)<br>| (1.34)<br>| (1.44)<br>| 9.95 | (4.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.98 | 0.93 | 0.94 | &nbsp;&nbsp;&nbsp; 222 | 49 |
| 12-31-2021 | 10.18 | 0.06 | 2.42 | 2.48 | (0.12)<br>| (0.57)<br>| (0.69)<br>| 11.97 | 24.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | 0.99 | 0.48 | &nbsp;&nbsp;&nbsp; 241 | 26 |
| **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 10.88 | 0.13 | 0.46 | 0.59 | (0.11)<br>| (1.99)<br>| (2.10)<br>| 9.37 | 5.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | 1.12 | 1.20 | &nbsp;&nbsp;&nbsp; 48 | 56 |
| 12-31-2024 | 9.88 | 0.10 | 1.50 | 1.60 | (0.02)<br>| (0.58)<br>| (0.60)<br>| 10.88 | 16.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | 1.12 | 0.88 | &nbsp;&nbsp;&nbsp; 53 | 50 |
| 12-31-2023 | 9.96 | 0.09 | 1.44 | 1.53 | (0.10)<br>| (1.51)<br>| (1.61)<br>| 9.88 | 18.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | 1.13 | 0.84 | &nbsp;&nbsp;&nbsp; 54 | 46 |
| 12-31-2022 | 11.98 | 0.08 | (0.69)<br>| (0.61)<br>| (0.07)<br>| (1.34)<br>| (1.41)<br>| 9.96 | (4.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.18 | 1.13 | 0.74 | &nbsp;&nbsp;&nbsp; 51 | 49 |
| 12-31-2021 | 10.19 | 0.03 | 2.42 | 2.45 | (0.09)<br>| (0.57)<br>| (0.66)<br>| 11.98 | 24.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | 1.19 | 0.28 | &nbsp;&nbsp;&nbsp; 56 | 26 |
| **Series NAV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 10.74 | 0.15 | 0.45 | 0.60 | (0.13)<br>| (1.99)<br>| (2.12)<br>| 9.22 | 5.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | 0.87 | 1.45 | &nbsp;&nbsp;&nbsp; 318 | 56 |
| 12-31-2024 | 9.76 | 0.12 | 1.48 | 1.60 | (0.04)<br>| (0.58)<br>| (0.62)<br>| 10.74 | 16.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | 0.87 | 1.13 | &nbsp;&nbsp;&nbsp; 330 | 50 |
| 12-31-2023 | 9.85 | 0.11 | 1.44 | 1.55 | (0.13)<br>| (1.51)<br>| (1.64)<br>| 9.76 | 18.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | 0.88 | 1.09 | &nbsp;&nbsp;&nbsp; 331 | 46 |
| 12-31-2022 | 11.87 | 0.11 | (0.69)<br>| (0.58)<br>| (0.10)<br>| (1.34)<br>| (1.44)<br>| 9.85 | (4.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.93 | 0.88 | 0.98 | &nbsp;&nbsp;&nbsp; 296 | 49 |
| 12-31-2021 | 10.11 | 0.06 | 2.39 | 2.45 | (0.12)<br>| (0.57)<br>| (0.69)<br>| 11.87 | 24.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | 0.94 | 0.53 | &nbsp;&nbsp;&nbsp; 366 | 26 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **1** | Based on average daily shares outstanding. |
| **2** | Total returns exclude insurance-related fees and expenses and would have been lower had certain expenses not been reduced during the applicable periods. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**339**

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Money Market Trust** | **Money Market Trust** | **Money Market Trust** | **Money Market Trust** | **Money Market Trust** | **Money Market Trust** | **Money Market Trust** | **Money Market Trust** | **Money Market Trust** | **Money Market Trust** | **Money Market Trust** | **Money Market Trust** | **Money Market Trust** | **Money Market Trust** | **Money Market Trust** |
| **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** |
|  | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| **Period ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of period**<br> **($)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **($)**<sup>1</sup> <br>| **Net realized**<br> **and**<br> **unrealized**<br> **gain (loss)**<br> **on**<br> **investments**<br> **($)**<br>| **Total from**<br> **investment**<br> **operations**<br> **($)**<br>| **From net**<br> **investment**<br> **income**<br> **($)**<br>| **From net**<br> **realized**<br> **gain**<br> **($)**<br>| **Total**<br> **distributions**<br> **($)**<br>| **Net asset**<br> **value,**<br> **end of**<br> **period**<br> **($)**<br>| **Total**<br> **return**<br> **(%)**<sup>2</sup> <br>| &nbsp;&nbsp; **Expenses**<br> **before**<br> **reductions**<br> **(%)**<br>| **Expenses**<br> **including**<br> **reductions**<br> **(%)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **(%)**<br>| &nbsp;&nbsp; **Net**<br> **assets,**<br> **end of**<br> **period (in**<br> **thousands)**<br>| **Portfolio**<br> **turnover**<br> **(%)**<br>|
| **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 1.00 | 0.039 | —<br> <sup>3</sup><br>| 0.039 | (0.039)<br>|  | (0.039)<br>| 1.00 | 4.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | 0.33 | 3.94 | &nbsp;&nbsp;&nbsp; 1589 |  |
| 12-31-2024 | 1.00 | 0.049 | — <br><sup>3</sup><br>| 0.049 | (0.049)<br>|  | (0.049)<br>| 1.00 | 4.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | 0.33 | 4.86 | &nbsp;&nbsp;&nbsp; 1659 |  |
| 12-31-2023 | 1.00 | 0.047 | — <br><sup>3</sup><br>| 0.047 | (0.047)<br>|  | (0.047)<br>| 1.00 | 4.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | 0.33 | 4.66 | &nbsp;&nbsp;&nbsp; 1780 |  |
| 12-31-2022 | 1.00 | 0.013 | — <br><sup>3</sup><br>| 0.013 | (0.013)<br>|  | (0.013)<br>| 1.00 | 1.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | 0.33 | 1.33 | &nbsp;&nbsp;&nbsp; 1778 |  |
| 12-31-2021 | 1.00 | — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| — <br><sup>3</sup><br>|  | — <br><sup>3</sup><br>| 1.00 | — <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.44 | 0.07 |  | &nbsp;&nbsp;&nbsp; 1522 |  |
| **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 1.00 | 0.038 | (0.001)<sup>5</sup><br>| 0.037 | (0.037)<br>|  | (0.037)<br>| 1.00 | 3.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | 0.53 | 3.75 | &nbsp;&nbsp;&nbsp; 40 |  |
| 12-31-2024 | 1.00 | 0.047 | — <br><sup>3</sup><br>| 0.047 | (0.047)<br>|  | (0.047)<br>| 1.00 | 4.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | 0.53 | 4.67 | &nbsp;&nbsp;&nbsp; 48 |  |
| 12-31-2023 | 1.00 | 0.044 | 0.001 | 0.045 | (0.045)<br>|  | (0.045)<br>| 1.00 | 4.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | 0.53 | 4.44 | &nbsp;&nbsp;&nbsp; 57 |  |
| 12-31-2022 | 1.00 | 0.010 | 0.001 | 0.011 | (0.011)<br>|  | (0.011)<br>| 1.00 | 1.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | 0.53 | 1.00 | &nbsp;&nbsp;&nbsp; 67 |  |
| 12-31-2021 | 1.00 | — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| — <br><sup>3</sup><br>|  | — <br><sup>3</sup><br>| 1.00 | — <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.64 | 0.07 |  | &nbsp;&nbsp;&nbsp; 79 |  |
| **Series NAV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 1.00 | 0.040 | —<br> <sup>3</sup><br>| 0.040 | (0.040)<br>|  | (0.040)<br>| 1.00 | 4.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | 0.28 | 4.00 | &nbsp;&nbsp;&nbsp; 543 |  |
| 12-31-2024 | 1.00 | 0.049 | — <br><sup>3</sup><br>| 0.049 | (0.049)<br>|  | (0.049)<br>| 1.00 | 5.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | 0.28 | 4.91 | &nbsp;&nbsp;&nbsp; 539 |  |
| 12-31-2023 | 1.00 | 0.047 | — <br><sup>3</sup><br>| 0.047 | (0.047)<br>|  | (0.047)<br>| 1.00 | 4.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | 0.28 | 4.70 | &nbsp;&nbsp;&nbsp; 451 |  |
| 12-31-2022 | 1.00 | 0.014 | (0.001)<br>| 0.013 | (0.013)<br>|  | (0.013)<br>| 1.00 | 1.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | 0.28 | 1.36 | &nbsp;&nbsp;&nbsp; 484 |  |
| 12-31-2021 | 1.00 | — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| — <br><sup>3</sup><br>|  | — <br><sup>3</sup><br>| 1.00 | — <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.39 | 0.07 |  | &nbsp;&nbsp;&nbsp; 393 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **1** | Based on average daily shares outstanding. |
| **2** | Total returns exclude insurance-related fees and expenses and would have been lower had certain expenses not been reduced during the applicable periods. |
| **3** | Less than $0.0005 per share. |
| **4** | Less than 0.005%. |
| **5** | The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of the sales and <br> repurchases of shares in relation to fluctuating market values of the investments of the fund.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**340**

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Opportunistic Fixed Income Trust** | **Opportunistic Fixed Income Trust** | **Opportunistic Fixed Income Trust** | **Opportunistic Fixed Income Trust** | **Opportunistic Fixed Income Trust** | **Opportunistic Fixed Income Trust** | **Opportunistic Fixed Income Trust** | **Opportunistic Fixed Income Trust** | **Opportunistic Fixed Income Trust** | **Opportunistic Fixed Income Trust** | **Opportunistic Fixed Income Trust** | **Opportunistic Fixed Income Trust** | **Opportunistic Fixed Income Trust** | **Opportunistic Fixed Income Trust** | **Opportunistic Fixed Income Trust** |
| **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** |
|  | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| **Period ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of period**<br> **($)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **($)**<sup>1</sup> <br>| **Net realized**<br> **and**<br> **unrealized**<br> **gain (loss)**<br> **on**<br> **investments**<br> **($)**<br>| **Total from**<br> **investment**<br> **operations**<br> **($)**<br>| **From net**<br> **investment**<br> **income**<br> **($)**<br>| **From net**<br> **realized**<br> **gain**<br> **($)**<br>| **Total**<br> **distributions**<br> **($)**<br>| **Net asset**<br> **value,**<br> **end of**<br> **period**<br> **($)**<br>| **Total**<br> **return**<br> **(%)**<sup>2</sup> <br>| &nbsp;&nbsp; **Expenses**<br> **before**<br> **reductions**<br> **(%)**<br>| **Expenses**<br> **including**<br> **reductions**<br> **(%)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **(%)**<br>| &nbsp;&nbsp; **Net**<br> **assets,**<br> **end of**<br> **period (in**<br> **thousands)**<br>| **Portfolio**<br> **turnover**<br> **(%)**<br>|
| **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 10.64 | 0.60 | 0.42 | 1.02 | (0.70)<br>|  | (0.70)<br>| 10.96 | 9.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | 0.83 | 5.37 | &nbsp;&nbsp;&nbsp; 19 | 157 |
| 12-31-2024 | 11.03 | 0.59 | (0.62)<br>| (0.03)<br>| (0.36)<br>|  | (0.36)<br>| 10.64 | (0.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.94 | 0.82 | 5.40 | &nbsp;&nbsp;&nbsp; 19 | 101 |
| 12-31-2023 | 10.48 | 0.58 | 0.26 | 0.84 | (0.29)<br>|  | (0.29)<br>| 11.03 | 8.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | 0.82 | 5.35 | &nbsp;&nbsp;&nbsp; 21 | 89 |
| 12-31-2022 | 12.31 | 0.47 | (1.87)<br>| (1.40)<br>| (0.30)<br>| (0.13)<br>| (0.43)<br>| 10.48 | (11.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.90 | 0.82 | 4.31 | &nbsp;&nbsp;&nbsp; 21 | 119 |
| 12-31-2021 | 13.47 | 0.38 | (0.66)<br>| (0.28)<br>| (0.37)<br>| (0.51)<br>| (0.88)<br>| 12.31 | (2.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.85 | 0.82 | 2.90 | &nbsp;&nbsp;&nbsp; 29 | 126 |
| **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 10.44 | 0.56 | 0.42 | 0.98 | (0.68)<br>|  | (0.68)<br>| 10.74 | 9.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | 1.03 | 5.15 | &nbsp;&nbsp;&nbsp; 36 | 157 |
| 12-31-2024 | 10.83 | 0.56 | (0.61)<br>| (0.05)<br>| (0.34)<br>|  | (0.34)<br>| 10.44 | (0.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.14 | 1.02 | 5.20 | &nbsp;&nbsp;&nbsp; 37 | 101 |
| 12-31-2023 | 10.29 | 0.54 | 0.27 | 0.81 | (0.27)<br>|  | (0.27)<br>| 10.83 | 7.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | 1.02 | 5.13 | &nbsp;&nbsp;&nbsp; 42 | 89 |
| 12-31-2022 | 12.10 | 0.44 | (1.84)<br>| (1.40)<br>| (0.28)<br>| (0.13)<br>| (0.41)<br>| 10.29 | (11.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.10 | 1.02 | 4.11 | &nbsp;&nbsp;&nbsp; 43 | 119 |
| 12-31-2021 | 13.25 | 0.35 | (0.64)<br>| (0.29)<br>| (0.35)<br>| (0.51)<br>| (0.86)<br>| 12.10 | (2.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.05 | 1.02 | 2.70 | &nbsp;&nbsp;&nbsp; 56 | 126 |
| **Series NAV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 10.59 | 0.60 | 0.42 | 1.02 | (0.70)<br>|  | (0.70)<br>| 10.91 | 9.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | 0.78 | 5.41 | &nbsp;&nbsp;&nbsp; 88 | 157 |
| 12-31-2024 | 10.98 | 0.60 | (0.62)<br>| (0.02)<br>| (0.37)<br>|  | (0.37)<br>| 10.59 | (0.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.89 | 0.77 | 5.46 | &nbsp;&nbsp;&nbsp; 83 | 101 |
| 12-31-2023 | 10.43 | 0.58 | 0.26 | 0.84 | (0.29)<br>|  | (0.29)<br>| 10.98 | 8.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | 0.77 | 5.40 | &nbsp;&nbsp;&nbsp; 98 | 89 |
| 12-31-2022 | 12.25 | 0.48 | (1.86)<br>| (1.38)<br>| (0.31)<br>| (0.13)<br>| (0.44)<br>| 10.43 | (10.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.85 | 0.77 | 4.38 | &nbsp;&nbsp;&nbsp; 96 | 119 |
| 12-31-2021 | 13.41 | 0.39 | (0.66)<br>| (0.27)<br>| (0.38)<br>| (0.51)<br>| (0.89)<br>| 12.25 | (2.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.80 | 0.77 | 2.95 | &nbsp;&nbsp;&nbsp; 126 | 126 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **1** | Based on average daily shares outstanding. |
| **2** | Total returns exclude insurance-related fees and expenses and would have been lower had certain expenses not been reduced during the applicable periods. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**341**

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Real Estate Securities Trust** | **Real Estate Securities Trust** | **Real Estate Securities Trust** | **Real Estate Securities Trust** | **Real Estate Securities Trust** | **Real Estate Securities Trust** | **Real Estate Securities Trust** | **Real Estate Securities Trust** | **Real Estate Securities Trust** | **Real Estate Securities Trust** | **Real Estate Securities Trust** | **Real Estate Securities Trust** | **Real Estate Securities Trust** | **Real Estate Securities Trust** | **Real Estate Securities Trust** |
| **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** |
|  | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| **Period ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of period**<br> **($)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **($)**<sup>1</sup> <br>| **Net realized**<br> **and**<br> **unrealized**<br> **gain (loss)**<br> **on**<br> **investments**<br> **($)**<br>| **Total from**<br> **investment**<br> **operations**<br> **($)**<br>| **From net**<br> **investment**<br> **income**<br> **($)**<br>| **From net**<br> **realized**<br> **gain**<br> **($)**<br>| **Total**<br> **distributions**<br> **($)**<br>| **Net asset**<br> **value,**<br> **end of**<br> **period**<br> **($)**<br>| **Total**<br> **return**<br> **(%)**<sup>2</sup> <br>| &nbsp;&nbsp; **Expenses**<br> **before**<br> **reductions**<br> **(%)**<br>| **Expenses**<br> **including**<br> **reductions**<br> **(%)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **(%)**<br>| &nbsp;&nbsp; **Net**<br> **assets,**<br> **end of**<br> **period (in**<br> **thousands)**<br>| **Portfolio**<br> **turnover**<br> **(%)**<br>|
| **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 20.46 | 0.43 | (0.30)<br>| 0.13 | (0.38)<br>|  | (0.38)<br>| 20.21 | 0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | 0.81 | 2.13 | &nbsp;&nbsp;&nbsp; 43 | 108 |
| 12-31-2024 | 18.85 | 0.37 | 1.67 | 2.04 | (0.43)<br>|  | (0.43)<br>| 20.46 | 10.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | 0.81 | 1.89 | &nbsp;&nbsp;&nbsp; 50 | 70 |
| 12-31-2023 | 17.44 | 0.42 | 1.71 | 2.13 | (0.40)<br>| (0.32)<br>| (0.72)<br>| 18.85 | 13.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | 0.81 | 2.36 | &nbsp;&nbsp;&nbsp; 52 | 106 |
| 12-31-2022 | 27.47 | 0.35 | (8.23)<br>| (7.88)<br>| (0.25)<br>| (1.90)<br>| (2.15)<br>| 17.44 | (28.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.81 | 0.80 | 1.60 | &nbsp;&nbsp;&nbsp; 51 | 93 |
| 12-31-2021 | 18.97 | 0.31 | 8.54 | 8.85 | (0.35)<br>|  | (0.35)<br>| 27.47 | 46.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | 0.79 | 1.33 | &nbsp;&nbsp;&nbsp; 79 | 63 |
| **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 20.44 | 0.39 | (0.30)<br>| 0.09 | (0.35)<br>|  | (0.35)<br>| 20.18 | 0.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | 1.01 | 1.92 | &nbsp;&nbsp;&nbsp; 20 | 108 |
| 12-31-2024 | 18.84 | 0.33 | 1.67 | 2.00 | (0.40)<br>|  | (0.40)<br>| 20.44 | 10.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | 1.01 | 1.68 | &nbsp;&nbsp;&nbsp; 23 | 70 |
| 12-31-2023 | 17.43 | 0.38 | 1.72 | 2.10 | (0.37)<br>| (0.32)<br>| (0.69)<br>| 18.84 | 12.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | 1.01 | 2.13 | &nbsp;&nbsp;&nbsp; 25 | 106 |
| 12-31-2022 | 27.44 | 0.31 | (8.22)<br>| (7.91)<br>| (0.20)<br>| (1.90)<br>| (2.10)<br>| 17.43 | (28.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.01 | 1.00 | 1.40 | &nbsp;&nbsp;&nbsp; 28 | 93 |
| 12-31-2021 | 18.96 | 0.26 | 8.52 | 8.78 | (0.30)<br>|  | (0.30)<br>| 27.44 | 46.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | 0.99 | 1.14 | &nbsp;&nbsp;&nbsp; 44 | 63 |
| **Series NAV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 20.29 | 0.44 | (0.31)<br>| 0.13 | (0.39)<br>|  | (0.39)<br>| 20.03 | 0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | 0.76 | 2.21 | &nbsp;&nbsp;&nbsp; 231 | 108 |
| 12-31-2024 | 18.69 | 0.38 | 1.66 | 2.04 | (0.44)<br>|  | (0.44)<br>| 20.29 | 10.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | 0.76 | 1.94 | &nbsp;&nbsp;&nbsp; 227 | 70 |
| 12-31-2023 | 17.30 | 0.43 | 1.69 | 2.12 | (0.41)<br>| (0.32)<br>| (0.73)<br>| 18.69 | 13.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | 0.76 | 2.42 | &nbsp;&nbsp;&nbsp; 216 | 106 |
| 12-31-2022 | 27.28 | 0.36 | (8.18)<br>| (7.82)<br>| (0.26)<br>| (1.90)<br>| (2.16)<br>| 17.30 | (28.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.76 | 0.75 | 1.66 | &nbsp;&nbsp;&nbsp; 208 | 93 |
| 12-31-2021 | 18.84 | 0.32 | 8.48 | 8.80 | (0.36)<br>|  | (0.36)<br>| 27.28 | 46.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | 0.74 | 1.39 | &nbsp;&nbsp;&nbsp; 309 | 63 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **1** | Based on average daily shares outstanding. |
| **2** | Total returns exclude insurance-related fees and expenses and would have been lower had certain expenses not been reduced during the applicable periods. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**342**

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Science & Technology Trust** | **Science & Technology Trust** | **Science & Technology Trust** | **Science & Technology Trust** | **Science & Technology Trust** | **Science & Technology Trust** | **Science & Technology Trust** | **Science & Technology Trust** | **Science & Technology Trust** | **Science & Technology Trust** | **Science & Technology Trust** | **Science & Technology Trust** | **Science & Technology Trust** | **Science & Technology Trust** | **Science & Technology Trust** |
| **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** |
|  | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| **Period ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of period**<br> **($)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **($)**<sup>1</sup> <br>| **Net realized**<br> **and**<br> **unrealized**<br> **gain (loss)**<br> **on**<br> **investments**<br> **($)**<br>| **Total from**<br> **investment**<br> **operations**<br> **($)**<br>| **From net**<br> **investment**<br> **income**<br> **($)**<br>| **From net**<br> **realized**<br> **gain**<br> **($)**<br>| **Total**<br> **distributions**<br> **($)**<br>| **Net asset**<br> **value,**<br> **end of**<br> **period**<br> **($)**<br>| **Total**<br> **return**<br> **(%)**<sup>2</sup> <br>| &nbsp;&nbsp; **Expenses**<br> **before**<br> **reductions**<br> **(%)**<br>| **Expenses**<br> **including**<br> **reductions**<br> **(%)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **(%)**<br>| &nbsp;&nbsp; **Net**<br> **assets,**<br> **end of**<br> **period (in**<br> **thousands)**<br>| **Portfolio**<br> **turnover**<br> **(%)**<br>|
| **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 24.85 | (0.08)<br>| 5.95 | 5.87 |  | (5.53)<br>| (5.53)<br>| 25.19 | 23.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | 0.98 | (0.31)<br>| &nbsp;&nbsp;&nbsp; 910 | 230 |
| 12-31-2024 | 18.02 | (0.10)<br>| 6.93 | 6.83 |  |  |  | 24.85 | 37.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | 0.99 | (0.46)<br>| &nbsp;&nbsp;&nbsp; 879 | 240 |
| 12-31-2023 | 11.65 | (0.04)<br>| 6.41 | 6.37 |  |  |  | 18.02 | 54.68 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | 1.00 | (0.27)<br>| &nbsp;&nbsp;&nbsp; 718 | 208 |
| 12-31-2022 | 36.59 | (0.15)<br>| (13.09)<br>| (13.24)<br>|  | (11.70)<br>| (11.70)<br>| 11.65 | (35.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.09 | 1.04 | (0.66)<br>| &nbsp;&nbsp;&nbsp; 473 | 116 |
| 12-31-2021 | 41.87 | (0.25)<br>| 4.10 | 3.85 |  | (9.13)<br>| (9.13)<br>| 36.59 | 8.53 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | 1.06 | (0.58)<br>| &nbsp;&nbsp;&nbsp; 834 | 87 |
| **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 20.43 | (0.10)<br>| 4.87 | 4.77 |  | (5.53)<br>| (5.53)<br>| 19.67 | 23.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | 1.18 | (0.51)<br>| &nbsp;&nbsp;&nbsp; 68 | 230 |
| 12-31-2024 | 14.84 | (0.12)<br>| 5.71 | 5.59 |  |  |  | 20.43 | 37.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | 1.19 | (0.66)<br>| &nbsp;&nbsp;&nbsp; 65 | 240 |
| 12-31-2023 | 9.62 | (0.06)<br>| 5.28 | 5.22 |  |  |  | 14.84 | 54.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | 1.20 | (0.47)<br>| &nbsp;&nbsp;&nbsp; 61 | 208 |
| 12-31-2022 | 33.48 | (0.17)<br>| (11.99)<br>| (12.16)<br>|  | (11.70)<br>| (11.70)<br>| 9.62 | (35.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.29 | 1.24 | (0.86)<br>| &nbsp;&nbsp;&nbsp; 43 | 116 |
| 12-31-2021 | 39.08 | (0.31)<br>| 3.84 | 3.53 |  | (9.13)<br>| (9.13)<br>| 33.48 | 8.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | 1.26 | (0.78)<br>| &nbsp;&nbsp;&nbsp; 79 | 87 |
| **Series NAV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 25.94 | (0.07)<br>| 6.21 | 6.14 |  | (5.53)<br>| (5.53)<br>| 26.55 | 23.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | 0.93 | (0.25)<br>| &nbsp;&nbsp;&nbsp; 222 | 230 |
| 12-31-2024 | 18.80 | (0.09)<br>| 7.23 | 7.14 |  |  |  | 25.94 | 37.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | 0.94 | (0.41)<br>| &nbsp;&nbsp;&nbsp; 198 | 240 |
| 12-31-2023 | 12.15 | (0.04)<br>| 6.69 | 6.65 |  |  |  | 18.80 | 54.73 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | 0.95 | (0.22)<br>| &nbsp;&nbsp;&nbsp; 160 | 208 |
| 12-31-2022 | 37.35 | (0.14)<br>| (13.36)<br>| (13.50)<br>|  | (11.70)<br>| (11.70)<br>| 12.15 | (35.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.04 | 0.99 | (0.60)<br>| &nbsp;&nbsp;&nbsp; 105 | 116 |
| 12-31-2021 | 42.55 | (0.23)<br>| 4.16 | 3.93 |  | (9.13)<br>| (9.13)<br>| 37.35 | 8.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | 1.01 | (0.53)<br>| &nbsp;&nbsp;&nbsp; 158 | 87 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **1** | Based on average daily shares outstanding. |
| **2** | Total returns exclude insurance-related fees and expenses and would have been lower had certain expenses not been reduced during the applicable periods. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**343**

------

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Select Bond Trust** | **Select Bond Trust** | **Select Bond Trust** | **Select Bond Trust** | **Select Bond Trust** | **Select Bond Trust** | **Select Bond Trust** | **Select Bond Trust** | **Select Bond Trust** | **Select Bond Trust** | **Select Bond Trust** | **Select Bond Trust** | **Select Bond Trust** | **Select Bond Trust** | **Select Bond Trust** |
| **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** |
|  | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| **Period ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of period**<br> **($)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **($)**<sup>1</sup> <br>| **Net realized**<br> **and**<br> **unrealized**<br> **gain (loss)**<br> **on**<br> **investments**<br> **($)**<br>| **Total from**<br> **investment**<br> **operations**<br> **($)**<br>| **From net**<br> **investment**<br> **income**<br> **($)**<br>| **From net**<br> **realized**<br> **gain**<br> **($)**<br>| **Total**<br> **distributions**<br> **($)**<br>| **Net asset**<br> **value,**<br> **end of**<br> **period**<br> **($)**<br>| **Total**<br> **return**<br> **(%)**<sup>2</sup> <br>| &nbsp;&nbsp; **Expenses**<br> **before**<br> **reductions**<br> **(%)**<br>| **Expenses**<br> **including**<br> **reductions**<br> **(%)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **(%)**<br>| &nbsp;&nbsp; **Net**<br> **assets,**<br> **end of**<br> **period (in**<br> **thousands)**<br>| **Portfolio**<br> **turnover**<br> **(%)**<br>|
| **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 11.54 | 0.47 | 0.39 | 0.86 | (0.50)<br>|  | (0.50)<br>| 11.90 | 7.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | 0.63 | 3.93 | &nbsp;&nbsp;&nbsp; 129 | 107 |
| 12-31-2024 | 11.75 | 0.43 | (0.21)<br>| 0.22 | (0.43)<br>|  | (0.43)<br>| 11.54 | 1.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | 0.62 | 3.68 | &nbsp;&nbsp;&nbsp; 134 | 114 |
| 12-31-2023 | 11.46 | 0.39 | 0.28 | 0.67 | (0.38)<br>|  | (0.38)<br>| 11.75 | 6.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | 0.63 | 3.36 | &nbsp;&nbsp;&nbsp; 139 | 146 |
| 12-31-2022 | 13.94 | 0.32 | (2.32)<br>| (2.00)<br>| (0.38)<br>| (0.10)<br>| (0.48)<br>| 11.46 | (14.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.66 | 0.62 | 2.56 | &nbsp;&nbsp;&nbsp; 135 | 120 |
| 12-31-2021 | 14.59 | 0.28 | (0.45)<br>| (0.17)<br>| (0.41)<br>| (0.07)<br>| (0.48)<br>| 13.94 | (1.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.65 | 0.61 | 1.94 | &nbsp;&nbsp;&nbsp; 177 | 132 |
| **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 11.55 | 0.44 | 0.41 | 0.85 | (0.48)<br>|  | (0.48)<br>| 11.92 | 7.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | 0.83 | 3.73 | &nbsp;&nbsp;&nbsp; 340 | 107 |
| 12-31-2024 | 11.77 | 0.41 | (0.22)<br>| 0.19 | (0.41)<br>|  | (0.41)<br>| 11.55 | 1.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | 0.82 | 3.47 | &nbsp;&nbsp;&nbsp; 356 | 114 |
| 12-31-2023 | 11.48 | 0.37 | 0.27 | 0.64 | (0.35)<br>|  | (0.35)<br>| 11.77 | 5.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | 0.83 | 3.16 | &nbsp;&nbsp;&nbsp; 390 | 146 |
| 12-31-2022 | 13.96 | 0.30 | (2.32)<br>| (2.02)<br>| (0.36)<br>| (0.10)<br>| (0.46)<br>| 11.48 | (14.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.86 | 0.82 | 2.40 | &nbsp;&nbsp;&nbsp; 413 | 120 |
| 12-31-2021 | 14.61 | 0.25 | (0.45)<br>| (0.20)<br>| (0.38)<br>| (0.07)<br>| (0.45)<br>| 13.96 | (1.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.85 | 0.81 | 1.74 | &nbsp;&nbsp;&nbsp; 415 | 132 |
| **Series NAV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 11.53 | 0.47 | 0.40 | 0.87 | (0.51)<br>|  | (0.51)<br>| 11.89 | 7.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | 0.59 | 3.97 | &nbsp;&nbsp;&nbsp; 5183 | 107 |
| 12-31-2024 | 11.74 | 0.44 | (0.22)<br>| 0.22 | (0.43)<br>|  | (0.43)<br>| 11.53 | 1.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | 0.58 | 3.72 | &nbsp;&nbsp;&nbsp; 5378 | 114 |
| 12-31-2023 | 11.45 | 0.39 | 0.28 | 0.67 | (0.38)<br>|  | (0.38)<br>| 11.74 | 6.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | 0.59 | 3.40 | &nbsp;&nbsp;&nbsp; 5487 | 146 |
| 12-31-2022 | 13.93 | 0.33 | (2.32)<br>| (1.99)<br>| (0.39)<br>| (0.10)<br>| (0.49)<br>| 11.45 | (14.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.61 | 0.58 | 2.61 | &nbsp;&nbsp;&nbsp; 5411 | 120 |
| 12-31-2021 | 14.58 | 0.28 | (0.45)<br>| (0.17)<br>| (0.41)<br>| (0.07)<br>| (0.48)<br>| 13.93 | (1.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.60 | 0.57 | 1.98 | &nbsp;&nbsp;&nbsp; 7199 | 132 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **1** | Based on average daily shares outstanding. |
| **2** | Total returns exclude insurance-related fees and expenses and would have been lower had certain expenses not been reduced during the applicable periods. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**344**

------

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Short Term Government Income Trust** | **Short Term Government Income Trust** | **Short Term Government Income Trust** | **Short Term Government Income Trust** | **Short Term Government Income Trust** | **Short Term Government Income Trust** | **Short Term Government Income Trust** | **Short Term Government Income Trust** | **Short Term Government Income Trust** | **Short Term Government Income Trust** | **Short Term Government Income Trust** | **Short Term Government Income Trust** | **Short Term Government Income Trust** | **Short Term Government Income Trust** | **Short Term Government Income Trust** |
| **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** |
|  | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| **Period ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of period**<br> **($)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **($)**<sup>1</sup> <br>| **Net realized**<br> **and**<br> **unrealized**<br> **gain (loss)**<br> **on**<br> **investments**<br> **($)**<br>| **Total from**<br> **investment**<br> **operations**<br> **($)**<br>| **From net**<br> **investment**<br> **income**<br> **($)**<br>| **From net**<br> **realized**<br> **gain**<br> **($)**<br>| **Total**<br> **distributions**<br> **($)**<br>| **Net asset**<br> **value,**<br> **end of**<br> **period**<br> **($)**<br>| **Total**<br> **return**<br> **(%)**<sup>2</sup> <br>| &nbsp;&nbsp; **Expenses**<br> **before**<br> **reductions**<br> **(%)**<br>| **Expenses**<br> **including**<br> **reductions**<br> **(%)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **(%)**<br>| &nbsp;&nbsp; **Net**<br> **assets,**<br> **end of**<br> **period (in**<br> **thousands)**<br>| **Portfolio**<br> **turnover**<br> **(%)**<br>|
| **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 11.38 | 0.35 | 0.23 | 0.58 | (0.21)<br>|  | (0.21)<br>| 11.75 | 5.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | 0.70 | 3.01 | &nbsp;&nbsp;&nbsp; 20 | 487 |
| 12-31-2024 | 11.18 | 0.30 | — <br><sup>3</sup><br>| 0.30 | (0.10)<br>|  | (0.10)<br>| 11.38 | 2.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | 0.72 | 2.65 | &nbsp;&nbsp;&nbsp; 23 | 185 |
| 12-31-2023 | 10.94 | 0.20 | 0.22 | 0.42 | (0.18)<br>|  | (0.18)<br>| 11.18 | 3.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | 0.72 | 1.77 | &nbsp;&nbsp;&nbsp; 24 | 108 |
| 12-31-2022 | 11.88 | 0.12 | (0.89)<br>| (0.77)<br>| (0.17)<br>|  | (0.17)<br>| 10.94 | (6.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.72 | 0.71 | 1.10 | &nbsp;&nbsp;&nbsp; 25 | 52 |
| 12-31-2021 | 12.29 | 0.13 | (0.32)<br>| (0.19)<br>| (0.22)<br>|  | (0.22)<br>| 11.88 | (1.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.70 | 0.69 | 1.04 | &nbsp;&nbsp;&nbsp; 30 | 32 |
| **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 11.38 | 0.33 | 0.23 | 0.56 | (0.19)<br>|  | (0.19)<br>| 11.75 | 4.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | 0.90 | 2.81 | &nbsp;&nbsp;&nbsp; 15 | 487 |
| 12-31-2024 | 11.18 | 0.28 | — <br><sup>3</sup><br>| 0.28 | (0.08)<br>|  | (0.08)<br>| 11.38 | 2.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | 0.92 | 2.46 | &nbsp;&nbsp;&nbsp; 15 | 185 |
| 12-31-2023 | 10.95 | 0.17 | 0.22 | 0.39 | (0.16)<br>|  | (0.16)<br>| 11.18 | 3.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | 0.92 | 1.57 | &nbsp;&nbsp;&nbsp; 15 | 108 |
| 12-31-2022 | 11.89 | 0.10 | (0.89)<br>| (0.79)<br>| (0.15)<br>|  | (0.15)<br>| 10.95 | (6.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.92 | 0.91 | 0.89 | &nbsp;&nbsp;&nbsp; 17 | 52 |
| 12-31-2021 | 12.30 | 0.10 | (0.32)<br>| (0.22)<br>| (0.19)<br>|  | (0.19)<br>| 11.89 | (1.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.90 | 0.89 | 0.84 | &nbsp;&nbsp;&nbsp; 22 | 32 |
| **Series NAV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 11.38 | 0.36 | 0.22 | 0.58 | (0.22)<br>|  | (0.22)<br>| 11.74 | 5.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | 0.65 | 3.06 | &nbsp;&nbsp;&nbsp; 208 | 487 |
| 12-31-2024 | 11.17 | 0.31 | — <br><sup>3</sup><br>| 0.31 | (0.10)<br>|  | (0.10)<br>| 11.38 | 2.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | 0.67 | 2.70 | &nbsp;&nbsp;&nbsp; 121 | 185 |
| 12-31-2023 | 10.94 | 0.20 | 0.22 | 0.42 | (0.19)<br>|  | (0.19)<br>| 11.17 | 3.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | 0.67 | 1.83 | &nbsp;&nbsp;&nbsp; 131 | 108 |
| 12-31-2022 | 11.88 | 0.13 | (0.90)<br>| (0.77)<br>| (0.17)<br>|  | (0.17)<br>| 10.94 | (6.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.67 | 0.66 | 1.15 | &nbsp;&nbsp;&nbsp; 119 | 52 |
| 12-31-2021 | 12.29 | 0.13 | (0.32)<br>| (0.19)<br>| (0.22)<br>|  | (0.22)<br>| 11.88 | (1.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.65 | 0.64 | 1.09 | &nbsp;&nbsp;&nbsp; 130 | 32 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **1** | Based on average daily shares outstanding. |
| **2** | Total returns exclude insurance-related fees and expenses and would have been lower had certain expenses not been reduced during the applicable periods. |
| **3** | Less than $0.005 per share. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**345**

------

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Small Cap Core Trust** | **Small Cap Core Trust** | **Small Cap Core Trust** | **Small Cap Core Trust** | **Small Cap Core Trust** | **Small Cap Core Trust** | **Small Cap Core Trust** | **Small Cap Core Trust** | **Small Cap Core Trust** | **Small Cap Core Trust** | **Small Cap Core Trust** | **Small Cap Core Trust** | **Small Cap Core Trust** | **Small Cap Core Trust** | **Small Cap Core Trust** |
| **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** |
|  | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| **Period ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of period**<br> **($)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **($)**<sup>1</sup> <br>| **Net realized**<br> **and**<br> **unrealized**<br> **gain (loss)**<br> **on**<br> **investments**<br> **($)**<br>| **Total from**<br> **investment**<br> **operations**<br> **($)**<br>| **From net**<br> **investment**<br> **income**<br> **($)**<br>| **From net**<br> **realized**<br> **gain**<br> **($)**<br>| **Total**<br> **distributions**<br> **($)**<br>| **Net asset**<br> **value,**<br> **end of**<br> **period**<br> **($)**<br>| **Total**<br> **return**<br> **(%)**<sup>2</sup> <br>| &nbsp;&nbsp; **Expenses**<br> **before**<br> **reductions**<br> **(%)**<br>| **Expenses**<br> **including**<br> **reductions**<br> **(%)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **(%)**<br>| &nbsp;&nbsp; **Net**<br> **assets,**<br> **end of**<br> **period (in**<br> **thousands)**<br>| **Portfolio**<br> **turnover**<br> **(%)**<br>|
| **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 13.75 | 0.04 | (0.05)<br>| (0.01)<br>| (0.15)<br>| (1.29)<br>| (1.44)<br>| 12.30 | 0.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | 1.01 | 0.34 | &nbsp;&nbsp;&nbsp; 105 | 147<br> <sup>3</sup><br>|
| 12-31-2024 | 13.82 | 0.10 | 0.72 | 0.82 | (0.10)<br>| (0.79)<br>| (0.89)<br>| 13.75 | 5.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | 1.04 | 0.74 | &nbsp;&nbsp;&nbsp; 123 | 53 |
| 12-31-2023 | 13.49 | 0.10 | 1.53 | 1.63 | (0.05)<br>| (1.25)<br>| (1.30)<br>| 13.82 | 14.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | 1.04 | 0.77 | &nbsp;&nbsp;&nbsp; 133 | 47 |
| 12-31-2022 | 18.30 | 0.15 | (2.04)<br>| (1.89)<br>| (0.15)<br>| (2.77)<br>| (2.92)<br>| 13.49 | (10.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.04 | 1.04 | 0.93 | &nbsp;&nbsp;&nbsp; 140 | 42 |
| 12-31-2021 | 14.70 | 0.09 | 3.75 | 3.84 | (0.09)<br>| (0.15)<br>| (0.24)<br>| 18.30 | 26.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | 1.03 | 0.53 | &nbsp;&nbsp;&nbsp; 182 | 32 |
| **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 13.59 | 0.02 | (0.05)<br>| (0.03)<br>| (0.13)<br>| (1.29)<br>| (1.42)<br>| 12.14 | (0.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.22 | 1.21 | 0.14 | &nbsp;&nbsp;&nbsp; 16 | 147<br> <sup>3</sup><br>|
| 12-31-2024 | 13.67 | 0.07 | 0.72 | 0.79 | (0.08)<br>| (0.79)<br>| (0.87)<br>| 13.59 | 5.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | 1.24 | 0.54 | &nbsp;&nbsp;&nbsp; 18 | 53 |
| 12-31-2023 | 13.35 | 0.08 | 1.52 | 1.60 | (0.03)<br>| (1.25)<br>| (1.28)<br>| 13.67 | 13.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | 1.24 | 0.57 | &nbsp;&nbsp;&nbsp; 20 | 47 |
| 12-31-2022 | 18.15 | 0.12 | (2.04)<br>| (1.92)<br>| (0.11)<br>| (2.77)<br>| (2.88)<br>| 13.35 | (10.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.24 | 1.24 | 0.73 | &nbsp;&nbsp;&nbsp; 21 | 42 |
| 12-31-2021 | 14.58 | 0.06 | 3.72 | 3.78 | (0.06)<br>| (0.15)<br>| (0.21)<br>| 18.15 | 25.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | 1.23 | 0.34 | &nbsp;&nbsp;&nbsp; 27 | 32 |
| **Series NAV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 13.66 | 0.06 | (0.06)<br>| —<br> <sup>4</sup><br>| (0.16)<br>| (1.29)<br>| (1.45)<br>| 12.21 | 0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | 0.96 | 0.46 | &nbsp;&nbsp;&nbsp; 173 | 147<br> <sup>3</sup><br>|
| 12-31-2024 | 13.73 | 0.11 | 0.72 | 0.83 | (0.11)<br>| (0.79)<br>| (0.90)<br>| 13.66 | 6.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | 0.99 | 0.79 | &nbsp;&nbsp;&nbsp; 301 | 53 |
| 12-31-2023 | 13.41 | 0.11 | 1.52 | 1.63 | (0.06)<br>| (1.25)<br>| (1.31)<br>| 13.73 | 14.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | 0.99 | 0.83 | &nbsp;&nbsp;&nbsp; 309 | 47 |
| 12-31-2022 | 18.22 | 0.16 | (2.04)<br>| (1.88)<br>| (0.16)<br>| (2.77)<br>| (2.93)<br>| 13.41 | (10.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.99 | 0.99 | 0.98 | &nbsp;&nbsp;&nbsp; 271 | 42 |
| 12-31-2021 | 14.63 | 0.10 | 3.74 | 3.84 | (0.10)<br>| (0.15)<br>| (0.25)<br>| 18.22 | 26.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | 0.98 | 0.59 | &nbsp;&nbsp;&nbsp; 344 | 32 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **1** | Based on average daily shares outstanding. |
| **2** | Total returns exclude insurance-related fees and expenses and would have been lower had certain expenses not been reduced during the applicable periods. |
| **3** | Increase in portfolio turnover rate resulted from repositioning of the portfolio during the period in accordance with investment policy changes approved by the Board of <br> Trustees.<br>|
| **4** | Less than $0.005 per share. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**346**

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Small Cap Index Trust** | **Small Cap Index Trust** | **Small Cap Index Trust** | **Small Cap Index Trust** | **Small Cap Index Trust** | **Small Cap Index Trust** | **Small Cap Index Trust** | **Small Cap Index Trust** | **Small Cap Index Trust** | **Small Cap Index Trust** | **Small Cap Index Trust** | **Small Cap Index Trust** | **Small Cap Index Trust** | **Small Cap Index Trust** | **Small Cap Index Trust** |
| **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** |
|  | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| **Period ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of period**<br> **($)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **($)**<sup>1</sup> <br>| **Net realized**<br> **and**<br> **unrealized**<br> **gain (loss)**<br> **on**<br> **investments**<br> **($)**<br>| **Total from**<br> **investment**<br> **operations**<br> **($)**<br>| **From net**<br> **investment**<br> **income**<br> **($)**<br>| **From net**<br> **realized**<br> **gain**<br> **($)**<br>| **Total**<br> **distributions**<br> **($)**<br>| **Net asset**<br> **value,**<br> **end of**<br> **period**<br> **($)**<br>| **Total**<br> **return**<br> **(%)**<sup>2</sup> <br>| &nbsp;&nbsp; **Expenses**<br> **before**<br> **reductions**<br> **(%)**<br>| **Expenses**<br> **including**<br> **reductions**<br> **(%)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **(%)**<br>| &nbsp;&nbsp; **Net**<br> **assets,**<br> **end of**<br> **period (in**<br> **thousands)**<br>| **Portfolio**<br> **turnover**<br> **(%)**<br>|
| **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 14.11 | 0.13 | 1.60 | 1.73 | (0.19)<br>| (0.87)<br>| (1.06)<br>| 14.78 | 12.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | 0.53 | 0.93 | &nbsp;&nbsp;&nbsp; 361 | 12 |
| 12-31-2024 | 13.08 | 0.13 | 1.29 | 1.42 | (0.07)<br>| (0.32)<br>| (0.39)<br>| 14.11 | 10.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | 0.53 | 0.93 | &nbsp;&nbsp;&nbsp; 368 | 13 |
| 12-31-2023 | 11.57 | 0.15 | 1.69 | 1.84 | (0.15)<br>| (0.18)<br>| (0.33)<br>| 13.08 | 16.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | 0.53 | 1.21 | &nbsp;&nbsp;&nbsp; 367 | 11 |
| 12-31-2022 | 17.26 | 0.12 | (3.65)<br>| (3.53)<br>| (0.15)<br>| (2.01)<br>| (2.16)<br>| 11.57 | (20.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.58 | 0.53 | 0.88 | &nbsp;&nbsp;&nbsp; 341 | 13 |
| 12-31-2021 | 16.31 | 0.12 | 2.27 | 2.39 | (0.10)<br>| (1.34)<br>| (1.44)<br>| 17.26 | 14.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | 0.51 | 0.67 | &nbsp;&nbsp;&nbsp; 460 | 20 |
| **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 13.97 | 0.10 | 1.59 | 1.69 | (0.16)<br>| (0.87)<br>| (1.03)<br>| 14.63 | 12.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | 0.73 | 0.73 | &nbsp;&nbsp;&nbsp; 24 | 12 |
| 12-31-2024 | 12.96 | 0.10 | 1.27 | 1.37 | (0.04)<br>| (0.32)<br>| (0.36)<br>| 13.97 | 10.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | 0.73 | 0.72 | &nbsp;&nbsp;&nbsp; 26 | 13 |
| 12-31-2023 | 11.47 | 0.12 | 1.68 | 1.80 | (0.13)<br>| (0.18)<br>| (0.31)<br>| 12.96 | 16.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | 0.73 | 1.01 | &nbsp;&nbsp;&nbsp; 27 | 11 |
| 12-31-2022 | 17.13 | 0.09 | (3.62)<br>| (3.53)<br>| (0.12)<br>| (2.01)<br>| (2.13)<br>| 11.47 | (20.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.78 | 0.73 | 0.67 | &nbsp;&nbsp;&nbsp; 26 | 13 |
| 12-31-2021 | 16.20 | 0.08 | 2.26 | 2.34 | (0.07)<br>| (1.34)<br>| (1.41)<br>| 17.13 | 14.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | 0.71 | 0.46 | &nbsp;&nbsp;&nbsp; 37 | 20 |
| **Series NAV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 14.13 | 0.14 | 1.61 | 1.75 | (0.19)<br>| (0.87)<br>| (1.06)<br>| 14.82 | 12.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | 0.48 | 0.98 | &nbsp;&nbsp;&nbsp; 168 | 12 |
| 12-31-2024 | 13.10 | 0.13 | 1.29 | 1.42 | (0.07)<br>| (0.32)<br>| (0.39)<br>| 14.13 | 10.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | 0.48 | 0.97 | &nbsp;&nbsp;&nbsp; 147 | 13 |
| 12-31-2023 | 11.59 | 0.15 | 1.70 | 1.85 | (0.16)<br>| (0.18)<br>| (0.34)<br>| 13.10 | 16.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | 0.48 | 1.26 | &nbsp;&nbsp;&nbsp; 146 | 11 |
| 12-31-2022 | 17.29 | 0.13 | (3.66)<br>| (3.53)<br>| (0.16)<br>| (2.01)<br>| (2.17)<br>| 11.59 | (20.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.53 | 0.48 | 0.92 | &nbsp;&nbsp;&nbsp; 125 | 13 |
| 12-31-2021 | 16.33 | 0.13 | 2.28 | 2.41 | (0.11)<br>| (1.34)<br>| (1.45)<br>| 17.29 | 14.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | 0.46 | 0.73 | &nbsp;&nbsp;&nbsp; 169 | 20 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **1** | Based on average daily shares outstanding. |
| **2** | Total returns exclude insurance-related fees and expenses and would have been lower had certain expenses not been reduced during the applicable periods. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**347**

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Small Cap Opportunities Trust** | **Small Cap Opportunities Trust** | **Small Cap Opportunities Trust** | **Small Cap Opportunities Trust** | **Small Cap Opportunities Trust** | **Small Cap Opportunities Trust** | **Small Cap Opportunities Trust** | **Small Cap Opportunities Trust** | **Small Cap Opportunities Trust** | **Small Cap Opportunities Trust** | **Small Cap Opportunities Trust** | **Small Cap Opportunities Trust** | **Small Cap Opportunities Trust** | **Small Cap Opportunities Trust** | **Small Cap Opportunities Trust** |
| **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** |
|  | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| **Period ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of period**<br> **($)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **($)**<sup>1</sup> <br>| **Net realized**<br> **and**<br> **unrealized**<br> **gain (loss)**<br> **on**<br> **investments**<br> **($)**<br>| **Total from**<br> **investment**<br> **operations**<br> **($)**<br>| **From net**<br> **investment**<br> **income**<br> **($)**<br>| **From net**<br> **realized**<br> **gain**<br> **($)**<br>| **Total**<br> **distributions**<br> **($)**<br>| **Net asset**<br> **value,**<br> **end of**<br> **period**<br> **($)**<br>| **Total**<br> **return**<br> **(%)**<sup>2</sup> <br>| &nbsp;&nbsp; **Expenses**<br> **before**<br> **reductions**<br> **(%)**<br>| **Expenses**<br> **including**<br> **reductions**<br> **(%)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **(%)**<br>| &nbsp;&nbsp; **Net**<br> **assets,**<br> **end of**<br> **period (in**<br> **thousands)**<br>| **Portfolio**<br> **turnover**<br> **(%)**<br>|
| **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 27.84 | 0.29 | 2.19 | 2.48 | (0.29)<br>| (2.35)<br>| (2.64)<br>| 27.68 | 9.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | 0.93 | 1.07 | &nbsp;&nbsp;&nbsp; 83 | 55 |
| 12-31-2024 | 27.34 | 0.29 | 2.04 | 2.33 | (0.16)<br>| (1.67)<br>| (1.83)<br>| 27.84 | 8.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | 0.88 | 1.03 | &nbsp;&nbsp;&nbsp; 84 | 24 |
| 12-31-2023 | 25.71 | 0.16 | 3.99 | 4.15 | (0.11)<br>| (2.41)<br>| (2.52)<br>| 27.34 | 18.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | 0.89 | 0.61 | &nbsp;&nbsp;&nbsp; 85 | 18 |
| 12-31-2022 | 33.56 | 0.11 | (3.55)<br>| (3.44)<br>| (0.16)<br>| (4.25)<br>| (4.41)<br>| 25.71 | (10.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.15 | 0.89 | 0.38 | &nbsp;&nbsp;&nbsp; 78 | 27 |
| 12-31-2021 | 26.24 | 0.19 | 7.96 | 8.15 | (0.15)<br>| (0.68)<br>| (0.83)<br>| 33.56 | 31.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | 0.91 | 0.61 | &nbsp;&nbsp;&nbsp; 95 | 28 |
| **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 26.89 | 0.23 | 2.10 | 2.33 | (0.24)<br>| (2.35)<br>| (2.59)<br>| 26.63 | 8.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | 1.13 | 0.86 | &nbsp;&nbsp;&nbsp; 26 | 55 |
| 12-31-2024 | 26.47 | 0.22 | 1.98 | 2.20 | (0.11)<br>| (1.67)<br>| (1.78)<br>| 26.89 | 8.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | 1.08 | 0.83 | &nbsp;&nbsp;&nbsp; 28 | 24 |
| 12-31-2023 | 24.97 | 0.10 | 3.87 | 3.97 | (0.06)<br>| (2.41)<br>| (2.47)<br>| 26.47 | 17.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | 1.09 | 0.40 | &nbsp;&nbsp;&nbsp; 29 | 18 |
| 12-31-2022 | 32.73 | 0.05 | (3.47)<br>| (3.42)<br>| (0.09)<br>| (4.25)<br>| (4.34)<br>| 24.97 | (10.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.35 | 1.09 | 0.18 | &nbsp;&nbsp;&nbsp; 28 | 27 |
| 12-31-2021 | 25.61 | 0.12 | 7.78 | 7.90 | (0.10)<br>| (0.68)<br>| (0.78)<br>| 32.73 | 30.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | 1.11 | 0.39 | &nbsp;&nbsp;&nbsp; 35 | 28 |
| **Series NAV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 27.54 | 0.31 | 2.15 | 2.46 | (0.30)<br>| (2.35)<br>| (2.65)<br>| 27.35 | 9.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | 0.88 | 1.13 | &nbsp;&nbsp;&nbsp; 72 | 55 |
| 12-31-2024 | 27.06 | 0.30 | 2.02 | 2.32 | (0.17)<br>| (1.67)<br>| (1.84)<br>| 27.54 | 8.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | 0.83 | 1.07 | &nbsp;&nbsp;&nbsp; 58 | 24 |
| 12-31-2023 | 25.47 | 0.17 | 3.95 | 4.12 | (0.12)<br>| (2.41)<br>| (2.53)<br>| 27.06 | 18.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | 0.84 | 0.66 | &nbsp;&nbsp;&nbsp; 59 | 18 |
| 12-31-2022 | 33.30 | 0.14 | (3.55)<br>| (3.41)<br>| (0.17)<br>| (4.25)<br>| (4.42)<br>| 25.47 | (10.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.10 | 0.84 | 0.48 | &nbsp;&nbsp;&nbsp; 46 | 27 |
| 12-31-2021 | 26.04 | 0.21 | 7.90 | 8.11 | (0.17)<br>| (0.68)<br>| (0.85)<br>| 33.30 | 31.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | 0.86 | 0.67 | &nbsp;&nbsp;&nbsp; 38 | 28 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **1** | Based on average daily shares outstanding. |
| **2** | Total returns exclude insurance-related fees and expenses and would have been lower had certain expenses not been reduced during the applicable periods. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**348**

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Small Cap Stock Trust** | **Small Cap Stock Trust** | **Small Cap Stock Trust** | **Small Cap Stock Trust** | **Small Cap Stock Trust** | **Small Cap Stock Trust** | **Small Cap Stock Trust** | **Small Cap Stock Trust** | **Small Cap Stock Trust** | **Small Cap Stock Trust** | **Small Cap Stock Trust** | **Small Cap Stock Trust** | **Small Cap Stock Trust** | **Small Cap Stock Trust** | **Small Cap Stock Trust** |
| **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** |
|  | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| **Period ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of period**<br> **($)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **($)**<sup>1</sup> <br>| **Net realized**<br> **and**<br> **unrealized**<br> **gain (loss)**<br> **on**<br> **investments**<br> **($)**<br>| **Total from**<br> **investment**<br> **operations**<br> **($)**<br>| **From net**<br> **investment**<br> **income**<br> **($)**<br>| **From net**<br> **realized**<br> **gain**<br> **($)**<br>| **Total**<br> **distributions**<br> **($)**<br>| **Net asset**<br> **value,**<br> **end of**<br> **period**<br> **($)**<br>| **Total**<br> **return**<br> **(%)**<sup>2</sup> <br>| &nbsp;&nbsp; **Expenses**<br> **before**<br> **reductions**<br> **(%)**<br>| **Expenses**<br> **including**<br> **reductions**<br> **(%)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **(%)**<br>| &nbsp;&nbsp; **Net**<br> **assets,**<br> **end of**<br> **period (in**<br> **thousands)**<br>| **Portfolio**<br> **turnover**<br> **(%)**<br>|
| **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 6.52 | (0.04)<br>| 0.87 | 0.83 | (0.01)<br>|  | (0.01)<br>| 7.34 | 12.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | 1.13 | (0.66)<br>| &nbsp;&nbsp;&nbsp; 35 | 71 |
| 12-31-2024 | 5.84 | (0.03)<br>| 0.71 | 0.68 |  |  |  | 6.52 | 11.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | 1.12 | (0.49)<br>| &nbsp;&nbsp;&nbsp; 73 | 47 |
| 12-31-2023 | 5.03 | (0.02)<br>| 0.83 | 0.81 |  |  |  | 5.84 | 16.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | 1.13 | (0.45)<br>| &nbsp;&nbsp;&nbsp; 75 | 41 |
| 12-31-2022 | 10.26 | (0.03)<br>| (3.11)<br>| (3.14)<br>|  | (2.09)<br>| (2.09)<br>| 5.03 | (31.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.13 | 1.12 | (0.43)<br>| &nbsp;&nbsp;&nbsp; 70 | 86 |
| 12-31-2021 | 11.92 | (0.11)<br>| 0.29 | 0.18 |  | (1.84)<br>| (1.84)<br>| 10.26 | 1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | 1.10 | (0.88)<br>| &nbsp;&nbsp;&nbsp; 114 | 107 |
| **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 5.52 | (0.05)<br>| 0.74 | 0.69 |  |  |  | 6.21 | 12.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | 1.33 | (0.86)<br>| &nbsp;&nbsp;&nbsp; 17 | 71 |
| 12-31-2024 | 4.96 | (0.04)<br>| 0.60 | 0.56 |  |  |  | 5.52 | 11.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 | 1.32 | (0.69)<br>| &nbsp;&nbsp;&nbsp; 19 | 47 |
| 12-31-2023 | 4.28 | (0.03)<br>| 0.71 | 0.68 |  |  |  | 4.96 | 15.89 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | 1.33 | (0.65)<br>| &nbsp;&nbsp;&nbsp; 20 | 41 |
| 12-31-2022 | 9.19 | (0.04)<br>| (2.78)<br>| (2.82)<br>|  | (2.09)<br>| (2.09)<br>| 4.28 | (31.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.33 | 1.32 | (0.63)<br>| &nbsp;&nbsp;&nbsp; 21 | 86 |
| 12-31-2021 | 10.88 | (0.12)<br>| 0.27 | 0.15 |  | (1.84)<br>| (1.84)<br>| 9.19 | 1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | 1.30 | (1.08)<br>| &nbsp;&nbsp;&nbsp; 35 | 107 |
| **Series NAV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 6.76 | (0.04)<br>| 0.90 | 0.86 | (0.01)<br>|  | (0.01)<br>| 7.61 | 12.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | 1.08 | (0.61)<br>| &nbsp;&nbsp;&nbsp; 213 | 71 |
| 12-31-2024 | 6.06 | (0.03)<br>| 0.73 | 0.70 |  |  |  | 6.76 | 11.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | 1.07 | (0.44)<br>| &nbsp;&nbsp;&nbsp; 200 | 47 |
| 12-31-2023 | 5.21 | (0.02)<br>| 0.87 | 0.85 |  |  |  | 6.06 | 16.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | 1.08 | (0.40)<br>| &nbsp;&nbsp;&nbsp; 184 | 41 |
| 12-31-2022 | 10.52 | (0.03)<br>| (3.19)<br>| (3.22)<br>|  | (2.09)<br>| (2.09)<br>| 5.21 | (31.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.08 | 1.07 | (0.38)<br>| &nbsp;&nbsp;&nbsp; 162 | 86 |
| 12-31-2021 | 12.17 | (0.10)<br>| 0.29 | 0.19 |  | (1.84)<br>| (1.84)<br>| 10.52 | 1.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | 1.05 | (0.83)<br>| &nbsp;&nbsp;&nbsp; 258 | 107 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **1** | Based on average daily shares outstanding. |
| **2** | Total returns exclude insurance-related fees and expenses and would have been lower had certain expenses not been reduced during the applicable periods. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**349**

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Small Company Value Trust** | **Small Company Value Trust** | **Small Company Value Trust** | **Small Company Value Trust** | **Small Company Value Trust** | **Small Company Value Trust** | **Small Company Value Trust** | **Small Company Value Trust** | **Small Company Value Trust** | **Small Company Value Trust** | **Small Company Value Trust** | **Small Company Value Trust** | **Small Company Value Trust** | **Small Company Value Trust** | **Small Company Value Trust** |
| **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** |
|  | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| **Period ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of period**<br> **($)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **($)**<sup>1</sup> <br>| **Net realized**<br> **and**<br> **unrealized**<br> **gain (loss)**<br> **on**<br> **investments**<br> **($)**<br>| **Total from**<br> **investment**<br> **operations**<br> **($)**<br>| **From net**<br> **investment**<br> **income**<br> **($)**<br>| **From net**<br> **realized**<br> **gain**<br> **($)**<br>| **Total**<br> **distributions**<br> **($)**<br>| **Net asset**<br> **value,**<br> **end of**<br> **period**<br> **($)**<br>| **Total**<br> **return**<br> **(%)**<sup>2</sup> <br>| &nbsp;&nbsp; **Expenses**<br> **before**<br> **reductions**<br> **(%)**<br>| **Expenses**<br> **including**<br> **reductions**<br> **(%)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **(%)**<br>| &nbsp;&nbsp; **Net**<br> **assets,**<br> **end of**<br> **period (in**<br> **thousands)**<br>| **Portfolio**<br> **turnover**<br> **(%)**<br>|
| **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 9.66 | 0.04 | 0.63 | 0.67 | (0.05)<br>| (0.92)<br>| (0.97)<br>| 9.36 | 7.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | 1.14 | 0.42 | &nbsp;&nbsp;&nbsp; 39 | 40 |
| 12-31-2024 | 9.16 | 0.05 | 0.88 | 0.93 | (0.05)<br>| (0.38)<br>| (0.43)<br>| 9.66 | 10.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | 1.12 | 0.51 | &nbsp;&nbsp;&nbsp; 40 | 32 |
| 12-31-2023 | 8.79 | 0.05 | 1.00 | 1.05 | (0.02)<br>| (0.66)<br>| (0.68)<br>| 9.16 | 13.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | 1.14 | 0.57 | &nbsp;&nbsp;&nbsp; 43 | 28 |
| 12-31-2022 | 12.59 | 0.03 | (2.37)<br>| (2.34)<br>|  | (1.46)<br>| (1.46)<br>| 8.79 | (18.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.20 | 1.13 | 0.25 | &nbsp;&nbsp;&nbsp; 43 | 26 |
| 12-31-2021 | 10.55 | — <br><sup>3</sup><br>| 2.39 | 2.39 | (0.04)<br>| (0.31)<br>| (0.35)<br>| 12.59 | 22.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | 1.11 | (0.02)<br>| &nbsp;&nbsp;&nbsp; 58 | 23 |
| **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 9.01 | 0.02 | 0.59 | 0.61 | (0.03)<br>| (0.92)<br>| (0.95)<br>| 8.67 | 7.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | 1.34 | 0.22 | &nbsp;&nbsp;&nbsp; 27 | 40 |
| 12-31-2024 | 8.58 | 0.03 | 0.82 | 0.85 | (0.04)<br>| (0.38)<br>| (0.42)<br>| 9.01 | 9.88 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | 1.32 | 0.31 | &nbsp;&nbsp;&nbsp; 29 | 32 |
| 12-31-2023 | 8.27 | 0.03 | 0.95 | 0.98 | (0.01)<br>| (0.66)<br>| (0.67)<br>| 8.58 | 13.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | 1.34 | 0.37 | &nbsp;&nbsp;&nbsp; 32 | 28 |
| 12-31-2022 | 11.98 | — <br><sup>3</sup><br>| (2.25)<br>| (2.25)<br>|  | (1.46)<br>| (1.46)<br>| 8.27 | (18.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.40 | 1.33 | 0.05 | &nbsp;&nbsp;&nbsp; 32 | 26 |
| 12-31-2021 | 10.05 | (0.03)<br>| 2.29 | 2.26 | (0.02)<br>| (0.31)<br>| (0.33)<br>| 11.98 | 22.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | 1.31 | (0.22)<br>| &nbsp;&nbsp;&nbsp; 44 | 23 |
| **Series NAV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 9.59 | 0.04 | 0.62 | 0.66 | (0.05)<br>| (0.92)<br>| (0.97)<br>| 9.28 | 7.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | 1.09 | 0.48 | &nbsp;&nbsp;&nbsp; 62 | 40 |
| 12-31-2024 | 9.09 | 0.05 | 0.89 | 0.94 | (0.06)<br>| (0.38)<br>| (0.44)<br>| 9.59 | 10.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | 1.07 | 0.56 | &nbsp;&nbsp;&nbsp; 58 | 32 |
| 12-31-2023 | 8.73 | 0.06 | 0.99 | 1.05 | (0.03)<br>| (0.66)<br>| (0.69)<br>| 9.09 | 13.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | 1.09 | 0.62 | &nbsp;&nbsp;&nbsp; 55 | 28 |
| 12-31-2022 | 12.51 | 0.03 | (2.35)<br>| (2.32)<br>|  | (1.46)<br>| (1.46)<br>| 8.73 | (18.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.15 | 1.08 | 0.30 | &nbsp;&nbsp;&nbsp; 55 | 26 |
| 12-31-2021 | 10.48 | — <br><sup>3</sup><br>| 2.39 | 2.39 | (0.05)<br>| (0.31)<br>| (0.36)<br>| 12.51 | 22.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | 1.06 | 0.04 | &nbsp;&nbsp;&nbsp; 68 | 23 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **1** | Based on average daily shares outstanding. |
| **2** | Total returns exclude insurance-related fees and expenses and would have been lower had certain expenses not been reduced during the applicable periods. |
| **3** | Less than $0.005 per share. |

---

**350**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Strategic Equity Allocation Trust** | **Strategic Equity Allocation Trust** | **Strategic Equity Allocation Trust** | **Strategic Equity Allocation Trust** | **Strategic Equity Allocation Trust** | **Strategic Equity Allocation Trust** | **Strategic Equity Allocation Trust** | **Strategic Equity Allocation Trust** | **Strategic Equity Allocation Trust** | **Strategic Equity Allocation Trust** | **Strategic Equity Allocation Trust** | **Strategic Equity Allocation Trust** | **Strategic Equity Allocation Trust** | **Strategic Equity Allocation Trust** | **Strategic Equity Allocation Trust** |
| **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** |
|  | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| **Period ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of period**<br> **($)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **($)**<sup>1</sup> <br>| **Net realized**<br> **and**<br> **unrealized**<br> **gain (loss)**<br> **on**<br> **investments**<br> **($)**<br>| **Total from**<br> **investment**<br> **operations**<br> **($)**<br>| **From net**<br> **investment**<br> **income**<br> **($)**<br>| **From net**<br> **realized**<br> **gain**<br> **($)**<br>| **Total**<br> **distributions**<br> **($)**<br>| **Net asset**<br> **value,**<br> **end of**<br> **period**<br> **($)**<br>| **Total**<br> **return**<br> **(%)**<sup>2</sup> <br>| &nbsp;&nbsp; **Expenses**<br> **before**<br> **reductions**<br> **(%)**<br>| **Expenses**<br> **including**<br> **reductions**<br> **(%)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **(%)**<br>| &nbsp;&nbsp; **Net**<br> **assets,**<br> **end of**<br> **period (in**<br> **thousands)**<br>| **Portfolio**<br> **turnover**<br> **(%)**<br>|
| **Series NAV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 17.74 | 0.26 | 3.36 | 3.62 | (0.31)<br>| (2.30)<br>| (2.61)<br>| 18.75 | 20.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | 0.54 | 1.36 | &nbsp;&nbsp;&nbsp; 6943 | 5 |
| 12-31-2024 | 17.09 | 0.27 | 2.42 | 2.69 | (0.28)<br>| (1.76)<br>| (2.04)<br>| 17.74 | 15.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | 0.53 | 1.46 | &nbsp;&nbsp;&nbsp; 6983 | 4 |
| 12-31-2023 | 15.20 | 0.27 | 2.88 | 3.15 | (0.27)<br>| (0.99)<br>| (1.26)<br>| 17.09 | 21.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | 0.54 | 1.65 | &nbsp;&nbsp;&nbsp; 7219 | 4 |
| 12-31-2022 | 22.63 | 0.30 | (4.26)<br>| (3.96)<br>| (0.30)<br>| (3.17)<br>| (3.47)<br>| 15.20 | (16.98)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.67 | 0.53 | 1.58 | &nbsp;&nbsp;&nbsp; 6905 | 4 |
| 12-31-2021 | 20.98 | 0.29 | 4.08 | 4.37 | (0.42)<br>| (2.30)<br>| (2.72)<br>| 22.63 | 21.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | 0.53 | 1.27 | &nbsp;&nbsp;&nbsp; 9291 | 6 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **1** | Based on average daily shares outstanding. |
| **2** | Total returns exclude insurance-related fees and expenses and would have been lower had certain expenses not been reduced during the applicable periods. |

---

**351**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Strategic Income Opportunities Trust** | **Strategic Income Opportunities Trust** | **Strategic Income Opportunities Trust** | **Strategic Income Opportunities Trust** | **Strategic Income Opportunities Trust** | **Strategic Income Opportunities Trust** | **Strategic Income Opportunities Trust** | **Strategic Income Opportunities Trust** | **Strategic Income Opportunities Trust** | **Strategic Income Opportunities Trust** | **Strategic Income Opportunities Trust** | **Strategic Income Opportunities Trust** | **Strategic Income Opportunities Trust** | **Strategic Income Opportunities Trust** | **Strategic Income Opportunities Trust** |
| **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** |
|  | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| **Period ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of period**<br> **($)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **($)**<sup>1</sup> <br>| **Net realized**<br> **and**<br> **unrealized**<br> **gain (loss)**<br> **on**<br> **investments**<br> **($)**<br>| **Total from**<br> **investment**<br> **operations**<br> **($)**<br>| **From net**<br> **investment**<br> **income**<br> **($)**<br>| **From net**<br> **realized**<br> **gain**<br> **($)**<br>| **Total**<br> **distributions**<br> **($)**<br>| **Net asset**<br> **value,**<br> **end of**<br> **period**<br> **($)**<br>| **Total**<br> **return**<br> **(%)**<sup>2</sup> <br>| &nbsp;&nbsp; **Expenses**<br> **before**<br> **reductions**<br> **(%)**<br>| **Expenses**<br> **including**<br> **reductions**<br> **(%)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **(%)**<br>| &nbsp;&nbsp; **Net**<br> **assets,**<br> **end of**<br> **period (in**<br> **thousands)**<br>| **Portfolio**<br> **turnover**<br> **(%)**<br>|
| **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 12.66 | 0.60 | 0.35 | 0.95 | (1.07)<br>|  | (1.07)<br>| 12.54 | 7.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | 0.80 | 4.54 | &nbsp;&nbsp;&nbsp; 51 | 73 |
| 12-31-2024 | 12.62 | 0.53 | (0.14)<br>| 0.39 | (0.35)<br>|  | (0.35)<br>| 12.66 | 3.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | 0.78 | 4.15 | &nbsp;&nbsp;&nbsp; 222 | 46 |
| 12-31-2023 | 12.18 | 0.46 | 0.42 | 0.88 | (0.44)<br>|  | (0.44)<br>| 12.62 | 7.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | 0.79 | 3.71 | &nbsp;&nbsp;&nbsp; 234 | 39 |
| 12-31-2022 | 14.07 | 0.38 | (1.81)<br>| (1.43)<br>| (0.46)<br>|  | (0.46)<br>| 12.18 | (10.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.78 | 0.77 | 2.97 | &nbsp;&nbsp;&nbsp; 238 | 48 |
| 12-31-2021 | 14.44 | 0.37 | (0.25)<br>| 0.12 | (0.49)<br>|  | (0.49)<br>| 14.07 | 0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | 0.75 | 2.56 | &nbsp;&nbsp;&nbsp; 301 | 61 |
| **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 12.70 | 0.57 | 0.34 | 0.91 | (1.04)<br>|  | (1.04)<br>| 12.57 | 7.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | 1.00 | 4.45 | &nbsp;&nbsp;&nbsp; 78 | 73 |
| 12-31-2024 | 12.66 | 0.51 | (0.14)<br>| 0.37 | (0.33)<br>|  | (0.33)<br>| 12.70 | 2.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | 0.98 | 3.97 | &nbsp;&nbsp;&nbsp; 69 | 46 |
| 12-31-2023 | 12.22 | 0.44 | 0.41 | 0.85 | (0.41)<br>|  | (0.41)<br>| 12.66 | 7.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | 0.99 | 3.52 | &nbsp;&nbsp;&nbsp; 58 | 39 |
| 12-31-2022 | 14.11 | 0.36 | (1.82)<br>| (1.46)<br>| (0.43)<br>|  | (0.43)<br>| 12.22 | (10.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.98 | 0.97 | 2.80 | &nbsp;&nbsp;&nbsp; 52 | 48 |
| 12-31-2021 | 14.47 | 0.34 | (0.24)<br>| 0.10 | (0.46)<br>|  | (0.46)<br>| 14.11 | 0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | 0.95 | 2.36 | &nbsp;&nbsp;&nbsp; 51 | 61 |
| **Series NAV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 12.62 | 0.60 | 0.34 | 0.94 | (1.07)<br>|  | (1.07)<br>| 12.49 | 7.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | 0.75 | 4.65 | &nbsp;&nbsp;&nbsp; 134 | 73 |
| 12-31-2024 | 12.58 | 0.54 | (0.14)<br>| 0.40 | (0.36)<br>|  | (0.36)<br>| 12.62 | 3.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | 0.73 | 4.23 | &nbsp;&nbsp;&nbsp; 137 | 46 |
| 12-31-2023 | 12.14 | 0.47 | 0.41 | 0.88 | (0.44)<br>|  | (0.44)<br>| 12.58 | 7.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | 0.74 | 3.77 | &nbsp;&nbsp;&nbsp; 93 | 39 |
| 12-31-2022 | 14.03 | 0.39 | (1.82)<br>| (1.43)<br>| (0.46)<br>|  | (0.46)<br>| 12.14 | (10.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.73 | 0.72 | 3.03 | &nbsp;&nbsp;&nbsp; 84 | 48 |
| 12-31-2021 | 14.39 | 0.38 | (0.24)<br>| 0.14 | (0.50)<br>|  | (0.50)<br>| 14.03 | 0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | 0.70 | 2.61 | &nbsp;&nbsp;&nbsp; 96 | 61 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **1** | Based on average daily shares outstanding. |
| **2** | Total returns exclude insurance-related fees and expenses and would have been lower had certain expenses not been reduced during the applicable periods. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**352**

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Bond Market Trust** | **Total Bond Market Trust** | **Total Bond Market Trust** | **Total Bond Market Trust** | **Total Bond Market Trust** | **Total Bond Market Trust** | **Total Bond Market Trust** | **Total Bond Market Trust** | **Total Bond Market Trust** | **Total Bond Market Trust** | **Total Bond Market Trust** | **Total Bond Market Trust** | **Total Bond Market Trust** | **Total Bond Market Trust** | **Total Bond Market Trust** |
| **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** |
|  | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| **Period ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of period**<br> **($)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **($)**<sup>1</sup> <br>| **Net realized**<br> **and**<br> **unrealized**<br> **gain (loss)**<br> **on**<br> **investments**<br> **($)**<br>| **Total from**<br> **investment**<br> **operations**<br> **($)**<br>| **From net**<br> **investment**<br> **income**<br> **($)**<br>| **From net**<br> **realized**<br> **gain**<br> **($)**<br>| **Total**<br> **distributions**<br> **($)**<br>| **Net asset**<br> **value,**<br> **end of**<br> **period**<br> **($)**<br>| **Total**<br> **return**<br> **(%)**<sup>2</sup> <br>| &nbsp;&nbsp; **Expenses**<br> **before**<br> **reductions**<br> **(%)**<br>| **Expenses**<br> **including**<br> **reductions**<br> **(%)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **(%)**<br>| &nbsp;&nbsp; **Net**<br> **assets,**<br> **end of**<br> **period (in**<br> **thousands)**<br>| **Portfolio**<br> **turnover**<br> **(%)**<br>|
| **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 8.81 | 0.34 | 0.27 | 0.61 | (0.34)<br>|  | (0.34)<br>| 9.08 | 6.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | 0.30 | 3.77 | &nbsp;&nbsp;&nbsp; 361 | 55 |
| 12-31-2024 | 8.99 | 0.31 | (0.22)<br>| 0.09 | (0.27)<br>|  | (0.27)<br>| 8.81 | 0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | 0.30 | 3.41 | &nbsp;&nbsp;&nbsp; 326 | 29 |
| 12-31-2023 | 8.78 | 0.27 | 0.18 | 0.45 | (0.24)<br>|  | (0.24)<br>| 8.99 | 5.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | 0.30 | 3.08 | &nbsp;&nbsp;&nbsp; 299 | 10 |
| 12-31-2022 | 10.45 | 0.22 | (1.64)<br>| (1.42)<br>| (0.25)<br>|  | (0.25)<br>| 8.78 | (13.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.57 | 0.30 | 2.29 | &nbsp;&nbsp;&nbsp; 271 | 38 |
| 12-31-2021 | 10.89 | 0.17 | (0.37)<br>| (0.20)<br>| (0.24)<br>|  | (0.24)<br>| 10.45 | (1.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.57 | 0.30 | 1.58 | &nbsp;&nbsp;&nbsp; 336 | 32 |
| **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 8.82 | 0.32 | 0.27 | 0.59 | (0.32)<br>|  | (0.32)<br>| 9.09 | 6.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | 0.50 | 3.57 | &nbsp;&nbsp;&nbsp; 42 | 55 |
| 12-31-2024 | 9.00 | 0.29 | (0.21)<br>| 0.08 | (0.26)<br>|  | (0.26)<br>| 8.82 | 0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | 0.50 | 3.20 | &nbsp;&nbsp;&nbsp; 42 | 29 |
| 12-31-2023 | 8.80 | 0.26 | 0.16 | 0.42 | (0.22)<br>|  | (0.22)<br>| 9.00 | 5.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | 0.50 | 2.88 | &nbsp;&nbsp;&nbsp; 48 | 10 |
| 12-31-2022 | 10.46 | 0.20 | (1.63)<br>| (1.43)<br>| (0.23)<br>|  | (0.23)<br>| 8.80 | (13.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.77 | 0.50 | 2.08 | &nbsp;&nbsp;&nbsp; 49 | 38 |
| 12-31-2021 | 10.91 | 0.15 | (0.38)<br>| (0.23)<br>| (0.22)<br>|  | (0.22)<br>| 10.46 | (2.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.77 | 0.50 | 1.38 | &nbsp;&nbsp;&nbsp; 62 | 32 |
| **Series NAV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 8.81 | 0.35 | 0.26 | 0.61 | (0.34)<br>|  | (0.34)<br>| 9.08 | 6.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | 0.25 | 3.83 | &nbsp;&nbsp;&nbsp; 676 | 55 |
| 12-31-2024 | 8.98 | 0.31 | (0.20)<br>| 0.11 | (0.28)<br>|  | (0.28)<br>| 8.81 | 1.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | 0.25 | 3.46 | &nbsp;&nbsp;&nbsp; 632 | 29 |
| 12-31-2023 | 8.78 | 0.28 | 0.16 | 0.44 | (0.24)<br>|  | (0.24)<br>| 8.98 | 5.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | 0.25 | 3.14 | &nbsp;&nbsp;&nbsp; 594 | 10 |
| 12-31-2022 | 10.44 | 0.22 | (1.62)<br>| (1.40)<br>| (0.26)<br>|  | (0.26)<br>| 8.78 | (13.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.52 | 0.25 | 2.39 | &nbsp;&nbsp;&nbsp; 542 | 38 |
| 12-31-2021 | 10.89 | 0.17 | (0.37)<br>| (0.20)<br>| (0.25)<br>|  | (0.25)<br>| 10.44 | (1.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.52 | 0.25 | 1.62 | &nbsp;&nbsp;&nbsp; 350 | 32 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **1** | Based on average daily shares outstanding. |
| **2** | Total returns exclude insurance-related fees and expenses and would have been lower had certain expenses not been reduced during the applicable periods. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**353**

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Stock Market Index Trust** | **Total Stock Market Index Trust** | **Total Stock Market Index Trust** | **Total Stock Market Index Trust** | **Total Stock Market Index Trust** | **Total Stock Market Index Trust** | **Total Stock Market Index Trust** | **Total Stock Market Index Trust** | **Total Stock Market Index Trust** | **Total Stock Market Index Trust** | **Total Stock Market Index Trust** | **Total Stock Market Index Trust** | **Total Stock Market Index Trust** | **Total Stock Market Index Trust** | **Total Stock Market Index Trust** |
| **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** |
|  | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| **Period ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of period**<br> **($)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **($)**<sup>1</sup> <br>| **Net realized**<br> **and**<br> **unrealized**<br> **gain (loss)**<br> **on**<br> **investments**<br> **($)**<br>| **Total from**<br> **investment**<br> **operations**<br> **($)**<br>| **From net**<br> **investment**<br> **income**<br> **($)**<br>| **From net**<br> **realized**<br> **gain**<br> **($)**<br>| **Total**<br> **distributions**<br> **($)**<br>| **Net asset**<br> **value,**<br> **end of**<br> **period**<br> **($)**<br>| **Total**<br> **return**<br> **(%)**<sup>2</sup> <br>| &nbsp;&nbsp; **Expenses**<br> **before**<br> **reductions**<br> **(%)**<br>| **Expenses**<br> **including**<br> **reductions**<br> **(%)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **(%)**<br>| &nbsp;&nbsp; **Net**<br> **assets,**<br> **end of**<br> **period (in**<br> **thousands)**<br>| **Portfolio**<br> **turnover**<br> **(%)**<br>|
| **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 28.71 | 0.25 | 4.51 | 4.76 | (0.27)<br>| (0.61)<br>| (0.88)<br>| 32.59 | 16.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | 0.49 | 0.84 | &nbsp;&nbsp;&nbsp; 570 | 7 |
| 12-31-2024 | 24.29 | 0.27 | 5.41 | 5.68 | (0.14)<br>| (1.12)<br>| (1.26)<br>| 28.71 | 23.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | 0.49 | 0.99 | &nbsp;&nbsp;&nbsp; 568 | 3 |
| 12-31-2023 | 20.82 | 0.27 | 4.82 | 5.09 | (0.25)<br>| (1.37)<br>| (1.62)<br>| 24.29 | 25.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | 0.50 | 1.18 | &nbsp;&nbsp;&nbsp; 507 | 2 |
| 12-31-2022 | 30.88 | 0.27 | (6.54)<br>| (6.27)<br>| (0.28)<br>| (3.51)<br>| (3.79)<br>| 20.82 | (20.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.57 | 0.49 | 1.06 | &nbsp;&nbsp;&nbsp; 442 | 1 |
| 12-31-2021 | 26.26 | 0.26 | 6.12 | 6.38 | (0.33)<br>| (1.43)<br>| (1.76)<br>| 30.88 | 24.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | 0.48 | 0.87 | &nbsp;&nbsp;&nbsp; 629 | 8 |
| **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 28.50 | 0.19 | 4.48 | 4.67 | (0.22)<br>| (0.61)<br>| (0.83)<br>| 32.34 | 16.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | 0.69 | 0.64 | &nbsp;&nbsp;&nbsp; 50 | 7 |
| 12-31-2024 | 24.13 | 0.21 | 5.38 | 5.59 | (0.10)<br>| (1.12)<br>| (1.22)<br>| 28.50 | 23.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | 0.69 | 0.79 | &nbsp;&nbsp;&nbsp; 49 | 3 |
| 12-31-2023 | 20.70 | 0.22 | 4.79 | 5.01 | (0.21)<br>| (1.37)<br>| (1.58)<br>| 24.13 | 25.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | 0.70 | 0.98 | &nbsp;&nbsp;&nbsp; 45 | 2 |
| 12-31-2022 | 30.71 | 0.22 | (6.50)<br>| (6.28)<br>| (0.22)<br>| (3.51)<br>| (3.73)<br>| 20.70 | (20.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.77 | 0.69 | 0.86 | &nbsp;&nbsp;&nbsp; 38 | 1 |
| 12-31-2021 | 26.13 | 0.20 | 6.08 | 6.28 | (0.27)<br>| (1.43)<br>| (1.70)<br>| 30.71 | 24.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | 0.68 | 0.67 | &nbsp;&nbsp;&nbsp; 53 | 8 |
| **Series NAV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 28.71 | 0.27 | 4.51 | 4.78 | (0.29)<br>| (0.61)<br>| (0.90)<br>| 32.59 | 16.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | 0.44 | 0.89 | &nbsp;&nbsp;&nbsp; 515 | 7 |
| 12-31-2024 | 24.29 | 0.28 | 5.41 | 5.69 | (0.15)<br>| (1.12)<br>| (1.27)<br>| 28.71 | 23.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | 0.44 | 1.04 | &nbsp;&nbsp;&nbsp; 412 | 3 |
| 12-31-2023 | 20.82 | 0.28 | 4.83 | 5.11 | (0.27)<br>| (1.37)<br>| (1.64)<br>| 24.29 | 25.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | 0.45 | 1.23 | &nbsp;&nbsp;&nbsp; 253 | 2 |
| 12-31-2022 | 30.87 | 0.28 | (6.53)<br>| (6.25)<br>| (0.29)<br>| (3.51)<br>| (3.80)<br>| 20.82 | (20.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.52 | 0.44 | 1.11 | &nbsp;&nbsp;&nbsp; 195 | 1 |
| 12-31-2021 | 26.25 | 0.27 | 6.12 | 6.39 | (0.34)<br>| (1.43)<br>| (1.77)<br>| 30.87 | 24.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | 0.43 | 0.92 | &nbsp;&nbsp;&nbsp; 260 | 8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **1** | Based on average daily shares outstanding. |
| **2** | Total returns exclude insurance-related fees and expenses and would have been lower had certain expenses not been reduced during the applicable periods. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**354**

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **U.S. Growth Trust** | **U.S. Growth Trust** | **U.S. Growth Trust** | **U.S. Growth Trust** | **U.S. Growth Trust** | **U.S. Growth Trust** | **U.S. Growth Trust** | **U.S. Growth Trust** | **U.S. Growth Trust** | **U.S. Growth Trust** | **U.S. Growth Trust** | **U.S. Growth Trust** | **U.S. Growth Trust** | **U.S. Growth Trust** | **U.S. Growth Trust** |
| **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** |
|  | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| **Period ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of period**<br> **($)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **($)**<sup>1</sup> <br>| **Net realized**<br> **and**<br> **unrealized**<br> **gain (loss)**<br> **on**<br> **investments**<br> **($)**<br>| **Total from**<br> **investment**<br> **operations**<br> **($)**<br>| **From net**<br> **investment**<br> **income**<br> **($)**<br>| **From net**<br> **realized**<br> **gain**<br> **($)**<br>| **Total**<br> **distributions**<br> **($)**<br>| **Net asset**<br> **value,**<br> **end of**<br> **period**<br> **($)**<br>| **Total**<br> **return**<br> **(%)**<sup>2</sup> <br>| &nbsp;&nbsp; **Expenses**<br> **before**<br> **reductions**<br> **(%)**<br>| **Expenses**<br> **including**<br> **reductions**<br> **(%)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **(%)**<br>| &nbsp;&nbsp; **Net**<br> **assets,**<br> **end of**<br> **period (in**<br> **thousands)**<br>| **Portfolio**<br> **turnover**<br> **(%)**<br>|
| **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 6.13 | (0.01)<br>| 1.25 | 1.24 |  | (0.71)<br>| (0.71)<br>| 6.66 | 20.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | 0.74 | (0.11)<br>| &nbsp;&nbsp;&nbsp; 245 | 127<br> <sup>3</sup><br>|
| 12-31-2024 | 4.94 | (0.02)<br>| 1.53 | 1.51 |  | (0.32)<br>| (0.32)<br>| 6.13 | 30.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | 0.79 | (0.31)<br>| &nbsp;&nbsp;&nbsp; 232 | 30 |
| 12-31-2023 | 3.28 | (0.01)<br>| 1.73 | 1.72 |  | (0.06)<br>| (0.06)<br>| 4.94 | 52.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | 0.81 | (0.17)<br>| &nbsp;&nbsp;&nbsp; 204 | 34 |
| 12-31-2022 | 7.48 | (0.01)<br>| (2.70)<br>| (2.71)<br>|  | (1.49)<br>| (1.49)<br>| 3.28 | (37.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.81 | 0.81 | (0.22)<br>| &nbsp;&nbsp;&nbsp; 151 | 31 |
| 12-31-2021 | 7.60 | (0.04)<br>| 1.26 | 1.22 |  | (1.34)<br>| (1.34)<br>| 7.48 | 15.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | 0.78 | (0.50)<br>| &nbsp;&nbsp;&nbsp; 272 | 40 |
| **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 4.59 | (0.01)<br>| 0.93 | 0.92 |  | (0.71)<br>| (0.71)<br>| 4.80 | 20.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | 0.94 | (0.31)<br>| &nbsp;&nbsp;&nbsp; 69 | 127<br> <sup>3</sup><br>|
| 12-31-2024 | 3.77 | (0.02)<br>| 1.16 | 1.14 |  | (0.32)<br>| (0.32)<br>| 4.59 | 30.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | 0.99 | (0.51)<br>| &nbsp;&nbsp;&nbsp; 66 | 30 |
| 12-31-2023 | 2.52 | (0.01)<br>| 1.32 | 1.31 |  | (0.06)<br>| (0.06)<br>| 3.77 | 52.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | 1.01 | (0.37)<br>| &nbsp;&nbsp;&nbsp; 61 | 34 |
| 12-31-2022 | 6.28 | (0.02)<br>| (2.25)<br>| (2.27)<br>|  | (1.49)<br>| (1.49)<br>| 2.52 | (37.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.01 | 1.01 | (0.42)<br>| &nbsp;&nbsp;&nbsp; 46 | 31 |
| 12-31-2021 | 6.57 | (0.05)<br>| 1.10 | 1.05 |  | (1.34)<br>| (1.34)<br>| 6.28 | 15.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | 0.98 | (0.70)<br>| &nbsp;&nbsp;&nbsp; 88 | 40 |
| **Series NAV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 6.23 | —<br> <sup>4</sup><br>| 1.27 | 1.27 |  | (0.71)<br>| (0.71)<br>| 6.79 | 20.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | 0.69 | (0.06)<br>| &nbsp;&nbsp;&nbsp; 431 | 127<br> <sup>3</sup><br>|
| 12-31-2024 | 5.02 | (0.02)<br>| 1.55 | 1.53 |  | (0.32)<br>| (0.32)<br>| 6.23 | 30.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | 0.74 | (0.26)<br>| &nbsp;&nbsp;&nbsp; 389 | 30 |
| 12-31-2023 | 3.33 | —<br> <sup>4</sup><br>| 1.75 | 1.75 |  | (0.06)<br>| (0.06)<br>| 5.02 | 52.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | 0.76 | (0.12)<br>| &nbsp;&nbsp;&nbsp; 317 | 34 |
| 12-31-2022 | 7.55 | (0.01)<br>| (2.72)<br>| (2.73)<br>|  | (1.49)<br>| (1.49)<br>| 3.33 | (37.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.76 | 0.76 | (0.18)<br>| &nbsp;&nbsp;&nbsp; 217 | 31 |
| 12-31-2021 | 7.66 | (0.04)<br>| 1.27 | 1.23 |  | (1.34)<br>| (1.34)<br>| 7.55 | 15.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | 0.73 | (0.45)<br>| &nbsp;&nbsp;&nbsp; 436 | 40 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **1** | Based on average daily shares outstanding. |
| **2** | Total returns exclude insurance-related fees and expenses and would have been lower had certain expenses not been reduced during the applicable periods. |
| **3** | Increase in portfolio turnover rate resulted from repositioning of the portfolio during the period in accordance with investment policy changes approved by the Board of <br> Trustees.<br>|
| **4** | Less than $0.005 per share. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**355**

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Ultra Short Term Bond Trust** | **Ultra Short Term Bond Trust** | **Ultra Short Term Bond Trust** | **Ultra Short Term Bond Trust** | **Ultra Short Term Bond Trust** | **Ultra Short Term Bond Trust** | **Ultra Short Term Bond Trust** | **Ultra Short Term Bond Trust** | **Ultra Short Term Bond Trust** | **Ultra Short Term Bond Trust** | **Ultra Short Term Bond Trust** | **Ultra Short Term Bond Trust** | **Ultra Short Term Bond Trust** | **Ultra Short Term Bond Trust** | **Ultra Short Term Bond Trust** |
| **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Per share operating performance for a share outstanding throughout each period** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** |
|  | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** | **Income (loss) from**<br> **investment operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| **Period ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of period**<br> **($)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **($)**<sup>1</sup> <br>| **Net realized**<br> **and**<br> **unrealized**<br> **gain (loss)**<br> **on**<br> **investments**<br> **($)**<br>| **Total from**<br> **investment**<br> **operations**<br> **($)**<br>| **From net**<br> **investment**<br> **income**<br> **($)**<br>| **From net**<br> **realized**<br> **gain**<br> **($)**<br>| **Total**<br> **distributions**<br> **($)**<br>| **Net asset**<br> **value,**<br> **end of**<br> **period**<br> **($)**<br>| **Total**<br> **return**<br> **(%)**<sup>2</sup> <br>| &nbsp;&nbsp; **Expenses**<br> **before**<br> **reductions**<br> **(%)**<br>| **Expenses**<br> **including**<br> **reductions**<br> **(%)**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br> **(%)**<br>| &nbsp;&nbsp; **Net**<br> **assets,**<br> **end of**<br> **period (in**<br> **thousands)**<br>| **Portfolio**<br> **turnover**<br> **(%)**<br>|
| **Series I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 11.48 | 0.47 | 0.02 | 0.49 | (0.57)<br>|  | (0.57)<br>| 11.40 | 4.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | 0.61 | 4.00 | &nbsp;&nbsp;&nbsp; 10 | 64 |
| 12-31-2024 | 11.11 | 0.47 | 0.08 | 0.55 | (0.18)<br>|  | (0.18)<br>| 11.48 | 4.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | 0.61 | 4.18 | &nbsp;&nbsp;&nbsp; 10 | 69 |
| 12-31-2023 | 10.93 | 0.33 | 0.17 | 0.50 | (0.32)<br>|  | (0.32)<br>| 11.11 | 4.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | 0.61 | 2.99 | &nbsp;&nbsp;&nbsp; 12 | 41 |
| 12-31-2022 | 11.19 | 0.10 | (0.20)<br>| (0.10)<br>| (0.16)<br>|  | (0.16)<br>| 10.93 | (0.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.67 | 0.61 | 0.94 | &nbsp;&nbsp;&nbsp; 10 | 54 |
| 12-31-2021 | 11.46 | 0.04 | (0.09)<br>| (0.05)<br>| (0.22)<br>|  | (0.22)<br>| 11.19 | (0.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.67 | 0.60 | 0.34 | &nbsp;&nbsp;&nbsp; 11 | 47 |
| **Series II** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 11.48 | 0.44 | 0.02 | 0.46 | (0.55)<br>|  | (0.55)<br>| 11.39 | 4.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | 0.81 | 3.81 | &nbsp;&nbsp;&nbsp; 153 | 64 |
| 12-31-2024 | 11.11 | 0.45 | 0.08 | 0.53 | (0.16)<br>|  | (0.16)<br>| 11.48 | 4.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | 0.81 | 3.98 | &nbsp;&nbsp;&nbsp; 178 | 69 |
| 12-31-2023 | 10.93 | 0.31 | 0.17 | 0.48 | (0.30)<br>|  | (0.30)<br>| 11.11 | 4.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | 0.81 | 2.77 | &nbsp;&nbsp;&nbsp; 200 | 41 |
| 12-31-2022 | 11.19 | 0.09 | (0.21)<br>| (0.12)<br>| (0.14)<br>|  | (0.14)<br>| 10.93 | (1.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.87 | 0.81 | 0.77 | &nbsp;&nbsp;&nbsp; 228 | 54 |
| 12-31-2021 | 11.46 | 0.02 | (0.10)<br>| (0.08)<br>| (0.19)<br>|  | (0.19)<br>| 11.19 | (0.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.87 | 0.80 | 0.15 | &nbsp;&nbsp;&nbsp; 197 | 47 |
| **Series NAV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-2025 | 11.49 | 0.47 | 0.02 | 0.49 | (0.57)<br>|  | (0.57)<br>| 11.41 | 4.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | 0.56 | 4.06 | &nbsp;&nbsp;&nbsp; 38 | 64 |
| 12-31-2024 | 11.12 | 0.48 | 0.08 | 0.56 | (0.19)<br>|  | (0.19)<br>| 11.49 | 5.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | 0.56 | 4.24 | &nbsp;&nbsp;&nbsp; 37 | 69 |
| 12-31-2023 | 10.93 | 0.34 | 0.17 | 0.51 | (0.32)<br>|  | (0.32)<br>| 11.12 | 4.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | 0.56 | 3.04 | &nbsp;&nbsp;&nbsp; 38 | 41 |
| 12-31-2022 | 11.20 | 0.11 | (0.21)<br>| (0.10)<br>| (0.17)<br>|  | (0.17)<br>| 10.93 | (0.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.62 | 0.56 | 0.97 | &nbsp;&nbsp;&nbsp; 35 | 54 |
| 12-31-2021 | 11.47 | 0.04 | (0.09)<br>| (0.05)<br>| (0.22)<br>|  | (0.22)<br>| 11.20 | (0.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.62 | 0.55 | 0.38 | &nbsp;&nbsp;&nbsp; 38 | 47 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **1** | Based on average daily shares outstanding. |
| **2** | Total returns exclude insurance-related fees and expenses and would have been lower had certain expenses not been reduced during the applicable periods. |

---

**356**

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**Appendix A — Schedule of management fees**

------

Set forth below is the schedule of the annual percentage rates of the management fees for the funds. For certain funds the advisory or management fee for the fund is calculated by applying to the net assets of the fund an annual fee rate, which is determined based on the application of the annual percentage rates for the fund to the "Aggregate Net Assets" of the fund (together with the net assets of any other applicable fund identified in the advisory agreement).

---

| | | |
|:---|:---|:---|
| **<u>FUND</u>** | **<u>APR</u>** | **<u>ADVISORY FEE BREAKPOINT</u>** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **500 Index Trust** | 0.470% | — first $500 million; and |
|  | 0.460% | — excess over $500 million. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Active Bond Trust** | 0.600% | — first $2.5 billion; |
|  | 0.575% | — next $2.5 billion; and |
|  | 0.550% | — excess over $5 billion. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Blue Chip Growth Trust** | 0.780% | — assets under $500 million: all assets; |
|  | 0.775% | — assets between $500 million - $1 billion: all assets; |
|  | 0.750% | — assets between $1 billion - $2 billion: first $1 billion; |
|  | 0.740% | — assets between $1 billion - $2 billion: next $1 billion; |
|  | 0.740% | — assets between $2 billion - $7.5 billion: first $3 billion; |
|  | 0.725% | &nbsp;&nbsp;&nbsp; — assets between $2 billion - $7.5 billion: next $4.5 billion; <br> and<br>|
|  | 0.710% | — assets over $7.5 billion: all assets.<sup>†</sup> |
|  |  | <sup>†</sup>*The fee schedule above became effective on June 1, 2025.* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Capital Appreciation Value Trust** |  | &nbsp;&nbsp;&nbsp; If net assets are less than $500 million, the following fee <br> schedule shall apply:<br>|
|  | 0.950% | — first $250 million; and |
|  | 0.850% | — excess over $250 million. |
|  |  | &nbsp;&nbsp;&nbsp; If net assets equal or exceed $500 million but are less than <br> $2 billion, the following fee schedule shall apply:<br>|
|  | 0.850% | — first $1 billion; and |
|  | 0.800% | — excess over $1 billion. |
|  |  | &nbsp;&nbsp;&nbsp; If net assets equal or exceed $2 billion but are less than <br> $3 billion, the following fee schedule shall apply:<br>|
|  | 0.850% | — first $500 million; and |
|  | 0.800% | — excess over $500 million. |
|  |  | &nbsp;&nbsp;&nbsp; If net assets equal or exceed $3 billion, the following fee <br> schedule shall apply:<br>|
|  | 0.800% | — all asset levels. |
| **_________________________________________________________________________________________________________________________________________________________** | **_________________________________________________________________________________________________________________________________________________________** | **_________________________________________________________________________________________________________________________________________________________** |

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**357**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Core Bond Trust** | 0.690% | — first $200 million; |
|  | 0.640% | — next $200 million; |
|  | 0.570% | — next $600 million; |
|  | 0.560% | — next $1 billion; and |
|  | 0.550% | — excess over $2 billion.  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Disciplined Value Emerging Markets Equity Trust** | 0.780% | — first $100 million; |
|  | 0.750% | — next $900 million; |
|  | 0.740% | — next $1 billion; and |
|  | 0.730% | — excess over $2 billion. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Disciplined Value International Trust** | 0.710% | — first $500 million; |
|  | 0.690% | — next $500 million; |
|  | 0.680% | — next $1 billion; |
|  | 0.670% | — next $1 billion; |
|  | 0.660% | — next $2 billion; and |
|  | 0.650% | — excess over $5 billion. |
| **_________________________________________________________________________________________________________________________________________________________** | **_________________________________________________________________________________________________________________________________________________________** | **_________________________________________________________________________________________________________________________________________________________** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| **Equity Income Trust** | 0.800% | — first $100 million; |
|  | 0.775% | — between $100 million and $200 million;\* |
|  | 0.750% | — between $200 million and $500 million;\*\* |
|  | 0.725% | — between $500 million and $1 billion;\*\*\* |
|  | 0.725% | — between $1 billion and $1.5 billion;\*\*\*\* |
|  | 0.700% | — between $1.5 billion and $2 billion;\*\*\*\*\* |
|  | 0.695% | — between $2 billion and $3 billion;\*\*\*\*\*\* |
|  | 0.690% | — between $3 billion and $4 billion;\*\*\*\*\*\*\* |
|  | 0.680% | — between $4 billion and $5.5 billion;\*\*\*\*\*\*\*\* |
|  | 0.675% | — between $5.5 billion and $7.5 billion; and\*\*\*\*\*\*\*\*\* |
|  | 0.670% | — excess over $7.5 billion. |
|  |  | &nbsp;&nbsp;&nbsp; \*When Aggregate Net Assets exceed $200 million on any day, <br> the annual rate of advisory fee for that day is 0.775% on the <br> first $200 million of Aggregate Net Assets.<br> \*\*When Aggregate Net Assets exceed $500 million on any <br> day, the annual rate of advisory fee for that day is 0.750% on <br> the first $500 million of Aggregate Net Assets and 0.725% on <br> the amount above $500 million.<br> \*\*\*When Aggregate Net Assets exceed $1 billion on any day, <br> the annual rate of advisory fee for that day is 0.725% on the <br> first $1 billion of Aggregate Net Assets.<br> \*\*\*\*When Aggregate Net Assets exceed $1.5 billion on any <br> day, the annual rate of advisory fee for that day is 0.700% on <br> the first $1.5 billion of Aggregate Net Assets.<br> \*\*\*\*\*When Aggregate Net Assets exceed $2 billion on any day, <br> the annual rate of advisory fee for that day is 0.695% on the <br> first $2 billion of Aggregate Net Assets.<br> \*\*\*\*\*\*When Aggregate Net Assets exceed $3 billion on any <br> day, the annual rate of advisory fee for that day is 0.690% on <br> the first $3 billion of Aggregate Net Assets.<br> \*\*\*\*\*\*\*When Aggregate Net Assets exceed $4 billion on any <br> day, the annual rate of advisory fee for that day is 0.680% on <br> the first $4 billion of Aggregate Net Assets.<br> \*\*\*\*\*\*\*\*When Aggregate Net Assets exceed $5.5 billion on <br> any day, the annual rate of advisory fee for that day is 0.675% <br> on the first $5.5 billion of Aggregate Net Assets.<br> \*\*\*\*\*\*\*\*\*When Aggregate Net Assets exceed $7.5 billion on <br> any day, the annual rate of advisory fee for that day is 0.670% <br> on the first $7.5 billion of Aggregate Net Assets.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Financial Industries Trust** | 0.800% | — first $250 million; |
|  | 0.775% | — next $250 million; |
|  | 0.750% | — next $500 million; and |
|  | 0.725% | — excess over $1 billion. |
| **_________________________________________________________________________________________________________________________________________________________** | **_________________________________________________________________________________________________________________________________________________________** | **_________________________________________________________________________________________________________________________________________________________** |

---

**359**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Fundamental All Cap Core Trust** | 0.675% | — first $2.5 billion; and |
|  | 0.650% | — excess over $2.5 billion. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Fundamental Large Cap Value Trust** | 0.700% | — first $500 million; |
|  | 0.650% | — next $500 million; and |
|  | 0.600% | — excess over $1 billion. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Global Equity Trust** | 0.800% | — first $1 billion; and |
|  | 0.790% | — excess over $1 billion. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Health Sciences Trust** | 1.050% | — first $500 million; |
|  | 1.000% | — next $250 million; |
|  | 0.950% | — excess over $750 million\*; |
|  | 0.950% | — next $250 million; |
|  | 0.900% | — next $500 million;<sup>†</sup> |
|  | 0.770% | — excess over $1.5 billion\*\*;<sup>†</sup> and |
|  | 0.750% | — excess over $2 billion.\*\*\* |
|  |  | &nbsp;&nbsp;&nbsp; \*When Aggregate Net Assets exceed $750 million on any day, <br> the annual rate of advisory fee for that day is 0.950% on all <br> assets.<br> \*\*When Aggregate Net Assets exceed $1.5 billion on any day, <br> the annual rate of advisory fee for that day is 0.770% on all <br> assets.<br> \*\*\*When Aggregate Net Assets exceed $2 billion on any day, <br> the annual rate of advisory fee for that day is 0.750% on all <br> assets.<br> <sup>†</sup>When Aggregate Net Assets are between $1 billion and <br> $1.5 billion or between $1.875 billion and $2 billion, the <br> management fee retained by the advisor after payment of the <br> subadvisory fees for the fund will not exceed 0.45% as a <br> percentage of the average daily net assets (on an annualized <br> basis) of the fund.<br>|
| **_________________________________________________________________________________________________________________________________________________________** | **_________________________________________________________________________________________________________________________________________________________** | **_________________________________________________________________________________________________________________________________________________________** |

---

**360**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **High Yield Trust** | 0.625% | — first $75 million; |
|  | 0.5625% | — next $75 million; |
|  | 0.500% | — next $350 million; |
|  | 0.475% | — next $2 billion; and |
|  | 0.450% | — excess over $2.5 billion.<sup>†</sup> |
|  |  | &nbsp;&nbsp;&nbsp; <sup>†</sup>*The fee schedule above became effective on February 7,* <br> &nbsp;&nbsp;&nbsp;&nbsp;*2025.*<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **International Equity Index Trust** | 0.550% | — first $100 million; |
|  | 0.530% | — next $150 million; |
|  | 0.520% | — next $250 million; and |
|  | 0.510% | — excess over $500 million. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **International Small Company Trust** | 0.800% | — at all asset levels. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Investment Quality Bond Trust** | 0.600% | — first $500 million; and |
|  | 0.550% | — excess over $500 million. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Lifestyle Balanced Portfolio**<br> **Lifestyle Conservative Portfolio**<br> **Lifestyle Growth Portfolio**<br> **Lifestyle Moderate Portfolio**<br> **(Collectively, the "JHVIT Lifestyle Portfolios")**<br>|  | &nbsp;&nbsp;&nbsp; The management fee has two components: (a) a fee on assets <br> invested in funds of JHVIT, JHF II, or JHF III ("Affiliated Funds <br> Assets")\* and (b) a fee on assets not invested in Affiliated <br> Funds Assets ("Other Assets").<br> \*The following JHVIT funds are not included in Affiliated Funds <br> Assets: 500 Index Trust, International Equity Index Trust and <br> Total Bond Market Trust.<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) The fee on Affiliated Funds Assets is stated as an annual <br> percentage of the current value of the aggregate net assets of <br> the JHVIT Managed Volatility Portfolios, the JHVIT Lifestyle <br> Portfolios, and the Multimanager Lifestyle Portfolios and <br> Lifestyle Blend Portfolios that are series of JHF II determined <br> in accordance with the following schedule and that rate is <br> applied to the Affiliated Funds Assets of the fund.<br>|
|  | 0.050% | — first $7.5 billion; and |
|  | 0.040% | — excess over $7.5 billion. |
|  |  | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(b) The fee on Other Assets is stated as an annual percentage <br> of the current value of the aggregate net assets of the JHVIT <br> Managed Volatility Portfolios, the JHVIT Lifestyle Portfolios <br> and the Multimanager Lifestyle Portfolios and Lifestyle Blend <br> Portfolios that are series of JHF II determined in accordance <br> with the following schedule and that rate is applied to the <br> Other Assets of the fund.<br>|
|  | 0.500% | — first $7.5 billion; and |
|  | 0.490% | — excess over $7.5 billion. |
| **_________________________________________________________________________________________________________________________________________________________** | **_________________________________________________________________________________________________________________________________________________________** | **_________________________________________________________________________________________________________________________________________________________** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**361**

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| | | |
|:---|:---|:---|
| **Managed Volatility Balanced Portfolio**<br> **Managed Volatility Conservative Portfolio**<br> **Managed Volatility Growth Portfolio**<br> **Managed Volatility Moderate Portfolio**<br> **(Collectively, the "JHVIT Managed Volatility Portfolios")**<br>|  | &nbsp;&nbsp;&nbsp; The management fee has two components: (a) a fee on assets <br> invested in funds of JHVIT, JHF II or JHF III ("Affiliated Funds <br> Assets")\* and (b) a fee on assets not invested in Affiliated <br> Funds Assets ("Other Assets").<br> \*The following JHVIT funds are not included in Affiliated Funds <br> Assets: 500 Index Trust, International Equity Index Trust and <br> Total Bond Market Trust.<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) The fee on Affiliated Funds Assets is stated as an annual <br> percentage of the current value of the aggregate net assets of <br> the JHVIT Managed Volatility Portfolios, the JHVIT Lifestyle <br> Portfolios, and the Multimanager Lifestyle Portfolios and <br> Lifestyle Blend Portfolios that are series of JHF II determined <br> in accordance with the following schedule and that rate is <br> applied to the Affiliated Funds Assets of the fund.<br>|
|  | 0.050% | — first $7.5 billion; and |
|  | 0.040% | — excess over $7.5 billion. |
|  |  | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(b) The fee on Other Assets is stated as an annual percentage <br> of the current value of the aggregate net assets of the JHVIT <br> Managed Volatility Portfolios, the JHVIT Lifestyle Portfolios, <br> and the Multimanager Lifestyle Portfolios and Lifestyle Blend <br> Portfolios that are series of JHF II determined in accordance <br> with the following schedule and that rate is applied to the <br> Other Assets of the fund.<br>|
|  | 0.500% | — first $7.5 billion; and |
|  | 0.490% | — excess over $7.5 billion. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Mid Cap Growth Trust** | 0.875% | — first $200 million; |
|  | 0.850% | — next $300 million; |
|  | 0.825% | — next $2.7 billion; |
|  | 0.800% | — next $500 million; |
|  | 0.775% | — next $500 million; and |
|  | 0.755% | — excess over $4.2 billion. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Mid Cap Index Trust** | 0.490% | — first $250 million; |
|  | 0.480% | — next $250 million; and |
|  | 0.460% | — excess over $500 million. |
| **_________________________________________________________________________________________________________________________________________________________** | **_________________________________________________________________________________________________________________________________________________________** | **_________________________________________________________________________________________________________________________________________________________** |

---

**362**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Mid Value Trust** | 0.950% | — first $1 billion |
|  | 0.865% | — over $1 billion\* |
|  | 0.860% | — over $2 billion\*\* |
|  | 0.855% | — over $3 billion\*\*\*; and |
|  | 0.850% | — over $5.5 billion\*\*\*\*<sup>†</sup> |
|  |  | &nbsp;&nbsp;&nbsp; \*When Aggregate Net Assets exceed $1 billion on any day, the <br> annual rate of advisory fee for that day is 0.865% on all assets.<br>|
|  |  | &nbsp;&nbsp;&nbsp; \*\*When Aggregate Net Assets exceed $2 billion on any day, <br> the annual rate of advisory fee for that day is 0.860% on all <br> assets.<br>|
|  |  | &nbsp;&nbsp;&nbsp; \*\*\*When Aggregate Net Assets exceed $3 billion on any day, <br> the annual rate of advisory fee for that day is 0.855% on all <br> assets.<br>|
|  |  | &nbsp;&nbsp;&nbsp; \*\*\*\*When Aggregate Net Assets exceed $5.5 billion on any <br> day, the annual rate of advisory fee for that day is 0.850% on <br> all assets.<br>|
|  |  | &nbsp;&nbsp;&nbsp; <sup>†</sup>*The fee schedule above became effective on January 1,* <br> &nbsp;&nbsp;&nbsp;&nbsp;*2025.*<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Money Market Trust** | 0.500% | — first $500 million; |
|  | 0.425% | — next $250 million; |
|  | 0.375% | — next $250 million; |
|  | 0.350% | — next $500 million; |
|  | 0.325% | — next $500 million; |
|  | 0.300% | — next $500 million; and |
|  | 0.275% | — excess over $2.5 billion. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Opportunistic Fixed Income Trust** | 0.650% | — first $1 billion; and |
|  | 0.625% | — excess over $1 billion. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Real Estate Securities Trust** | 0.700% | — first $1.5 billion; and |
|  | 0.680% | — excess over $1.5 billion.  |
| **_________________________________________________________________________________________________________________________________________________________** | **_________________________________________________________________________________________________________________________________________________________** | **_________________________________________________________________________________________________________________________________________________________** |

---

**363**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Science & Technology Trust** | 1.050% | — first $50 million; |
|  | 1.025% | — between $50 million and $100 million; |
|  | 1.000% | — between $100 million and $200 million\*; |
|  | 0.975% | — between $200 million and $500 million\*\*; |
|  | 0.950% | — between $500 million and $1 billion\*\*\*; and |
|  | 0.925% | — excess over $1 billion. |
|  |  | &nbsp;&nbsp;&nbsp; \*When Aggregate Net Assets exceed $100 million on any day, <br> the annual rate of advisory fee for that day is 1.000% on the <br> first $100 million of Aggregate Net Assets.<br>|
|  |  | &nbsp;&nbsp;&nbsp; \*\*When Aggregate Net Assets exceed $200 million on any <br> day, the annual rate of advisory fee for that day is 0.975% on <br> the first $200 million of Aggregate Net Assets.<br>|
|  |  | &nbsp;&nbsp;&nbsp; \*\*\*When Aggregate Net Assets exceed $500 million on any <br> day, the annual rate of advisory fee for that day is 0.950% on <br> the first $500 million of Aggregate Net Assets.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Select Bond Trust** | 0.650% | — first $500 million; |
|  | 0.600% | — next $1 billion; |
|  | 0.575% | — next $1 billion; |
|  | 0.550% | — next $7.5 billion; and |
|  | 0.525% | — excess over $10 billion. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short Term Government Income Trust** | 0.570% | — first $250 million; and |
|  | 0.550% | — excess over $250 million. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Small Cap Core Trust** | 0.870% | — first $300 million; |
|  | 0.830% | — next $300 million; |
|  | 0.815% | — next $300 million; and |
|  | 0.800% | — excess over $900 million.<sup>†</sup> |
|  |  | <sup>†</sup>*The fee schedule above became effective on April 25, 2025.* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Small Cap Index Trust** | 0.490% | — first $250 million; |
|  | 0.480% | — next $250 million; and |
|  | 0.460% | — excess over $500 million. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Small Cap Opportunities Trust** | 0.720% |
|  | <sup>†</sup>*The fee schedule above became effective on May 28, 2025.* |
| **_________________________________________________________________________________________________________________________________________________________** | **_________________________________________________________________________________________________________________________________________________________** |

---

**364**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Small Cap Stock Trust** | 1.050% | — first $50 million; and |
|  | 1.000% | — excess over $50 million. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Small Company Value Trust** | 1.050% | — first $500 million; and |
|  | 1.000% | — excess over $500 million. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Strategic Equity Allocation Trust** | 0.675% | — first $2.5 billion; |
|  | 0.650% | — next $5 billion; |
|  | 0.625% | — next $2.5 billion; |
|  | 0.600% | — next $5 billion; |
|  | 0.595% | — next $10 billion; and |
|  | 0.590% | — excess over $25 billion. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Strategic Income Opportunities Trust** | 0.680% | — first $500 million; |
|  | 0.630% | — next $3 billion; |
|  | 0.580% | — next $4 billion; |
|  | 0.570% | — next $4.5 billion; and |
|  | 0.555% | — excess over $12 billion.<sup>†</sup> |
|  |  | <sup>†</sup>*The fee schedule above became effective on July 1, 2025.* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Total Bond Market Trust** | 0.470% | — first $1.5 billion; and |
|  | 0.460% | — excess over $1.5 billion. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Total Stock Market Index Trust** | 0.490% | — first $250 million; |
|  | 0.480% | — next $250 million; and |
|  | 0.460% | — excess over $500 million. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **U.S. Growth Trust** | 0.600% | — first $500 million; |
|  | 0.550% | — next $1 billion; and |
|  | 0.530% | — excess over $1.5 billion.<sup>†</sup> |
|  |  | <sup>†</sup>*The fee schedule above became effective on May 28, 2025.* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Ultra Short Term Bond Trust** | 0.550% | — first $250 million; and |
|  | 0.530% | — excess over $250 million. |
| **_________________________________________________________________________________________________________________________________________________________** | **_________________________________________________________________________________________________________________________________________________________** | **_________________________________________________________________________________________________________________________________________________________** |

---

**365**

------

For more information

The following documents are available, which offer further information on JHVIT:

**Annual/semiannual reports to shareholders**

Additional information about a fund's investments is available in the fund's annual and semiannual reports to shareholders and in Form N-CSR. In a fund's annual report, you will find a discussion of the market conditions and investment strategies that significantly affected the fund's performance during its last fiscal year. In Form N-CSR, you will find the fund's annual and semiannual financial statements.

**Statements of Additional Information (SAIs)**

JHVIT offers two SAIs: 1) an SAI containing American Asset Allocation Trust, American Global Growth Trust, American Growth Trust and American Growth-Income Trust; and 2) an SAI containing the rest of the JHVIT funds. Both SAIs contain more detailed information on all aspects of the funds contained in each SAI. The SAIs include a summary of JHVIT's policy regarding disclosure of portfolio holdings as well as legal and regulatory matters. The current SAIs have been filed with the SEC and are incorporated by reference into (and are legally a part of) this Prospectus.

**To obtain a free copy of these documents or request other information**

There are several ways you can get a current annual/semiannual report, Form N-CSR, other information such as fund financial statements that the fund files on Form N-CSR, prospectus, or SAI from John Hancock, request other information, or make inquiries:

**Online:** johnhancock.com

**By mail:** 

John Hancock Variable Insurance Trust

200 Berkeley Street

Boston, MA 02116

**By phone:**

John Hancock Variable Annuities: 800-344-1029

John Hancock Variable Life Insurance: 800-732-5543

You can also view or obtain copies of these documents through the SEC:

**Online:** sec.gov

**By email (duplicating fee required):** publicinfo@sec.gov

![](g224548imga28a2b3e1.jpg)© 2026 John Hancock Distributors, LLC, Member FINRA, SIPC

200 Berkeley Street, Boston, MA 02116

John Hancock Variable Annuities: 800-344-1029

John Hancock Variable Life Insurance: 800-732-5543

johnhancock.com

SEC file number: 811-04146

4/27/26

------

![](g465722img684208c81.jpg)

**Statement of Additional Information**

John Hancock Variable Insurance Trust

April 27, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **Series I** | **Series II** | **Series NAV** |
| 500 Index Trust | JFIVX | JAGKX | JAGMX |
| Active Bond Trust | JAHFX | JAHEX | JAHDX |
| Blue Chip Growth Trust | JADZX | JADYX | JAEDX |
| Capital Appreciation Value Trust | JAFPX | JAFQX | JAFRX |
| Core Bond Trust | JADKX | JAAEX | JVCNX |
| Disciplined Value Emerging Markets Equity Trust | JAJBX | JEMTX | JHVTX |
| Disciplined Value International Trust | JAJHX | JAJIX | JAJJX |
| Equity Income Trust | JAEGX | JAEFX | JAEEX |
| Financial Industries Trust | JEFSX | JEFCX | JAFNX |
| Fundamental All Cap Core Trust | JEQAX | JFLGX | JADDX |
| Fundamental Large Cap Value Trust | JVFLX | JADJX | JADIX |
| Global Equity Trust | JEFGX | JAJFX | JAJGX |
| Health Sciences Trust | JEHSX | JAFKX | JAFMX |
| High Yield Trust | JAELX | JAEOX | JAEMX |
| International Equity Index Trust | JIEQX | JAJEX | JVANX |
| International Small Company Trust | JAJCX | JAADX | JAJDX |
| Investment Quality Bond Trust | JADUX | JADSX | JAJNX |
| Lifestyle Balanced Portfolio | JHBPX | JAILX | JAINX |
| Lifestyle Conservative Portfolio | JHCIX | JAIRX | JAIQX |
| Lifestyle Growth Portfolio | JHGPX | JAIKX | JAIJX |
| Lifestyle Moderate Portfolio | JHMPX | JAIPX | JAIOX |
| Managed Volatility Balanced Portfolio | JELBX | JAJRX | JAIYX |
| Managed Volatility Conservative Portfolio | JELCX | JAISX | JAIUX |
| Managed Volatility Growth Portfolio | JELGX | JAJAX | JAIZX |
| Managed Volatility Moderate Portfolio | JELMX | JAIWX | JAIVX |
| Mid Cap Growth Trust | JAETX | JAEUX | JAEVX |
| Mid Cap Index Trust | JECIX | JAEZX | JAEYX |
| Mid Value Trust | JEMUX | JAGYX | JAGWX |
| Money Market Trust | JHOXX | JAAXX | JABXX |
| Opportunistic Fixed Income Trust | JAEJX | JAEHX | JAEKX |
| Real Estate Securities Trust | JADBX | JAJLX | JAJMX |
| Science & Technology Trust | JESTX | JAFUX | JAFSX |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Series I** | **Series II** | **Series NAV** |
| Select Bond Trust | JAFZX | JHBDX | JAGBX |
| Short Term Government Income Trust | JAJPX | JAFWX | JAFYX |
| Small Cap Core Trust | JESVX | JAGZX | JAHBX |
| Small Cap Index Trust | JESIX | JAJOX | JAEWX |
| Small Cap Opportunities Trust | JADLX | JADPX | JADMX |
| Small Cap Stock Trust | JESGX | JAGQX | JAGPX |
| Small Company Value Trust | JAEPX | JAERX | JAEQX |
| Strategic Equity Allocation Trust |  |  | JAFVX |
| Strategic Income Opportunities Trust | JESNX | JESPX | JVRNX |
| Total Bond Market Trust | JTBMX | JAGVX | JAGUX |
| Total Stock Market Index Trust | JETSX | JAFFX | JAFEX |
| U.S. Growth Trust (formerly Capital Appreciation Trust) | JAFHX | JAFJX | JAFGX |
| Ultra Short Term Bond Trust | JAGJX | JAGEX | JAGFX |

---

This Statement of Additional Information ("SAI") provides information about each fund listed above (each a "fund" and collectively, the "funds"). Each fund is a series of the Trust indicated above. The information in this SAI is in addition to the information that is contained in each fund's prospectus dated April 27, 2026, as amended and supplemented from time to time (collectively, the "Prospectus"). The funds may offer other share classes that are described in separate prospectuses and SAIs.

This SAI is not a prospectus. It should be read in conjunction with the Prospectus. This SAI incorporates by reference the financial statements of each fund for the period ended December 31, 2025, as well as the related opinion of the fund's independent registered public accounting firm, as included in the fund's most recent Form N-CSR filing. The financial statements of each fund for the fiscal period ended December 31, 2025 are available through the following link(s):

<u>Form N-CSR</u> <u>filed</u> <u>March</u> <u>5</u><u>,</u> <u>2026 for</u>:

500 Index Trust

American Asset Allocation Trust

American Global Growth Trust

American Growth Trust

American Growth-Income Trust

Blue Chip Growth Trust

Capital Appreciation Value Trust

Disciplined Value International Trust

Disciplined Value Emerging Markets Equity Trust

Equity Income Trust

Financial Industries Trust

Fundamental All Cap Core Trust

Fundamental Large Cap Value Trust

Global Equity Trust

Health Sciences Trust

International Equity Index Trust

International Small Company Trust

Lifestyle Balanced Portfolio

Lifestyle Conservative Portfolio

Lifestyle Growth Portfolio

Lifestyle Moderate Portfolio

Mid Cap Growth Trust

Mid Cap Index Trust

Mid Value Trust

Real Estate Securities Trust

Science & Technology Trust

Small Cap Core Trust

------

Small Cap Index Trust

Small Cap Opportunities Trust

Small Cap Stock Trust

Small Company Value Trust

Strategic Equity Allocation Trust

Total Stock Market Index Trust

U.S. Growth Trust

● [https://www.sec.gov/ix?doc=/Archives/edgar/data/756913/000075691326000008/8de7a0eecd56ac8.htm](https://www.sec.gov/ix?doc=/Archives/edgar/data/756913/000075691326000008/8de7a0eecd56ac8.htm)

<u>Form N-CSR filed March 5, 2026 for</u>:

Active Bond Trust

Core Bond Trust

High Yield Trust

Investment Quality Bond Trust

Money Market Trust

Opportunistic Fixed Income Trust

Select Bond Trust

Short Term Government Income Trust

Strategic Income Opportunities Trust

Total Bond Market Trust

Ultra Short Term Bond Trust

● [https://www.sec.gov/ix?doc=/Archives/edgar/data/756913/000075691326000009/8de763cb907ab7f.htm](https://www.sec.gov/ix?doc=/Archives/edgar/data/756913/000075691326000009/8de763cb907ab7f.htm)

<u>Form N-CSR filed March 5, 2026 for</u>:

Managed Volatility Balanced Portfolio

Managed Volatility Conservative Portfolio

Managed Volatility Growth Portfolio

Managed Volatility Moderate Portfolio

● [https://www.sec.gov/ix?doc=/Archives/edgar/data/756913/000075691326000010/8de7a164d93a9d5.htm](https://www.sec.gov/ix?doc=/Archives/edgar/data/756913/000075691326000010/8de7a164d93a9d5.htm)

A copy of a Prospectus, Form N-CSR, other information such as fund financial statements that the fund files on Form N-CSR, or an annual report to shareholders (each an "Annual Report") can be obtained free of charge by contacting:

John Hancock Variable Insurance Trust

200 Berkeley Street

Boston, MA 02116

johnhancock.com

John Hancock Variable Annuities: 800-344-1029

John Hancock Variable Life Insurance: 800-732-5543

------

[Table of contents](#xx_04bc84ac-4d4f-4525-9a95-f7c09ad2d2de__0)

---

| | |
|:---|:---|
| [Glossary](#xx_91370966-c799-45e5-acd1-b4f2f6cc72b4_1) | **2** |
| [Organization of the TRUST](#xx_a345f2a1-5275-4840-983e-7efe1adf8f16_1) | **5** |
| [Additional Investment Policies and Other Instruments](#xx_a345f2a1-5275-4840-983e-7efe1adf8f16_2) | **6** |
| [Risk Factors](#xx_a345f2a1-5275-4840-983e-7efe1adf8f16_24) | **28** |
| [Regulation of Commodity Interests](#xx_a345f2a1-5275-4840-983e-7efe1adf8f16_44) | **48** |
| [Hedging and Other Strategic Transactions](#xx_a345f2a1-5275-4840-983e-7efe1adf8f16_44) | **48** |
| [Investment Restrictions](#xx_a345f2a1-5275-4840-983e-7efe1adf8f16_54) | **58** |
| [Portfolio Turnover](#xx_a345f2a1-5275-4840-983e-7efe1adf8f16_56) | **60** |
| [Those Responsible for Management](#xx_a345f2a1-5275-4840-983e-7efe1adf8f16_57) | **61** |
| [Investment Management Arrangements and Other Services](#xx_a345f2a1-5275-4840-983e-7efe1adf8f16_69) | **73** |
| [Distribution Agreements](#xx_a345f2a1-5275-4840-983e-7efe1adf8f16_78) | **82** |
| [Net Asset Value](#xx_a345f2a1-5275-4840-983e-7efe1adf8f16_80) | **84** |
| [Policy Regarding Disclosure of Portfolio Holdings](#xx_a345f2a1-5275-4840-983e-7efe1adf8f16_82) | **86** |
| [Shareholders of JHVIT](#xx_a345f2a1-5275-4840-983e-7efe1adf8f16_85) | **89** |
| [Special Redemptions](#xx_a345f2a1-5275-4840-983e-7efe1adf8f16_86) | **90** |
| [Description of FUND Shares](#xx_a345f2a1-5275-4840-983e-7efe1adf8f16_87) | **91** |
| [Additional Information Concerning Taxes](#xx_a345f2a1-5275-4840-983e-7efe1adf8f16_88) | **92** |
| [Portfolio Brokerage](#xx_a345f2a1-5275-4840-983e-7efe1adf8f16_92) | **96** |
| [Legal and Regulatory Matters](#xx_a345f2a1-5275-4840-983e-7efe1adf8f16_98) | **102** |
| [Independent Registered Public Accounting Firm](#xx_a345f2a1-5275-4840-983e-7efe1adf8f16_98) | **102** |
| [Financial Statements](#xx_a345f2a1-5275-4840-983e-7efe1adf8f16_98) | **102** |
| [Custody of Portfolio Securities](#xx_a345f2a1-5275-4840-983e-7efe1adf8f16_98) | **102** |
| [Codes of Ethics](#xx_a345f2a1-5275-4840-983e-7efe1adf8f16_99) | **103** |
| [Management of Other Funds By The Advisor/Subadvisor](#xx_a345f2a1-5275-4840-983e-7efe1adf8f16_99) | **103** |
| [Appendix](#xx_d71cecf2-edc1-49bc-bcab-24fd09416ac4_1)[A – Description of Bond Ratings](#xx_d71cecf2-edc1-49bc-bcab-24fd09416ac4_1) | **A-1** |
| [Appendix](#xx_9d847f1a-76d3-437a-ac96-d01f12f2a8dc_1)[B – Portfolio Manager Information](#xx_9d847f1a-76d3-437a-ac96-d01f12f2a8dc_1) | **B-1** |
| [Appendix](#xx_6bf3dbcc-5622-4d0f-ba95-c0b9721bc2b5_1)[C – Proxy Voting Policies and Procedures](#xx_6bf3dbcc-5622-4d0f-ba95-c0b9721bc2b5_1) | **C-1** |

---

**1**

------

**Glossary**

------

---

| | |
|:---|:---|
| **Term** | **Definition** |
| "1933 Act" | the Securities Act of 1933, as amended |
| "1940 Act" | the Investment Company Act of 1940, as amended |
| "Advisers Act" | the Investment Advisers Act of 1940, as amended |
| "Advisor" | &nbsp;&nbsp;&nbsp;&nbsp; John Hancock Variable Trust Advisers LLC, 200 Berkeley Street, Boston, Massachusetts 02116, is advisor to the <br> JHVIT Funds<br>|
| "Advisory Agreement" | an investment advisory agreement or investment management contract between the Trust and the Advisor |
| "Affiliated Subadvisors" | Manulife Investment Management (US) LLC and CQS (US), LLC, as applicable |
| "affiliated underlying funds" | underlying funds that are advised by John Hancock's investment advisor or its affiliates |
| "BDCs" | business development companies |
| "Board" | Board of Trustees of the Trust |
| "CATS" | Certificates of Accrual on Treasury Securities |
| "CBOs" | Collateralized Bond Obligations |
| "CCO" | Chief Compliance Officer |
| "CDSC" | Contingent Deferred Sales Charge |
| "CEA" | the Commodity Exchange Act, as amended |
| "CIBM" | China interbank bond market |
| "CLOs" | Collateralized Loan Obligations |
| "CMOs" | Collateralized Mortgage Obligations |
| "Code" | the Internal Revenue Code of 1986, as amended |
| "COFI floaters" | Cost of Funds Index |
| "CPI" | Consumer Price Index |
| "CPI-U" | Consumer Price Index for Urban Consumers |
| "CPO" | Commodity Pool Operator |
| "CFTC" | Commodity Futures Trading Commission |
| "Citibank" | Citibank, N.A., 388 Greenwich Street, New York, NY 10013 |
| "Distributor" | John Hancock Distributors, LLC, 200 Berkeley Street, Boston, Massachusetts 02116 |
| "EMU" | Economic and Monetary Union |
| "ETFs" | Exchange-Traded Funds |
| "ETNs" | Exchange-Traded Notes |
| "EU" | European Union |
| "Fannie Mae" | Federal National Mortgage Association |
| "FATCA" | Foreign Account Tax Compliance Act |
| "Fed" | U.S. Federal Reserve |
| "FHFA" | Federal Housing Finance Agency |
| "FHLBs" | Federal Home Loan Banks |
| "FICBs" | Federal Intermediate Credit Banks |
| "Fitch" | Fitch Ratings |
| "Freddie Mac" | Federal Home Loan Mortgage Corporation |
| "funds" or "series" | The John Hancock funds within this SAI as noted on the front cover and as the context may require |
| "funds of funds" | &nbsp;&nbsp;&nbsp;&nbsp; funds that seek to achieve their investment objectives by investing in underlying funds, as permitted by <br> Section 12(d) of the 1940 Act and the rules thereunder<br>|
| "GNMA" | Government National Mortgage Association |
| "HKSCC" | Hong Kong Securities Clearing Company |
| "IOs" | Interest-Only |
| "IRA" | Individual Retirement Account |
| "IRS" | Internal Revenue Service |
| "JHCT" | John Hancock Collateral Trust |
| "JH Distributors" | John Hancock Distributors, LLC |

---

**2**

------

---

| | |
|:---|:---|
| **Term** | **Definition** |
| "JHLICO New York" | John Hancock Life Insurance Company of New York |
| "JHLICO U.S.A." | John Hancock Life Insurance Company (U.S.A.) |
| "LOI" | Letter of Intention |
| "MAAP" | Monthly Automatic Accumulation Program |
| "Manulife Financial" or "MFC" | Manulife Financial, a publicly traded company based in Toronto, Canada |
| "Manulife IM (US)" | Manulife Investment Management (US) LLC |
| "MiFID II" | Markets in Financial Instruments Directive |
| "Moody's" | Moody's Investors Service, Inc |
| "NAV" | Net Asset Value |
| "NRSRO" | Nationally Recognized Statistical Rating Organization |
| "NYSE" | New York Stock Exchange |
| "OID" | Original Issue Discount |
| "OTC" | Over-The-Counter |
| "PAC" | Planned Amortization Class |
| "PFS" | Personal Financial Services |
| "POs" | Principal-Only |
| "PRC" | People's Republic of China |
| "REITs" | Real Estate Investment Trusts |
| "RIC" | Regulated Investment Company |
| "RPS" | John Hancock Retirement Plan Services |
| "SARSEP" | Salary Reduction Simplified Employee Pension Plan |
| "SEC" | Securities and Exchange Commission |
| "SEP" | Simplified Employee Pension |
| "SIMPLE" | Savings Incentive Match Plan for Employees |
| "S&P" | S&P Global Ratings |
| "SLMA" | Student Loan Marketing Association |
| "SOFR" | Secured Overnight Financing Rate |
| "SPACs" | Special Purpose Acquisition Companies |
| "State Street" | State Street Bank and Trust Company, One Congress Street, Suite 1, Boston, MA 02114 |
| "subadvisor" | &nbsp;&nbsp;&nbsp;&nbsp; Any subadvisors employed by John Hancock within this SAI as noted in Appendix B and as the context may <br> require<br>|
| "TAC" | Target Amortization Class |
| "TIGRs" | Treasury Receipts, Treasury Investors Growth Receipts |
| "Trust" | &nbsp;&nbsp;&nbsp;&nbsp; John Hancock Bond Trust<br> John Hancock California Tax-Free Income Fund<br> John Hancock Capital Series<br> John Hancock Current Interest<br> John Hancock Exchange-Traded Fund Trust<br> John Hancock Funds II<br> John Hancock Funds III<br> John Hancock Investment Trust<br> John Hancock Investment Trust II<br> John Hancock Municipal Securities Trust<br> John Hancock Sovereign Bond Fund<br> John Hancock Strategic Series<br> John Hancock Variable Insurance Trust<br>|
| "TSA" | Tax-Sheltered Annuity |
| "unaffiliated underlying funds" | underlying funds that are advised by an entity other than John Hancock's investment advisor or its affiliates |
| "underlying funds" | funds in which the funds of funds invest |
| "UK" | United Kingdom |

---

**3**

------

**4**

------

**Organization of the TRUST**

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The Trust is organized as a Massachusetts business trust under the laws of The Commonwealth of Massachusetts and is an open-end management investment company registered under the 1940 Act. The Board and shareholders of the Trust have approved the conversion of the Trust into a Delaware limited liability company. The Trust may implement the conversion at such time as its management considers appropriate and does not expect that the conversion will have any adverse effect on the values of variable contracts that are determined by investment in the funds or any adverse federal income tax consequences for the owners of those contracts. Each of Blue Chip Growth Trust, Real Estate Securities Trust, Science & Technology Trust and U.S. Growth Trust is a non-diversified series of the Trust and each other fund is a diversified series of the Trust, as those terms are used in the 1940 Act, and as interpreted or modified by regulatory authority having jurisdiction, from time to time. 500 Index Trust and Total Stock Market Index Trust may become non-diversified solely as a result of a change in relative market capitalization or index weighting of one or more constituents of each fund's respective target index. Shareholder approval will not be sought if each of 500 Index Trust and Total Stock Market Index Trust crosses from diversified to non-diversified status in order to approximate the composition of each fund's target index. The following table sets forth the date the Trust was organized:

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| | |
|:---|:---|
| **Trust** | **Date of Organization** |
| John Hancock Variable Insurance Trust | September 29, 1988 |

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The Advisor is a Delaware limited liability company whose principal offices are located at 200 Berkeley Street, Boston, Massachusetts 02116. The Advisor is registered as an investment advisor under the Advisers Act. The Advisor is an indirect principally owned subsidiary of JHLICO U.S.A. JHLICO U.S.A. and its subsidiaries today offer a broad range of financial products, including life insurance, annuities, 401(k) plans, long-term care insurance, college savings, and other forms of business insurance. Additional information about John Hancock may be found on the Internet at johnhancock.com. The ultimate controlling parent of the Advisor is MFC, a publicly traded company based in Toronto, Canada. MFC is the holding company of The Manufacturers Life Insurance Company and its subsidiaries, collectively known as Manulife Financial.

The Advisor has retained for each fund a subadvisor that is responsible for providing investment advice to the fund subject to the review of the Board and the overall supervision of the Advisor.

Manulife Financial is a leading international financial services group with principal operations in Asia, Canada, and the United States. Operating primarily as John Hancock in the United States and Manulife elsewhere, it provides financial protection products and advice, insurance, as well as wealth and asset management services through its extensive network of solutions for individuals, groups, and institutions. Its global headquarters are in Toronto, Canada, and it trades as 'MFC' on the Toronto Stock Exchange, NYSE, and the Philippine Stock Exchange, and under '945' in Hong Kong. Manulife Financial can be found on the Internet at manulife.com.

The following table sets forth each fund's inception date:

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| | |
|:---|:---|
| **Fund Name** | **Commencement of Operations** |
| 500 Index Trust | May 1, 1996 |
| Active Bond Trust | March 29, 1986 |
| Blue Chip Growth Trust | December 11, 1992 |
| Capital Appreciation Value Trust | April 28, 2008 |
| Core Bond Trust | May 2, 2005 |
| Disciplined Value Emerging Markets Equity Trust | May 1, 2007 |
| Disciplined Value International Trust | May 3, 1999 |
| Equity Income Trust | February 19, 1993 |
| Financial Industries Trust | April 30, 2001 |
| Fundamental All Cap Core Trust | May 5, 2003 |
| Fundamental Large Cap Value Trust | May 3, 2004 |
| Global Equity Trust | March 18, 1988 |
| Health Sciences Trust | April 30, 2001 |
| High Yield Trust | January 2, 1997 |
| International Equity Index Trust | April 29, 2005 |
| International Small Company Trust | May 1, 2006 |
| Investment Quality Bond Trust | June 19, 1985 |
| Lifestyle Balanced Portfolio | April 29, 2011 |
| Lifestyle Conservative Portfolio | April 29, 2011 |
| Lifestyle Growth Portfolio | April 29, 2011 |
| Lifestyle Moderate Portfolio | April 29, 2011 |

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| | |
|:---|:---|
| **Fund Name** | **Commencement of Operations** |
| Managed Volatility Balanced Portfolio | January 8, 1997 |
| Managed Volatility Conservative Portfolio | January 8, 1997 |
| Managed Volatility Growth Portfolio | January 8, 1997 |
| Managed Volatility Moderate Portfolio | January 8, 1997 |
| Mid Cap Growth Trust | May 3, 1999 |
| Mid Cap Index Trust | May 2, 2000 |
| Mid Value Trust | May 1, 1998 |
| Money Market Trust | June 18, 1985 |
| Opportunistic Fixed Income Trust | March 21, 1988 |
| Real Estate Securities Trust | April 30, 1987 |
| Science & Technology Trust | January 1, 1997 |
| Select Bond Trust | July 29, 2009 |
| Short Term Government Income Trust | January 5, 2009 |
| Small Cap Core Trust | August 31, 1999 |
| Small Cap Index Trust | May 2, 2000 |
| Small Cap Opportunities Trust | May 5, 2003 |
| Small Cap Stock Trust | May 1, 1996 |
| Small Company Value Trust | October 1, 1997 |
| Strategic Equity Allocation Trust | April 16, 2012 |
| Strategic Income Opportunities Trust | May 3, 2004 |
| Total Bond Market Trust | May 1, 1998 |
| Total Stock Market Index Trust | May 2, 2000 |
| U.S. Growth Trust | November 1, 2000 |
| Ultra Short Term Bond Trust | July 29, 2010 |

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If a fund or share class has been in operation for a period that is shorter than the three-year fiscal period covered in this SAI, information is provided for the period the fund or share class, as applicable, was in operation.

**Additional Investment Policies and Other Instruments**

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The principal strategies and risks of investing in each fund are described in the applicable Prospectus. Unless otherwise stated in the applicable Prospectus or this SAI, the investment objective and policies of each fund may be changed without shareholder approval. Each fund may invest in the instruments below, and such instruments and investment policies apply to each fund, but only if and to the extent that such policies are consistent with and permitted by a fund's investment objective and policies. Each fund may also have indirect exposure to the instruments described below through derivative contracts, if applicable. By owning shares of the underlying funds, each fund of funds indirectly invests in the securities and instruments held by the underlying funds and bears the same risks of such underlying funds.

**Asset-Backed Securities**

The securitization techniques used to develop mortgage securities also are being applied to a broad range of other assets. Through the use of trusts and special purpose corporations, automobile and credit card receivables are being securitized in pass-through structures similar to mortgage pass-through structures or in a pay-through structure similar to the CMO structure.

Generally, the issuers of asset-backed bonds, notes or pass-through certificates are special purpose entities and do not have any significant assets other than the receivables securing such obligations. In general, the collateral supporting asset-backed securities is of a shorter maturity than that of mortgage loans. As a result, investment in these securities should be subject to less volatility than mortgage securities. Instruments backed by pools of receivables are similar to mortgage-backed securities in that they are subject to unscheduled prepayments of principal prior to maturity. When the obligations are prepaid, a fund must reinvest the prepaid amounts in securities with the prevailing interest rates at the time. Therefore, a fund's ability to maintain an investment including high-yielding asset-backed securities will be affected adversely to the extent that prepayments of principal must be reinvested in securities that have lower yields than the prepaid obligations. Moreover, prepayments of securities purchased at a premium could result in a realized loss.

As with mortgage securities, asset-backed securities are often backed by a pool of assets representing the obligation of a number of different parties and use similar credit enhancement techniques. For a description of the types of credit enhancement that may accompany asset-backed securities, see

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"Types of Credit Support" below. When a fund invests in asset-backed securities, it will not limit its investments in asset-backed securities to those with credit enhancements. Although asset-backed securities are not generally traded on a national securities exchange, such securities are widely traded by brokers and dealers, and will not be considered illiquid securities for the purposes of the investment restriction on illiquid securities under the sub-section "Illiquid Securities" in this section below.

**Types of Credit Support.** To lessen the impact of an obligor's failure to make payments on underlying assets, mortgage securities and asset-backed securities may contain elements of credit support. Such credit support falls into two categories:

● liquidity protection; and

● default protection.

Liquidity protection refers to the provision of advances, generally by the entity administering the pool of assets, to ensure that the pass-through of payments due on the underlying pool of assets occurs in a timely fashion. Default protection provides protection against losses resulting from ultimate default and enhances the likelihood of ultimate payment of the obligations on at least a portion of the assets in the pool. This protection may be provided through guarantees, insurance policies or letters of credit obtained by the issuer or sponsor from third parties, through various means of structuring the transaction or through a combination of such approaches. A fund will not pay any additional fees for such credit support, although the existence of credit support may increase the price of a security.

Some examples of credit support include:

● "senior-subordinated securities" (multiple class securities with one or more classes subordinate to other classes as to the payment of principal thereof and interest thereon, with the result that defaults on the underlying assets are borne first by the holders of the subordinated class);

● creation of "reserve funds" (where cash or investments, sometimes funded from a portion of the payments on the underlying assets, are held in reserve against future losses); and

● "over-collateralization" (where the scheduled payments on, or the principal amount of, the underlying assets exceed those required to make payment on the securities and pay any servicing or other fees).

The ratings of mortgage-backed securities and asset-backed securities for which third-party credit enhancement provides liquidity protection or default protection are generally dependent upon the continued creditworthiness of the provider of the credit enhancement. The ratings of these securities could be reduced in the event of deterioration in the creditworthiness of the credit enhancement provider even in cases where the delinquency and loss experienced on the underlying pool of assets is better than expected.

The degree of credit support provided for each issue is generally based on historical information concerning the level of credit risk associated with the underlying assets. Delinquency or loss greater than anticipated could adversely affect the return on an investment in mortgage securities or asset-backed securities.

**Collateralized Debt Obligations.** CBOs, CLOs, other collateralized debt obligations, and other similarly structured securities (collectively, "CDOs") are types of asset-backed securities. A CBO is a trust that is often backed by a diversified pool of high risk, below investment grade fixed-income securities. The collateral can be from many different types of fixed-income securities such as high yield debt, residential privately issued mortgage-related securities, commercial privately issued mortgage-related securities, trust preferred securities and emerging market debt. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties. CDOs may charge management fees and administrative expenses.

In a CDO structure, the cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is the "equity" tranche which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Since it is partially protected from defaults, a senior tranche from a CDO trust typically has a higher rating and lower yield than its underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, CDO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CDO securities as a class. In the case of all CDO tranches, the market prices of and yields on tranches with longer terms to maturity tend to be more volatile than those of tranches with shorter terms to maturity due to the greater volatility and uncertainty of cash flows.

**Brady Bonds**

Brady Bonds are debt securities issued under the framework of the "Brady Plan," an initiative announced by former U.S. Treasury Secretary Nicholas F. Brady in 1989 as a mechanism for debtor nations to restructure their outstanding external commercial bank indebtedness. The Brady Plan framework, as it has developed, involves the exchange of external commercial bank debt for newly issued bonds ("Brady Bonds"). Brady Bonds also may be issued in respect of new money being advanced by existing lenders in connection with the debt restructuring. Brady Bonds issued to date generally have maturities between 15 and 30 years from the date of issuance and have traded at a deep discount from their face value. In addition to Brady Bonds, investments in emerging market governmental obligations issued as a result of debt restructuring agreements outside of the scope of the Brady Plan are available.

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Agreements implemented under the Brady Plan to date are designed to achieve debt and debt-service reduction through specific options negotiated by a debtor nation with its creditors. As a result, the financial packages offered by each country differ. The types of options have included:

● the exchange of outstanding commercial bank debt for bonds issued at 100% of face value that carry a below-market stated rate of interest (generally known as par bonds);

● bonds issued at a discount from face value (generally known as discount bonds);

● bonds bearing an interest rate which increases over time; and

● bonds issued in exchange for the advancement of new money by existing lenders.

Regardless of the stated face amount and interest rate of the various types of Brady Bonds, when investing in Brady Bonds, a fund will purchase Brady Bonds in secondary markets in which the price and yield to the investor reflect market conditions at the time of purchase.

Certain sovereign bonds are entitled to "value recovery payments" in certain circumstances, which in effect constitute supplemental interest payments but generally are not collateralized. Certain Brady Bonds have been collateralized as to principal due at maturity (typically 15 to 30 years from the date of issuance) by U.S. Treasury zero coupon bonds with a maturity equal to the final maturity of such Brady Bonds, although the collateral is not available to investors until the final maturity of the Brady Bonds. Collateral purchases are financed by the International Monetary Fund (the "IMF"), the World Bank and the debtor nations' reserves. In addition, interest payments on certain types of Brady Bonds may be collateralized by cash or high-grade securities in amounts that typically represent between 12 and 18 months of interest accruals on these instruments, with the balance of the interest accruals being uncollateralized.

A fund may purchase Brady Bonds with no or limited collateralization, and must rely for payment of interest and (except in the case of principal collateralized Brady Bonds) principal primarily on the willingness and ability of the foreign government to make payment in accordance with the terms of the Brady Bonds.

Brady Bonds issued to date are purchased and sold in secondary markets through U.S. securities dealers and other financial institutions and are generally maintained through European transactional securities depositories. A substantial portion of the Brady Bonds and other sovereign debt securities in which a fund invests are likely to be acquired at a discount.

**Canadian and Provincial Government and Crown Agency Obligations**

**Canadian Government Obligations.** Canadian government obligations are debt securities issued or guaranteed as to principal or interest by the government of Canada pursuant to authority granted by the Parliament of Canada and approved by the Governor in Council, where necessary. These securities include treasury bills, notes, bonds, debentures and marketable government of Canada loans.

**Canadian Crown Obligations.** Canadian Crown agency obligations are debt securities issued or guaranteed by a Crown corporation, company or agency ("Crown Agencies") pursuant to authority granted by the Parliament of Canada and approved by the Governor in Council, where necessary. Certain Crown Agencies are by statute agents of Her Majesty in right of Canada, and their obligations, when properly authorized, constitute direct obligations of the government of Canada. These obligations include, but are not limited to, those issued or guaranteed by the:

● Export Development Corporation;

● Farm Credit Corporation;

● Federal Business Development Bank; and

● Canada Post Corporation.

In addition, certain Crown Agencies that are not, by law, agents of Her Majesty may issue obligations that, by statute, the Governor in Council may authorize the Minister of Finance to guarantee on behalf of the government of Canada. Other Crown Agencies that are not, by law, agents of Her Majesty may issue or guarantee obligations not entitled to be guaranteed by the government of Canada. No assurance can be given that the government of Canada will support the obligations of Crown Agencies that are not agents of Her Majesty, which it has not guaranteed, since it is not obligated to do so by law.

**Provincial Government Obligations.** Provincial Government obligations are debt securities issued or guaranteed as to principal or interest by the government of any province of Canada pursuant to authority granted by the provincial Legislature and approved by the Lieutenant Governor in Council of such province, where necessary. These securities include treasury bills, notes, bonds and debentures.

**Provincial Crown Agency Obligations.** Provincial Crown Agency obligations are debt securities issued or guaranteed by a provincial Crown corporation, company or agency ("Provincial Crown Agencies") pursuant to authority granted by the provincial Legislature and approved by the Lieutenant Governor in Council of such province, where necessary. Certain Provincial Crown Agencies are by statute agents of Her Majesty in right of a particular province of Canada, and their obligations, when properly authorized, constitute direct obligations of such province. Other Provincial Crown Agencies that are not, by law, agents of Her Majesty in right of a particular province of Canada may issue obligations that, by statute, the Lieutenant Governor in Council of such province may guarantee, or may authorize the Treasurer thereof to guarantee, on behalf of the government of such province. Finally, other Provincial Crown Agencies that are not, by law, agencies of Her Majesty may issue or guarantee obligations not entitled to be guaranteed by a provincial government. No assurance can be given that the government of any province of Canada will support the obligations of Provincial Crown

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Agencies that are not agents of Her Majesty and that it has not guaranteed, as it is not obligated to do so by law. Provincial Crown Agency obligations described above include, but are not limited to, those issued or guaranteed by a:

● provincial railway corporation;

● provincial hydroelectric or power commission or authority;

● provincial municipal financing corporation or agency; and

● provincial telephone commission or authority.

**Certificates of Deposit, Time Deposits, and Bankers' Acceptances**

**Certificates of Deposit.** Certificates of deposit are certificates issued against funds deposited in a bank or a savings and loan. They are issued for a definite period of time and earn a specified rate of return.

**Time Deposits.** Time deposits are non-negotiable deposits maintained in banking institutions for specified periods of time at stated interest rates.

**Bankers' Acceptances.** Bankers' acceptances are short-term credit instruments evidencing the obligation of a bank to pay a draft which has been drawn on it by a customer. These instruments reflect the obligations both of the bank and of the drawer to pay the face amount of the instrument upon maturity. They are primarily used to finance the import, export, transfer or storage of goods. They are "accepted" when a bank guarantees their payment at maturity.

These obligations are not insured by the Federal Deposit Insurance Corporation.

**Commercial Paper and Short-Term Notes**

Commercial paper consists of unsecured promissory notes issued by corporations. Issues of commercial paper and short-term notes will normally have maturities of less than nine months and fixed rates of return, although such instruments may have maturities of up to one year.

**Variable Amount Master Demand Notes.** Commercial paper obligations may include variable amount master demand notes. Variable amount master demand notes are obligations that permit the investment of fluctuating amounts at varying rates of interest pursuant to direct arrangements between a fund, as lender, and the borrower. These notes permit daily changes in the amounts borrowed. The investing (i.e., "lending") fund has the right to increase the amount under the note at any time up to the full amount provided by the note agreement, or to decrease the amount, and the borrower may prepay up to the full amount of the note without penalty. Because variable amount master demand notes are direct lending arrangements between the lender and borrower, it is not generally contemplated that such instruments will be traded. There is no secondary market for these notes, although they are redeemable (and thus immediately repayable by the borrower) at face value, plus accrued interest, at any time.

Except in the case of the Opportunistic Fixed Income Trust, a subadvisor will only invest in variable amount master demand notes issued by companies that, at the date of investment, have an outstanding debt issue rated "Aaa" or "Aa" by Moody's or "AAA" or "AA" by S&P or Fitch, and that the subadvisor has determined present minimal risk of loss. A subadvisor will look generally at the financial strength of the issuing company as "backing" for the note and not to any security interest or supplemental source, such as a bank letter of credit. A variable amount master demand note will be valued on each day a NAV is determined. The NAV generally will be equal to the face value of the note plus accrued interest unless the financial position of the issuer is such that its ability to repay the note when due is in question.

**Conversion of Debt Securities**

In the event debt securities held by a fund are converted to or exchanged for equity securities, the fund may continue to hold such equity securities, but only if and to the extent consistent with and permitted by its investment objective and policies.

**Convertible Securities**

Convertible securities may include corporate notes or preferred securities. Investments in convertible securities are not subject to the rating criteria with respect to non-convertible debt obligations. As with all debt securities, the market value of convertible securities tends to decline as interest rates increase and, conversely, to increase as interest rates decline. The market value of convertible securities can also be heavily dependent upon the changing value of the equity securities into which such securities are convertible, depending on whether the market price of the underlying security exceeds the conversion price. Convertible securities generally rank senior to common stocks in an issuer's capital structure and consequently entail less risk than the issuer's common stock. However, the extent to which such risk is reduced depends upon the degree to which the convertible security sells above its value as a fixed-income security.

**Corporate Obligations**

Corporate obligations are bonds and notes issued by corporations to finance long-term credit needs.

**Depositary Receipts**

Securities of foreign issuers may include American Depositary Receipts, European Depositary Receipts, Global Depositary Receipts, International Depositary Receipts, and Non-Voting Depositary Receipts ("ADRs," "EDRs," "GDRs," "IDRs," and "NVDRs," respectively, and collectively, "Depositary Receipts"). Depositary Receipts are certificates typically issued by a bank or trust company that give their holders the right to receive securities issued by a foreign or domestic corporation.

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ADRs are U.S. dollar-denominated securities backed by foreign securities deposited in a U.S. securities depository. ADRs are created for trading in the U.S. markets. The value of an ADR will fluctuate with the value of the underlying security and will reflect any changes in exchange rates. An investment in ADRs involves risks associated with investing in foreign securities. Issuers of unsponsored ADRs are not contractually obligated to disclose material information in the United States, and, therefore, there may not be a correlation between that information and the market value of an unsponsored ADR.

EDRs, GDRs, IDRs, and NVDRs are receipts evidencing an arrangement with a foreign bank or exchange affiliate similar to that for ADRs and are designed for use in foreign securities markets. EDRs, GDRs, IDRs, and NVDRs are not necessarily quoted in the same currency as the underlying security. NVDRs do not have voting rights.

**Event-Linked Exposure**

A fund may have event-linked exposure by investing in "event-linked bonds" or "event-linked swaps" or by implementing "event-linked strategies." Event-linked exposure results in gains or losses that typically are contingent, or formulaically related to defined trigger events. Examples of trigger events include hurricanes, earthquakes, weather-related phenomena, or statistics relating to such events. Some event-linked bonds are commonly referred to as "catastrophe bonds." If a trigger event occurs, a fund may lose a portion or its entire principal invested in the bond or notional amount on a swap. Event-linked exposure often provides for an extension of maturity to process and audit loss claims where a trigger event has, or possibly has, occurred. An extension of maturity may increase volatility. Event-linked exposure also may expose a fund to certain unanticipated risks including credit risk, counterparty risk, adverse regulatory or jurisdictional interpretations, and adverse tax consequences. Event-linked exposures also may be subject to liquidity risk.

**Exchange-Traded Notes**

ETNs are senior, unsecured, unsubordinated debt securities the returns of which are linked to the performance of a particular market benchmark or strategy, minus applicable fees. ETNs are traded on an exchange (e.g., the NYSE) during normal trading hours; however, investors also can hold ETNs until they mature. At maturity, the issuer pays to the investor a cash amount equal to the principal amount, subject to the day's market benchmark or strategy factor. ETNs do not make periodic coupon payments or provide principal protection. ETNs are subject to credit risk, including the credit risk of the issuer, and the value of the ETN may drop due to a downgrade in the issuer's credit rating, despite the underlying market benchmark or strategy remaining unchanged. The value of an ETN also may be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying assets, changes in the applicable interest rates, changes in the issuer's credit rating, and economic, legal, political, or geographic events that affect the referenced underlying asset. When a fund invests in ETNs, it will bear its proportionate share of any fees and expenses borne by the ETN. A decision by a fund to sell ETN holdings may be limited by the availability of a secondary market. In addition, although an ETN may be listed on an exchange, the issuer may not be required to maintain the listing, and there can be no assurance that a secondary market will exist for an ETN.

ETNs also are subject to tax risk. No assurance can be given that the IRS will accept, or a court will uphold, how a fund characterizes and treats ETNs for tax purposes.

An ETN that is tied to a specific market benchmark or strategy may not be able to replicate and maintain exactly the composition and relative weighting of securities, commodities or other components in the applicable market benchmark or strategy. Some ETNs that use leverage can, at times, be relatively illiquid, and thus they may be difficult to purchase or sell at a fair price. Leveraged ETNs are subject to the same risk as other instruments that use leverage in any form. The market value of ETNs may differ from their market benchmark or strategy. This difference in price may be due to the fact that the supply and demand in the market for ETNs at any point in time is not always identical to the supply and demand in the market for the securities, commodities or other components underlying the market benchmark or strategy that the ETN seeks to track. As a result, there may be times when an ETN trades at a premium or discount to its market benchmark or strategy.

**Fixed-Income Securities**

Investment grade bonds are rated at the time of purchase in the four highest rating categories by a NRSRO, such as those rated "Aaa," "Aa," "A" and "Baa" by Moody's, or "AAA," "AA," "A" and "BBB" by S&P or Fitch. Obligations rated in the lowest of the top four rating categories (such as "Baa" by Moody's or "BBB" by S&P or Fitch) may have speculative characteristics and changes in economic conditions or other circumstances are more likely to lead to a weakened capacity to make principal and interest payments, including a greater possibility of default or bankruptcy of the issuer, than is the case with higher grade bonds. Subsequent to its purchase by a fund, an issue of securities may cease to be rated or its rating may be reduced below the minimum required for purchase by a fund. In addition, it is possible that Moody's, S&P, Fitch and other NRSROs might not timely change their ratings of a particular issue to reflect subsequent events. None of these events will require the sale of the securities by a fund, although a subadvisor will consider these events in determining whether it should continue to hold the securities.

In general, the ratings of Moody's, S&P, and Fitch represent the opinions of these agencies as to the quality of the securities that they rate. It should be emphasized however, that ratings are relative and subjective and are not absolute standards of quality. These ratings will be used by a fund as initial criteria for the selection of portfolio securities. Among the factors that will be considered are the long-term ability of the issuer to pay principal and interest and general economic trends. Appendix A contains further information concerning the ratings of Moody's, S&P, and Fitch and their significance.

**Foreign Government Securities**

Foreign government securities include securities issued or guaranteed by foreign governments (including political subdivisions) or their authorities, agencies, or instrumentalities or by supra-national agencies. Different kinds of foreign government securities have different kinds of government support. For example, some foreign government securities are supported by the full faith and credit of a foreign national government or political

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subdivision and some are not. Foreign government securities of some countries may involve varying degrees of credit risk as a result of financial or political instability in those countries and the possible inability of a fund to enforce its rights against the foreign government issuer. As with other fixed income securities, sovereign issuers may be unable or unwilling to make timely principal or interest payments. Supra-national agencies are agencies whose member nations make capital contributions to support the agencies' activities.

**High Yield (High Risk) Domestic Corporate Debt Securities**

High yield corporate debt securities (also known as "junk bonds") include bonds, debentures, notes, bank loans, credit-linked notes and commercial paper. Most of these debt securities will bear interest at fixed rates, except bank loans, which usually have floating rates. Bonds also may have variable rates of interest, and debt securities may involve equity features, such as equity warrants or convertible outright and participation features (i.e., interest or other payments, often in addition to a fixed rate of return, that are based on the borrower's attainment of specified levels of revenues, sales or profits and thus enable the holder of the security to share in the potential success of the venture). Today, much high yield debt is used for general corporate purposes, such as financing capital needs or consolidating and paying down bank lines of credit.

The secondary market for high yield U.S. corporate debt securities is concentrated in relatively few market makers and is dominated by institutional investors, including funds, insurance companies and other financial institutions. Accordingly, the secondary market for such securities is not as liquid as, and is more volatile than, the secondary market for higher-rated securities. In addition, market trading volume for high yield U.S. corporate debt securities is generally lower and the secondary market for such securities could shrink or disappear suddenly and without warning as a result of adverse market or economic conditions, independent of any specific adverse changes in the condition of a particular issuer. The lack of sufficient market liquidity may cause a fund to incur losses because it will be required to effect sales at a disadvantageous time and then only at a substantial drop in price. These factors may have an adverse effect on the market price and a fund's ability to dispose of particular portfolio investments. A less liquid secondary market also may make it more difficult for a fund to obtain precise valuations of the high yield securities in its portfolio.

A fund is not obligated to dispose of securities whose issuers subsequently are in default or that are downgraded below the rating requirements that the fund imposes at the time of purchase.

**Hybrid Instruments**

Hybrid instruments (a type of potentially high-risk derivative) combine the elements of futures contracts or options with those of debt, preferred equity or a depository instrument.

**Characteristics of Hybrid Instruments.** Generally, a hybrid instrument is a debt security, preferred stock, depository share, trust certificate, certificate of deposit or other evidence of indebtedness on which a portion of or all interest payments, and/or the principal or stated amount payable at maturity, redemption or retirement, is determined by reference to the following:

● prices, changes in prices, or differences between prices of securities, currencies, intangibles, goods, articles or commodities (collectively, "underlying assets"); or

● an objective index, economic factor or other measure, such as interest rates, currency exchange rates, commodity indices, and securities indices (collectively, "benchmarks").

Hybrid instruments may take a variety of forms, including, but not limited to:

● debt instruments with interest or principal payments or redemption terms determined by reference to the value of a currency or commodity or securities index at a future point in time;

● preferred stock with dividend rates determined by reference to the value of a currency; or

● convertible securities with the conversion terms related to a particular commodity.

**Uses of Hybrid Instruments.** Hybrid instruments provide an efficient means of creating exposure to a particular market, or segment of a market, with the objective of enhancing total return. For example, a fund may wish to take advantage of expected declines in interest rates in several European countries, but avoid the transaction costs associated with buying and currency-hedging the foreign bond positions.

One approach is to purchase a U.S. dollar-denominated hybrid instrument whose redemption price is linked to the average three-year interest rate in a designated group of countries. The redemption price formula would provide for payoffs of greater than par if the average interest rate was lower than a specified level, and payoffs of less than par if rates were above the specified level. Furthermore, the investing fund could limit the downside risk of the security by establishing a minimum redemption price so that the principal paid at maturity could not be below a predetermined minimum level if interest rates were to rise significantly.

The purpose of this type of arrangement, known as a structured security with an embedded put option, is to give a fund the desired European bond exposure while avoiding currency risk, limiting downside market risk, and lowering transactions costs. Of course, there is no guarantee that such a strategy will be successful and the value of a fund may decline if, for example, interest rates do not move as anticipated or credit problems develop with the issuer of the hybrid instrument.

**Structured Notes.** Structured notes include investments in an entity, such as a trust, organized and operated solely for the purpose of restructuring the investment characteristics of various securities. This type of restructuring involves the deposit or purchase of specified instruments and the issuance of one or more classes of securities backed by, or representing interests, in the underlying instruments. The cash flow on the underlying

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instruments may be apportioned among the newly issued structured notes to create securities with different investment characteristics, such as varying maturities, payment priorities or interest rate provisions. The extent of the income paid by the structured notes is dependent on the cash flow of the underlying instruments.

**Illiquid Securities**

A fund may not invest more than 15% of its net assets in securities that cannot be sold or disposed of in seven calendar days or less without the sale or disposition significantly changing the market value of the investment ("illiquid securities"). Money Market Trust will not invest more than 5% of its net assets in illiquid securities. Investment in illiquid securities involves the risk that, because of the lack of consistent market demand for such securities, a fund may be forced to sell them at a discount from the last offer price. To the extent that an investment is deemed to be an illiquid investment or a less liquid investment, a fund can expect to be exposed to greater liquidity risk.

Illiquid securities may include, but are not limited to: (a) securities (except for Section 4(a)(2) Commercial Paper, discussed below) that are not eligible for resale pursuant to Rule 144A under the 1933 Act; (b) repurchase agreements maturing in more than seven days (except for those that can be terminated after a notice period of seven days or less); (c) IOs and POs of non-governmental issuers; (d) time deposits maturing in more than seven days; (e) federal fund loans maturing in more than seven days; (f) bank loan participation interests; (g) foreign government loan participations; (h) municipal leases and participations therein; and (i) any other securities or other investments for which a liquid secondary market does not exist.

The Trust has implemented a written liquidity risk management program (the "LRM Program") and related procedures to manage the liquidity risk of a fund in accordance with Rule 22e-4 under the 1940 Act ("Rule 22e-4"). Rule 22e-4 defines "liquidity risk" as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of the remaining investors' interests in the fund. The Board has designated the Advisor to serve as the administrator of the LRM Program and the related procedures. As a part of the LRM Program, the Advisor is responsible to identify illiquid investments and categorize the relative liquidity of a fund's investments in accordance with Rule 22e-4. Under the LRM Program, the Advisor assesses, manages, and periodically reviews a fund's liquidity risk, and is responsible to make periodic reports to the Board and the SEC regarding the liquidity of a fund's investments, and to notify the Board and the SEC of certain liquidity events specified in Rule 22e-4. The liquidity of a fund's portfolio investments is determined based on relevant market, trading and investment-specific considerations under the LRM Program.

Commercial paper issued in reliance on Section 4(a)(2) of the 1933 Act ("Section 4(a)(2) Commercial Paper") is restricted as to its disposition under federal securities law, and generally is sold to institutional investors, such as the funds, who agree that they are purchasing the paper for investment purposes and not with a view to public distribution. Any resale by the purchaser must be made in an exempt transaction. Section 4(a)(2) Commercial Paper normally is resold to other institutional investors, like the funds, through or with the assistance of the issuer or investment dealers who make a market in Section 4(a)(2) Commercial Paper, thus providing liquidity.

If the Advisor determines, pursuant to the LRM Program and related procedures, that specific Section 4(a)(2) Commercial Paper or securities that are restricted as to resale but for which a ready market is available pursuant to an exemption provided by Rule 144A under the 1933 Act or other exemptions from the registration requirements of the 1933 Act are liquid, they will not be subject to a fund's limitation on investments in illiquid securities. Investing in Section 4(a)(2) Commercial Paper could have the effect of increasing the level of illiquidity in a fund if qualified institutional buyers become for a time uninterested in purchasing these restricted securities.

**Indexed Securities**

Indexed securities are instruments whose prices are indexed to the prices of other securities, securities indices, currencies, or other financial indicators. Indexed securities typically, but not always, are debt securities or deposits whose value at maturity or coupon rate is determined by reference to a specific instrument or statistic.

Currency-indexed securities typically are short-term to intermediate-term debt securities whose maturity values or interest rates are determined by reference to the values of one or more specified foreign currencies, and may offer higher yields than U.S. dollar-denominated securities. Currency-indexed securities may be positively or negatively indexed; that is, their maturity value may increase when the specified currency value increases, resulting in a security that performs similarly to a foreign denominated instrument, or their maturity value may decline when foreign currencies increase, resulting in a security whose price characteristics are similar to a put on the underlying currency. Currency-indexed securities also may have prices that depend on the values of a number of different foreign currencies relative to each other.

The performance of indexed securities depends to a great extent on the performance of the security, currency, or other instrument to which they are indexed, and also may be influenced by interest rate changes in the United States and abroad. Indexed securities may be more volatile than the underlying instruments. Indexed securities also are subject to the credit risks associated with the issuer of the security, and their values may decline substantially if the issuer's creditworthiness deteriorates. Issuers of indexed securities have included banks, corporations, and certain U.S. government agencies. An indexed security may be leveraged to the extent that the magnitude of any change in the interest rate or principal payable on an indexed security is a multiple of the change in the reference price.

**Index-Related Securities ("Equity Equivalents")**

A fund may invest in certain types of securities that enable investors to purchase or sell shares in a basket of securities that seeks to track the performance of an underlying index or a portion of an index. Such Equity Equivalents include, among others DIAMONDS (interests in a basket of securities that seeks to track the performance of the Dow Jones Industrial Average), SPDRs or S&P Depositary Receipts (an ETF that tracks the S&P 500

**12**

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Index). Such securities are similar to index mutual funds, but they are traded on various stock exchanges or secondary markets. The value of these securities is dependent upon the performance of the underlying index on which they are based. Thus, these securities are subject to the same risks as their underlying indices as well as the securities that make up those indices. For example, if the securities comprising an index that an index-related security seeks to track perform poorly, the index-related security will lose value.

Equity Equivalents may be used for several purposes, including to simulate full investment in the underlying index while retaining a cash balance for portfolio management purposes, to facilitate trading, to reduce transaction costs or to seek higher investment returns where an Equity Equivalent is priced more attractively than securities in the underlying index. Because the expense associated with an investment in Equity Equivalents may be substantially lower than the expense of small investments directly in the securities comprising the indices they seek to track, investments in Equity Equivalents may provide a cost-effective means of diversifying a fund's assets across a broad range of securities.

To the extent a fund invests in securities of other investment companies, including Equity Equivalents, fund shareholders would indirectly pay a portion of the operating costs of such companies in addition to the expenses of its own operations. These costs include management, brokerage, shareholder servicing and other operational expenses. Indirectly, if a fund invests in Equity Equivalents, shareholders may pay higher operational costs than if they owned the underlying investment companies directly. Additionally, a fund's investments in such investment companies are subject to limitations under the 1940 Act and market availability.

The prices of Equity Equivalents are derived and based upon the securities held by the particular investment company. Accordingly, the level of risk involved in the purchase or sale of an Equity Equivalent is similar to the risk involved in the purchase or sale of traditional common stock, with the exception that the pricing mechanism for such instruments is based on a basket of stocks. The market prices of Equity Equivalents are expected to fluctuate in accordance with both changes in the NAVs of their underlying indices and the supply and demand for the instruments on the exchanges on which they are traded. Substantial market or other disruptions affecting Equity Equivalents could adversely affect the liquidity and value of the shares of a fund.

**Inflation-Indexed Bonds**

Inflation-indexed bonds are debt instruments whose principal and/or interest value are adjusted periodically according to a rate of inflation (usually a CPI). Two structures are most common. The U.S. Treasury and some other issuers use a structure that accrues inflation into the principal value of the bond. Most other issuers pay out the inflation accruals as part of a semiannual coupon.

U.S. Treasury Inflation Protected Securities ("TIPS") currently are issued with maturities of five, ten, or thirty years, although it is possible that securities with other maturities will be issued in the future. The principal amount of TIPS adjusts for inflation, although the inflation-adjusted principal is not paid until maturity. Semiannual coupon payments are determined as a fixed percentage of the inflation-adjusted principal at the time the payment is made.

If the rate measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. At maturity, TIPS are redeemed at the greater of their inflation-adjusted principal or at the par amount at original issue. If an inflation-indexed bond does not provide a guarantee of principal at maturity, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates in turn are tied to the relationship between nominal interest rates and the rate of inflation. For example, if inflation were to rise at a faster rate than nominal interest rates, real interest rates would likely decline, leading to an increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increase at a faster rate than inflation, real interest rates would likely rise, leading to a decrease in value of inflation-indexed bonds.

While these securities, if held to maturity, are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to a decline in value. If nominal interest rates rise due to reasons other than inflation (for example, due to an expansion of non-inflationary economic activity), investors in these securities may not be protected to the extent that the increase in rates is not reflected in the bond's inflation measure.

The inflation adjustment of TIPS is tied to the CPI-U, which is calculated monthly by the U.S. Bureau of Labor Statistics. The CPI-U is a measurement of price changes in the cost of living, made up of components such as housing, food, transportation, and energy. There can be no assurance that the CPI-U will accurately measure the real rate of inflation in the prices of goods and services.

**Interfund Lending**

Pursuant to an exemptive order issued by the SEC, a fund may lend money to, and borrow money from, other funds advised by the Advisor or any other investment advisor under common control with the Advisor, subject to the fundamental restrictions on borrowing and lending applicable to the fund. Each fund is authorized to participate fully in this program.

A fund will borrow through the program only when the costs are equal to or lower than the cost of bank loans, and a fund will lend through the program only when the returns are higher than those available from an investment in overnight repurchase agreements. Interfund loans and borrowings normally extend overnight, but can have a maximum duration of seven days. Loans may be called on one day's notice. A fund may have to borrow from a bank at a higher interest rate if an interfund loan is called or not renewed. Any delay in repayment to a lending fund or from a borrowing fund could result in a lost investment opportunity or additional borrowing costs.

**13**

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**Investments in Creditors' Claims**

Creditors' claims in bankruptcy ("Creditors' Claims") are rights to payment from a debtor under the U.S. bankruptcy laws. Creditors' Claims may be secured or unsecured. A secured claim generally receives priority in payment over unsecured claims.

Sellers of Creditors' Claims can either be: (i) creditors that have extended unsecured credit to the debtor company (most commonly trade suppliers of materials or services); or (ii) secured creditors (most commonly financial institutions) that have obtained collateral to secure an advance of credit to the debtor. Selling a Creditors' Claim offers the creditor an opportunity to turn a claim that otherwise might not be satisfied for many years into liquid assets.

A Creditors' Claim may be purchased directly from a creditor although most are purchased through brokers. A Creditors' Claim can be sold as a single claim or as part of a package of claims from several different bankruptcy filings. Purchasers of Creditors' Claims may take an active role in the reorganization process of the bankrupt company and, in certain situations in which a Creditors' Claim is not paid in full, the claim may be converted into stock of the reorganized debtor.

Although Creditors' Claims can be sold to other investors, the market for Creditors' Claims is not liquid and, as a result, a purchaser of a Creditors' Claim may be unable to sell the claim or may have to sell it at a drastically reduced price. There is no guarantee that any payment will be received from a Creditors' Claim, especially in the case of unsecured claims.

**Investment in Other Investment Companies**

A fund may invest in other investment companies (including closed-end investment companies, unit investment trusts, open-end investment companies, investment companies exempted from registration under the 1940 Act pursuant to the rules thereunder and other pooled vehicles) to the extent permitted by federal securities laws, including Section 12 of the 1940 Act, and the rules, regulations and interpretations thereunder. A fund may invest in other investment companies beyond the statutory limits set forth in Section 12 of the 1940 Act ("statutory limits") to the extent permitted by an exemptive rule adopted by the SEC or pursuant to an exemptive order obtained from the SEC.

Investing in other investment companies involves substantially the same risks as investing directly in the underlying instruments, but the total return on such investments at the investment company-level may be reduced by the operating expenses and fees of such other investment companies, including advisory fees. Certain types of investment companies, such as closed-end investment companies, issue a fixed number of shares that trade on a stock exchange or may involve the payment of substantial premiums above the value of such investment companies' portfolio securities when traded OTC or at discounts to their NAVs. Others are continuously offered at NAV, but also may be traded in the secondary market.

Blue Chip Growth Trust, Capital Appreciation Value Trust, Equity Income Trust, Health Sciences Trust, Mid Value Trust, Science & Technology Trust, and Small Company Value Trust also may invest in shares of certain internal T. Rowe Price money market funds (collectively, the "T. Rowe Funds"), consistent with each such fund's investment objective and policies. In order to prevent these funds from paying duplicate management fees, the value of shares of the T. Rowe Funds held in a T. Rowe Price-subadvised fund's portfolio will be excluded from the fund's total assets in calculating the subadvisory fees payable to T. Rowe Price.

**Lending of Securities**

A fund may lend its securities so long as such loans do not represent more than 33 1/3% of its total assets. As collateral for the loaned securities, the borrower gives the lending portfolio collateral equal to at least 100% of the value of the loaned securities. The collateral will consist of cash (including U.S. dollars and foreign currency), cash equivalents or securities issued or guaranteed by the U.S. government or its agencies or instrumentalities. The borrower must also agree to increase the collateral if the value of the loaned securities increases. If the market value of the loaned securities declines, the borrower may request that some collateral be returned.

During the existence of the loan, a 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. If the fund receives a payment in lieu of dividends (a "substitute payment") with respect to securities on loan pursuant to a securities lending transaction, such income will not be eligible for the dividends-received deduction (the "DRD") for corporate shareholders or for treatment as qualified dividend income for individual shareholders. The DRD and qualified dividend income are discussed more fully in this SAI under "Additional Information Concerning Taxes."

Because shares of the funds are held directly by insurance companies affiliated with the Advisor, such insurance companies, rather than individuals who select the funds as investment options under variable insurance contracts, would receive the benefit of any DRD. As a result, a decision by the Advisor or an affiliated subadvisor for a particular fund to refrain from securities lending could benefit the affiliated insurance companies (which would receive the DRD) to the detriment of contract holders who have selected that fund (as they would not receive the benefit of securities lending income, including substitute payments). However, the Advisor and the affiliated subadvisors have a fiduciary duty to independently assess whether engaging in securities lending is in the best interests of a fund, which should act to limit this conflict of interest.

As with other extensions of credit, there are risks that collateral could be inadequate in the event of the borrower failing financially, which could result in actual financial loss, and risks that recovery of loaned securities could be delayed, which could result in interference with portfolio management decisions or exercise of ownership rights. The collateral is managed by an affiliate of the Advisor, which may incentivize the Advisor to lend fund securities to benefit this affiliate. The Advisor maintains robust oversight of securities lending activity and seeks to ensure that all lending activity undertaken by a fund is in the fund's best interests. A fund will be responsible for the risks associated with the investment of cash collateral, including

**14**

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the risk that the fund may lose money on the investment or may fail to earn sufficient income to meet its obligations to the borrower. In addition, a fund may lose its right to vote its shares of the loaned securities at a shareholder meeting if the subadvisor does not recall or does not timely recall the loaned securities, or if the borrower fails to return the recalled securities in advance of the record date for the meeting.

The Trust, on behalf of its funds, may enter into an agency agreement for securities lending transactions ("Securities Lending Agreement") with one or more of the following: National Financial Services LLC; Goldman Sachs Bank USA; and State Street Bank (each, a "Securities Lending Agent"). Pursuant to each Securities Lending Agreement, the Securities Lending Agent acts as securities lending agent for a fund and administers the fund's securities lending program. During the fiscal year, each Securities Lending Agent performed various services for the applicable funds, including the following: (i) lending portfolio securities, previously identified by the fund as available for loan, and held by the fund's custodian ("Custodian") on behalf of the fund, to borrowers identified by the fund in the Securities Lending Agreement; (ii) instructing the Custodian to receive and deliver securities, as applicable, to effect such loans; (iii) locating borrowers; (iv) monitoring daily the market value of loaned securities; (v) ensuring daily movement of collateral associated with loan transactions; (vi) marking to market loaned securities and non-cash collateral; (vii) monitoring dividend activity with respect to loaned securities; (viii) negotiating loan terms with the borrowers; (ix) recordkeeping and account servicing related to securities lending activities; and (x) arranging for the return of loaned securities at the termination of the loan. Under each Securities Lending Agreement, the Securities Lending Agent generally will bear the risk that a borrower may default on its obligation to return loaned securities.

Securities lending involves counterparty risk, including the risk that the loaned securities may not be returned or returned in a timely manner and/or a loss of rights in the collateral if the borrower or the lending agent defaults or fails financially. This risk is increased when the fund's loans are concentrated with a single or limited number of borrowers. There are no limits on the number of borrowers to which the fund may lend securities and the fund may lend securities to only one or a small group of borrowers. In addition, under each Securities Lending Agreement, loans may be made to affiliates of the Securities Lending Agent as identified in the applicable Securities Lending Agreement.

Cash collateral may be invested by a fund in JHCT, a privately offered 1940 Act registered government money market fund. Investment of cash collateral offers the opportunity for a fund to profit from income earned by this collateral pool, but also the risk of loss, should the value of the fund's shares in the collateral pool decrease below the NAV at which such shares were purchased.

For each fund that engaged in securities lending activities during the fiscal period ended December 31, 2025, the following tables detail the amounts of income and fees/compensation related to such activities during the period. Any fund not listed below did not engage in securities lending activities during the fiscal period ended December 31, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund Name** | &nbsp;&nbsp;&nbsp; **500 Index**<br> **Trust**<br>| &nbsp;&nbsp;&nbsp; **Active Bond**<br> **Trust**<br>| &nbsp;&nbsp;&nbsp; **Blue Chip**<br> **Growth Trust**<br>| &nbsp;&nbsp;&nbsp; **Capital Appreciation**<br> **Value Trust**<br>|
| **Gross Income from securities lending activities ($)** | **265899** | **61571** | **5289** | **92642** |
| Fees and/or compensation for securities lending activities and <br> related services:<br>|  |  |  |  |
| Fees paid to securities lending agent from a revenue split ($) | 17879 | 1303 | 95 | 884 |
| Fees paid for any cash collateral management service (including fees <br> deducted from a pooled cash<br> collateral reinvestment vehicle) that are not included in the revenue <br> split ($)<br>| 1988 | 1317 | 38 | 1853 |
| Administrative fees not included in revenue split ($) |  |  |  |  |
| Indemnification fee not included in revenue split ($) |  |  |  |  |
| Rebate (paid to borrower) ($) | 85614 | 47350 | 865 | 82801 |
| Other fees not included in revenue split (specify) ($) |  |  |  |  |
| **Aggregate fees/compensation for securities lending activities** <br> **($)**<br>| **105481** | **49970** | **998** | **85538** |
| **Net Income from securities lending activities ($)** | **160418** | **11601** | **4291** | **7104** |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund Name** | &nbsp;&nbsp;&nbsp; **Core Bond**<br> **Trust**<br>| &nbsp;&nbsp;&nbsp; **Disciplined Value**<br> **Emerging Markets**<br> **Equity Trust**<br>| &nbsp;&nbsp;&nbsp; **Disciplined Value**<br> **International Trust**<br>| &nbsp;&nbsp;&nbsp; **Equity Income**<br> **Trust**<br>|
| **Gross Income from securities lending activities ($)** | **70589** | **209882** | **107687** | **101926** |
| Fees and/or compensation for securities lending activities <br> and related services:<br>|  |  |  |  |
| Fees paid to securities lending agent from a revenue split ($) | 905 | 9219 | 5326 | 3017 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund Name** | &nbsp;&nbsp;&nbsp; **Core Bond**<br> **Trust**<br>| &nbsp;&nbsp;&nbsp; **Disciplined Value**<br> **Emerging Markets**<br> **Equity Trust**<br>| &nbsp;&nbsp;&nbsp; **Disciplined Value**<br> **International Trust**<br>| &nbsp;&nbsp;&nbsp; **Equity Income**<br> **Trust**<br>|
| Fees paid for any cash collateral management service <br> (including fees deducted from a pooled cash<br> collateral reinvestment vehicle) that are not included in the <br> revenue split ($)<br>| 1420 | 4173 | 1500 | 1975 |
| Administrative fees not included in revenue split ($) |  |  |  |  |
| Indemnification fee not included in revenue split ($) |  |  |  |  |
| Rebate (paid to borrower) ($) | 60566 | 112742 | 52881 | 71300 |
| Other fees not included in revenue split (specify) ($) |  |  |  |  |
| **Aggregate fees/compensation for securities lending** <br> **activities ($)**<br>| **62891** | **126134** | **59707** | **76292** |
| **Net Income from securities lending activities ($)** | **7698** | **83748** | **47980** | **25634** |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund Name** | &nbsp;&nbsp;&nbsp; **Financial**<br> **Industries Trust**<br>| &nbsp;&nbsp;&nbsp; **High Yield**<br> **Trust**<br>| &nbsp;&nbsp;&nbsp; **International Equity**<br> **Index Trust**<br>| &nbsp;&nbsp;&nbsp; **International Small**<br> **Company Trust**<br>|
| **Gross Income from securities lending activities ($)** | **12348** | **335157** | **210980** | **126737** |
| Fees and/or compensation for securities lending <br> activities and related services:<br>|  |  |  |  |
| Fees paid to securities lending agent from a revenue split <br> ($)<br>| 284 | 10516 | 10643 | 6642 |
| Fees paid for any cash collateral management service <br> (including fees deducted from a pooled cash<br> collateral reinvestment vehicle) that are not included in <br> the revenue split ($)<br>| 206 | 6720 | 3320 | 1810 |
| Administrative fees not included in revenue split ($) |  |  |  |  |
| Indemnification fee not included in revenue split ($) |  |  |  |  |
| Rebate (paid to borrower) ($) | 9578 | 223612 | 104422 | 55683 |
| Other fees not included in revenue split (specify) ($) |  |  |  |  |
| **Aggregate fees/compensation for securities** <br> **lending activities ($)**<br>| **10068** | **240848** | **118385** | **64135** |
| **Net Income from securities lending activities ($)** | **2280** | **94309** | **92595** | **62602** |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund Name** | &nbsp;&nbsp;&nbsp; **Investment Quality**<br> **Bond Trust**<br>| &nbsp;&nbsp;&nbsp; **Mid Cap Growth**<br> **Trust**<br>| &nbsp;&nbsp;&nbsp; **Mid Cap Index**<br> **Trust**<br>| &nbsp;&nbsp;&nbsp; **Mid Value**<br> **Trust**<br>|
| **Gross Income from securities lending activities ($)** | **11476** | **168856** | **275825** | **261363** |
| Fees and/or compensation for securities lending activities and <br> related services:<br>|  |  |  |  |
| Fees paid to securities lending agent from a revenue split ($) | 236 | 8653 | 2840 | 13212 |
| Fees paid for any cash collateral management service (including <br> fees deducted from a pooled cash<br> collateral reinvestment vehicle) that are not included in the <br> revenue split ($)<br>| 238 | 2356 | 5608 | 4711 |
| Administrative fees not included in revenue split ($) |  |  |  |  |
| Indemnification fee not included in revenue split ($) |  |  |  |  |
| Rebate (paid to borrower) ($) | 8900 | 78137 | 242675 | 126011 |
| Other fees not included in revenue split (specify) ($) |  |  |  |  |
| **Aggregate fees/compensation for securities lending** <br> **activities ($)**<br>| **9374** | **89146** | **251123** | **143934** |
| **Net Income from securities lending activities ($)** | **2102** | **79710** | **24702** | **117429** |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund Name** | &nbsp;&nbsp;&nbsp; **Opportunistic Fixed**<br> **Income Trust**<br>| &nbsp;&nbsp;&nbsp; **Real Estate**<br> **Securities Trust**<br>| &nbsp;&nbsp;&nbsp; **Science &**<br> **Technology Trust**<br>| &nbsp;&nbsp;&nbsp; **Select Bond**<br> **Trust**<br>|
| **Gross Income from securities lending activities ($)** | **161338** | **8578** | **1733541** | **466781** |
| Fees and/or compensation for securities lending activities <br> and related services:<br>|  |  |  |  |
| Fees paid to securities lending agent from a revenue split <br> ($)<br>| 3791 | 60 | 164133 | 4304 |
| Fees paid for any cash collateral management service <br> (including fees deducted from a pooled cash<br> collateral reinvestment vehicle) that are not included in the <br> revenue split ($)<br>| 3417 | 136 | 4258 | 9597 |
| Administrative fees not included in revenue split ($) |  |  |  |  |
| Indemnification fee not included in revenue split ($) |  |  |  |  |
| Rebate (paid to borrower) ($) | 120310 | 7689 | 86285 | 413905 |
| Other fees not included in revenue split (specify) ($) |  |  |  |  |
| **Aggregate fees/compensation for securities lending** <br> **activities ($)**<br>| **127518** | **7885** | **254676** | **427806** |
| **Net Income from securities lending activities ($)** | **33820** | **693** | **1478865** | **38975** |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund Name** | &nbsp;&nbsp;&nbsp; **Small Cap**<br> **Core Trust**<br>| &nbsp;&nbsp;&nbsp; **Small Cap**<br> **Index Trust**<br>| &nbsp;&nbsp;&nbsp; **Small Cap**<br> **Opportunities Trust**<br>| &nbsp;&nbsp;&nbsp; **Small Cap**<br> **Stock Trust**<br>|
| **Gross Income from securities lending activities ($)** | **54110** | **796046** | **79533** | **149093** |
| Fees and/or compensation for securities lending activities and related <br> services:<br>|  |  |  |  |
| Fees paid to securities lending agent from a revenue split ($) | 542 | 42070 | 1138 | 2706 |
| Fees paid for any cash collateral management service (including fees <br> deducted from a pooled cash<br> collateral reinvestment vehicle) that are not included in the revenue split <br> ($)<br>| 1228 | 10168 | 1403 | 2843 |
| Administrative fees not included in revenue split ($) |  |  |  |  |
| Indemnification fee not included in revenue split ($) |  |  |  |  |
| Rebate (paid to borrower) ($) | 47491 | 354944 | 68385 | 118712 |
| Other fees not included in revenue split (specify) ($) |  |  |  |  |
| **Aggregate fees/compensation for securities lending activities ($)** | **49261** | **407182** | **70332** | **124261** |
| **Net Income from securities lending activities ($)** | **4849** | **388864** | **9201** | **24832** |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund Name** | &nbsp;&nbsp;&nbsp; **Small Company**<br> **Value Trust**<br>| &nbsp;&nbsp;&nbsp; **Strategic Equity**<br> **Allocation Trust**<br>| &nbsp;&nbsp;&nbsp; **Strategic Income**<br> **Opportunities Trust**<br>| &nbsp;&nbsp;&nbsp; **Total Bond**<br> **Market Trust**<br>|
| **Gross Income from securities lending activities ($)** | **64141** | **1867794** | **28813** | **82821** |
| Fees and/or compensation for securities lending activities <br> and related services:<br>|  |  |  |  |
| Fees paid to securities lending agent from a revenue split <br> ($)<br>| 1558 | 62738 | 671 | 1039 |
| Fees paid for any cash collateral management service <br> (including fees deducted from a pooled cash<br> collateral reinvestment vehicle) that are not included in the <br> revenue split ($)<br>| 1230 | 32482 | 625 | 1688 |
| Administrative fees not included in revenue split ($) |  |  |  |  |
| Indemnification fee not included in revenue split ($) |  |  |  |  |
| Rebate (paid to borrower) ($) | 47613 | 1210623 | 21613 | 70234 |
| Other fees not included in revenue split (specify) ($) |  |  |  |  |
| **Aggregate fees/compensation for securities lending** <br> **activities ($)**<br>| **50401** | **1305843** | **22909** | **72961** |

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**17**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund Name** | &nbsp;&nbsp;&nbsp; **Small Company**<br> **Value Trust**<br>| &nbsp;&nbsp;&nbsp; **Strategic Equity**<br> **Allocation Trust**<br>| &nbsp;&nbsp;&nbsp; **Strategic Income**<br> **Opportunities Trust**<br>| &nbsp;&nbsp;&nbsp; **Total Bond**<br> **Market Trust**<br>|
| **Net Income from securities lending activities ($)** | **13740** | **561951** | **5904** | **9860** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Fund Name** | &nbsp;&nbsp;&nbsp; **Total Stock**<br> **Market Index Trust**<br>| &nbsp;&nbsp;&nbsp; **U.S. Growth**<br> **Trust**<br>| &nbsp;&nbsp;&nbsp; **Ultra Short**<br> **Term Bond Trust**<br>|
| **Gross Income from securities lending activities ($)** | **509640** | **1212** | **18285** |
| Fees and/or compensation for securities lending activities and related services: |  |  |  |
| Fees paid to securities lending agent from a revenue split ($) | 42237 | 27 | 922 |
| Fees paid for any cash collateral management service (including fees deducted <br> from a pooled cash<br> collateral reinvestment vehicle) that are not included in the revenue split ($)<br>| 2918 | 17 | 344 |
| Administrative fees not included in revenue split ($) |  |  |  |
| Indemnification fee not included in revenue split ($) |  |  |  |
| Rebate (paid to borrower) ($) | 84038 | 923 | 8774 |
| Other fees not included in revenue split (specify) ($) |  |  |  |
| **Aggregate fees/compensation for securities lending activities ($)** | **129193** | **967** | **10040** |
| **Net Income from securities lending activities ($)** | **380447** | **245** | **8245** |

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**Loans and Other Direct Debt Instruments**

Direct debt instruments are interests in amounts owed by a corporate, governmental, or other borrower to lenders or lending syndicates (loans and loan participations), to suppliers of goods or services (trade claims or other receivables), or to other parties. Direct debt instruments involve a risk of loss in case of default or insolvency of the borrower and may offer less legal protection to the purchaser in the event of fraud or misrepresentation, or there may be a requirement that a fund supply additional cash to a borrower on demand. U.S. federal securities laws afford certain protections against fraud and misrepresentation in connection with the offering or sale of a security, as well as against manipulation of trading markets for securities. It is unclear whether these protections are available to investments in loans and other forms of direct indebtedness under certain circumstances, in which case such risks may be increased.

A fund may be in possession of material non-public information about a borrower as a result of owning a floating rate instrument issued by such borrower. Because of prohibitions on trading in securities of issuers while in possession of such information, a fund might be unable to enter into a transaction in a publicly traded security issued by that borrower when it would otherwise be advantageous to do so.

**Loan Participations and Assignments; Term Loans**

Loan participations are loans or other direct debt instruments that are interests in amounts owned by a corporate, governmental or other borrower to another party. They may represent amounts owed to lenders or lending syndicates to suppliers of goods or services, or to other parties. A fund will have the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the borrower. In connection with purchasing participations, a fund generally will have no right to enforce compliance by the borrower with the term of the loan agreement relating to loan, nor any rights of set-off against the borrower, and a fund may not directly benefit from any collateral supporting the loan in which it has purchased the participation. As a result, the fund will assume the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling a participation, a fund may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

When a fund purchases assignments from lenders it will acquire direct rights against the borrower on the loan. However, because assignments are arranged through private negotiations between potential assignees and potential assignors, the rights and obligation acquired by a fund as the purchaser of an assignment may differ from, and be more limited than, those held by the assigning lender. Investments in loan participations and assignments present the possibility that a fund could be held liable as a co-lender under emerging legal theories of lender liability. In addition, if the loan is foreclosed, a fund could be part owner of any collateral and could bear the costs and liabilities of owning and disposing of the collateral. It is anticipated that such securities could be sold only to a limited number of institutional investors. In addition, some loan participations and assignments may not be rated by major rating agencies and may not be protected by the securities laws.

A term loan is typically a loan in a fixed amount that borrowers repay in a scheduled series of repayments or a lump-sum payment at maturity. A delayed draw loan is a special feature in a term loan that permits the borrower to withdraw predetermined portions of the total amount borrowed at certain times. If a fund enters into a commitment with a borrower regarding a delayed draw term loan or bridge loan, the fund will be obligated on one or more dates in the future to lend the borrower monies (up to an aggregate stated amount) if called upon to do so by the borrower. Once repaid, a term loan cannot be drawn upon again.

Investments in loans and loan participations will subject a fund to liquidity risk. Loans and loan participations may be transferable among financial institutions, but may not have the liquidity of conventional debt securities and are often subject to restrictions on resale, thereby making them

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potentially illiquid. For example, the purchase or sale of loans requires, in many cases, the consent of either a third party (such as the lead or agent bank for the loan) or of the borrower, and although such consent is, in practice, infrequently withheld, the consent requirement can delay a purchase or hinder a fund's ability to dispose of its investments in loans in a timely fashion. In addition, in some cases, negotiations involved in disposing of indebtedness may require weeks to complete. Consequently, some indebtedness may be difficult or impossible to dispose of readily at what a subadvisor believes to be a fair price.

Corporate loans that a fund may acquire or in which a fund may purchase a loan participation are made generally to finance internal growth, mergers, acquisitions, stock repurchases, leveraged buy-outs, leverage recapitalizations and other corporate activities. The highly leveraged capital structure of the borrowers in certain of these transactions may make such loans especially vulnerable to adverse changes in economic or market conditions and greater credit risk than other investments.

Certain of the loan participations or assignments acquired by a fund may involve unfunded commitments of the lenders or revolving credit facilities under which a borrower may from time to time borrow and repay amounts up to the maximum amount of the facility. In such cases, a fund would have an obligation to advance its portion of such additional borrowings upon the terms specified in the loan documentation. Such an obligation may have the effect of requiring a fund to increase its investment in a company at a time when it might not be desirable to do so (including at a time when the company's financial condition makes it unlikely that such amounts will be repaid).

The borrower of a loan in which a fund holds an interest (including through a loan participation) may, either at its own election or pursuant to the terms of the loan documentation, prepay amounts of the loan from time to time. The degree to which borrowers prepay loans, whether as a contractual requirement or at their election, may be affected by general business conditions, the financial condition of the borrower and competitive conditions among lenders, among other things. As such, prepayments cannot be predicted with accuracy. Upon a prepayment, either in part or in full, the actual outstanding debt on which a fund derives interest income will be reduced. The effect of prepayments on a fund's performance may be mitigated by the receipt of prepayment fees, and the fund's ability to reinvest prepayments in other loans that have similar or identical yields. However, there is no assurance that a fund will be able to reinvest the proceeds of any loan prepayment at the same interest rate or on the same terms as those of the prepaid loan.

A fund may invest in loans that pay interest at fixed rates and loans that pay interest at rates that float or reset periodically at a margin above a generally recognized base lending rate, such as the Prime Rate (the interest rate that banks charge their most creditworthy customers) or another generally recognized base lending rate. Most floating rate loans are senior in rank in the event of bankruptcy to most other securities of the borrower such as common stock or public bonds. In addition, floating rate loans also are normally secured by specific collateral or assets of the borrower so that the holders of the loans will have a priority claim on those assets in the event of default or bankruptcy of the issuer. While the seniority in rank and the security interest are helpful in reducing credit risk, such risk is not eliminated. Securities with floating interest rates can be less sensitive to interest rate changes, but may decline in value if their interest rates do not rise as much as interest rates in general, or if interest rates decline. While, because of this interest rate reset feature, loans with resetting interest rates provide a considerable degree of protection against rising interest rates, there is still potential for interest rates on such loans to lag changes in interest rates in general for some period of time. In addition, changes in interest rates will affect the amount of interest income paid to a fund as the floating rate instruments adjust to the new levels of interest rates. In a rising base rate environment, income generation generally will increase. Conversely, during periods when the base rate is declining, the income generating ability of the loan instruments will be adversely affected.

Investments in many loans have additional risks that result from the use of agents and other interposed financial institutions. Many loans are structured and administered by a financial institution (e.g., a commercial bank) that acts as the agent of the lending syndicate. The agent typically administers and enforces the loan on behalf of the other lenders in the lending syndicate. In addition, an institution, typically but not always the agent, holds the collateral, if any, on behalf of the lenders. A financial institution's employment as an agent might be terminated in the event that it fails to observe a requisite standard of care or becomes insolvent. A successor agent would generally be appointed to replace the terminated agent, and assets held by the agent under the loan agreement would likely remain available to holders of such indebtedness. However, if assets held by the agent for the benefit of a fund were determined to be subject to the claims of the agent's general creditors, the fund might incur certain costs and delays in realizing payment on a loan or loan participation and could suffer a loss of principal and/or interest. In situations involving other interposed financial institutions (e.g., an insurance company or government agency) similar risks may arise.

**Market Capitalization Weighted Approach**

A fund's structure may involve market capitalization weighting in determining individual security weights and, where applicable, country or region weights. Market capitalization weighting means each security is generally purchased based on the issuer's relative market capitalization. Market capitalization weighting may be adjusted by a subadvisor, for a variety of reasons. A fund may deviate from market capitalization weighting to limit or fix the exposure to a particular country or issuer to a maximum portion of the assets of the fund. Additionally, a subadvisor may consider such factors as free float, price momentum, short-run reversals, trading strategies, size, relative price, liquidity, profitability, investment characteristics and other factors determined to be appropriate by a subadvisor given market conditions. In assessing relative price, a subadvisor may consider additional factors such as price to cash flow or price to earnings ratios. In assessing profitability, a subadvisor may consider different ratios, such as that of earnings or profits from operations relative to book value or assets. The criteria a subadvisor uses for assessing relative price and profitability are subject to change from time to time. A subadvisor may exclude the eligible security of a company that meets applicable market capitalization criterion if it determines, in its judgment, that the purchase of such security is inappropriate in light of other conditions. These adjustments will result in a deviation from traditional market capitalization weighting. A further deviation may occur due to holdings in securities received in connection with corporate actions. A subadvisor

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may consider a small capitalization company's investment characteristics as compared to other eligible companies when making investment decisions and may exclude a small capitalization company with high asset growth. In assessing a company's investment characteristics, a subadvisor may consider ratios such as recent changes in assets divided by total assets. A fund will generally not exclude more than 5% of the eligible small capitalization company universe within each eligible country based on such investment characteristics. The criteria a subadvisor uses for assessing a company's investment characteristics is subject to change from time to time.

Adjustment for free float modifies market capitalization weighting to exclude the share capital of a company that is not freely available for trading in the public equity markets. For example, the following types of shares may be excluded: (i) those held by strategic investors (such as governments, controlling shareholders and management); (ii) treasury shares; or (iii) shares subject to foreign ownership restrictions.

Furthermore, a subadvisor may reduce the relative amount of any security held in order to retain sufficient portfolio liquidity. A portion, but generally not in excess of 20% of a fund's assets, may be invested in interest-bearing obligations, such as money market instruments, thereby causing further deviation from market capitalization weighting. A further deviation may occur due to holdings in securities received in connection with corporate actions.

Block purchases of eligible securities may be made at opportune prices, even though such purchases exceed the number of shares that, at the time of purchase, would be purchased under a market capitalization weighted approach. Generally, changes in the composition and relative ranking (in terms of market capitalization) of the stocks that are eligible for purchase take place with every trade when the securities markets are open for trading due, primarily, to price changes of such securities. On at least a semiannual basis, a subadvisor will identify companies whose stock is eligible for investment by the fund. Additional investments generally will not be made in securities that have changed in value sufficiently to be excluded from a subadvisor's then-current market capitalization requirement for eligible portfolio securities. This may result in further deviation from market capitalization weighting. Such deviation could be substantial if a significant amount of holdings of a fund change in value sufficiently to be excluded from the requirement for eligible securities but not by a sufficient amount to warrant their sale.

Country weights may be based on the total market capitalization of companies within each country. The country weights may take into consideration the free float of companies within a country or whether these companies are eligible to be purchased for the particular strategy. In addition, to maintain a satisfactory level of diversification, a subadvisor may limit or fix the exposure to a particular country or region to a maximum proportion of the assets of that vehicle. Country weights may also vary due to general day-to-day trading patterns and price movements. The weighting of countries may vary from their weighting in published international indices.

**Money Market Instruments**

Money market instruments (and other securities as noted under each fund description) may be purchased for temporary defensive purposes or for short-term investment purposes. General overnight cash held in a fund's portfolio may also be invested in JHCT, a privately offered 1940 Act registered government money market fund subadvised by Manulife IM (US), an affiliate of the Advisor, that is part of the same group of investment companies as the fund and that is offered exclusively to funds in the same group of investment companies.

**Mortgage Dollar Rolls**

Under a mortgage dollar roll, a fund sells mortgage-backed securities for delivery in the future (generally within 30 days) and simultaneously contracts to repurchase substantially similar securities (of the same type, coupon and maturity) on a specified future date. During the roll period, a fund forgoes principal and interest paid on the mortgage-backed securities. A fund is compensated by the difference between the current sale price and the lower forward price for the future purchase (often referred to as the "drop"), as well as by the interest earned on the cash proceeds of the initial sale. A fund also may be compensated by receipt of a commitment fee. Dollar roll transactions involve the risk that the market value of the securities sold by a fund may decline below the repurchase price of those securities. A mortgage dollar roll may be considered a form of leveraging, and may, therefore, increase fluctuations in a fund's NAV per share. Please see "Government Regulation of Derivatives" section for additional information. For financial reporting and tax purposes, the funds treat mortgage dollar rolls as two separate transactions; one involving the purchase of a security and a separate transaction involving a sale.

**Mortgage Securities**

**Prepayment of Mortgages.** Mortgage securities differ from conventional bonds in that principal is paid over the life of the securities rather than at maturity. As a result, when a fund invests in mortgage securities, it receives monthly scheduled payments of principal and interest, and may receive unscheduled principal payments representing prepayments on the underlying mortgages. When a fund reinvests the payments and any unscheduled prepayments of principal it receives, it may receive a rate of interest that is higher or lower than the rate on the existing mortgage securities. For this reason, mortgage securities may be less effective than other types of debt securities as a means of locking in long term interest rates.

In addition, because the underlying mortgage loans and assets may be prepaid at any time, if a fund purchases mortgage securities at a premium, a prepayment rate that is faster than expected will reduce yield to maturity, while a prepayment rate that is slower than expected will increase yield to maturity. Conversely, if a fund purchases these securities at a discount, faster than expected prepayments will increase yield to maturity, while slower than expected payments will reduce yield to maturity.

**Adjustable Rate Mortgage Securities.** Adjustable rate mortgage securities are similar to the fixed rate mortgage securities discussed above, except that, unlike fixed rate mortgage securities, adjustable rate mortgage securities are collateralized by or represent interests in mortgage loans with variable rates of interest. These variable rates of interest reset periodically to align themselves with market rates. Most adjustable rate mortgage

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securities provide for an initial mortgage rate that is in effect for a fixed period, typically ranging from three to twelve months. Thereafter, the mortgage interest rate will reset periodically in accordance with movements in a specified published interest rate index. The amount of interest due to an adjustable rate mortgage holder is determined in accordance with movements in a specified published interest rate index by adding a pre-determined increment or "margin" to the specified interest rate index. Many adjustable rate mortgage securities reset their interest rates based on changes in:

● one-year, three-year and five-year constant maturity Treasury Bill rates;

● three-month or six-month Treasury Bill rates;

● 11th District Federal Home Loan Bank Cost of Funds;

● National Median Cost of Funds; or

● one-month, three-month, six-month or one-year SOFR and other market rates.

During periods of increasing rates, a fund will not benefit from such increase to the extent that interest rates rise to the point where they cause the current coupon of adjustable rate mortgages held as investments to exceed any maximum allowable annual or lifetime reset limits or "cap rates" for a particular mortgage. In this event, the value of the mortgage securities held by a fund would likely decrease. During periods of declining interest rates, income to a fund derived from adjustable rate mortgages that remain in a mortgage pool may decrease in contrast to the income on fixed rate mortgages, which will remain constant. Adjustable rate mortgages also have less potential for appreciation in value as interest rates decline than do fixed rate investments. Also, a fund's NAV could vary to the extent that current yields on adjustable rate mortgage securities held as investments are different than market yields during interim periods between coupon reset dates.

**Privately Issued Mortgage Securities.** Privately issued mortgage securities provide for the monthly principal and interest payments made by individual borrowers to pass through to investors on a corporate basis, and in privately issued CMOs, as further described below. Privately issued mortgage securities are issued by private originators of, or investors in, mortgage loans, including:

● mortgage bankers;

● commercial banks;

● investment banks;

● savings and loan associations; and

● special purpose subsidiaries of the foregoing.

Since privately issued mortgage certificates are not guaranteed by an entity having the credit status of GNMA or Freddie Mac, such securities generally are structured with one or more types of credit enhancement. For a description of the types of credit enhancements that may accompany privately issued mortgage securities, see "Types of Credit Support" below. To the extent that a fund invests in mortgage securities, it will not limit its investments in mortgage securities to those with credit enhancements.

**Collateralized Mortgage Obligations.** CMOs generally are bonds or certificates issued in multiple classes that are collateralized by or represent an interest in mortgages. CMOs may be issued by single-purpose, stand-alone finance subsidiaries or trusts of financial institutions, government agencies, investment banks or other similar institutions. Each class of CMOs, often referred to as a "tranche," may be issued with a specific fixed coupon rate (which may be zero) or a floating coupon rate. Each class of CMOs also has a stated maturity or final distribution date. Principal prepayments on the underlying mortgages may cause the CMOs to be retired substantially earlier than their stated maturities or final distribution dates. Interest is paid or accrued on CMOs on a monthly, quarterly or semiannual basis.

The principal of and interest on the underlying mortgages may be allocated among the several classes of a series of a CMO in many ways. The general goal sought to be achieved in allocating cash flows on the underlying mortgages to the various classes of a series of CMOs is to create tranches on which the expected cash flows have a higher degree of predictability than the underlying mortgages. In creating such tranches, other tranches may be subordinated to the interests of these tranches and receive payments only after the obligations of the more senior tranches have been satisfied. As a general matter, the more predictable the cash flow is on a CMO tranche, the lower the anticipated yield will be on that tranche at the time of issuance. As part of the process of creating more predictable cash flows on most of the tranches in a series of CMOs, one or more tranches generally must be created that absorb most of the volatility in the cash flows on the underlying mortgages. The yields on these tranches are relatively higher than on tranches with more predictable cash flows. Because of the uncertainty of the cash flows on these tranches, and the sensitivity of these transactions to changes in prepayment rates on the underlying mortgages, the market prices of and yields on these tranches tend to be highly volatile. The market prices of and yields on tranches with longer terms to maturity also tend to be more volatile than tranches with shorter terms to maturity due to these same factors. To the extent the mortgages underlying a series of a CMO are so-called "subprime mortgages" (mortgages granted to borrowers whose credit history is not sufficient to obtain a conventional mortgage), the risk of default is higher, which increases the risk that one or more tranches of a CMO will not receive its predicted cash flows.

CMOs purchased by a fund may be:

**1**

collateralized by pools of mortgages in which each mortgage is guaranteed as to payment of principal and interest by an agency or instrumentality of the U.S. government;

**2**

collateralized by pools of mortgages in which payment of principal and interest is guaranteed by the issuer and the guarantee is collateralized by U.S. government securities; or

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**3**

securities for which the proceeds of the issuance are invested in mortgage securities and payment of the principal and interest is supported by the credit of an agency or instrumentality of the U.S. government.

**Separate Trading of Registered Interest and Principal of Securities.** Separately traded interest components of securities may be issued or guaranteed by the U.S. Treasury. The interest components of selected securities are traded independently under the Separate Trading of Registered Interest and Principal of Securities program. Under the Separate Trading of Registered Interest and Principal of Securities program, the interest components are individually numbered and separately issued by the U.S. Treasury at the request of depository financial institutions, which then trade the component parts independently.

**Stripped Mortgage Securities.** Stripped mortgage securities are derivative multi-class mortgage securities. Stripped mortgage securities may be issued by agencies or instrumentalities of the U.S. government, or by private issuers, including savings and loan associations, mortgage banks, commercial banks, investment banks and special purpose subsidiaries of the foregoing. Stripped mortgage securities have greater volatility than other types of mortgage securities in which a fund invests. Although stripped mortgage securities are purchased and sold by institutional investors through several investment banking firms acting as brokers or dealers, the market for such securities has not yet been fully developed. Accordingly, stripped mortgage securities may be illiquid and, together with any other illiquid investments, will not exceed a fund's limitation on investments in illiquid securities.

Stripped mortgage securities are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. A common type of stripped mortgage security will have one class receiving some of the interest and most of the principal from the mortgage assets, while the other class will receive most of the interest and the remainder of the principal. In the most extreme case, one class will receive all of the interest (the interest only or "IO" class), while the other class will receive all of the principal (the principal only or "PO" class). The yield to maturity on an IO class is extremely sensitive to changes in prevailing interest rates and the rate of principal payments (including prepayments) on the related underlying mortgage assets. A rapid rate of principal payments may have a material adverse effect on an investing fund's yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the fund may fail to fully recoup its initial investment in these securities even if the securities are rated highly.

As interest rates rise and fall, the value of IOs tends to move in the same direction as interest rates. The value of the other mortgage securities described in the Prospectus and this SAI, like other debt instruments, will tend to move in the opposite direction to interest rates. Accordingly, investing in IOs, in conjunction with the other mortgage securities described in the Prospectus and this SAI, is expected to contribute to the relative stability of a fund's NAV.

In addition to the stripped mortgage securities described above, High Yield Trust and Opportunistic Fixed Income Trust may invest in similar securities such as Super Principal Only ("SPO") and Levered Interest Only ("LIO") are more volatile than POs and IOs. Risks associated with instruments such as SPOs are similar in nature to those risks related to investments in POs. Risks associated with LIOs and IOettes (a.k.a. "high coupon bonds") are similar in nature to those associated with IOs. Other similar instruments may develop in the future.

Under the Code, POs may generate taxable income from the current accrual of OID, without a corresponding distribution of cash to a fund.

**Inverse Floaters.** Each of High Yield Trust, Investment Quality Bond Trust, and Opportunistic Fixed Income Trust may invest in inverse floaters. Inverse floaters may be issued by agencies or instrumentalities of the U.S. government, or by private issuers, including savings and loan associations, mortgage banks, commercial banks, investment banks and special purpose subsidiaries of the foregoing. Inverse floaters have greater volatility than other types of mortgage securities in which a fund invests (with the exception of stripped mortgage securities and there is a risk that the market value will vary from the amortized cost). Although inverse floaters are purchased and sold by institutional investors through several investment banking firms acting as brokers or dealers, the market for such securities has not yet been fully developed. Accordingly, inverse floaters may be illiquid. Any illiquid inverse floaters, together with any other illiquid investments, will not exceed a fund's limitation on investments in illiquid securities.

Inverse floaters are derivative mortgage securities that are structured as a class of security that receives distributions on a pool of mortgage assets. Yields on inverse floaters move in the opposite direction of short-term interest rates and at an accelerated rate.

**Types of Credit Support.** Mortgage securities are often backed by a pool of assets representing the obligations of a number of different parties. To lessen the impact of an obligor's failure to make payments on underlying assets, mortgage securities may contain elements of credit support. A discussion of credit support is included in "Asset-Backed Securities."

**Municipal Obligations**

The two principal classifications of municipal obligations are general obligations and revenue obligations. General obligations are secured by the issuer's pledge of its full faith, credit and taxing power for the payment of principal and interest. Revenue obligations are payable only from the revenues derived from a particular facility or class of facilities or in some cases from the proceeds of a special excise or other tax. For example, industrial development and pollution control bonds are in most cases revenue obligations since payment of principal and interest is dependent solely on the ability of the user of the facilities financed or the guarantor to meet its financial obligations, and in certain cases, the pledge of real and personal property as security for payment.

Issuers of municipal obligations are subject to the provisions of bankruptcy, insolvency and other laws affecting the rights and remedies of creditors, such as the Federal Bankruptcy Act, and laws, if any, that may be enacted by Congress or state legislatures extending the time for payment of principal

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or interest or both, or imposing other constraints upon enforcement of such obligations. There also is the possibility that as a result of litigation or other conditions, the power or ability of any one or more issuers to pay when due the principal of and interest on their municipal obligations may be affected.

**Municipal Bonds.** Municipal bonds are issued to obtain funding for various public purposes, including the construction of a wide range of public facilities such as airports, highways, bridges, schools, hospitals, housing, mass transportation, streets and water and sewer works. Other public purposes for which municipal bonds may be issued include refunding outstanding obligations, obtaining funds for general operating expenses and obtaining funds to lend to other public institutions and facilities. In addition, certain types of industrial development bonds are issued by or on behalf of public authorities to obtain funds for many types of local, privately operated facilities. Such debt instruments are considered municipal obligations if the interest paid on them is exempt from federal income tax. The payment of principal and interest by issuers of certain obligations purchased may be guaranteed by a letter of credit, note repurchase agreement, insurance or other credit facility agreement offered by a bank or other financial institution. Such guarantees and the creditworthiness of guarantors will be considered by a subadvisor in determining whether a municipal obligation meets investment quality requirements. No assurance can be given that a municipality or guarantor will be able to satisfy the payment of principal or interest on a municipal obligation.

The yields or returns of municipal bonds depend on a variety of factors, including general market conditions, effective marginal tax rates, the financial condition of the issuer, general conditions of the municipal bond market, the size of a particular offering, the maturity of the obligation, and the rating (if any) of the issue. The ratings of S&P, Moody's and Fitch represent their opinions as to the quality of various municipal bonds that they undertake to rate. It should be emphasized, however, that ratings are not absolute standards of quality. For example, depending on market conditions, municipal bonds with the same maturity and stated interest rate, but with different ratings, may nevertheless have the same yield. See Appendix A for a description of ratings. Many issuers of securities choose not to have their obligations rated. Although unrated securities eligible for purchase must be determined to be comparable in quality to securities having certain specified ratings, the market for unrated securities may not be as broad as for rated securities since many investors rely on rating organizations for credit appraisal. Yield disparities may occur for reasons not directly related to the investment quality of particular issues or the general movement of interest rates, due to such factors as changes in the overall demand or supply of various types of municipal bonds.

The effects of a widespread health crisis such as a global pandemic could affect the ability of states and their political subdivisions to make payments on debt obligations when due and could adversely impact the value of their bonds, which could negatively impact the performance of the fund.

*Municipal Bonds Issued by the Commonwealth of Puerto Rico.* Municipal obligations issued by the Commonwealth of Puerto Rico and its agencies, or other U.S. territories, generally are tax-exempt.

Adverse economic, market, political, or other conditions within Puerto Rico may negatively affect the value of a fund's holdings in municipal obligations issued by the Commonwealth of Puerto Rico and its agencies.

Puerto Rico has faced and continues to face significant fiscal challenges, including persistent government budget deficits, underfunded public pension benefit obligations, underfunded government retirement systems, sizable debt service obligations and a high unemployment rate. In recent years, several rating organizations have downgraded a number of securities issued in Puerto Rico to below investment-grade or placed them on "negative watch." Puerto Rico has previously missed payments on its general obligation debt. As a result of Puerto Rico's fiscal challenges, it entered into a process analogous to a bankruptcy proceeding in U.S. courts. Recently, Puerto Rico received court approval to be released from bankruptcy through a large restructuring of its U.S. municipal debt. The restructuring was recommended by an oversight board, an unelected body that shares power with elected officials, that is federally mandated to oversee Puerto Rico's finances. Pursuant to federal law, the oversight board will remain intact and can only disband after Puerto Rico experiences four consecutive years of balanced budgets. Any future defaults, or actions by the oversight board, among other factors, could have a negative impact on the marketability, liquidity, or value of certain investments held by a fund and could reduce a fund's performance.

**Municipal Notes.** Municipal notes are short-term obligations of municipalities, generally with a maturity ranging from six months to three years. The principal types of such notes include tax, bond and revenue anticipation notes, project notes and construction loan notes.

*Tax-Anticipation Notes.* Tax anticipation notes are issued to finance working capital needs of municipalities. Generally, they are issued in anticipation of various tax revenues, such as income, sales, use and business taxes, and are specifically payable from these particular future tax revenues.

*Bond Anticipation Notes.* Bond anticipation notes are issued to provide interim financing until long-term bond financing can be arranged. In most cases, the long-term bonds then provide the funds for the repayment of the notes.

*Revenue Anticipation Notes.* Revenue anticipation notes are issued in expectation of receipt of specific types of revenue, other than taxes, such as federal revenues available under Federal Revenue Sharing Programs.

*Project Notes.* Project notes are backed by an agreement between a local issuing agency and the Federal Department of Housing and Urban Development ("HUD") and carry a U.S. government guarantee. These notes provide financing for a wide range of financial assistance programs for housing, redevelopment and related needs (such as low-income housing programs and urban renewal programs). Although they are the primary obligations of the local public housing agencies or local urban renewal agencies, the HUD agreement provides for the additional security of the full faith and credit of the U.S. government. Payment by the United States pursuant to its full faith and credit obligation does not impair the tax-exempt character of the income from project notes.

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*Construction Loan Notes.* Construction loan notes are sold to provide construction financing. Permanent financing, the proceeds of which are applied to the payment of construction loan notes, is sometimes provided by a commitment by GNMA to purchase the loan, accompanied by a commitment by the Federal Housing Administration to insure mortgage advances thereunder. In other instances, permanent financing is provided by the commitments of banks to purchase the loan.

**Municipal Commercial Paper.** Municipal commercial paper is a short-term obligation of a municipality, generally issued at a discount with a maturity of less than one year. Such paper is likely to be issued to meet seasonal working capital needs of a municipality or interim construction financing. Municipal commercial paper is backed in many cases by letters of credit, lending agreements, note repurchase agreements or other credit facility agreements offered by banks and other institutions.

**High Yield (High Risk) Municipal Debt Obligations.** Municipal bonds rated "BBB" or "BB" by S&P or Fitch, or "Baa" or "Ba" by Moody's, or lower (and their unrated equivalents) are considered to have some speculative characteristics and, to varying degrees, can pose special risks generally involving the ability of the issuer to make payment of principal and interest to a greater extent than higher rated securities.

A subadvisor may be authorized to purchase lower-rated municipal bonds when, based upon price, yield and its assessment of quality, investment in these bonds is determined to be consistent with a fund's investment objectives. The subadvisor will evaluate and monitor the quality of all investments, including lower-rated bonds, and will dispose of these bonds as determined to be necessary to assure that the fund's portfolio is constituted in a manner consistent with these objectives. To the extent that a fund's investments in lower-rated municipal bonds emphasize obligations believed to be consistent with the goal of preserving capital, these obligations may not provide yields as high as those of other obligations having these ratings, and the differential in yields between these bonds and obligations with higher quality ratings may not be as significant as might otherwise be generally available. The Prospectus for certain funds includes additional information regarding a fund's ability to invest in lower-rated debt obligations under "Principal investment strategies."

**Preferred Stocks**

Preferred stock generally has a preference to dividends and, upon liquidation, over an issuer's common stock but ranks junior to debt securities in an issuer's capital structure. Preferred stock generally pays dividends in cash (or additional shares of preferred stock) at a defined rate but, unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer's board of directors. Dividends on preferred stock may be cumulative, meaning that, in the event the issuer fails to make one or more dividend payments on the preferred stock, no dividends may be paid on the issuer's common stock until all unpaid preferred stock dividends have been paid. Preferred stock also may be subject to optional or mandatory redemption provisions.

**Repurchase Agreements, Reverse Repurchase Agreements, and Sale-Buybacks**

Repurchase agreements are arrangements involving the purchase of an obligation and the simultaneous agreement to resell the same obligation on demand or at a specified future date and at an agreed-upon price. A repurchase agreement can be viewed as a loan made by a fund to the seller of the obligation with such obligation serving as collateral for the seller's agreement to repay the amount borrowed with interest. Repurchase agreements provide the opportunity to earn a return on cash that is only temporarily available. Repurchase agreements may be entered with banks, brokers, or dealers. However, a repurchase agreement will only be entered with a broker or dealer if the broker or dealer agrees to deposit additional collateral should the value of the obligation purchased decrease below the resale price.

Generally, repurchase agreements are of a short duration, often less than one week but on occasion for longer periods. Securities subject to repurchase agreements will be valued every business day and additional collateral will be requested if necessary so that the value of the collateral is at least equal to the value of the repurchase obligation, including the interest accrued thereon.

A subadvisor shall engage in a repurchase agreement transaction only with those banks or broker dealers who meet the subadvisor's quantitative and qualitative criteria regarding creditworthiness, asset size and collateralization requirements. The Advisor also may engage in repurchase agreement transactions on behalf of the funds. The counterparties to a repurchase agreement transaction are limited to a:

● Federal Reserve System member bank;

● primary government securities dealer reporting to the Federal Reserve Bank of New York's Market Reports Division; or

● broker dealer that reports U.S. government securities positions to the Federal Reserve Board.

A fund also may participate in repurchase agreement transactions utilizing the settlement services of clearing firms that meet the subadvisors' creditworthiness requirements.

The Advisor and the subadvisors will continuously monitor repurchase agreement transactions to ensure that the collateral held with respect to a repurchase agreement equals or exceeds the amount of the obligation.

The risk of a repurchase agreement transaction is limited to the ability of the seller to pay the agreed-upon sum on the delivery date. In the event of bankruptcy or other default by the seller, the instrument purchased may decline in value, interest payable on the instrument may be lost and there may be possible difficulties and delays in obtaining collateral and delays and expense in liquidating the instrument. If an issuer of a repurchase agreement fails to repurchase the underlying obligation, the loss, if any, would be the difference between the repurchase price and the underlying obligation's market value. A fund also might incur certain costs in liquidating the underlying obligation. Moreover, if bankruptcy or other insolvency proceedings are commenced with respect to the seller, realization upon the underlying obligation might be delayed or limited.

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Under a reverse repurchase agreement, a fund sells a debt security and agrees to repurchase it at an agreed-upon time and at an agreed-upon price. The fund retains record ownership of the security and the right to receive interest and principal payments thereon. At an agreed-upon future date, the fund repurchases the security by remitting the proceeds previously received, plus interest. The difference between the amount the fund receives for the security and the amount it pays on repurchase is payment of interest. In certain types of agreements, there is no agreed-upon repurchase date and interest payments are calculated daily, often based on the prevailing overnight repurchase rate. A reverse repurchase agreement may be considered a form of leveraging and may, therefore, increase fluctuations in a fund's net asset value per share.

A fund may effect simultaneous purchase and sale transactions that are known as "sale-buybacks." A sale-buyback is similar to a reverse repurchase agreement, except that in a sale-buyback, the counterparty that purchases the security is entitled to receive any principal or interest payments made on the underlying security pending settlement of the fund's repurchase of the underlying security.

Subject to the requirements noted under "Government Regulation of Derivatives", a fund will either treat reverse repurchase agreements and similar financings, including sale-buybacks, as derivatives subject to the Derivatives Rule limitations or not as derivatives and treat reverse repurchase agreements and similar financings transactions as senior securities equivalent to bank borrowings subject to asset coverage requirements of Section 18 of the 1940 Act. A fund will ensure that its repurchase agreement transactions are "fully collateralized" by maintaining in a custodial account cash, Treasury bills, other U.S. government securities, or certain other liquid assets having an aggregate value at least equal to the amount of such commitment to repurchase including accrued interest, until payment is made.

**Foreign Repurchase Agreements**

Foreign repurchase agreements involve an agreement to purchase a foreign security and to sell that security back to the original seller at an agreed-upon price in either U.S. dollars or foreign currency. Unlike typical U.S. repurchase agreements, foreign repurchase agreements may not be fully collateralized at all times. The value of a security purchased may be more or less than the price at which the counterparty has agreed to repurchase the security. In the event of default by the counterparty, a fund may suffer a loss if the value of the security purchased is less than the agreed-upon repurchase price, or if it is unable to successfully assert a claim to the collateral under foreign laws. As a result, foreign repurchase agreements may involve higher credit risks than repurchase agreements in U.S. markets, as well as risks associated with currency fluctuations. In addition, as with other emerging market investments, repurchase agreements with counterparties located in emerging markets, or relating to emerging markets, may involve issuers or counterparties with lower credit ratings than typical U.S. repurchase agreements.

**Restricted Securities**

A fund may invest in "restricted securities," which generally are securities that may be resold to the public only pursuant to an effective registration statement under the 1933 Act or an exemption from registration. Regulation S under the 1933 Act is an exemption from registration that permits, under certain circumstances, the resale of restricted securities in offshore transactions, subject to certain conditions, and Rule 144A under the 1933 Act is an exemption that permits the resale of certain restricted securities to qualified institutional buyers.

Since its adoption by the SEC in 1990, Rule 144A has facilitated trading of restricted securities among qualified institutional investors. To the extent restricted securities held by a fund qualify under Rule 144A and an institutional market develops for those securities, the fund expects that it will be able to dispose of the securities without registering the resale of such securities under the 1933 Act. However, to the extent that a robust market for such 144A securities does not develop, or a market develops but experiences periods of illiquidity, investments in Rule 144A securities could increase the level of a fund's illiquidity. A fund might have to register restricted securities in order to dispose of them, resulting in additional expense and delay. Adverse market conditions could impede such a public offering of securities.

There is a large institutional market for certain securities that are not registered under the 1933 Act, which may include markets for repurchase agreements, commercial paper, foreign securities, municipal securities, loans and corporate bonds and notes. Institutional investors depend on an efficient institutional market in which the unregistered security can be readily resold or on an issuer's ability to honor a demand for repayment. The fact that there are contractual or legal restrictions on resale to the general public or to certain institutions may not be indicative of the liquidity of such investments.

**Short Sales**

A fund may engage in short sales and short sales "against the box." In a short sale against the box, a fund borrows securities from a broker-dealer and sells the borrowed securities, and at all times during the transaction, a fund either owns or has the right to acquire the same securities at no extra cost. If the price of the security has declined at the time a fund is required to deliver the security, a fund will benefit from the difference in the price. If the price of a security has increased, the funds will be required to pay the difference.

In addition, a fund may sell a security it does not own in anticipation of a decline in the market value of that security (a "short sale"). To complete such a transaction, a fund must borrow the security to make delivery to the buyer. The fund is then obligated to replace the security borrowed by purchasing it at market price at the time of replacement. The price at such time may be more or less than the price at which the security was sold by the fund. Until the security is replaced, the fund is required to pay the lender any dividends or interest which accrues during the period of the loan. To borrow the security, the fund also may be required to pay a premium, which would increase the cost of the security sold. The proceeds of the short sale are typically retained by the broker to meet margin requirements until the short position is closed out. Please see "Government Regulation of Derivatives" section for additional information.

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A fund will incur a loss as a result of the short sale if the price of the security increases between the date of the short sale and the date on which the fund replaced the borrowed security and theoretically the fund's loss could be unlimited. A fund will generally realize a gain if the security declines in price between those dates. This result is the opposite of what one would expect from a cash purchase of a long position in a security. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of any premium, dividends or interest the fund may be required to pay in connection with a short sale. Short selling may amplify changes in a fund's net asset value. Short selling also may produce higher than normal portfolio turnover, which may result in increased transaction costs to a fund.

**Short-Term Trading**

Short-term trading means the purchase and subsequent sale of a security after it has been held for a relatively brief period of time. If and to the extent consistent with and permitted by its investment objective and policies, a fund may engage in short-term trading in response to stock market conditions, changes in interest rates or other economic trends and developments, or to take advantage of yield disparities between various fixed-income securities in order to realize capital gains or improve income. Short-term trading may have the effect of increasing portfolio turnover rate. A high rate of portfolio turnover (100% or greater) involves correspondingly greater brokerage transaction expenses and may make it more difficult for a fund to qualify as a RIC for federal income tax purposes (for additional information about qualification as a RIC under the Code, see "Additional Information Concerning Taxes" in this SAI). See specific fund details in the "Portfolio Turnover" section of this SAI.

**Sovereign Debt Obligations**

Sovereign debt obligations are issued or guaranteed by foreign governments or their agencies. Sovereign debt may be in the form of conventional securities or other types of debt instruments such as loan or loan participations. Typically, sovereign debt of developing countries may involve a high degree of risk and may be in default or present the risk of default, however, sovereign debt of developed countries also may involve a high degree of risk and may be in default or present the risk of default. Governments rely on taxes and other revenue sources to pay interest and principal on their debt obligations, and governmental entities responsible for repayment of the debt may be unable or unwilling to repay principal and pay interest when due and may require renegotiation or rescheduling of debt payments. The payment of principal and interest on these obligations may be adversely affected by a variety of factors, including economic results, changes in interest and exchange rates, changes in debt ratings, a limited tax base or limited revenue sources, natural disasters, or other economic or credit problems. In addition, prospects for repayment and payment of interest may depend on political as well as economic factors. Defaults in sovereign debt obligations, or the perceived risk of default, also may impair the market for other securities and debt instruments, including securities issued by banks and other entities holding such sovereign debt, and negatively impact the funds.

**Standby Commitment Agreements**

Standby commitment agreements are agreements that obligate a party, for a set period of time, to buy a certain amount of a security that may be issued and sold at the option of the issuer. The price of a security purchased pursuant to a standby commitment agreement is set at the time of the agreement. In return for its promise to purchase the security, a fund receives a commitment fee based upon a percentage of the purchase price of the security. The fund receives this fee whether or not it is ultimately required to purchase the security. There is no guarantee that the securities subject to a standby commitment agreement will be issued or, if such securities are issued, the value of the securities on the date of issuance may be more or less than the purchase price. A fund will limit its investments in standby commitment agreements with remaining terms exceeding seven days pursuant to the limitation on investments in illiquid securities. A fund will record the purchase of a standby commitment agreement, and will reflect the value of the security in the fund's net asset value, on the date on which the security can reasonably be expected to be issued.

**Trade Claims**

The funds may purchase trade claims and similar obligations or claims against companies in bankruptcy proceedings. Trade claims are non-securitized rights of payment arising from obligations that typically arise when vendors and suppliers extend credit to a company by offering payment terms for products and services. If the company files for bankruptcy, payments on these trade claims stop and the claims are subject to compromise along with the other debts of the company. Trade claims may be purchased directly from the creditor or through brokers. There is no guarantee that a debtor will ever be able to satisfy its trade claim obligations. Trade claims are subject to the risks associated with low-quality obligations.

**U.S. Government and Government Agency Obligations**

**U.S. Government Obligations.** U.S. government obligations are debt securities issued or guaranteed as to principal or interest by the U.S. Treasury. These securities include treasury bills, notes and bonds.

**GNMA Obligations.** GNMA obligations are mortgage-backed securities guaranteed by the GNMA, which guarantee is supported by the full faith and credit of the U.S. government.

**U.S. Agency Obligations.** U.S. government agency obligations are debt securities issued or guaranteed as to principal or interest by an agency or instrumentality of the U.S. government pursuant to authority granted by Congress. U.S. government agency obligations include, but are not limited to:

● SLMA;

● FHLBs;

● FICBs; and

● Fannie Mae.

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**U.S. Instrumentality Obligations.** U.S. instrumentality obligations include, but are not limited to, those issued by the Export-Import Bank and Farmers Home Administration.

Some obligations issued or guaranteed by U.S. government agencies or instrumentalities are supported by the right of the issuer to borrow from the U.S. Treasury or the Federal Reserve Banks, such as those issued by FICBs. Others, such as those issued by Fannie Mae, FHLBs and Freddie Mac, are supported by discretionary authority of the U.S. government to purchase certain obligations of the agency or instrumentality. In addition, other obligations, such as those issued by the SLMA, are supported only by the credit of the agency or instrumentality. There also are separately traded interest components of securities issued or guaranteed by the U.S. Treasury.

No assurance can be given that the U.S. government will provide financial support for the obligations of such U.S. government-sponsored agencies or instrumentalities in the future, since it is not obligated to do so by law. In this SAI, "U.S. government securities" refers not only to securities issued or guaranteed as to principal or interest by the U.S. Treasury but also to securities that are backed only by their own credit and not the full faith and credit of the U.S. government.

It is possible that the availability and the marketability (liquidity) of the securities discussed in this section could be adversely affected by actions of the U.S. government to tighten the availability of its credit. In 2008, FHFA, an agency of the U.S. government, placed Fannie Mae and Freddie Mac into conservatorship, a statutory process with the objective of returning the entities to normal business operations. The FHFA will act as the conservator to operate Fannie Mae and Freddie Mac until they are stabilized. It is unclear what effect this conservatorship will have on the securities issued or guaranteed by Fannie Mae or Freddie Mac.

**Variable and Floating Rate Obligations**

Investments in floating or variable rate securities normally will involve industrial development or revenue bonds, which provide that the rate of interest is set as a specific percentage of a designated base rate, such as rates of Treasury Bonds or Bills or the prime rate at a major commercial bank. In addition, a bondholder can demand payment of the obligations on behalf of the investing fund on short notice at par plus accrued interest, which amount may be more or less than the amount the bondholder paid for them. The maturity of floating or variable rate obligations (including participation interests therein) is deemed to be the longer of: (i) the notice period required before a fund is entitled to receive payment of the obligation upon demand; or (ii) the period remaining until the obligation's next interest rate adjustment. If not redeemed by the investor through the demand feature, the obligations mature on a specified date, which may range up to thirty years from the date of issuance.

**Warrants**

Warrants may trade independently of the underlying securities. Warrants are rights to purchase securities at specific prices and are valid for a specific period of time. Warrant prices do not necessarily move parallel to the prices of the underlying securities, and warrant holders receive no dividends and have no voting rights or rights with respect to the assets of an issuer. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. Warrants cease to have value if not exercised prior to the expiration date. These factors can make warrants more speculative than other types of investments.

**When-Issued/Delayed Delivery/Forward Commitment Securities**

A fund may purchase or sell securities on a "when-issued," "delayed-delivery" or "forward commitment" basis. When-issued, delayed-delivery or forward-commitment transactions involve a commitment to purchase or sell securities at a predetermined price or yield in which payment and delivery take place after the customary settlement for such securities (which is typically one month or more after trade date). When purchasing securities in one of these types of transactions, payment for the securities is not required until the delivery date, however, the purchaser assumes the rights and risks of ownership, including the risks of price and yield fluctuations and the risk that the security will not be delivered. When a fund has sold securities pursuant to one of these transactions, it will not participate in further gains or losses with respect to that security. At the time of delivery, the value of when-issued, delayed-delivery or forward commitment securities may be more or less than the transaction price, and the yields then available in the market may be higher or lower than those obtained in the transaction.

Under normal circumstances, when a fund purchases securities on a when-issued or forward commitment basis, it will take delivery of the securities, but a fund may, if deemed advisable, sell the securities before the settlement date. Forward contracts may settle in cash between the counterparty and the fund or by physical settlement of the underlying securities, and a fund may renegotiate or roll over a forward commitment transaction. In general, a fund does not pay for the securities, or start earning interest on them, or deliver or take possession of securities until the obligations are scheduled to be settled. In such transactions, no cash changes hands on the trade date, however, if the transaction is collateralized, the exchange of margin may take place between the fund and the counterparty according to an agreed-upon schedule. A fund does, however, record the transaction and reflect the value each day of the securities in determining its NAV.

When-issued or forward settling securities transactions physically settling within 35-days are deemed not to involve a senior security. When-issued or forward settling securities transactions that do not physically settle within 35-days are required to be treated as derivatives transactions in compliance with the Derivatives Rule as outlined in the "Government Regulation of Derivatives" section.

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**Yield Curve Notes**

Inverse floating rate securities include, but are not limited to, an inverse floating rate class of a government agency-issued yield curve note. A yield curve note is a fixed-income security that bears interest at a floating rate that is reset periodically based on an interest rate benchmark. The interest rate resets on a yield curve note in the opposite direction from the interest rate benchmark.

**Zero Coupon Securities, Deferred Interest Bonds and Pay-In-Kind Bonds**

Zero coupon securities, deferred interest bonds and pay-in-kind bonds involve special risk considerations. Zero coupon securities and deferred interest bonds are debt securities that pay no cash income but are sold at substantial discounts from their value at maturity. While zero coupon bonds do not require the periodic payment of interest, deferred interest bonds provide for a period of delay before the regular payment of interest begins. When a zero coupon security or a deferred interest bond is held to maturity, its entire return, which consists of the amortization of discount, comes from the difference between its purchase price and its maturity value. This difference is known at the time of purchase, so that investors holding these securities until maturity know at the time of their investment what the return on their investment will be. Pay-in-kind bonds are bonds that pay all or a portion of their interest in the form of debt or equity securities.

Zero coupon securities, deferred interest bonds and pay-in-kind bonds are subject to greater price fluctuations in response to changes in interest rates than ordinary interest-paying debt securities with similar maturities. The value of zero coupon securities and deferred interest bonds usually appreciates during periods of declining interest rates and usually depreciates during periods of rising interest rates.

**Issuers of Zero Coupon Securities and Pay-In-Kind Bonds.** Zero coupon securities and pay-in-kind bonds may be issued by a wide variety of corporate and governmental issuers. Although zero coupon securities and pay-in-kind bonds are generally not traded on a national securities exchange, these securities are widely traded by brokers and dealers and, to the extent they are widely traded, will not be considered illiquid for the purposes of the investment restriction under "Illiquid Securities."

**Tax Considerations.** Current federal income tax law requires the holder of a zero coupon security or certain pay-in-kind bonds to accrue income with respect to these securities prior to the receipt of cash payments. To maintain its qualification as a RIC under the Code and avoid liability for federal income and excise taxes, a fund may be required to distribute income accrued with respect to these securities and may have to dispose of portfolio securities under disadvantageous circumstances in order to generate cash to satisfy these distribution requirements.

**Risk Factors**

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The risks of investing in certain types of securities are described below. Risks are only applicable to a fund if and to the extent that corresponding investments, or indirect exposures to such investments through derivative contracts, are consistent with and permitted by the fund's investment objectives and policies. The value of an individual security or a particular type of security can be more volatile than the market as a whole and can perform differently than the value of the market as a whole. By owning shares of the underlying funds, each fund of funds indirectly invests in the securities and instruments held by the underlying funds and bears the same risks of such underlying funds.

**Bank Capital Securities**

Bank capital securities are issued by banks to help fulfill their regulatory capital requirements. Bank capital securities are issued by banks to help fulfill their regulatory capital requirements. There are two common types of bank capital: Tier I and Tier II. Bank capital is generally, but not always, of investment grade quality. Tier I securities often take the form of trust preferred securities. Tier II securities are commonly thought of as hybrids of debt and preferred stock, are often perpetual (with no maturity date), callable and, under certain conditions, allow for the issuer bank to withhold payment of interest until a later date.

**Cash Holdings Risk**

A fund may be subject to delays in making investments when significant purchases or redemptions of fund shares cause the fund to have an unusually large cash position. When the fund has a higher than normal cash position, it may incur "cash drag," which is the opportunity cost of holding a significant cash position. This significant cash position might cause the fund to miss investment opportunities it otherwise would have benefited from if fully invested, or might cause the fund to pay more for investments in a rising market, potentially reducing fund performance.

**Collateralized Debt Obligations**

The risks of an investment in a CDO depend largely on the quality of the collateral securities and the class of the instrument in which a fund invests. Normally, CDOs are privately offered and sold, and thus, are not registered under the securities laws. As a result, investments in CDOs may be characterized by a fund as illiquid, however an active dealer market may exist for CDOs allowing them to qualify for treatment as liquid under Rule 144A transactions. In addition to the normal risks associated with fixed-income securities discussed elsewhere in this SAI and the Prospectus (e.g., interest rate risk and default risk), CDOs carry risks including, but are not limited to the possibility that: (i) distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) a fund may invest in CDO classes that are subordinate to other classes of the CDO; and (iv) the complex structure of the CDO may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

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**Equity Securities**

Equity securities include common, preferred and convertible preferred stocks and securities the values of which are tied to the price of stocks, such as rights, warrants and convertible debt securities. Common and preferred stocks represent equity ownership in a company. Stock markets are volatile. The price of equity securities will fluctuate and can decline and reduce the value of a fund's investment in equities. The price of equity securities fluctuates based on changes in a company's financial condition and overall market and economic conditions. The value of equity securities purchased by a fund could decline if the financial condition of the issuers of these securities declines or if overall market and economic conditions deteriorate. Even funds that invest in high quality or "blue chip" equity securities or securities of established companies with large market capitalizations (which generally have strong financial characteristics) can be negatively impacted by poor overall market and economic conditions. Companies with large market capitalizations also may have less growth potential than smaller companies and may be able to react less quickly to change in the marketplace.

**ESG Integration Risk**

Certain subadvisors may integrate research on environmental, social and governance ("ESG") factors into a fund's investment process. Such subadvisors may consider ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing a fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by a subadvisor, carries the risk that a fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria. Integration of ESG factors into a fund's investment process may result in a subadvisor making different investment decisions for a fund than for a fund with a similar investment universe and/or investment style that does not incorporate such considerations in its investment strategy or processes, and a fund's investment performance may be affected. Integration of ESG factors into a fund's investment process does not preclude a fund from including companies with low ESG characteristics or excluding companies with high ESG characteristics in a fund's investments.

The ESG characteristics utilized in a fund's investment process may change over time, and different ESG characteristics may be relevant to different investments. Successful integration of ESG factors will depend on a subadvisor's skill in researching, identifying, and applying these factors, as well as on the availability of relevant data. The method of evaluating ESG factors and subsequent impact on portfolio composition, performance, proxy voting decisions and other factors, is subject to the interpretation of a subadvisor in accordance with the fund's investment objective and strategies. ESG factors may be evaluated differently by different subadvisors, and may not carry the same meaning to all investors and subadvisors. The regulatory landscape with respect to ESG investing in the United States is evolving and any future rules or regulations may require a fund to change its investment process with respect to ESG integration.

**European Risk**

Countries in Europe may be significantly affected by fiscal and monetary controls implemented by the EU and EMU, which require member countries to comply with restrictions on inflation rates, deficits, interest rates, debt levels and fiscal and monetary controls. Decreasing imports or exports, changes in governmental or other regulations on trade, changes in the exchange rate or dissolution of the Euro, the default or threat of default by one or more EU member countries on its sovereign debt, and/or an economic recession in one or more EU member countries may have a significant adverse effect on other European economies and major trading partners outside Europe.

In recent years, the European financial markets have experienced volatility and adverse trends due to concerns about economic downturns, rising government debt levels and the possible default of government debt in several European countries. The European Central Bank and IMF have previously bailed-out several European countries. There is no guarantee that these institutions will continue to provide financial support, and markets may react adversely to any reduction in financial support. A default or debt restructuring by any European country can adversely impact holders of that country's debt and sellers of credit default swaps linked to that country's creditworthiness, which may be located in countries other than those listed above, and can affect exposures to other EU countries and their financial companies as well.

Uncertainties surrounding the sovereign debt of a number of EU countries and the viability of the EU have disrupted and may in the future disrupt markets in the United States and around the world. If one or more countries leave the EU, as the UK did in January of 2020 (commonly referred to as "Brexit"), or the EU dissolves, the global securities markets likely will be significantly disrupted. It is also possible that various countries within the UK, such as Scotland or Northern Ireland, could seek to separate and remain a part of the EU. Other secessionist movements including countries seeking to abandon the Euro or withdraw from the EU may cause volatility and uncertainty in the EU.

The UK has one of the largest economies in Europe and is a major trading partner with the EU countries and the United States. The UK's economy, which is heavily dominated by financial services, may be impacted by a slowdown in the financial services sector.

Investing in the securities of Eastern European issuers is highly speculative and involves risks not usually associated with investing in the more developed markets of Western Europe. Securities markets of Eastern European countries typically are less efficient and have lower trading volume, lower liquidity, and higher volatility than more developed markets. Eastern European economies also may be particularly susceptible to disruption in the international credit market due to their reliance on bank related inflows of capital.

To the extent that a fund invests in European securities, it may be exposed to these risks through its direct investments in such securities, including sovereign debt, or indirectly through investments in money market funds and financial institutions with significant investments in such securities. In addition, Russia's increasing international assertiveness could negatively impact EU and Eastern European economic activity. Please see "Market Events" for additional information regarding risks related to sanctions imposed on Russia.

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**Fixed-Income Securities**

Fixed-income securities are generally subject to two principal types of risk: (1) interest-rate risk; and (2) credit quality risk. Fixed-income securities are also subject to liquidity risk.

**Interest Rate Risk.** Fixed-income securities are affected by changes in interest rates. When interest rates decline, the market value of the fixed-income securities generally can be expected to rise. Conversely, when interest rates rise, the market value of fixed-income securities generally can be expected to decline.

The longer a fixed-income security's duration, the more sensitive it will be to changes in interest rates. Similarly, a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates that incorporates a security's yield, coupon, final maturity, and call features, among other characteristics. All other things remaining equal, for each one percentage point increase in interest rates, the value of a portfolio of fixed-income investments would generally be expected to decline by one percent for every year of the portfolio's average duration above zero. For example, the price of a bond fund with an average duration of eight years would be expected to fall approximately 8% if interest rates rose by one percentage point. The maturity of a security, another commonly used measure of price sensitivity, measures only the time until final payment is due, whereas duration takes into account the pattern of all payments of interest and principal on a security over time, including how these payments are affected by prepayments and by changes in interest rates, as well as the time until an interest rate is reset (in the case of variable-rate securities).

In response to certain economic conditions, including periods of high inflation, governmental authorities and regulators may respond with significant fiscal and monetary policy changes such as raising interest rates. The fund may be subject to heightened interest rate risk when the Federal Reserve Board (Fed) raises interest rates. Recent and potential future changes in government monetary policy may affect interest rates. It is difficult to accurately predict the timing, frequency or magnitude of potential interest rate increases or decreases by the Fed and the evaluation of macro-economic and other conditions that could cause a change in approach in the future. If the Fed and other central banks increase the federal funds rate and equivalent rates, such increases generally will cause market interest rates to rise, and could cause the value of a fund's investments, and the fund's NAV, to decline, potentially suddenly and significantly. As a result, the fund may experience high redemptions and, as a result, increased portfolio turnover, which could increase the costs that the fund incurs and may negatively impact the fund's performance.

A sharp and unexpected rise in interest rates could impair Money Market Trust's ability to maintain a stable net asset value. A low interest rate environment may prevent Money Market Trust from providing a positive yield to shareholders or paying fund expenses out of fund assets and could impair the fund's ability to maintain a stable net asset value.

In certain market conditions, governmental authorities and regulators may considerably lower interest rates, which, in some cases could result in negative interest rates. These actions, including their reversal or potential ineffectiveness, could further increase volatility in securities and other financial markets and reduce market liquidity. To the extent the fund has a bank deposit or holds a debt instrument with a negative interest rate to maturity, the fund would generate a negative return on that investment. Similarly, negative rates on investments by money market funds and similar cash management products could lead to losses on investments, including on investments of the fund's uninvested cash.

**Credit Quality Risk.** Fixed-income securities are subject to the risk that the issuer of the security will not repay all or a portion of the principal borrowed and will not make all interest payments. If the credit quality of a fixed-income security deteriorates after a fund has purchased the security, the market value of the security may decrease and lead to a decrease in the value of the fund's investments. Funds that may invest in lower rated fixed-income securities are riskier than funds that may invest in higher rated fixed-income securities.

**Liquidity Risk.** Liquidity risk may result from the lack of an active market, the reduced number of traditional market participants, or the reduced capacity of traditional market participants to make a market in fixed-income securities. The capacity of traditional dealers to engage in fixed-income trading has not kept pace with the bond market's growth. As a result, dealer inventories of corporate bonds, which indicate the ability to "make markets," i.e., buy or sell a security at the quoted bid and ask price, respectively, are at or near historic lows relative to market size. Because market makers provide stability to fixed-income markets, the significant reduction in dealer inventories could lead to decreased liquidity and increased volatility, which may become exacerbated during periods of economic or political stress. In addition, liquidity risk may be magnified in a rising interest rate environment in which investor redemptions from fixed-income funds may be higher than normal; the selling of fixed-income securities to satisfy shareholder redemptions may result in an increased supply of such securities during periods of reduced investor demand due to a lack of buyers, thereby impairing the fund's ability to sell such securities. The secondary market for certain tax-exempt securities tends to be less well-developed or liquid than many other securities markets, which may adversely affect a fund's ability to sell such securities at attractive prices.

**Floating Rate Loans Risk**

Floating rate loans are generally rated below investment-grade, or if unrated, determined by the manager to be of comparable quality. They are generally considered speculative because they present a greater risk of loss, including default, than higher quality debt instruments. Such investments may, under certain circumstances, be particularly susceptible to liquidity and valuation risks. Although certain floating rate loans are collateralized, there is no guarantee that the value of the collateral will be sufficient or available to satisfy the borrower's obligation. In times of unusual or adverse market, economic or political conditions, floating rate loans may experience higher than normal default rates. In the event of a serious credit event the value of the fund's investments in floating rate loans are more likely to decline. The secondary market for floating rate loans is limited and, therefore, the fund's ability to sell or realize the full value of its investment in these loans to reinvest sale proceeds or to meet redemption obligations may be impaired. In addition, floating rate loans generally are subject to extended settlement periods that may be longer than seven days. As a result, the fund may be

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adversely affected by selling other investments at an unfavorable time and/or under unfavorable conditions to meet redemption requests or pursue other investment opportunities. In addition, certain floating rate loans may be "covenant-lite" loans that may contain fewer or less restrictive covenants on the borrower or may contain other borrower-friendly characteristics. The fund may experience relatively greater difficulty or delays in enforcing its rights on its holdings of certain covenant-lite loans and debt securities than its holdings of loans or securities with the usual covenants.

In certain circumstances, floating rate loans may not be deemed to be securities. As a result, the fund may not have the protection of the anti-fraud provisions of the federal securities laws. In such cases, the fund generally must rely on the contractual provisions in the loan agreement and common-law fraud protections under applicable state law.

**Foreign Securities**

**Currency Fluctuations.** Investments in foreign securities may cause a fund to lose money when converting investments from foreign currencies into U.S. dollars. A fund may attempt to lock in an exchange rate by purchasing a foreign currency exchange contract prior to the settlement of an investment in a foreign security. However, the fund may not always be successful in doing so, and it could still lose money.

**Political and Economic Conditions.** Investments in foreign securities subject a fund to the political or economic conditions of the foreign country. These conditions could cause a fund's investments to lose value if these conditions deteriorate for any reason. This risk increases in the case of emerging market countries which are more likely to be politically unstable. Political instability could cause the value of any investment in the securities of an issuer based in a foreign country to decrease or could prevent or delay a fund from selling its investment and taking the money out of the country.

**Removal of Proceeds of Investments from a Foreign Country.** Foreign countries, especially emerging market countries, often have currency controls or restrictions that may prevent or delay a fund from taking money out of the country or may impose additional taxes on money removed from the country. Therefore, a fund could lose money if it is not permitted to remove capital from the country or if there is a delay in taking the assets out of the country, since the value of the assets could decline during this period, or the exchange rate to convert the assets into U.S. dollars could worsen.

**Nationalization of Assets.** Investments in foreign securities subject a fund to the risk that the company issuing the security may be nationalized. If the company is nationalized, the value of the company's securities could decrease in value or even become worthless.

**Settlement of Sales.** Foreign countries, especially emerging market countries, also may have problems associated with settlement of sales. Such problems could cause a fund to suffer a loss if a security to be sold declines in value while settlement of the sale is delayed.

**Investor Protection Standards.** Foreign countries, especially emerging market countries, may have less stringent investor protection and disclosure standards than the U.S. Therefore, when making a decision to purchase a security for a fund, a subadvisor may not be aware of problems associated with the company issuing the security and may not enjoy the same legal rights as those provided in the U.S.

**Securities of Emerging Market Issuers or Countries.** The risks described above apply to an even greater extent to investments in emerging markets. The securities markets of emerging countries are generally smaller, less developed, less liquid, and more volatile than the securities markets of the United States and developed foreign countries. In addition, the securities markets of emerging countries may be subject to a lower level of monitoring and regulation. Government enforcement of existing securities regulations also has been extremely limited, and any such enforcement may be arbitrary and the results difficult to predict with any degree of certainty. Many emerging countries have experienced substantial, and in some periods extremely high, rates of inflation for many years. Inflation and rapid fluctuations in inflation rates have had and may continue to have very negative effects on the economies and securities markets of some emerging countries. Economies in emerging markets generally are heavily dependent upon international trade and, accordingly, have been and may continue to be affected adversely by trade barriers, exchange controls, managed adjustments in relative currency values, and other protectionist measures imposed or negotiated by the countries with which they trade. Economies in emerging markets also have been and may continue to be adversely affected by economic conditions in the countries with which they trade. The economies of countries with emerging markets also may be predominantly based on only a few industries or dependent on revenues from particular commodities. In many cases, governments of emerging market countries continue to exercise significant control over their economies, and government actions relative to the economy, as well as economic developments generally, may affect the capacity of issuers of debt instruments to make payments on their debt obligations, regardless of their financial condition.

**Restrictions on Investments.** There may be unexpected restrictions on investments in companies located in certain foreign countries. For example, on November 12, 2020, the President of the United States signed an Executive Order prohibiting U.S. persons from purchasing or investing in publicly-traded securities of companies identified by the U.S. government as "Communist Chinese military companies," or in instruments that are derivative of, or are designed to provide investment exposure to, such securities. In addition, to the extent that a fund holds such a security, one or more fund intermediaries may decline to process customer orders with respect to such fund unless and until certain representations are made by the fund or the prohibited holdings are divested. As a result of forced sales of a security, or inability to participate in an investment the manager otherwise believes is attractive, a fund may incur losses.

**Gaming-Tribal Authority Investments**

The value of a fund's investments in securities issued by gaming companies, including gaming facilities operated by Indian (Native American) tribal authorities, is subject to legislative or regulatory changes, adverse market conditions, and/or increased competition affecting the gaming sector. Securities of gaming companies may be considered speculative, and generally exhibit greater volatility than the overall market. The market value of gaming company securities may fluctuate widely due to unpredictable earnings, due in part to changing consumer tastes and intense competition, strong reaction to technological developments, and the threat of increased government regulation.

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Securities issued by Indian tribal authorities are subject to particular risks. Indian tribes enjoy sovereign immunity, which is the legal privilege by which the United States federal, state, and tribal governments cannot be sued without their consent. In order to sue an Indian tribe (or an agency or instrumentality thereof), the tribe must have effectively waived its sovereign immunity with respect to the matter in dispute. Certain Indian tribal authorities have agreed to waive their sovereign immunity in connection with their outstanding debt obligations. Generally, waivers of sovereign immunity have been held to be enforceable against Indian tribes. Nevertheless, if a waiver of sovereign immunity is held to be ineffective, claimants, including investors in Indian tribal authority securities (such as a fund), could be precluded from judicially enforcing their rights and remedies.

Further, in most commercial disputes with Indian tribes, it may be difficult or impossible to obtain federal court jurisdiction. A commercial dispute may not present a federal question, and an Indian tribe may not be considered a citizen of any state for purposes of establishing diversity jurisdiction. The U.S. Supreme Court has held that jurisdiction in a tribal court must be exhausted before any dispute can be heard in an appropriate federal court. In cases where the jurisdiction of the tribal forum is disputed, the tribal court first must rule as to the limits of its own jurisdiction. Such jurisdictional issues, as well as the general view that Indian tribes are not considered to be subject to ordinary bankruptcy proceedings, may be disadvantageous to holders of obligations issued by Indian tribal authorities, including a fund.

**Greater China Region Risk**

Investments in the Greater China region are subject to special risks, such as less developed or less efficient trading markets, restrictions on monetary repatriation and possible seizure, nationalization or expropriation of assets. Taiwan's history of political contention with China has resulted in ongoing tensions between the two countries and, at times, threats of military conflict. Investments in Taiwan could be adversely affected by its political and economic relationship with China. In addition, the willingness of the government of the PRC to support the Mainland China and Hong Kong economies and markets is uncertain, and changes in government policy could significantly affect the markets in both Hong Kong and China. For example, a government may restrict investment in companies or industries considered important to national interests, intervene in contractual arrangements, or intervene in the financial markets, such as by imposing trading restrictions, or banning or curtailing short selling. The PRC also maintains strict currency controls and imposes repatriation restrictions in order to achieve economic, trade and political objectives and regularly intervenes in the currency market. The imposition of currency controls and repatriation restrictions may negatively impact the performance and liquidity of a fund as capital may become trapped in the PRC. Chinese yuan currency exchange rates can be very volatile and can change quickly and unpredictably. A small number of companies and industries may generally represent a relatively large portion of the Greater China market. Consequently, a fund may experience greater price volatility and significantly lower liquidity than a portfolio invested solely in equity securities of U.S. issuers. These companies and industries also may be subject to greater sensitivity to adverse political, economic or regulatory developments generally affecting the market (see "Risk Factors – Foreign Securities").

To the extent a fund invests in securities of Chinese issuers, it may be subject to certain risks associated with variable interest entities ("VIEs"). VIEs are widely used by China-based companies where China restricts or prohibits foreign ownership in certain sectors, including telecommunications, technology, media, and education. In a typical VIE structure, a shell company is set up in an offshore jurisdiction and enters into contractual arrangements with a China-based operating company. The VIE lists on a U.S. exchange and investors then purchase the stock issued by the VIE. The VIE structure is designed to provide investors with economic exposure to the Chinese company that replicates equity ownership, without providing actual equity ownership.

VIE structures do not offer the same level of investor protections as direct ownership and investors may experience losses if VIE structures are altered, contractual disputes emerge, or the legal status of the VIE structure is prohibited under Chinese law. VIEs have not been approved or endorsed by Chinese regulators. Additionally, significant portions of the Chinese securities markets may also become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities, and have shown a willingness to exercise that option in response to market volatility and other events.

The legal status of the VIE structure remains uncertain under Chinese law. There is risk that the Chinese government may cease to tolerate such VIE structures at any time or impose new restrictions on the structure, in each case either generally or with respect to specific issuers. If new laws, rules or regulations relating to VIE structures are adopted, investors, including a fund, could suffer substantial, detrimental, and possibly permanent losses with little or no recourse available.

In addition, VIEs may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements. Delisting would significantly decrease the liquidity and value of the securities of these companies, decrease the ability of a fund to invest in such securities and may increase the expenses of a fund if it is required to seek alternative markets in which to invest in such securities.

**High Yield (High Risk) Securities**

**General.** A fund may invest in high yield (high risk) securities, consistent with its investment objectives and policies. High yield (high risk) securities (also known as "junk bonds") are those rated below investment grade and comparable unrated securities. These securities offer yields that fluctuate over time, but generally are superior to the yields offered by higher-rated securities. However, securities rated below investment grade also have greater risks than higher-rated securities as described below. Investments in securities rated below-investment-grade that are eligible for purchase by certain funds are described as "speculative" by Moody's, S&P, and Fitch. Investment in lower rated corporate debt securities ("high yield securities" or "junk bonds") and securities of distressed companies generally provides greater income and increased opportunity for capital appreciation than investments in higher quality securities, but they also typically entail greater price volatility and principal and income risk. Securities of distressed companies include both debt and equity securities. High yield securities and debt securities of distressed companies are regarded as predominantly speculative

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with respect to the issuer's continuing ability to meet principal and interest payments. Issuers of high yield and distressed company securities may be involved in restructurings or bankruptcy proceedings that may not be successful. Analysis of the creditworthiness of issuers of debt securities that are high yield or debt securities of distressed companies may be more complex than for issuers of higher quality debt securities. High yield securities and debt securities of distressed companies may be more susceptible to real or perceived adverse economic and competitive industry conditions than investment grade securities. The prices of these securities have been found to be less sensitive to interest-rate changes than higher-rated investments, but more sensitive to adverse economic downturns or individual corporate developments. A projection of an economic downturn or of a period of rising interest rates, for example, could cause a decline in prices of high yield securities and debt securities of distressed companies because the advent of a recession could lessen the ability of a highly leveraged company to make principal and interest payments on its debt securities. If an issuer of securities defaults, in addition to risking payment of all or a portion of interest and principal, the funds, by investing in such securities, may incur additional expenses to seek recovery of their respective investments. In the case of securities structured as zero-coupon or pay-in-kind securities, their market prices are affected to a greater extent by interest rate changes, and therefore tend to be more volatile than securities which pay interest periodically and in cash. The funds seek to reduce these risks through diversification, credit analysis and attention to current developments and trends in both the economy and financial markets.

**Interest Rate Risk.** To the extent that a fund invests in fixed-income securities, the NAV of the fund's shares can be expected to change as general levels of interest rates fluctuate. However, the market values of securities rated below investment grade (and comparable unrated securities) tend to react less to fluctuations in interest rate levels than do those of higher-rated securities. Except to the extent that values are affected independently by other factors (such as developments relating to a specific issuer) when interest rates decline, the value of a fixed-income fund generally rise. Conversely, when interest rates rise, the value of a fixed-income fund will decline.

**Liquidity.** The secondary markets for high yield corporate and sovereign debt securities are not as liquid as the secondary markets for investment grade securities. The secondary markets for high yield debt securities are concentrated in relatively few market makers and participants are mostly institutional investors. In addition, the trading volume for high yield debt securities is generally lower than for investment grade securities. Furthermore, the secondary markets could contract under adverse market or economic conditions independent of any specific adverse changes in the condition of a particular issuer.

These factors may have an adverse effect on the ability of funds investing in high yield securities to dispose of particular portfolio investments. These factors also may limit funds that invest in high yield securities from obtaining accurate market quotations to value securities and calculate NAV. If a fund investing in high yield debt securities is not able to obtain precise or accurate market quotations for a particular security, it will be more difficult for the subadvisor to value the fund's investments.

Less liquid secondary markets also may affect a fund's ability to sell securities at their fair value. Each fund may invest in illiquid securities, subject to certain restrictions (see "Additional Investment Policies and Other Instruments"). These securities may be more difficult to value and to sell at fair value. If the secondary markets for high yield debt securities are affected by adverse economic conditions, the proportion of a fund's assets invested in illiquid securities may increase.

**Below-Investment Grade Corporate Debt Securities.** While the market values of securities rated below investment grade (and comparable unrated securities) tend to react less to fluctuations in interest rate levels than do those of higher-rated securities, the market values of below-investment grade corporate debt securities tend to be more sensitive to individual corporate developments and changes in economic conditions than higher-rated securities.

In addition, these securities generally present a higher degree of credit risk. Issuers of these securities are often highly leveraged and may not have more traditional methods of financing available to them. Therefore, their ability to service their debt obligations during an economic downturn or during sustained periods of rising interest rates may be impaired. The risk of loss due to default by such issuers is significantly greater than with investment grade securities because such securities generally are unsecured and frequently are subordinated to the prior payment of senior indebtedness.

**Below-Investment Grade Foreign Sovereign Debt Securities.** Investing in below-investment grade foreign sovereign debt securities will expose a fund to the consequences of political, social or economic changes in the developing and emerging market countries that issue the securities. The ability and willingness of sovereign obligors in these countries to pay principal and interest on such debt when due may depend on general economic and political conditions within the relevant country. Developing and emerging market countries have historically experienced (and may continue to experience) high inflation and interest rates, exchange rate trade difficulties, extreme poverty and unemployment. Many of these countries also are characterized by political uncertainty or instability.

The ability of a foreign sovereign obligor to make timely payments on its external debt obligations also will be strongly influenced by:

● the obligor's balance of payments, including export performance;

● the obligor's access to international credits and investments;

● fluctuations in interest rates; and

● the extent of the obligor's foreign reserves.

**Defaulted Securities.** The risk of loss due to default may be considerably greater with lower-quality securities because they are generally unsecured and are often subordinated to other debt of the issuer. The purchase of defaulted debt securities involves risks such as the possibility of complete loss of the investment where the issuer does not restructure to enable it to resume principal and interest payments. If the issuer of a security in a fund's

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portfolio defaults, the fund may have unrealized losses on the security, which may lower the fund's NAV. Defaulted securities tend to lose much of their value before they default. Thus, a fund's NAV may be adversely affected before an issuer defaults. In addition, a fund may incur additional expenses if it must try to recover principal or interest payments on a defaulted security.

Defaulted debt securities may be illiquid and, as such, will be part of the percentage limits on investments in illiquid securities discussed under "Illiquid Securities."

**Obligor's Balance of Payments.** A country whose exports are concentrated in a few commodities or whose economy depends on certain strategic imports could be vulnerable to fluctuations in international prices of these commodities or imports. To the extent that a country receives payment for its exports in currencies other than dollars, its ability to make debt payments denominated in dollars could be adversely affected.

**Obligor's Access to International Credits and Investments.** If a foreign sovereign obligor cannot generate sufficient earnings from foreign trade to service its external debt, it may need to depend on continuing loans and aid from foreign governments, commercial banks, and multilateral organizations, and inflows of foreign investment. The commitment on the part of these entities to make such disbursements may be conditioned on the government's implementation of economic reforms and/or economic performance and the timely service of its obligations. Failure in any of these efforts may result in the cancellation of these third parties' lending commitments, thereby further impairing the obligor's ability or willingness to service its debts on time.

**Obligor's Fluctuations in Interest Rates.** The cost of servicing external debt is generally adversely affected by rising international interest rates since many external debt obligations bear interest at rates that are adjusted based upon international interest rates.

**Obligor's Foreign Reserves.** The ability to service external debt also will depend on the level of the relevant government's international currency reserves and its access to foreign exchange. Currency devaluations may affect the ability of a sovereign obligor to obtain sufficient foreign exchange to service its external debt.

**The Consequences of a Default.** As a result of the previously listed factors, a governmental obligor may default on its obligations. If a default occurs, a fund holding foreign sovereign debt securities may have limited legal recourse against the issuer and/or guarantor. Remedies must, in some cases, be pursued in the courts of the defaulting party itself, and the ability of the holder of the foreign sovereign debt securities to obtain recourse may be subject to the political climate in the relevant country. In addition, no assurance can be given that the holders of commercial bank debt will not contest payments to the holders of other foreign sovereign debt obligations in the event of default under their commercial bank loan agreements.

Sovereign obligors in developing and emerging countries are among the world's largest debtors to commercial banks, other governments, international financial organizations and other financial institutions. These obligors have in the past experienced substantial difficulties in servicing their external debt obligations. This difficulty has led to defaults on certain obligations and the restructuring of certain indebtedness. Restructuring arrangements have included, among other things:

● reducing and rescheduling interest and principal payments by negotiating new or amended credit agreements or converting outstanding principal and unpaid interest to Brady Bonds; and

● obtaining new credit to finance interest payments.

Holders of certain foreign sovereign debt securities may be requested to participate in the restructuring of such obligations and to extend further loans to their issuers. There can be no assurance that the Brady Bonds and other foreign sovereign debt securities in which a fund may invest will not be subject to similar restructuring arrangements or to requests for new credit that may adversely affect the fund's holdings. Furthermore, certain participants in the secondary market for such debt may be directly involved in negotiating the terms of these arrangements and may therefore have access to information not available to other market participants.

**Securities in the Lowest Rating Categories.** Certain debt securities in which a fund may invest may have (or be considered comparable to securities having) the lowest ratings for non-subordinated debt instruments (e.g., securities rated "Caa" or lower by Moody's, "CCC" or lower by S&P or Fitch). These securities are considered to have the following characteristics:

● extremely poor prospects of ever attaining any real investment standing;

● current identifiable vulnerability to default;

● unlikely to have the capacity to pay interest and repay principal when due in the event of adverse business, financial or economic conditions;

● are speculative with respect to the issuer's capacity to pay interest and repay principal in accordance with the terms of the obligations; and/or

● are in default or not current in the payment of interest or principal.

Accordingly, it is possible that these types of characteristics could, in certain instances, reduce the value of securities held by a fund with a commensurate effect on the value of the fund's shares.

**Hong Kong Stock Connect Program and Bond Connect Program Risk**

A fund may invest in eligible renminbi-denominated class A shares of equity securities that are listed and traded on certain Chinese stock exchanges ("China A-Shares") through the Hong Kong Stock Connect Program ("Stock Connect"), a mutual market access program designed to, among others, enable foreign investment in the PRC; and in renminbi-denominated bonds issued in the PRC by Chinese credit, government and quasi-governmental

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issuers ("RMB Bonds"), which are available on the CIBM to eligible foreign investors through, among others, the "Mutual Bond Market Access between Mainland China and Hong Kong" ("Bond Connect") program.

Trading in China A-Shares through Stock Connect and bonds through Bond Connect is subject to certain restrictions and risks. A fund's investment in China A-Shares may only be traded through Stock Connect and is not otherwise transferable. The list of securities eligible to be traded on either program may change from time to time. Securities listed on either program may lose purchase eligibility, which could adversely affect a fund's performance.

While Stock Connect is not subject to individual investment quotas, daily and aggregate investment quotas apply to all Stock Connect participants, which may restrict or preclude a fund's ability to invest in China A-Shares. For example, these quota limitations require that buy orders for China A-Shares be rejected once the remaining balance of the relevant quota drops to zero or the daily quota is exceeded (although a fund will be permitted to sell China A-Shares regardless of the quota balance). These limitations may restrict a fund from investing in China A-Shares on a timely basis, which could affect a fund's ability to effectively pursue its investment strategy. Investment quotas are also subject to change. Bond Connect is not subject to investment quotas.

Chinese regulations prohibit over-selling of China A-Shares. If a fund intends to sell China A-shares it holds, it must transfer those securities to the accounts of a fund's participant broker before the market opens. As a result, a fund may not be able to dispose of its holdings of China A-Shares in a timely manner.

Stock Connect also is generally available only on business days when both the exchange on which China A-Shares are offered and the Stock Exchange of Hong Kong are open and when banks in both markets are open on the corresponding settlement days. Therefore, an investment in China A-Shares through Stock Connect may subject a fund to a risk of price fluctuations on days where Chinese stock markets are open, but Stock Connect is not operating. Similarly, Bond Connect is only available on days when markets in both China and Hong Kong are open, which may limit a fund's ability to trade when it would be otherwise attractive to do so.

Stock Connect launched in November 2014 and Bond Connect launched in July 2017. Therefore, trading through Stock Connect and Bond Connect is subject to trading, clearance, and settlement procedures that may continue to develop as the programs mature, which could pose risks to a fund. Bond Connect is relatively new and its effects on the CIBM are uncertain. In addition, the trading, settlement and information technology systems required for non-Chinese investors in Bond Connect are relatively new. In the event of systems malfunctions or extreme market conditions, trading via Bond Connect could be disrupted. In addition, the rules governing the operation of Stock Connect and Bond Connect may be subject to further interpretation and guidance. There can be no assurance as to the programs' continued existence or whether future developments regarding the programs may restrict or adversely affect a fund's investments or returns. Additionally, the withholding tax treatment of dividends, interest, and capital gains payable to overseas investors may be subject to change. Furthermore, there is currently no specific formal guidance by the PRC tax authorities on the treatment of income tax and other tax categories payable in respect of trading in CIBM by eligible foreign institutional investors via Bond Connect. Any changes in PRC tax law, future clarifications thereof, and/or subsequent retroactive enforcement by the PRC tax authorities of any tax may result in a material loss to a fund.

Stock Connect and Bond Connect regulations provide that investors, such as a fund, enjoy the rights and benefits of equities purchased through Stock Connect and bonds purchased through Bond Connect. However, the nominee structure under Stock Connect requires that China A-Shares be held through the HKSCC as nominee on behalf of investors. For investments via Bond Connect, the relevant filings, registration with People's Bank of China, and account opening have to be carried out via an onshore settlement agent, offshore custody agent, registration agent, or other third parties (as the case may be). As such, a fund is subject to the risks of default or errors on the part of such third parties.

While a fund's ownership of China A-Shares will be reflected on the books of the custodian's records, a fund will only have beneficial rights in such A-Shares. The precise nature and rights of a fund as the beneficial owner of the equities through the HKSCC as nominee is not well defined under the law of the PRC. Although the China Securities Regulatory Commission has issued guidance indicating that participants in Stock Connect will be able to exercise rights of beneficial owners in the PRC, the exact nature and methods of enforcement of the rights and interests of a fund under PRC law is uncertain. In particular, the courts may consider that the nominee or custodian as registered holder of China A-Shares, has full ownership over the securities rather than a fund as the underlying beneficial owner. The HKSCC, as nominee holder, does not guarantee the title to China A-Shares held through it and is under no obligation to enforce title or other rights associated with ownership on behalf of beneficial owners. Consequently, title to these securities, or the rights associated with them, such as participation in corporate actions or shareholder meetings, cannot be assured.

While certain aspects of the Stock Connect trading process are subject to Hong Kong law, PRC rules applicable to share ownership will apply. In addition, transactions using Stock Connect are not subject to the Hong Kong investor compensation fund, which means that a fund will be unable to make monetary claims on the investor compensation fund that it might otherwise be entitled to with respect to investments in Hong Kong securities. Other risks associated with investments in PRC securities apply fully to China A-Shares purchased through Stock Connect.

Similarly, in China, the Hong Kong Monetary Authority Central Money Markets Unit holds Bond Connect securities on behalf of ultimate investors (such as a fund) in accounts maintained with a China-based custodian (either the China Central Depository & Clearing Co. or the Shanghai Clearing House). This recordkeeping system subjects a fund to various risks, including the risk that a fund may have a limited ability to enforce rights as a bondholder and the risks of settlement delays and counterparty default of the Hong Kong sub-custodian. In addition, enforcing the ownership rights of a beneficial holder of Bond Connect securities is untested and courts in China have limited experience in applying the concept of beneficial ownership.

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China A-Shares traded via Stock Connect and bonds trading through Bond Connect are subject to various risks associated with the legal and technical framework of Stock Connect and Bond Connect, respectively. In the event that the relevant systems fail to function properly, trading through Stock Connect or Bond Connect could be disrupted. In the event of high trade volume or unexpected market conditions, Stock Connect and Bond Connect may be available only on a limited basis, if at all. Both the PRC and Hong Kong regulators are permitted, independently of each other, to suspend Stock Connect in response to certain market conditions. Similarly, in the event that the relevant Mainland Chinese authorities suspend account opening or trading on the CIBM via Bond Connect, a fund's ability to invest in Chinese bonds will be adversely affected and limited. In such event, a fund's ability to achieve its investment objective will be negatively affected and, after exhausting other trading alternatives, a fund may suffer substantial losses as a result.

**Hybrid Instruments**

The risks of investing in hybrid instruments are a combination of the risks of investing in securities, options, futures, swaps, and currencies. Therefore, an investment in a hybrid instrument may include significant risks not associated with a similar investment in a traditional debt instrument with a fixed principal amount, is denominated in U.S. dollars, or that bears interest either at a fixed rate or a floating rate determined by reference to a common, nationally published benchmark. The risks of a particular hybrid instrument will depend upon the terms of the instrument, but may include, without limitation, the possibility of significant changes in the benchmarks or the prices of underlying assets to which the instrument is linked. These risks generally depend upon factors unrelated to the operations or credit quality of the issuer of the hybrid instrument and that may not be readily foreseen by the purchaser. Such factors include economic and political events, the supply and demand for the underlying assets, and interest rate movements. In recent years, various benchmarks and prices for underlying assets have been highly volatile, and such volatility may be expected in the future. See "Hedging and Other Strategic Transactions" for a description of certain risks associated with investments in futures, options, and forward contracts. The principal risks of investing in hybrid instruments are as follows:

**Volatility.** Hybrid instruments are potentially more volatile and carry greater market risks than traditional debt instruments. Depending on the structure of the particular hybrid instrument, changes in a benchmark may be magnified by the terms of the hybrid instrument and have an even more dramatic and substantial effect upon the value of the hybrid instrument. Also, the prices of the hybrid instrument and the benchmark or underlying asset may not move in the same direction or at the same time.

**Leverage Risk.** Hybrid instruments may bear interest or pay preferred dividends at below market (or even relatively nominal) rates. Alternatively, hybrid instruments may bear interest at above market rates, but bear an increased risk of principal loss (or gain). For example, an increased risk of principal loss (or gain) may result if "leverage" is used to structure a hybrid instrument. Leverage risk occurs when the hybrid instrument is structured so that a change in a benchmark or underlying asset is multiplied to produce a greater value change in the hybrid instrument, thereby magnifying the risk of loss, as well as the potential for gain.

**Liquidity Risk.** Hybrid instruments also may carry liquidity risk since the instruments are often "customized" to meet the needs of a particular investor. Therefore, the number of investors that would be willing and able to buy such instruments in the secondary market may be smaller than for more traditional debt securities. In addition, because the purchase and sale of hybrid instruments could take place in an OTC market without the guarantee of a central clearing organization or in a transaction between a fund and the issuer of the hybrid instrument, the creditworthiness of the counterparty or issuer of the hybrid instrument would be an additional risk factor, which the fund would have to consider and monitor.

**Lack of U.S. Regulation.** Hybrid instruments may not be subject to regulation of the CFTC, which generally regulates the trading of swaps and commodity futures by U.S. persons, the SEC, which regulates the offer and sale of securities by and to U.S. persons, or any other governmental regulatory authority.

**Credit and Counterparty Risk.** The issuer or guarantor of a hybrid instrument may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Funds that invest in hybrid instruments are subject to varying degrees of risk that the issuers of the securities will have their credit rating downgraded or will default, potentially reducing a fund's share price and income level.

The various risks discussed above with respect to hybrid instruments particularly the market risk of such instruments, may cause significant fluctuations in the NAV of a fund that invests in such instruments.

**Industry or Sector Investing**

When a fund invests a substantial portion of its assets in a particular industry or sector of the economy, the fund's investments are not as varied as the investments of most funds and are far less varied than the broad securities markets. As a result, the fund's performance tends to be more volatile than other funds, and the values of the fund's investments tend to go up and down more rapidly. In addition, to the extent that a fund invests significantly in a particular industry or sector, it is particularly susceptible to the impact of market, economic, regulatory and other factors affecting that industry or sector. The principal risks of investing in certain sectors are described below.

**Communication.** Companies in the communication sector are subject to the additional risks of rapid obsolescence due to technological advancement or development, lack of standardization or compatibility with existing technologies, an unfavorable regulatory environment, and a dependency on patent and copyright protection. The prices of the securities of companies in the communication sector may fluctuate widely due to both federal and state regulations governing rates of return and services that may be offered, fierce competition for market share, and competitive challenges in the U.S. from foreign competitors engaged in strategic joint ventures with U.S. companies, and in foreign markets from both U.S. and foreign competitors. In addition, recent industry consolidation trends may lead to increased regulation of communication companies in their primary markets.

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**Consumer Discretionary.** The consumer discretionary sector may be affected by fluctuations in supply and demand and may also be adversely affected by changes in consumer spending as a result of world events, political and economic conditions, commodity price volatility, changes in exchange rates, imposition of import controls, increased competition, depletion of resources and labor relations.

**Consumer Staples.** Companies in the consumer staples sector may be affected by general economic conditions, commodity production and pricing, consumer confidence and spending, consumer preferences, interest rates, product cycles, marketing, competition, and government regulation. Other risks include changes in global economic, environmental and political events, and the depletion of resources. Companies in the consumer staples sector may also be negatively impacted by government regulations affecting their products. For example, government regulations may affect the permissibility of using various food additives and production methods of companies that make food products, which could affect company profitability. Tobacco companies, in particular, may be adversely affected by new laws, regulations and litigation. Companies in the consumer staples sector may also be subject to risks relating to the supply of, demand for, and prices of raw materials. The prices of raw materials fluctuate in response to a number of factors, including, changes in exchange rates, import and export controls, changes in international agricultural and trading policies, and seasonal and weather conditions, among others. In addition, the success of food, beverage, household and personal product companies, in particular, may be strongly affected by unpredictable factors, such as, demographics, consumer spending, and product trends.

**Energy.** Companies in the energy sector may be affected by energy prices, supply and demand fluctuations including in energy fuels, energy conservation, liabilities arising from government or civil actions, environmental and other government regulations, and geopolitical events including political instability and war. The market value of companies in the local energy sector is heavily impacted by the levels and stability of global energy prices, energy conservation efforts, the success of exploration projects, exchange rates, interest rates, economic conditions, tax and other government regulations, increased competition and technological advances, as well as other factors. Companies in this sector may be subject to extensive government regulation and contractual fixed pricing, which may increase the cost of doing business and limit these companies' profits. A large part of the returns of these companies depends on few customers, including governmental entities and utilities. As a result, governmental budget constraints may have a significant negative effect on the stock prices of energy sector companies. Energy companies may also operate in, or engage in, transactions involving countries with less developed regulatory regimes or a history of expropriation, nationalization or other adverse policies. As a result, securities of companies in the energy field are subject to quick price and supply fluctuations caused by events relating to international politics. Other risks include liability from accidents resulting in injury or loss of life or property, pollution or other environmental problems, equipment malfunctions or mishandling of materials and a risk of loss from terrorism, political strife and natural disasters. Energy companies can also be heavily affected by the supply of, and demand for, their specific product or service and for energy products in general, and government subsidization. Energy companies may have high levels of debt and may be more likely to restructure their businesses if there are downturns in energy markets or the economy as a whole.

Global oil prices declined significantly at the beginning of 2020 and have experienced significant price volatility, including a period where an oil-price futures contract fell into negative territory for the first time in history, as demand for oil slowed and oil storage facilities had reached their storage capacities. The impact on such commodities markets from varying levels of demand may continue to be volatile for an extended period of time.

**Financial Services.** To the extent that a fund invests principally in securities of financial services companies, it is particularly vulnerable to events affecting that industry. Financial services companies may include, but are not limited to, commercial and industrial banks, savings and loan associations and their holding companies, consumer and industrial finance companies, diversified financial services companies, investment banking, securities brokerage and investment advisory companies, leasing companies and insurance companies. The types of companies that compose the financial services sector may change over time. These companies are all subject to extensive regulation, rapid business changes, volatile performance dependent upon the availability and cost of capital, prevailing interest rates and significant competition. General economic conditions significantly affect these companies. Credit and other losses resulting from the financial difficulty of borrowers or other third parties have a potentially adverse effect on companies in this sector. Investment banking, securities brokerage and investment advisory companies are particularly subject to government regulation and the risks inherent in securities trading and underwriting activities. In addition, all financial services companies face shrinking profit margins due to new competitors, the cost of new technology, and the pressure to compete globally.

*Banking*. Commercial banks (including "money center" regional and community banks), savings and loan associations and holding companies of the foregoing are especially subject to adverse effects of volatile interest rates, concentrations of loans in particular industries (such as real estate or energy) and significant competition. The profitability of these businesses is to a significant degree dependent upon the availability and cost of capital funds. Economic conditions in the real estate market may have a particularly strong effect on certain banks and savings associations. Commercial banks and savings associations are subject to extensive federal and, in many instances, state regulation. Neither such extensive regulation nor the federal insurance of deposits ensures the solvency or profitability of companies in this industry, and there is no assurance against losses in securities issued by such companies.

*Insurance*. Insurance companies are particularly subject to government regulation and rate setting, potential anti-trust and tax law changes, and industry-wide pricing and competition cycles. Property and casualty insurance companies also may be affected by weather and other catastrophes. Life and health insurance companies may be affected by mortality and morbidity rates, including the effects of epidemics. Individual insurance companies may be exposed to reserve inadequacies, problems in investment portfolios (for example, due to real estate or "junk" bond holdings) and failures of reinsurance carriers.

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**Health Sciences.** Companies in this sector are subject to the additional risks of increased competition within the health care industry, changes in legislation or government regulations, reductions in government funding, product liability or other litigation and the obsolescence of popular products. The prices of the securities of health sciences companies may fluctuate widely due to government regulation and approval of their products and services, which may have a significant effect on their price and availability. In addition, the types of products or services produced or provided by these companies may quickly become obsolete. Moreover, liability for products that are later alleged to be harmful or unsafe may be substantial and may have a significant impact on a company's market value or share price.

**Industrials.** Companies in the industrials sector may be affected by general economic conditions, commodity production and pricing, supply and demand fluctuations, environmental and other government regulations, geopolitical events, interest rates, insurance costs, technological developments, liabilities arising from governmental or civil actions, labor relations, import controls and government spending. The value of securities issued by companies in the industrials sector may also be adversely affected by supply and demand related to their specific products or services and industrials sector products in general, as well as liability for environmental damage and product liability claims and government regulations. For example, the products of manufacturing companies may face obsolescence due to rapid technological developments and frequent new product introduction. Certain companies within this sector, particularly aerospace and defense companies, may be heavily affected by government spending policies because companies involved in this industry rely, to a significant extent, on government demand for their products and services, and, therefore, the financial condition of, and investor interest in, these companies are significantly influenced by governmental defense spending policies, which are typically under pressure from efforts to control the U.S. (and other) government budgets. In addition, securities of industrials companies in transportation may be cyclical and have occasional sharp price movements which may result from economic changes, fuel prices, labor relations and insurance costs, and transportation companies in certain countries may also be subject to significant government regulation and oversight, which may adversely affect their businesses.

**Internet-Related Investments.** The value of companies engaged in Internet-related activities, which is a developing industry, is particularly vulnerable to: (a) rapidly changing technology; (b) extensive government regulation; and (c) relatively high risk of obsolescence caused by scientific and technological advances. In addition, companies engaged in Internet-related activities are difficult to value and many have high share prices relative to their earnings which they may not be able to maintain over the long-term. Moreover, many Internet companies are not yet profitable and will need additional financing to continue their operations. There is no guarantee that such financing will be available when needed. Since many Internet companies are start-up companies, the risks associated with investing in small companies are heightened for these companies. A fund that invests a significant portion of its assets in Internet-related companies should be considered extremely risky even as compared to other funds that invest primarily in small company securities.

**Materials.** Companies in the materials sector may be affected by general economic conditions, commodity production and prices, consumer preferences, interest rates, exchange rates, product cycles, marketing, competition, resource depletion, and environmental, import/export and other government regulations. Other risks may include liabilities for environmental damage and general civil liabilities, and mandated expenditures for safety and pollution control. The materials sector may also be affected by economic cycles, technological progress, and labor relations. At times, worldwide production of industrial materials has been greater than demand as a result of over-building or economic downturns, leading to poor investment returns or losses. These risks are heightened for companies in the materials sector located in foreign markets.

**Natural Resources.** A fund's investments in natural resources companies are especially affected by variations in the commodities markets (which may be due to market events, regulatory developments or other factors that such fund cannot control) and such companies may lack the resources and the broad business lines to weather hard times. Natural resources companies can be significantly affected by events relating to domestic or international political and economic developments, energy conservation efforts, the success of exploration projects, reduced availability of transporting, processing, storing or delivering natural resources, extreme weather or other natural disasters, and threats of attack by terrorists on energy assets. Additionally, natural resource companies are subject to substantial government regulation, including environmental regulation and liability for environmental damage, and changes in the regulatory environment for energy companies may adversely impact their profitability. At times, the performance of these investments may lag the performance of other sectors or the market as a whole.

Investments in certain commodity-linked instruments, such as crude oil and crude oil products, can be susceptible to negative prices due to a surplus in production caused by global events, including restrictions or reductions in global travel. Exposure to such commodity-linked instruments may adversely affect an issuer's returns or the performance of the fund.

Global oil prices are susceptible to and have experienced significant volatility, including a period where an oil-price futures contract fell into negative territory for the first time in history in early 2020 as demand for oil slowed and oil storage facilities reached their storage capacities. The impact on the natural resources sector from varying levels of demand may continue to be volatile for an extended period of time.

**Technology.** Technology companies rely heavily on technological advances and face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Shortening of product cycle and manufacturing capacity increases may subject technology companies to aggressive pricing. Technology companies may have limited product lines, markets, financial resources or personnel. The products of technology companies may face product obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Technology companies may not successfully introduce new products, develop and maintain a loyal customer base or achieve general market acceptance for their products.

Stocks of technology companies, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Companies in the technology sector are also heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect

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the profitability of these companies. Technology companies engaged in manufacturing, such as semiconductor companies, often operate internationally which could expose them to risks associated with instability and changes in economic and political conditions, foreign currency fluctuations, changes in foreign regulations, competition from subsidized foreign competitors with lower production costs and other risks inherent to international business.

**Utilities.** Companies in the utilities sector may be affected by general economic conditions, supply and demand, financing and operating costs, rate caps, interest rates, liabilities arising from governmental or civil actions, consumer confidence and spending, competition, technological progress, energy prices, resource conservation and depletion, man-made or natural disasters, geopolitical events, and environmental and other government regulations. The value of securities issued by companies in the utilities sector may be negatively impacted by variations in exchange rates, domestic and international competition, energy conservation and governmental limitations on rates charged to customers. Although rate changes of a regulated utility usually vary in approximate correlation with financing costs, due to political and regulatory factors rate changes usually happen only after a delay after the changes in financing costs. Deregulation may subject utility companies to increased competition and can negatively affect their profitability as it permits utility companies to diversify outside of their original geographic regions and customary lines of business, causing them to engage in more uncertain ventures. Deregulation can also eliminate restrictions on the profits of certain utility companies, but can simultaneously expose these companies to an increased risk of loss. Although opportunities may permit certain utility companies to earn more than their traditional regulated rates of return, companies in the utilities industry may have difficulty obtaining an adequate return on invested capital, raising capital, or financing large construction projects during periods of inflation or unsettled capital markets. Utility companies may also be subject to increased costs because of the effects of man-made or natural disasters. Current and future regulations or legislation can make it more difficult for utility companies to operate profitably. Government regulators monitor and control utility revenues and costs, and thus may restrict utility profits. There is no assurance that regulatory authorities will grant rate increases in the future, or that those increases will be adequate to permit the payment of dividends on stocks issued by a utility company. Because utility companies are faced with the same obstacles, issues and regulatory burdens, their securities may react similarly and more in unison to these or other market conditions.

**Initial Public Offerings ("IPOs")**

IPOs may have a magnified impact on the performance of a fund with a small asset base. The impact of IPOs on a fund's performance likely will decrease as the fund's asset size increases, which could reduce the fund's returns. IPOs may not be consistently available to a fund for investment, particularly as the fund's asset base grows. IPO shares frequently are volatile in price due to the absence of a prior public market, the small number of shares available for trading and limited information about the issuer. Therefore, a fund may hold IPO shares for a very short period of time. This may increase the turnover of a fund and may lead to increased expenses for a fund, such as commissions and transaction costs. In addition, IPO shares can experience an immediate drop in value if the demand for the securities does not continue to support the offering price.

**Investment Companies**

The funds may invest in shares of other investment companies, including both open- and closed-end investment companies (including single country funds, ETFs, and BDCs). When making such an investment, a fund will be indirectly exposed to all the risks of such investment companies. In general, the investing funds will bear a pro rata portion of the other investment company's fees and expenses, which will reduce the total return in the investing funds. Certain types of investment companies, such as closed-end investment companies, issue a fixed number of shares that trade on a stock exchange and may involve the payment of substantial premiums above the value of such investment companies' portfolio securities when traded OTC or at discounts to their NAVs. Others are continuously offered at NAV, but also may be traded in the secondary market.

In addition, the funds may invest in private investment funds, vehicles, or structures. A fund also may invest in debt-equity conversion funds, which are funds established to exchange foreign bank debt of countries whose principal repayments are in arrears into a portfolio of listed and unlisted equities, subject to certain repatriation restrictions.

*Exchange-Traded Funds.* A fund may invest in ETFs, which are a type of security bought and sold on a securities exchange. A fund could purchase shares of an ETF to gain exposure to a portion of the U.S. or a foreign market. The risks of owning shares of an ETF include the risks of directly owning the underlying securities and other instruments the ETF holds. A lack of liquidity in an ETF (e.g., absence of an active trading market) could result in the ETF being more volatile than its underlying securities. The existence of extreme market volatility or potential lack of an active trading market for an ETF's shares could result in the ETF's shares trading at a significant premium or discount to its NAV. An ETF has its own fees and expenses, which are indirectly borne by the fund. A fund may also incur brokerage and other related costs when it purchases and sells ETFs. Also, in the case of passively-managed ETFs, there is a risk that an ETF may fail to closely track the index or market segment that it is designed to track due to delays in the ETF's implementation of changes to the composition of the index or other factors.

*Business Development Companies.* A BDC is a less-common type of closed-end investment company that more closely resembles an operating company than a typical investment company. BDCs typically invest in and lend to small- and medium-sized private and certain public companies that may not have access to public equity markets to raise capital. BDCs invest in such diverse industries as health care, chemical and manufacturing, technology and service companies. BDCs generally invest in less mature private companies, which involve greater risk than well-established, publicly traded companies. BDCs are unique in that at least 70% of their investments must be made in private and certain public U.S. businesses, and BDCs are required to make available significant managerial assistance to their portfolio companies. Generally, little public information exists for private and thinly traded companies, and there is a risk that investors may not be able to make a fully informed investment decision. With investments in debt instruments issued by such portfolio companies, there is a risk that the issuer may default on its payments or declare bankruptcy.

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**Investment Grade Fixed-Income Securities in the Lowest Rating Category**

Investment grade fixed-income securities in the lowest rating category (i.e., rated "Baa" by Moody's and "BBB" by S&P or Fitch, and comparable unrated securities) involve a higher degree of risk than fixed-income securities in the higher rating categories. While such securities are considered investment grade quality and are deemed to have adequate capacity for payment of principal and interest, such securities lack outstanding investment characteristics and have speculative characteristics as well. For example, changes in economic conditions or other circumstances are more likely to lead to a weakened capacity to make principal and interest payments than is the case with higher grade securities.

**Lower Rated Fixed-Income Securities**

Lower rated fixed-income securities are defined as securities rated below-investment grade (e.g., rated "Ba" and below by Moody's, or "BB" and below by S&P or Fitch). The principal risks of investing in these securities are as follows:

**Risk to Principal and Income.** Investing in lower rated fixed-income securities is considered speculative. While these securities generally provide greater income potential than investments in higher rated securities, there is a greater risk that principal and interest payments will not be made. Issuers of these securities may even go into default or become bankrupt.

**Price Volatility.** The price of lower rated fixed-income securities may be more volatile than securities in the higher rating categories. This volatility may increase during periods of economic uncertainty or change. The price of these securities is affected more than higher rated fixed-income securities by the market's perception of their credit quality especially during times of adverse publicity. In the past, economic downturns or an increase in interest rates have, at times, caused more defaults by issuers of these securities and may do so in the future. Economic downturns and increases in interest rates have an even greater effect on highly leveraged issuers of these securities.

**Liquidity.** The market for lower rated fixed-income securities may have more limited trading than the market for investment grade fixed-income securities. Therefore, it may be more difficult to sell these securities and these securities may have to be sold at prices below their market value in order to meet redemption requests or to respond to changes in market conditions.

**Dependence on Subadvisor's Own Credit Analysis.** While a subadvisor to a fund may rely on ratings by established credit rating agencies, it also will supplement such ratings with its own independent review of the credit quality of the issuer. Therefore, the assessment of the credit risk of lower rated fixed-income securities is more dependent on a subadvisor's evaluation than the assessment of the credit risk of higher rated securities.

**Additional Risks Regarding Lower Rated Corporate Fixed-Income Securities.** Lower rated corporate debt securities (and comparable unrated securities) tend to be more sensitive to individual corporate developments and changes in economic conditions than higher-rated corporate fixed-income securities.

Issuers of lower rated corporate debt securities also may be highly leveraged, increasing the risk that principal and income will not be repaid.

**Additional Risks Regarding Lower Rated Foreign Government Fixed-Income Securities.** Lower rated foreign government fixed-income securities are subject to the risks of investing in emerging market countries described under "Risk Factors—Foreign Securities." In addition, the ability and willingness of a foreign government to make payments on debt when due may be affected by the prevailing economic and political conditions within the country. Emerging market countries may experience high inflation, interest rates and unemployment as well as exchange rate fluctuations that adversely affect trade and political uncertainty or instability. These factors increase the risk that a foreign government will not make payments when due.

**Market Events**

Events in certain sectors historically have resulted, and may in the future result, in an unusually high degree of volatility in the financial markets, both domestic and foreign. These events have included, but are not limited to: bankruptcies, corporate restructurings, and other similar events; bank failures; governmental efforts to limit short selling and high frequency trading; measures to address U.S. federal and state budget deficits; social, political, and economic instability in Europe; economic stimulus by the Japanese central bank; dramatic changes in energy prices and currency exchange rates; and China's economic slowdown. Interconnected global economies and financial markets increase the possibility that conditions in one country or region might adversely impact issuers in a different country or region. Both domestic and foreign equity markets have experienced increased volatility and turmoil, with issuers that have exposure to the real estate, mortgage, and credit markets particularly affected. Financial institutions could suffer losses as interest rates rise or economic conditions deteriorate.

In addition, relatively high market volatility and reduced liquidity in credit and fixed-income markets may adversely affect many issuers worldwide. Actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, such as interventions in currency markets, could cause high volatility in the equity and fixed-income markets. Reduced liquidity may result in less money being available to purchase raw materials, goods, and services from emerging markets, which may, in turn, bring down the prices of these economic staples. It may also result in emerging-market issuers having more difficulty obtaining financing, which may, in turn, cause a decline in their securities prices.

In response to certain economic conditions, including periods of high inflation, governmental authorities and regulators may respond with significant fiscal and monetary policy changes such as raising interest rates. The fund may be subject to heightened interest rate risk when the U.S. Federal Reserve raises interest rates. Recent and potential future changes in government monetary policy may affect interest rates. It is difficult to accurately predict the timing, frequency or magnitude of potential interest rate increases or decreases by the U.S. Federal Reserve and the evaluation of macro-economic and other conditions that could cause a change in approach in the future. If the U.S. Federal Reserve and other central banks increase

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the federal funds rate and equivalent rates, such increases generally will cause market interest rates to rise and could cause the value of a fund's investments, and the fund's net asset value, to decline, potentially suddenly and significantly. As a result, the fund may experience high redemptions and, as a result, increased portfolio turnover, which could increase the costs that the fund incurs and may negatively impact the fund's performance.

In addition, as the U.S. Federal Reserve increases the target federal funds rate, any such rate increases, among other factors, could cause markets to experience continuing high volatility. A significant increase in interest rates may cause a decline in the market for equity securities. These events and the possible resulting market volatility may have an adverse effect on a fund.

Political turmoil within the United States and abroad may also impact a fund. Although the U.S. government has honored its credit obligations, it remains possible that the United States could default on its obligations. While it is impossible to predict the consequences of such an unprecedented event, it is likely that a default by the United States would be highly disruptive to the U.S. and global securities markets and could significantly impair the value of a fund's investments. Similarly, political events within the United States at times have resulted, and may in the future result, in a shutdown of government services, which could negatively affect the U.S. economy, decrease the value of many fund investments, and increase uncertainty in or impair the operation of the U.S. or other securities markets. The imposition by the U.S. of import tariffs on goods from foreign countries and reciprocal tariffs levied on U.S. goods may lead to price volatility and instability in U.S. and global investment markets. Among other effects, tariffs may increase the cost of production for certain goods or reduce demand for products, which could affect the performance of the fund's investments. It is not known whether, or to what extent, any tariff or other trade protections may affect the fund or its investments.

Uncertainties surrounding the sovereign debt of a number of EU countries and the viability of the EU have disrupted and may in the future disrupt markets in the United States and around the world. If one or more countries leave the EU, as the UK did in January of 2020 (commonly referred to as "Brexit"), or the EU dissolves, the global securities markets likely will be significantly disrupted.

A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, which may lead to less liquidity in certain instruments, industries, sectors or the markets generally, and may ultimately affect fund performance. For example, the coronavirus (COVID-19) pandemic resulted and may continue to result in significant disruptions to global business activity and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. The impact of a health crisis and other epidemics and pandemics that may arise in the future, could affect the global economy in ways that cannot necessarily be foreseen at the present time. A health crisis may exacerbate other pre-existing political, social and economic risks. Any such impact could adversely affect the fund's performance, resulting in losses to your investment.

Political and military events, including in Ukraine, North Korea, Russia, Venezuela, Iran, Syria, and other areas of the Middle East, and nationalist unrest in Europe and South America, also may cause market disruptions.

As a result of continued political tensions and armed conflicts, including the Russian invasion of Ukraine commencing in February of 2022, the extent and ultimate result of which are unknown at this time, the United States and the EU, along with the regulatory bodies of a number of countries, have imposed economic sanctions on certain Russian corporate entities and individuals, and certain sectors of Russia's economy, which may result in, among other things, the continued devaluation of Russian currency, a downgrade in the country's credit rating, and/or a decline in the value and liquidity of Russian securities, property or interests. These sanctions could also result in the immediate freeze of Russian securities and/or funds invested in prohibited assets, impairing the ability of a fund to buy, sell, receive or deliver those securities and/or assets. These sanctions or the threat of additional sanctions could also result in Russia taking counter measures or retaliatory actions, which may further impair the value and liquidity of Russian securities. The United States and other nations or international organizations may also impose additional economic sanctions or take other actions that may adversely affect Russia-exposed issuers and companies in various sectors of the Russian economy. Any or all of these potential results could lead Russia's economy into a recession. Economic sanctions and other actions against Russian institutions, companies, and individuals resulting from the ongoing conflict may also have a substantial negative impact on other economies and securities markets both regionally and globally, as well as on companies with operations in the conflict region, the extent to which is unknown at this time. The United States and the EU have also imposed similar sanctions on Belarus for its support of Russia's invasion of Ukraine. Additional sanctions may be imposed on Belarus and other countries that support Russia. Any such sanctions could present substantially similar risks as those resulting from the sanctions imposed on Russia, including substantial negative impacts on the regional and global economies and securities markets.

In addition, there is a risk that the prices of goods and services in the United States and many foreign economies may decline over time, known as deflation. Deflation may have an adverse effect on stock prices and creditworthiness and may make defaults on debt more likely. If a country's economy slips into a deflationary pattern, it could last for a prolonged period and may be difficult to reverse. Further, there is a risk that the present value of assets or income from investments will be less in the future, known as inflation. Inflation rates may change frequently and drastically as a result of various factors, including unexpected shifts in the domestic or global economy, and a fund's investments may be affected, which may reduce a fund's performance. Further, inflation may lead to the rise in interest rates, which may negatively affect the value of debt instruments held by the fund, resulting in a negative impact on a fund's performance. Generally, securities issued in emerging markets are subject to a greater risk of inflationary or deflationary forces, and more developed markets are better able to use monetary policy to normalize markets.

**Master Limited Partnership (MLP) Risk**

Investing in MLPs involves certain risks related to investing in the underlying assets of MLPs and risks associated with pooled investment vehicles. MLPs holding credit-related investments are subject to interest-rate risk and the risk of default on payment obligations by debt securities. In addition, investments in the debt and securities of MLPs involve certain other risks, including risks related to limited control and limited rights to vote on matters

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affecting MLPs, risks related to potential conflicts of interest between an MLP and the MLP's general partner, cash flow risks, dilution risks and risks related to the general partner's right to require unit-holders to sell their common units at an undesirable time or price. A fund's investments in MLPs may be subject to legal and other restrictions on resale or may be less liquid than publicly traded securities. Certain MLP securities may trade in lower volumes due to their smaller capitalizations, and may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity to enable the fund to effect sales at an advantageous time or without a substantial drop in price. If a fund is one of the largest investors in an MLP, it may be more difficult for the fund to buy and sell significant amounts of such investments without an unfavorable impact on prevailing market prices. Larger purchases or sales of MLP investments by a fund in a short period of time may cause abnormal movements in the market price of these investments. As a result, these investments may be difficult to dispose of at an advantageous price when a fund desires to do so. During periods of interest rate volatility, these investments may not provide attractive returns, which may adversely impact the overall performance of a fund.

MLPs in which a fund may invest operate oil, natural gas, petroleum, or other facilities within the energy sector. As a result, a fund will be susceptible to adverse economic, environmental, or regulatory occurrences impacting the energy sector. MLPs and other companies operating in the energy sector are subject to specific risks, including, among others, fluctuations in commodity prices; reduced consumer demand for commodities such as oil, natural gas, or petroleum products; reduced availability of natural gas or other commodities for transporting, processing, storing, or delivering; slowdowns in new construction; extreme weather or other natural disasters; and threats of attack by terrorists on energy assets. Additionally, changes in the regulatory environment for energy companies may adversely impact their profitability. Over time, depletion of natural gas reserves and other energy reserves may also affect the profitability of energy companies.

Global oil prices declined significantly at the beginning of 2020 and have experienced significant price volatility, including a period where an oil-price futures contract fell into negative territory for the first time in history, as demand for oil slowed and oil storage facilities reached their storage capacities. Varying levels of demand and production and continued oil price volatility may continue to adversely impact MLPs and energy infrastructure companies.

To the extent a distribution received by a fund from an MLP is treated as a return of capital, the fund's adjusted tax basis in the interests of the MLP may be reduced, which will result in an increase in an amount of income or gain (or decrease in the amount of loss) that will be recognized by the fund for tax purposes upon the sale of any such interests or upon subsequent distributions in respect of such interests. After a fund's tax basis in an MLP has been reduced to zero, subsequent distributions from the MLP will be treated as ordinary income. Changes in the tax character of MLP distributions, as well as late or corrected tax reporting by MLPs, may result in a fund issuing corrected 1099s to its shareholders.

**Mortgage-Backed and Asset-Backed Securities**

**Mortgage-Backed Securities.** Mortgage-backed securities represent participating interests in pools of residential mortgage loans that are guaranteed by the U.S. government, its agencies or instrumentalities. However, the guarantee of these types of securities relates to the principal and interest payments and not the market value of such securities. In addition, the guarantee only relates to the mortgage-backed securities held by a fund and not the purchase of shares of the fund.

Mortgage-backed securities are issued by lenders such as mortgage bankers, commercial banks, and savings and loan associations. Such securities differ from conventional debt securities, which provide for the periodic payment of interest in fixed amounts (usually semiannually) with principal payments at maturity or on specified dates. Mortgage-backed securities provide periodic payments that are, in effect, a "pass-through" of the interest and principal payments (including any prepayments) made by the individual borrowers on the pooled mortgage loans. A mortgage-backed security will mature when all the mortgages in the pool mature or are prepaid. Therefore, mortgage-backed securities do not have a fixed maturity, and their expected maturities may vary when interest rates rise or fall.

When interest rates fall, homeowners are more likely to prepay their mortgage loans. An increased rate of prepayments on a fund's mortgage-backed securities will result in an unforeseen loss of interest income to the fund as the fund may be required to reinvest assets at a lower interest rate. Because prepayments increase when interest rates fall, the prices of mortgage-backed securities do not increase as much as other fixed-income securities when interest rates fall.

When interest rates rise, homeowners are less likely to prepay their mortgage loans. A decreased rate of prepayments lengthens the expected maturity of a mortgage-backed security. Therefore, the prices of mortgage-backed securities may decrease more than prices of other fixed-income securities when interest rates rise.

The yield of mortgage-backed securities is based on the average life of the underlying pool of mortgage loans. The actual life of any particular pool may be shortened by unscheduled or early payments of principal and interest. Principal prepayments may result from the sale of the underlying property or the refinancing or foreclosure of underlying mortgages. The occurrence of prepayments is affected by a wide range of economic, demographic and social factors and, accordingly, it is not possible to accurately predict the average life of a particular pool. The actual prepayment experience of a pool of mortgage loans may cause the yield realized by a fund to differ from the yield calculated on the basis of the average life of the pool. In addition, if a fund purchases mortgage-backed securities at a premium, the premium may be lost in the event of early prepayment, which may result in a loss to the fund.

Prepayments tend to increase during periods of falling interest rates and decline during periods of rising interest rates. Monthly interest payments received by a fund have a compounding effect, which will increase the yield to shareholders as compared to debt obligations that pay interest semiannually. Because of the reinvestment of prepayments of principal at current rates, mortgage-backed securities may be less effective than Treasury

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bonds of similar maturity at maintaining yields during periods of declining interest rates. Also, although the value of debt securities may increase as interest rates decline, the value of these pass-through type of securities may not increase as much due to their prepayment feature.

**Collateralized Mortgage Obligations.** CMOs are mortgage-backed securities issued in separate classes with different stated maturities. As the mortgage pool experiences prepayments, the pool pays off investors in classes with shorter maturities first. By investing in CMOs, a fund may manage the prepayment risk of mortgage-backed securities. However, prepayments may cause the actual maturity of a CMO to be substantially shorter than its stated maturity.

**Asset-Backed Securities.** Asset-backed securities include interests in pools of debt securities, commercial or consumer loans, or other receivables. The value of these securities depends on many factors, including changes in interest rates, the availability of information concerning the pool and its structure, the credit quality of the underlying assets, the market's perception of the servicer of the pool, and any credit enhancement provided. In addition, asset-backed securities have prepayment risks similar to mortgage-backed securities.

**TBA Mortgage Contracts.** Similar to when-issued or delayed-delivery securities, a TBA mortgage contract is a security that is purchased or sold for a fixed price with the underlying securities to be announced at a future date. The seller does not specify the particular securities to be delivered, however. Instead, the buyer agrees to accept any securities that meet the specified terms. For example, in a TBA mortgage contract transaction, a buyer and seller would agree upon the issuer, interest rate and terms of the underlying mortgages, but the seller would not identify the specific underlying security until it issues the security. Unsettled TBA purchase commitments are valued at the current market value of the underlying securities. TBA mortgage contracts involve a risk of loss if the value of the underlying security to be purchased declines prior to delivery date. The yield obtained for such securities may be higher or lower than yields available in the market on delivery date.

**Inverse Interest-Only Securities.** The coupons (stated interest rates) of interest-only securities fluctuate inversely with specified interest rate indices. For example, the coupon on an inverse interest-only security might equal 10% minus one month SOFR. As interest rates rise, the security's coupon decreases and when interest rates fall, the security's coupon increases. Such securities also may be structured so that small changes in interest rates lead to larger changes in the coupon. Issuers of mortgage backed securities holding fixed rate mortgage collateral sometimes issue offsetting interest-only securities and inverse interest-only securities. Thus, the fixed return on the collateral can be split into offsetting floating and inverse floating coupons. Inverse interest-only securities that are mortgage-backed securities are subject to the same risks as other mortgage backed-securities. In addition, the coupon on an inverse interest-only security can be extremely sensitive to changes in prevailing interest rates.

**Multinational Companies Risk**

To the extent that a fund invests in the securities of companies with foreign business operations, it may be riskier than funds that focus on companies with primarily U.S. operations. Multinational companies may face certain political and economic risks, such as foreign controls over currency exchange; restrictions on monetary repatriation; possible seizure, nationalization or expropriation of assets; and political, economic or social instability. These risks are greater for companies with significant operations in developing countries.

**Natural Disasters, Adverse Weather Conditions, and Climate Change**

Certain areas of the world may be exposed to adverse weather conditions, such as major natural disasters and other extreme weather events, including hurricanes, earthquakes, typhoons, floods, tidal waves, tsunamis, volcanic eruptions, wildfires, droughts, windstorms, coastal storm surges, heat waves, and rising sea levels, among others. Some countries and regions may not have the infrastructure or resources to respond to natural disasters, making them more economically sensitive to environmental events. Such disasters, and the resulting damage, could have a severe and negative impact on a fund's investment portfolio and, in the longer term, could impair the ability of issuers in which a fund invests to conduct their businesses in the manner normally conducted. Adverse weather conditions also may have a particularly significant negative effect on issuers in the agricultural sector and on insurance companies that insure against the impact of natural disasters.

Climate change, which is the result of a change in global or regional climate patterns, may increase the frequency and intensity of such adverse weather conditions, resulting in increased economic impact, and may pose long-term risks to a fund's investments. The future impact of climate change is difficult to predict but may include changes in demand for certain goods and services, supply chain disruption, changes in production costs, increased legislation, regulation, international accords and compliance-related costs, changes in property and security values, availability of natural resources and displacement of peoples.

Legal, technological, political and scientific developments regarding climate change may create new opportunities or risks for issuers in which a fund invests. These developments may create demand for new products or services, including, but not limited to, increased demand for goods that result in lower emissions, increased demand for generation and transmission of energy from alternative energy sources and increased competition to develop innovative new products and technologies. These developments may also decrease demand for existing products or services, including, but not limited to, decreased demand for goods that produce significant greenhouse gas emissions and decreased demand for services related to carbon based energy sources, such as drilling services or equipment maintenance services.

**Negative Interest Rates**

Certain countries have recently experienced negative interest rates on deposits and debt instruments have traded at negative yields. A negative interest rate policy is an unconventional central bank monetary policy tool where nominal target interest rates are set with a negative value (i.e., below zero percent) intended to help create self-sustaining growth in the local economy. Negative interest rates may become more prevalent among

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non-U.S. issuers, and potentially within the U.S. For example, if a bank charges negative interest, instead of receiving interest on deposits, a depositor must pay the bank fees to keep money with the bank.

These market conditions may increase a fund's exposures to interest rate risk. To the extent a fund has a bank deposit or holds a debt instrument with a negative interest rate to maturity, the fund would generate a negative return on that investment. While negative yields can be expected to reduce demand for fixed-income investments trading at a negative interest rate, investors may be willing to continue to purchase such investments for a number of reasons including, but not limited to, price insensitivity, arbitrage opportunities across fixed-income markets or rules-based investment strategies. If negative interest rates become more prevalent in the market, it is expected that investors will seek to reallocate assets to other income-producing assets such as investment grade and high-yield debt instruments, or equity investments that pay a dividend. This increased demand for higher yielding assets may cause the price of such instruments to rise while triggering a corresponding decrease in yield and the value of debt instruments over time.

**Non-Diversification**

A fund that is non-diversified is not limited as to the percentage of its assets that may be invested in any one issuer, or as to the percentage of the outstanding voting securities of such issuer that may be owned, except by the fund's own investment restrictions. In contrast, a diversified fund, as to at least 75% of the value of its total assets, generally may not, except with respect to government securities and securities of other investment companies, invest more than five percent of its total assets in the securities, or own more than ten percent of the outstanding voting securities, of any one issuer. In determining the issuer of a municipal security, each state, each political subdivision, agency, and instrumentality of each state and each multi-state agency of which such state is a member is considered a separate issuer. In the event that securities are backed only by assets and revenues of a particular instrumentality, facility or subdivision, such entity is considered the issuer.

A fund that is non-diversified may invest a high percentage of its assets in the securities of a small number of issuers, may invest more of its assets in the securities of a single issuer, and may be affected more than a diversified fund by a change in the financial condition of any of these issuers or by the financial markets' assessment of any of these issuers.

**Operational and Cybersecurity Risk**

With the increased use of technologies, such as mobile devices and "cloud"-based service offerings and the dependence on the internet and computer systems to perform necessary business functions, a fund's service providers are susceptible to operational and information or cybersecurity risks that could result in losses to the fund and its shareholders. Cybersecurity breaches are either intentional or unintentional events that allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or fund service provider to suffer data corruption or lose operational functionality. Intentional cybersecurity incidents include: unauthorized access to systems, networks, or devices (such as through "hacking" activity or "phishing"); infection from computer viruses or other malicious software code; and attacks that shut down, disable, slow, or otherwise disrupt operations, business processes, or website access or functionality. Cyberattacks can also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on the service providers' systems or websites rendering them unavailable to intended users or via "ransomware" that renders the systems inoperable until appropriate actions are taken. In addition, unintentional incidents can occur, such as the inadvertent release of confidential information.

A cybersecurity breach could result in the loss or theft of customer data or funds, loss or theft of proprietary information or corporate data, physical damage to a computer or network system, or costs associated with system repairs, any of which could have a substantial impact on a fund. For example, in a denial of service, fund shareholders could lose access to their electronic accounts indefinitely, and employees of the Advisor, each subadvisor, or the funds' other service providers may not be able to access electronic systems to perform critical duties for the funds, such as trading, net asset value calculation, shareholder accounting, or fulfillment of fund share purchases and redemptions. Cybersecurity incidents could cause a fund, the Advisor, each subadvisor, or other service provider to incur regulatory penalties, reputational damage, compliance costs associated with corrective measures, litigation costs, or financial loss. They may also result in violations of applicable privacy and other laws. In addition, such incidents could affect issuers in which a fund invests, thereby causing the fund's investments to lose value.

Cyber-events have the potential to affect materially the funds and the Advisor's relationships with accounts, shareholders, clients, customers, employees, products, and service providers. The funds have established risk management systems reasonably designed to seek to reduce the risks associated with cyber-events. There is no guarantee that the funds will be able to prevent or mitigate the impact of any or all cyber-events.

The funds are exposed to operational risk arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the funds' service providers, counterparties, or other third parties, failed or inadequate processes, and technology or system failures.

The Advisor, each subadvisor, and their affiliates have established risk management systems that seek to reduce cybersecurity and operational risks, and business continuity plans in the event of a cybersecurity breach or operational failure. However, there are inherent limitations in such plans, including that certain risks have not been identified, and there is no guarantee that such efforts will succeed, especially since none of the Advisor, each subadvisor, or their affiliates controls the cybersecurity or operations systems of the funds' third-party service providers (including the funds' custodian), or those of the issuers of securities in which the funds invest.

Other disruptive events, including (but not limited to) natural disasters and public health crises, may adversely affect the fund's ability to conduct business, in particular if the fund's employees or the employees of its service providers are unable or unwilling to perform their responsibilities as a result of any such event. Even if the fund's employees and the employees of its service providers are able to work remotely, those remote work

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arrangements could result in the fund's business operations being less efficient than under normal circumstances, could lead to delays in its processing of transactions, and could increase the risk of cyber-events.

In addition, technological developments such as the use of cloud-based service providers and/or services and the integration of artificial intelligence in systems and operations create new risks, which can be difficult to assess.

**Preferred and Convertible Securities Risk**

Preferred stock generally has a preference as to dividends and liquidation over an issuer's common stock but ranks junior to debt securities in an issuer's capital structure. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer's board of directors. Also, preferred stock may be subject to optional or mandatory redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. The value of convertible preferred stock can depend heavily upon the value of the security into which such convertible preferred stock is converted, depending on whether the market price of the underlying security exceeds the conversion price.

**Privately Held and Newly Public Companies**

Investments in the stocks of privately held companies and newly public companies involve greater risks than investments in stocks of companies that have traded publicly on an exchange for extended time periods. Investments in such companies are less liquid and may be difficult to value. There may be significantly less information available about these companies' business models, quality of management, earnings growth potential, and other criteria used to evaluate their investment prospects. The extent (if at all) to which securities of privately held companies or newly public companies may be sold without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Funds that invest in securities of privately held companies tend to have a greater exposure to liquidity risk than funds that do not invest in securities of privately held companies.

**Rebalancing Risks Involving Funds of Funds**

The funds of funds seek to achieve their investment objectives by investing in, among other things, other John Hancock funds, as permitted by Section 12 of the 1940 Act (affiliated underlying funds). In addition, a fund that is not a fund of funds may serve as an affiliated underlying fund for one or more funds of funds. The funds of funds will reallocate or rebalance assets among the affiliated underlying funds (collectively, "Rebalancings") on a daily basis. The following discussion provides information on the risks related to Rebalancings, which risks are applicable to the affiliated underlying funds undergoing Rebalancings, as well as to those funds of funds that hold affiliated underlying funds undergoing Rebalancings.

From time to time, one or more of the affiliated underlying funds may experience relatively large redemptions or investments due to Rebalancings, as effected by the funds of funds' Affiliated Subadvisor. Shareholders should note that Rebalancings may adversely affect the affiliated underlying funds. The affiliated underlying funds subject to redemptions by a fund of funds may find it necessary to sell securities, and the affiliated underlying funds that receive additional cash from a fund of funds will find it necessary to invest the cash. The impact of Rebalancings is likely to be greater when a fund of funds owns, redeems, or invests in, a substantial portion of an affiliated underlying fund. Rebalancings could adversely affect the performance of one or more affiliated underlying funds and, therefore, the performance of one or more funds of funds.

Possible adverse effects of Rebalancings on the affiliated underlying funds include:

**1**

The affiliated underlying funds could be required to sell securities or to invest cash, at times when they may not otherwise desire to do so.

**2**

Rebalancings may increase brokerage and/or other transaction costs of the affiliated underlying funds.

**3**

When a fund of funds owns a substantial portion of an affiliated underlying fund, a large redemption by the fund of funds could cause that affiliated underlying fund's expenses to increase and could result in its portfolio becoming too small to be economically viable.

**4**

Rebalancings could accelerate the realization of taxable capital gains in affiliated underlying funds subject to large redemptions if sales of securities results in capital gains.

The Advisor, which serves as the investment advisor to both the funds of funds and the affiliated underlying funds, has delegated the day-to-day portfolio management of the funds of funds and many of the affiliated underlying funds to the Affiliated Subadvisors, affiliates of the Advisor. The Advisor monitors both the funds and the affiliated underlying funds. The Affiliated Subadvisors manage the assets of both the funds and many of the affiliated underlying funds (the "Affiliated Subadvised Funds"). The Affiliated Subadvisors may allocate up to all of a funds of funds' assets to Affiliated Subadvised Funds and accordingly have an incentive to allocate more fund of funds assets to such Affiliated Subadvised Funds. The Advisor and the Affiliated Subadvisors monitor the impact of Rebalancings on the affiliated underlying funds and attempt to minimize any adverse effect of the Rebalancings on the underlying funds, consistent with pursuing the investment objective of the relevant affiliated underlying funds. Moreover, an Affiliated Subadvisor has a duty to allocate assets to an Affiliated Subadvised Fund only when such Subadvisor believes it is in the best interests of fund of funds shareholders. Minimizing any adverse effect of the Rebalancings on the underlying funds may impact the redemption schedule in connection with a Rebalancing. As part of its oversight of the funds and the subadvisors, the Advisor will monitor to ensure that allocations are conducted in accordance with these principles. This conflict of interest is also considered by the Independent Trustees when approving or replacing affiliated subadvisors and in periodically reviewing allocations to Affiliated Subadvised Funds.

As discussed above, the funds of funds periodically reallocate their investments among underlying investments. In an effort to be fully invested at all times and also to avoid temporary periods of under-investment, an affiliated underlying fund may buy securities and other instruments in anticipation of or with knowledge of future purchases of affiliated underlying fund shares resulting from a reallocation of assets by the funds of funds to the affiliated

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underlying fund. Until such purchases of affiliated underlying fund shares by a fund of funds settle (normally between one and three days), the affiliated underlying fund may have investment exposure in excess of its net assets. Shareholders who transact with the affiliated underlying fund during the period beginning when the affiliated underlying fund first starts buying securities in anticipation of a purchase order from a fund until such purchase order settles may incur more loss or realize more gain than they otherwise might have in the absence of the excess investment exposure. The funds of funds may purchase and redeem shares of underlying funds each business day through the use of an algorithm that operates pursuant to standing instructions to allocate purchase and redemption orders among underlying funds. Each day, pursuant to the algorithm, a fund of funds will purchase or redeem shares of an underlying fund at the NAV for the underlying fund calculated that day. This algorithm is used solely for rebalancing a fund of funds' investments in an effort to maintain previously determined allocation percentages.

**Russian Securities Risk**

Throughout the past decade, the United States, the EU, and other nations have imposed a series of economic sanctions on the Russian Federation. In addition to imposing new import and export controls on Russia and blocking financial transactions with certain Russian elites, oligarchs, and political and national security leaders, the United States, the EU, and other nations have imposed sanctions on companies in certain sectors of the Russian economy, including the financial services, energy, metals and mining, engineering, technology, and defense and defense-related materials sectors. These sanctions could impair a fund's ability to continue to price, buy, sell, receive, or deliver securities of certain Russian issuers. For example, a fund may be prohibited from investing in securities issued by companies subject to such sanctions. A fund could determine at any time that certain of the most affected securities have little or no value.

The extent and duration of Russia's military actions and the global response to such actions are impossible to predict. More Russian companies could be sanctioned in the future, and the threat of additional sanctions could itself result in further declines in the value and liquidity of certain securities. Widespread divestment of interests in Russia or certain Russian businesses could result in additional declines in the value of Russian securities. Additionally, market disruptions could have a substantial negative impact on other economics and securities markets both regionally and globally, as well as global supply chains and inflation.

The Russian government may respond to these sanctions and others by freezing Russian assets held by a fund, thereby prohibiting the fund from selling or otherwise transacting in these investments. In such circumstances, a fund might be forced to liquidate non-restricted assets in order to satisfy shareholder redemptions. Such liquidation of fund assets might also result in a fund receiving substantially lower prices for its portfolio securities.

**Securities Linked to the Real Estate Market**

Investing in securities of companies in the real estate industry subjects a fund to the risks associated with the direct ownership of real estate. These risks include, but are not limited to:

● declines in the value of real estate;

● risks related to general and local economic conditions;

● possible lack of availability of mortgage portfolios;

● overbuilding;

● extended vacancies of properties;

● increased competition;

● increases in property taxes and operating expenses;

● change in zoning laws;

● losses due to costs resulting from the clean-up of environmental problems;

● liability to third parties for damages resulting from environmental problems;

● casualty or condemnation losses;

● limitations on rents;

● changes in neighborhood values and the appeal of properties to tenants; and

● changes in interest rates.

Therefore, if a fund invests a substantial amount of its assets in securities of companies in the real estate industry, the value of the fund's shares may change at different rates compared to the value of shares of a fund with investments in a mix of different industries.

Securities of companies in the real estate industry have been and may continue to be negatively affected by widespread health crises such as a global pandemic. Potential impacts on the real estate market may include lower occupancy rates, decreased lease payments, defaults and foreclosures, among other consequences. These impacts could adversely affect corporate borrowers and mortgage lenders, the value of mortgage-backed securities, the bonds of municipalities that depend on tax revenues and tourist dollars generated by such properties, and insurers of the property and/or of corporate, municipal or mortgage-backed securities. It is not known how long such impacts, or any future impacts of other significant events, will last.

Securities of companies in the real estate industry include REITs, including equity REITs and mortgage REITs. Equity REITs may be affected by changes in the value of the underlying property owned by the trusts, while mortgage REITs may be affected by the quality of any credit extended. Further, equity

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and mortgage REITs are dependent upon management skills and generally may not be diversified. Equity and mortgage REITs also are subject to heavy cash flow dependency, defaults by borrowers or lessees, and self-liquidations. In addition, equity, mortgage, and hybrid REITs could possibly fail to qualify for tax free pass-through of income under the Code, or to maintain their exemptions from registration under the 1940 Act. The above factors also may adversely affect a borrower's or a lessee's ability to meet its obligations to a REIT. In the event of a default by a borrower or lessee, a REIT may experience delays in enforcing its rights as a mortgagee or lessor and may incur substantial costs associated with protecting its investments.

In addition, even the larger REITs in the industry tend to be small to medium-sized companies in relation to the equity markets as a whole. See "Small and Medium Size and Unseasoned Companies" for a discussion of the risks associated with investments in these companies.

**Small and Medium Size and Unseasoned Companies**

**Survival of Small or Unseasoned Companies.** Companies that are small or unseasoned (i.e., less than three years of operating history) are more likely than larger or established companies to fail or not to accomplish their goals. As a result, the value of their securities could decline significantly. These companies are less likely to survive since they are often dependent upon a small number of products and may have limited financial resources and a small management group.

**Changes in Earnings and Business Prospects.** Small or unseasoned companies often have a greater degree of change in earnings and business prospects than larger or established companies, resulting in more volatility in the price of their securities.

**Liquidity.** The securities of small or unseasoned companies may have limited marketability. This factor could cause the value of a fund's investments to decrease if it needs to sell such securities when there are few interested buyers.

**Impact of Buying or Selling Shares.** Small or unseasoned companies usually have fewer outstanding shares than larger or established companies. Therefore, it may be more difficult to buy or sell large amounts of these shares without unfavorably impacting the price of the security.

**Publicly Available Information.** There may be less publicly available information about small or unseasoned companies. Therefore, when making a decision to purchase a security for a fund, a subadvisor may not be aware of problems associated with the company issuing the security.

**Medium Size Companies.** Investments in the securities of medium sized companies present risks similar to those associated with small or unseasoned companies although to a lesser degree due to the larger size of the companies.

**Special Purpose Acquisition Companies**

A fund may invest in stock, warrants, and other securities of SPACs or similar special purpose entities that pool funds to seek potential acquisition opportunities. SPACs are collective investment structures that allow public stock market investors to invest in private equity type transactions ("PIPE"). Until an acquisition is completed, a SPAC generally invests its assets in US government securities, money market securities and cash. A fund may enter into a contingent commitment with a SPAC to purchase PIPE shares if and when the SPAC completes its merger or acquisition.

Because SPACs and similar entities do not have an operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the SPAC's management to identify and complete a profitable acquisition. Some SPACs may pursue acquisitions only within certain industries or regions, which may increase the volatility of their prices. An investment in a SPAC is subject to a variety of risks, including that (i) a significant portion of the monies raised by the SPAC for the purpose of identifying and effecting an acquisition or merger may be expended during the search for a target transaction; (ii) an attractive acquisition or merger target may not be identified at all and the SPAC will be required to return any remaining monies to shareholders; (iii) any proposed merger or acquisition may be unable to obtain the requisite approval, if any, of shareholders; (iv) an acquisition or merger once effected may prove unsuccessful and an investment in the SPAC may lose value; (v) the warrants or other rights with respect to the SPAC held by a fund may expire worthless or may be repurchased or retired by the SPAC at an unfavorable price; (vi) a fund may be delayed in receiving any redemption or liquidation proceeds from a SPAC to which it is entitled; (vii) an investment in a SPAC may be diluted by additional later offerings of interests in the SPAC or by other investors exercising existing rights to purchase shares of the SPAC; (viii) no or only a thinly traded market for shares of or interests in a SPAC may develop, leaving a fund unable to sell its interest in a SPAC or to sell its interest only at a price below what the fund believes is the SPAC interest's intrinsic value; and (ix) the values of investments in SPACs may be highly volatile and may depreciate significantly over time.

Purchased PIPE shares will be restricted from trading until the registration statement for the shares is declared effective. Upon registration, the shares can be freely sold; however, in certain circumstances, the issuer may have the right to temporarily suspend trading of the shares in the first year after the merger. The securities issued by a SPAC, which are typically traded either in the OTC market or on an exchange, may be considered illiquid, more difficult to value, and/or be subject to restrictions on resale.

**Stripped Securities**

Stripped securities are the separate income or principal components of a debt security. The risks associated with stripped securities are similar to those of other debt securities, although stripped securities may be more volatile, and the value of certain types of stripped securities may move in the same direction as interest rates. U.S. Treasury securities that have been stripped by a Federal Reserve Bank are obligations issued by the U.S. Treasury.

**Trust Preferred Securities**

The funds may invest in trust preferred securities. Trust preferred securities have the characteristics of both subordinated debt and preferred stock. Generally, trust preferred securities are issued by a trust that is wholly-owned by a financial institution or other corporate entity, typically a bank holding

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company. The financial institution creates the trust and owns the trust's common securities. The trust uses the sale proceeds of its common securities to purchase subordinated debt issued by the financial institution. The financial institution uses the proceeds from the subordinated debt sale to increase its capital while the trust receives periodic interest payments from the financial institution for holding the subordinated debt. The trust uses the funds received to make dividend payments to the holders of the trust preferred securities. The primary advantage of this structure is that the trust preferred securities are treated by the financial institution as debt securities for tax purposes and as equity for the calculation of capital requirements.

Trust preferred securities typically bear a market rate coupon comparable to interest rates available on debt of a similarly rated issuer. Typical characteristics include long-term maturities, early redemption by the issuer, periodic fixed or variable interest payments, and maturities at face value. Holders of trust preferred securities have limited voting rights to control the activities of the trust and no voting rights with respect to the financial institution. The market value of trust preferred securities may be more volatile than those of conventional debt securities. Trust preferred securities may be issued in reliance on Rule 144A under the 1933 Act and subject to restrictions on resale. There can be no assurance as to the liquidity of trust preferred securities and the ability of holders, such as a fund, to sell their holdings. The condition of the financial institution is looked at to identify the risks of the trust preferred securities as the trust typically has no business operations other than to issue the trust preferred securities. If the financial institution defaults on interest payments to the trust, the trust will not be able to make dividend payments to holders of its securities, such as a fund.

**U.S. Government Securities**

U.S. government securities include securities issued or guaranteed by the U.S. government or by an agency or instrumentality of the U.S. government. Not all U.S. government securities are backed by the full faith and credit of the United States. Some are supported only by the credit of the issuing agency or instrumentality, which depends entirely on its own resources to repay the debt. U.S. government securities that are backed by the full faith and credit of the United States include U.S. Treasuries and mortgage-backed securities guaranteed by GNMA. Securities that are only supported by the credit of the issuing agency or instrumentality include those issued by Fannie Mae, the FHLBs and Freddie Mac.

**Regulation of Commodity Interests**

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The CFTC has adopted regulations that subject registered investment companies and/or their investment advisors to regulation by the CFTC if the registered investment company invests more than a prescribed level of its NAV in commodity futures, options on commodities or commodity futures, swaps, or other financial instruments regulated under the CEA ("commodity interests"), or if the registered investment company markets itself as providing investment exposure to such commodity interests. The Advisor is registered as a CPO under the CEA and is a National Futures Association member firm; however, the Advisor acts in the capacity of a registered CPO only with respect to Opportunistic Fixed Income Trust.

Although the Advisor is a registered CPO and is a National Futures Association member firm, the Advisor has claimed an exemption from CPO registration pursuant to CFTC Rule 4.5 with respect to all of the funds other than Opportunistic Fixed Income Trust (collectively, the "Exempt Funds"). To remain eligible for this exemption, each of the Exempt Funds must comply with certain limitations, including limits on trading in commodity interests, and restrictions on the manner in which an Exempt Fund markets its commodity interests trading activities. These limitations may restrict an Exempt Fund's ability to pursue its investment strategy, increase the costs of implementing its strategy, increase its expenses and/or adversely affect its total return.

Under CFTC rules, certain mandated disclosure, reporting and recordkeeping obligations will apply to the Advisor with respect to Opportunistic Fixed Income Trust, but not the Exempt Funds. The Advisor is subject to dual regulation by the SEC and the CFTC with respect to the services it provides to Opportunistic Fixed Income Trust. As a result of "harmonization" rule amendments adopted by the CFTC in 2013, the Advisor expects to comply with substantially all CFTC regulations applicable to the operation of Opportunistic Fixed Income Trust through "substituted compliance" with SEC regulations, as provided in the "harmonization" amendments. Any changes to the CFTC's substituted compliance regime may restrict the ability of Opportunistic Fixed Income Trust to pursue its investment strategy, increase the costs of implementing its strategy, increase its expenses and/or may adversely affect its total return.Shareholders may obtain the current NAV of Opportunistic Fixed Income Trust by calling 800-732-5543.

Please see "Government Regulation of Derivatives" for more information regarding governmental regulations of derivatives and similar transactions.

**Hedging and Other Strategic Transactions**

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Hedging refers to protecting against possible changes in the market value of securities or other assets that a fund already owns or plans to buy or protecting unrealized gains in the fund. These strategies also may be used to gain exposure to a particular market. The hedging and other strategic transactions that may be used by a fund, but only if and to the extent that such transactions are consistent with its investment objective and policies, are described below:

● exchange-listed and OTC put and call options on securities, equity indices, volatility indices, financial futures contracts, currencies, fixed-income indices and other financial instruments;

● financial futures contracts (including stock index futures);

● interest rate transactions;\*

● currency transactions;\*\*

● warrants and rights (including non-standard warrants and participatory risks);

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● swaps (including interest rate, index, dividend, inflation, variance, equity, and volatility swaps, credit default swaps, swap options and currency swaps); and

● structured notes, including hybrid or "index" securities.

**\***

A fund's interest rate transactions may take the form of swaps, caps, floors and collars.

**\*\***

A fund's currency transactions may take the form of currency forward contracts, currency futures contracts, currency swaps and options on currencies or currency futures contracts.

Hedging and other strategic transactions may be used for the following purposes:

● to attempt to protect against possible changes in the market value of securities held or to be purchased by a fund resulting from securities markets or currency exchange rate fluctuations;

● to protect a fund's unrealized gains in the value of its securities;

● to facilitate the sale of a fund's securities for investment purposes;

● to manage the effective maturity or duration of a fund's securities;

● to establish a position in the derivatives markets as a method of gaining exposure to a particular geographic region, market, industry, issuer, or security; or

● to increase exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one country to another.

To the extent that a fund uses hedging or another strategic transaction to gain, shift or manage exposure to a particular geographic region, market, industry, issuer, security, currency, or other asset, the fund will be exposed to the risks of investing in that asset as well as the risks inherent in the specific hedging or other strategic transaction used to gain such exposure.

For purposes of determining compliance with a fund's investment policies, strategies and restrictions, the fund will generally consider the market value of derivative instruments, unless the nature of the derivative instrument warrants the use of the instrument's notional value to more accurately reflect the economic exposure represented by the derivative position.

Because of the uncertainties under federal tax laws as to whether income from commodity-linked derivative instruments and certain other instruments would constitute "qualifying income" to a RIC, no fund is permitted to invest in such instruments unless a subadvisor obtains prior written approval from the Trust's CCO. The CCO, as a member of the Advisor's Complex Securities Committee, evaluates with the committee the appropriateness of the investment.

**General Characteristics of Options**

Put options and call options typically have similar structural characteristics and operational mechanics regardless of the underlying instrument on which they are purchased or sold. Many hedging and other strategic transactions involving options are subject to the requirements outlined in the "Government Regulation of Derivatives" section.

**Put Options.** A put option gives the purchaser of the option, upon payment of a premium, the right to sell (and the writer the obligation to buy) the underlying security, commodity, index, currency or other instrument at the exercise price. A fund's purchase of a put option on a security, for example, might be designed to protect its holdings in the underlying instrument (or, in some cases, a similar instrument) against a substantial decline in the market value of such instrument by giving a fund the right to sell the instrument at the option exercise price.

If, and to the extent authorized to do so, a fund may, for various purposes, purchase and sell put options on securities (whether or not it holds the securities in its portfolio) and on securities indices, currencies and futures contracts. A fund will not sell put options if, as a result, more than 50% of the fund's assets would be required to be segregated to cover its potential obligations under put options other than those with respect to futures contracts.

**Risk of Selling Put Options.** In selling put options, a fund faces the risk that it may be required to buy the underlying security at a disadvantageous price above the market price.

**Call Options.** A call option, upon payment of a premium, gives the purchaser of the option the right to buy (and the seller the obligation to sell) the underlying instrument at the exercise price. A fund's purchase of a call option on an underlying instrument might be intended to protect a fund against an increase in the price of the underlying instrument that it intends to purchase in the future by fixing the price at which it may purchase the instrument. An "American" style put or call option may be exercised at any time during the option period, whereas a "European" style put or call option may be exercised only upon expiration or during a fixed period prior to expiration. If and to the extent authorized to do so, a fund may purchase and sell call options on securities (whether or not it holds the securities).

**Partial Hedge or Income to a Fund.** If a fund sells a call option, the premium that it receives may serve as a partial hedge, to the extent of the option premium, against a decrease in the value of the underlying securities or instruments held by a fund or will increase a fund's income. Similarly, the sale of put options also can provide fund gains.

**Covering of Options.** All call options sold by a fund are subject to the requirements outlined in the "Government Regulation of Derivatives" section.

**Risk of Selling Call Options.** Even though a fund will receive the option premium to help protect it against loss, a call option sold by a fund will expose it during the term of the option to possible loss of the opportunity to sell the underlying security or instrument with a gain.

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**Exchange-listed Options.** Exchange-listed options are issued by a regulated intermediary such as the Options Clearing Corporation (the "OCC"), which guarantees the performance of the obligations of the parties to the options. The discussion below uses the OCC as an example, but also is applicable to other similar financial intermediaries.

OCC-issued and exchange-listed options, with certain exceptions, generally settle by physical delivery of the underlying security or currency, although in the future, cash settlement may become available. Index options and Eurodollar instruments (which are described below under "Eurodollar Instruments") are cash settled for the net amount, if any, by which the option is "in-the-money" at the time the option is exercised. "In-the-money" means the amount by which the value of the underlying instrument exceeds, in the case of a call option, or is less than, in the case of a put option, the exercise price of the option. Frequently, rather than taking or making delivery of the underlying instrument through the process of exercising the option, listed options are closed by entering into offsetting purchase or sale transactions that do not result in ownership of the new option.

A fund's ability to close out its position as a purchaser or seller of an OCC-issued or exchange-listed put or call option is dependent, in part, upon the liquidity of the particular option market. Among the possible reasons for the absence of a liquid option market on an exchange are:

● insufficient trading interest in certain options;

● restrictions on transactions imposed by an exchange;

● trading halts, suspensions or other restrictions imposed with respect to particular classes or series of options or underlying securities, including reaching daily price limits;

● interruption of the normal operations of the OCC or an exchange;

● inadequacy of the facilities of an exchange or the OCC to handle current trading volume; or

● a decision by one or more exchanges to discontinue the trading of options (or a particular class or series of options), in which event the relevant market for that option on that exchange would cease to exist, although any such outstanding options on that exchange would continue to be exercisable in accordance with their terms.

The hours of trading for listed options may not coincide with the hours during which the underlying financial instruments are traded. To the extent that the option markets close before the markets for the underlying financial instruments, significant price and rate movements can take place in the underlying markets that would not be reflected in the corresponding option markets.

**OTC Options.** OTC options are purchased from or sold to counterparties such as securities dealers or financial institutions through direct bilateral agreement with the counterparty. In contrast to exchange-listed options, which generally have standardized terms and performance mechanics, all of the terms of an OTC option, including such terms as method of settlement, term, exercise price, premium, guaranties and security, are determined by negotiation of the parties. It is anticipated that a fund authorized to use OTC options generally will only enter into OTC options that have cash settlement provisions, although it will not be required to do so.

Unless the parties provide for it, no central clearing or guaranty function is involved in an OTC option. As a result, if a counterparty fails to make or take delivery of the security, currency or other instrument underlying an OTC option it has entered into with a fund or fails to make a cash settlement payment due in accordance with the terms of that option, the fund will lose any premium it paid for the option as well as any anticipated benefit of the transaction. Thus, a subadvisor must assess the creditworthiness of each such counterparty or any guarantor or credit enhancement of the counterparty's credit to determine the likelihood that the terms of the OTC option will be met. A fund will enter into OTC option transactions only with U.S. government securities dealers recognized by the Federal Reserve Bank of New York as "primary dealers," or broker dealers, domestic or foreign banks, or other financial institutions that are deemed creditworthy by a subadvisor. In the absence of a change in the current position of the SEC's staff, OTC options purchased by a fund and the amount of the fund's obligation pursuant to an OTC option sold by the fund (the cost of the sell-back plus the in-the-money amount, if any) will be deemed illiquid.

**Types of Options That May Be Purchased.** A fund may purchase and sell call options on securities indices, currencies, and futures contracts, as well as on Eurodollar instruments that are traded on U.S. and foreign securities exchanges and in the OTC markets.

**General Characteristics of Futures Contracts and Options on Futures Contracts**

A fund may trade financial futures contracts (including stock index futures contracts, which are described below) or purchase or sell put and call options on those contracts for the following purposes:

● as a hedge against anticipated interest rate, currency or market changes;

● for duration management;

● for risk management purposes; and

● to gain exposure to a securities market.

Futures contracts are generally bought and sold on the commodities exchanges where they are listed with payment of initial and variation margin as described below. The sale of a futures contract creates a firm obligation by a fund, as seller, to deliver to the buyer the specific type of financial instrument called for in the contract at a specific future time for a specified price (or, with respect to certain instruments, the net cash amount). Options on futures contracts are similar to options on securities except that an option on a futures contract gives the purchaser the right, in return for the premium paid, to assume a position in a futures contract and obligates the seller to deliver that position.

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A fund will only engage in transactions in futures contracts and related options subject to complying with the Derivatives Rule. The Derivatives Rule requirements are outlined in the "Government Regulation of Derivatives" section. A fund will engage in transactions in futures contracts and related options only to the extent such transactions are consistent with the requirements of the Code in order to maintain its qualification as a RIC for federal income tax purposes.

**Margin.** Maintaining a futures contract or selling an option on a futures contract will typically require a fund to deposit with a financial intermediary, as security for its obligations, an amount of cash or other specified assets ("initial margin") that initially is from 1% to 10% of the face amount of the contract (but may be higher in some circumstances). Additional cash or assets ("variation margin") may be required to be deposited thereafter daily as the mark-to-market value of the futures contract fluctuates. The purchase of an option on a financial futures contract involves payment of a premium for the option without any further obligation on the part of a fund. If a fund exercises an option on a futures contract it will be obligated to post initial margin (and potentially variation margin) for the resulting futures position just as it would for any futures position.

**Settlement.** Futures contracts and options thereon are generally settled by entering into an offsetting transaction, but no assurance can be given that a position can be offset prior to settlement or that delivery will occur.

**Stock Index Futures**

**Definition.** A stock index futures contract (an "Index Future") is a contract to buy a certain number of units of the relevant index at a specified future date at a price agreed upon when the contract is made. A unit is the value at a given time of the relevant index.

**Uses of Index Futures.** Below are some examples of how a fund may use Index Futures:

● In connection with a fund's investment in equity securities, a fund may invest in Index Futures while a subadvisor seeks favorable terms from brokers to effect transactions in equity securities selected for purchase.

● A fund also may invest in Index Futures when a subadvisor believes that there are not enough attractive equity securities available to maintain the standards of diversity and liquidity set for the fund's pending investment in such equity securities when they do become available.

● Through the use of Index Futures, a fund may maintain a pool of assets with diversified risk without incurring the substantial brokerage costs that may be associated with investment in multiple issuers. This may permit a fund to avoid potential market and liquidity problems (e.g., driving up or forcing down the price by quickly purchasing or selling shares of a portfolio security) that may result from increases or decreases in positions already held by a fund.

● A fund also may invest in Index Futures in order to hedge its equity positions.

Hedging and other strategic transactions involving futures contracts, options on futures contracts and swaps will be purchased, sold or entered into primarily for bona fide hedging, risk management (including duration management) or appropriate portfolio management purposes, including gaining exposure to a particular securities market.

**Options on Securities Indices and Other Financial Indices**

A fund may purchase and sell call and put options on securities indices and other financial indices ("Options on Financial Indices"). In so doing, a fund may achieve many of the same objectives it would achieve through the sale or purchase of options on individual securities or other instruments.

**Description of Options on Financial Indices.** Options on Financial Indices are similar to options on a security or other instrument except that, rather than settling by physical delivery of the underlying instrument, Options on Financial Indices settle by cash settlement. Cash settlement means that the holder has the right to receive, upon exercise of the option, an amount of cash if the closing level of the index upon which the option is based exceeds, in the case of a call (or is less than, in the case of a put) the exercise price of the option. This amount of cash is equal to the excess of the closing price of the index over the exercise price of the option, which also may be multiplied by a formula value. The seller of the option is obligated to make delivery of this amount. The gain or loss on an option on an index depends on price movements in the instruments comprising the market or other composite on which the underlying index is based, rather than price movements in individual securities, as is the case for options on securities. In the case of an OTC option, physical delivery may be used instead of cash settlement. By purchasing or selling Options on Financial Indices, a fund may achieve many of the same objectives it would achieve through the sale or purchase of options on individual securities or other instruments.

**Yield Curve Options**

A fund also may enter into options on the "spread," or yield differential, between two fixed-income securities, in transactions referred to as "yield curve" options. In contrast to other types of options, a yield curve option is based on the difference between the yields of designated securities, rather than the prices of the individual securities, and is settled through cash payments. Accordingly, a yield curve option is profitable to the holder if this differential widens (in the case of a call) or narrows (in the case of a put), regardless of whether the yields of the underlying securities increase or decrease.

Yield curve options may be used for the same purposes as other options on securities. Specifically, a fund may purchase or write such options for hedging purposes. For example, a fund may purchase a call option on the yield spread between two securities, if it owns one of the securities and anticipates purchasing the other security and wants to hedge against an adverse change in the yield spread between the two securities. A fund also may purchase or write yield curve options for other than hedging purposes (i.e., in an effort to increase its current income) if, in the judgment of a subadvisor, the fund will be able to profit from movements in the spread between the yields of the underlying securities. The trading of yield curve options is subject to all of the risks associated with the trading of other types of options. In addition, however, such options present risk of loss even if the yield of one of the underlying securities remains constant, if the spread moves in a direction or to an extent which was not anticipated. Yield curve options written by a

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fund will be "covered." A call (or put) option is covered if a fund holds another call (or put) option on the spread between the same two securities and owns liquid and unencumbered assets sufficient to cover the fund's net liability under the two options. Therefore, a fund's liability for such a covered option is generally limited to the difference between the amounts of the fund's liability under the option written by the fund less the value of the option held by it. Yield curve options also may be covered in such other manner as may be in accordance with the requirements of the counterparty with which the option is traded and applicable laws and regulations and are subject to the requirements outlined in the "Government Regulation of Derivatives" section. Yield curve options are traded OTC.

**Currency Transactions**

A fund may be authorized to engage in currency transactions with counterparties to hedge the value of portfolio securities denominated in particular currencies against fluctuations in relative value, to gain exposure to a currency without purchasing securities denominated in that currency, to facilitate the settlement of equity trades or to exchange one currency for another. If a fund enters into a currency hedging transaction, the fund will comply with the regulatory limitations outlined in the "Government Regulation of Derivatives" section. Currency transactions may include:

● forward currency contracts;

● exchange-listed currency futures contracts and options thereon;

● exchange-listed and OTC options on currencies;

● currency swaps; and

● spot transactions (i.e., transactions on a cash basis based on prevailing market rates).

A forward currency contract involves a privately negotiated obligation to purchase or sell (with delivery generally required) a specific currency at a future date at a price set at the time of the contract. A currency swap is an agreement to exchange cash flows based on the notional difference among two or more currencies and operates similarly to an interest rate swap, which is described under "Swap Agreements and Options on Swap Agreements." A fund may enter into currency transactions only with counterparties that are deemed creditworthy by a subadvisor. Nevertheless, engaging in currency transactions will expose a fund to counterparty risk.

A fund's dealings in forward currency contracts and other currency transactions such as futures contracts, options, options on futures contracts and swaps may be used for hedging and similar purposes, possibly including transaction hedging, position hedging, cross hedging and proxy hedging. A fund also may use foreign currency options and foreign currency forward contracts to increase exposure to a foreign currency, to shift exposure to foreign currency fluctuation from one country to another or to facilitate the settlement of equity trades. A fund may elect to hedge less than all of its foreign portfolio positions as deemed appropriate by a subadvisor.

A fund also may engage in non-deliverable forward transactions to manage currency risk or to gain exposure to a currency without purchasing securities denominated in that currency. A non-deliverable forward is a transaction that represents an agreement between a fund and a counterparty (usually a commercial bank) to buy or sell a specified (notional) amount of a particular currency at an agreed-upon foreign exchange rate on an agreed-upon future date. Unlike other currency transactions, there is no physical delivery of the currency on the settlement of a non-deliverable forward transaction. Rather, the fund and the counterparty agree to net the settlement by making a payment in U.S. dollars or another fully convertible currency that represents any differential between the foreign exchange rate agreed upon at the inception of the non-deliverable forward agreement and the actual exchange rate on the agreed-upon future date. Thus, the actual gain or loss of a given non-deliverable forward transaction is calculated by multiplying the transaction's notional amount by the difference between the agreed-upon forward exchange rate and the actual exchange rate when the transaction is completed.

Since a fund generally may only close out a non-deliverable forward with the particular counterparty, there is a risk that the counterparty will default on its obligation to pay under the agreement. If the counterparty defaults, the fund will have contractual remedies pursuant to the agreement related to the transaction, but there is no assurance that contract counterparties will be able to meet their obligations pursuant to such agreements or that, in the event of a default, the fund will succeed in pursuing contractual remedies. The fund thus assumes the risk that it may be delayed or prevented from obtaining payments owed to it pursuant to non-deliverable forward transactions.

In addition, where the currency exchange rates that are the subject of a given non-deliverable forward transaction do not move in the direction or to the extent anticipated, a fund could sustain losses on the non-deliverable forward transaction. A fund's investment in a particular non-deliverable forward transaction will be affected favorably or unfavorably by factors that affect the subject currencies, including economic, political and legal developments that impact the applicable countries, as well as exchange control regulations of the applicable countries. These risks are heightened when a non-deliverable forward transaction involves currencies of emerging market countries because such currencies can be volatile and there is a greater risk that such currencies will be devalued against the U.S. dollar or other currencies.

**Transaction Hedging.** Transaction hedging involves entering into a currency transaction with respect to specific assets or liabilities of a fund, which generally will arise in connection with the purchase or sale of the portfolio securities or the receipt of income from them.

**Position Hedging.** Position hedging involves entering into a currency transaction with respect to portfolio securities positions denominated or generally quoted in that currency.

**Cross Hedging.** A fund may be authorized to cross-hedge currencies by entering into transactions to purchase or sell one or more currencies that are expected to increase or decline in value relative to other currencies to which the fund has or in which the fund expects to have exposure.

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**Proxy Hedging.** To reduce the effect of currency fluctuations on the value of existing or anticipated holdings of its securities, a fund also may be authorized to engage in proxy hedging. Proxy hedging is often used when the currency to which a fund's holdings are exposed is generally difficult to hedge or specifically difficult to hedge against the dollar. Proxy hedging entails entering into a forward contract to sell a currency, the changes in the value of which are generally considered to be linked to a currency or currencies in which some or all of a fund's securities are or are expected to be denominated, and to buy dollars. The amount of the contract would not exceed the market value of the fund's securities denominated in linked currencies.

**Combined Transactions**

A fund may be authorized to enter into multiple transactions, including multiple options transactions, multiple futures transactions, multiple currency transactions (including forward currency contracts), multiple interest rate transactions and any combination of futures, options, currency and interest rate transactions. A combined transaction usually will contain elements of risk that are present in each of its component transactions. Although a fund normally will enter into combined transactions to reduce risk or otherwise more effectively achieve the desired portfolio management goal, it is possible that the combination will instead increase the risks or hinder achievement of the fund's investment objective.

**Swap Agreements and Options on Swap Agreements**

Among the hedging and other strategic transactions into which a fund may be authorized to enter are swap transactions, including, but not limited to, swap agreements on interest rates, security or commodity indexes, specific securities and commodities, currency exchange rates, and credit and event-linked swaps. To the extent that a fund may invest in foreign currency-denominated securities, it also may invest in currency exchange rate swap agreements.

A fund may enter into swap transactions for any legal purpose consistent with its investment objective and policies, such as to attempt to obtain or preserve a particular return or spread at a lower cost than obtaining a return or spread through purchases and/or sales of instruments in other markets, to protect against currency fluctuations, as a duration management technique, to protect against any increase in the price of securities the fund anticipates purchasing at a later date, or to gain exposure to certain markets in the most economical way possible.

OTC swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a few weeks to one or more years. In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments, which may be adjusted for an interest factor. The gross returns to be exchanged or "swapped" between the parties are generally calculated with respect to a "notional amount," i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency, or in a "basket" of securities or commodities representing a particular index. A "quanto" or "differential" swap combines both an interest rate and a currency transaction. Other forms of swap agreements include interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap"; interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor"; and interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. Consistent with a fund's investment objectives and general investment policies, a fund may be authorized to invest in commodity swap agreements. For example, an investment in a commodity swap agreement may involve the exchange of floating-rate interest payments for the total return on a commodity index. In a total return commodity swap, a fund will receive the price appreciation of a commodity index, a portion of the index, or a single commodity in exchange for paying an agreed-upon fee. If the commodity swap is for one period, a fund may pay a fixed fee, established at the outset of the swap. However, if the term of the commodity swap is more than one period, with interim swap payments, a fund may pay an adjustable or floating fee. With a "floating" rate, the fee may be pegged to a base rate, such as SOFR, and is adjusted each period. Therefore, if interest rates increase over the term of the swap contract, a fund may be required to pay a higher fee at each swap reset date.

A fund may be authorized to enter into options on swap agreements ("Swap Options"). A Swap Option is a contract that gives a counterparty the right (but not the obligation) in return for payment of a premium, to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. A fund also may be authorized to write (sell) and purchase put and call Swap Options.

Depending on the terms of the particular agreement, a fund generally will incur a greater degree of risk when it writes a Swap Option than it will incur when it purchases a Swap Option. When a fund purchases a swap option, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, when the fund writes a Swap Option, upon exercise of the option the fund will become obligated according to the terms of the underlying agreement. Most other types of swap agreements entered into by a fund would calculate the obligations of the parties to the agreement on a "net basis." Consequently, a fund's current obligations (or rights) under a swap agreement generally will be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the "net amount"). A fund's current obligations under a swap agreement will be accrued daily (offset against any amounts owed to the fund). A fund's use of swap agreements or Swap Options are subject to the regulatory limitations outlined in the "Government Regulation of Derivatives" section.

Whether a fund's use of swap agreements or Swap Options will be successful in furthering its investment objective will depend on a subadvisor's ability to predict correctly whether certain types of investments are likely to produce greater returns than other investments. Because OTC swaps are two-party contracts and because they may have terms of greater than seven days, they may be considered to be illiquid. Moreover, a fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. A fund will enter into swap agreements only with counterparties that meet certain standards of creditworthiness. Certain restrictions imposed on a fund

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by the Code may limit its ability to use swap agreements. Current regulatory initiatives, described below, and potential future regulation could adversely affect a fund's ability to terminate existing swap agreements or to realize amounts to be received under such agreements. A fund will not enter into a swap agreement with any single party if the net amount owed to the fund under existing contracts with that party would exceed 5% of the fund's total assets.

Swaps are highly specialized instruments that require investment techniques, risk analyses, and tax planning different from those associated with traditional investments. The use of a swap requires an understanding not only of the referenced asset, rate, or index but also of the swap itself, without the benefit of observing the performance of the swap under all possible market conditions. Swap agreements may be subject to liquidity risk, which exists when a particular swap is difficult to purchase or sell. If a swap transaction is particularly large or if the relevant market is illiquid (as is the case with many OTC swaps), it may not be possible to initiate a transaction or liquidate a position at an advantageous time or price, which may result in significant losses. In addition, a swap transaction may be subject to a fund's limitation on investments in illiquid securities.

Like most other investments, swap agreements are subject to the risk that the market value of the instrument will change in a way detrimental to a fund's interest. A fund bears the risk that a subadvisor will not accurately forecast future market trends or the values of assets, reference rates, indexes, or other economic factors in establishing swap positions for it. If a subadvisor attempts to use a swap as a hedge against, or as a substitute for, an investment, the fund will be exposed to the risk that the swap will have or will develop imperfect or no correlation with the investment. This could cause substantial losses for the fund. While hedging strategies involving swap instruments can reduce the risk of loss, they also can reduce the opportunity for gain or even result in losses by offsetting favorable price movements in other investments.

The swaps market was largely unregulated prior to the enactment of federal legislation known as the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"). Among other things, the Dodd-Frank Act sets forth a new regulatory framework for certain OTC derivatives, such as swaps, in which the funds may be authorized to invest. The Dodd-Frank Act requires many swap transactions to be executed on registered exchanges or through swap execution facilities, cleared through a regulated clearinghouse, and publicly reported. In addition, many market participants are now regulated as swap dealers and are, or will be, subject to certain minimum capital and margin requirements and business conduct standards. The statutory requirements of the Dodd-Frank Act have primarily been implemented through rules and regulations adopted by the SEC and/or the CFTC, although some rules have not been fully implemented.

As of the date of this SAI, central clearing is required only for certain market participants trading certain instruments, although central clearing for additional instruments is expected to be implemented by the CFTC. In addition, as described below, uncleared OTC swaps may be subject to regulatory collateral requirements that could adversely affect a fund's ability to enter into swaps in the OTC market. These developments could cause a fund to terminate new or existing swap agreements, realize amounts to be received under such instruments at an inopportune time, or increase the costs associated with trading derivatives. It is still not possible to determine the complete impact of the Dodd-Frank Act and related regulations on the funds. Swap dealers, major swap market participants, and swap counterparties may also experience other new and/or additional regulations, requirements, compliance burdens, and associated costs. The Dodd-Frank Act and rules promulgated thereunder may exert a negative effect on a fund's ability to meet its investment objective. The swap market could be disrupted or limited as a result of the legislation, and the new requirements may increase the cost of a fund's investments and of doing business, which could adversely affect the fund's ability to buy or sell OTC derivatives. Prudential regulators issued final rules that will require banks subject to their supervision to exchange variation and initial margin in respect of their obligations arising under uncleared swap agreements. The CFTC adopted similar rules that apply to CFTC-registered swap dealers that are not banks. Such rules may require the funds to segregate additional assets in order to meet the new variation and initial margin requirements when they enter into uncleared swap agreements. The variation margin and initial margin requirements are now effective.

In addition, regulations adopted by prudential regulators require certain banks to include in a range of financial contracts, including derivative and short-term funding transactions terms delaying or restricting a counterparty's default, termination and other rights in the event that the bank and/or its affiliates become subject to certain types of resolution or insolvency proceedings. The regulations could limit a fund's ability to exercise a range of cross-default rights if its counterparty, or an affiliate of the counterparty, is subject to bankruptcy or similar proceedings. Such regulations could further negatively impact the funds' use of derivatives.

Additional information about certain swap agreements that the funds may utilize is provided below.

*Credit default swap agreements ("CDS").* CDS may have as reference obligations one or more securities that are not currently held by a fund. The protection "buyer" in a CDS is generally obligated to pay the protection "seller" an upfront or a periodic stream of payments over the term of the CDS provided that no credit event, such as a default, on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the "par value" (full notional value) of the CDS in exchange for an equal face amount of deliverable obligations of the reference entity described in the CDS, or the seller may be required to deliver the related net cash amount, if the CDS is cash settled. A fund may be either the buyer or seller in the transaction. If a fund is a buyer and no credit event occurs, the fund may recover nothing if the CDS is held through its termination date. However, if a credit event occurs, the buyer generally may elect to receive the full notional value of the CDS in exchange for an equal face amount of deliverable obligations of the reference entity whose value may have significantly decreased. As a seller, a fund generally receives an upfront payment or a fixed rate of income throughout the term of the CDS, provided that there is no credit event. As the seller, a fund would effectively add leverage to the fund because, in addition to its total net assets, the fund would be subject to investment exposure on the notional amount of the CDS. If a fund enters into a CDS, the fund may be required to report the CDS as a "listed transaction" for tax shelter reporting purposes on the fund's federal income tax return. If the IRS were to determine that the CDS is a tax shelter, a fund could be subject to penalties under the Code.

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Credit default swap indices are indices that reflect the performance of a basket of credit default swaps and are subject to the same risks as CDS. The fund's return from investment in a credit default swap index may not match the return of the referenced index. Further, investment in a credit default swap index could result in losses if the referenced index does not perform as expected. Unexpected changes in the composition of the index may also affect performance of the credit default swap index. If a referenced index has a dramatic intraday move that causes a material decline in the fund's net assets, the terms of the fund's credit default swap index may permit the counterparty to immediately close out the transaction. In that event, the fund may be unable to enter into another credit default swap index or otherwise achieve desired exposure, even if the referenced index reverses all or a portion of its intraday move.

A fund also may be authorized to enter into credit default swaps on index tranches. CDS on index tranches give the fund, as a seller of credit protection, the opportunity to take on exposures to specific segments of the CDS index default loss distribution. Each tranche has a different sensitivity to credit risk correlations among entities in the index. One of the main benefits of index tranches is higher liquidity. This has been achieved mainly through standardization, yet it is also due to the liquidity in the single-name CDS and CDS index markets. In contrast, possibly owing to the limited liquidity in the corporate bond market, securities referencing corporate bond indexes have not been traded actively.

CDS involve greater risks than if a fund had invested in the reference obligation directly since, in addition to general market risks, CDS are subject to illiquidity risk, counterparty risk and credit risk. A fund will enter into CDS only with counterparties that meet certain standards of creditworthiness. A buyer generally also will lose its investment and recover nothing should no credit event occur and the CDS is held to its termination date. If a credit event were to occur, the value of any deliverable obligation received by the seller, coupled with the upfront or periodic payments previously received, may be less than the full notional value it pays to the buyer, resulting in a loss of value to the seller. A fund's obligations under a CDS will be accrued daily (offset against any amounts owing to the fund). A fund's ability to be a "buyer" or "seller" of CDS is subject to the regulatory limitations outlined in the "Government Regulation of Derivatives" section.

*Dividend swap agreements.* A dividend swap agreement is a financial instrument where two parties contract to exchange a set of future cash flows at set dates in the future. One party agrees to pay the other the future dividend flow on a stock or basket of stocks in an index, in return for which the other party gives the first call options. Dividend swaps generally are traded OTC rather than on an exchange.

*Inflation swap agreements.* An inflation swap agreement is a contract in which one party agrees to pay the cumulative percentage increase in a price index (e.g., the CPI with respect to CPI swaps) over the term of the swap (with some lag on the inflation index), and the other pays a compounded fixed rate. Inflation swap agreements may be used to protect a fund's NAV against an unexpected change in the rate of inflation measured by an inflation index since the value of these agreements is expected to increase if unexpected inflation increases.

*Interest rate swap agreements.* An interest rate swap agreement involves the exchange of cash flows based on interest rate specifications and a specified principal amount, often a fixed payment for a floating payment that is linked to an interest rate. An interest rate lock specifies a future interest rate to be paid. In an interest rate cap, one party receives payments at the end of each period in which a specified interest rate on a specified principal amount exceeds an agreed-upon rate; conversely, in an interest rate floor, one party may receive payments if a specified interest rate on a specified principal amount falls below an agreed-upon rate. Caps and floors have an effect similar to buying or writing options. Interest rate collars involve selling a cap and purchasing a floor, or vice versa, to protect a fund against interest rate movements exceeding given minimum or maximum levels.

*Total return swap agreements.* A total return swap agreement is a contract whereby one party agrees to make a series of payments to another party based on the change in the market value of the assets underlying such contract (which can include a security, commodity, index or baskets thereof) during the specified period. In exchange, the other party to the contract agrees to make a series of payments calculated by reference to an interest rate and/or some other agreed-upon amount (including the change in market value of other underlying assets). A fund may use total return swaps to gain exposure to an asset without owning it or taking physical custody of it. For example, by investing in total return commodity swaps, a fund will receive the price appreciation of a commodity, commodity index or portion thereof in exchange for payment of an agreed-upon fee.

*Variance swap agreements.* Variance swap agreements involve an agreement by two parties to exchange cash flows based on the measured variance (or square of volatility) of a specified underlying asset. One party agrees to exchange a "fixed rate" or strike price payment for the "floating rate" or realized price variance on the underlying asset with respect to the notional amount. At inception, the strike price chosen is generally fixed at a level such that the fair value of the swap is zero. As a result, no money changes hands at the initiation of the contract. At the expiration date, the amount paid by one party to the other is the difference between the realized price variance of the underlying asset and the strike price multiplied by the notional amount. A receiver of the realized price variance would receive a payment when the realized price variance of the underlying asset is greater than the strike price and would make a payment when that variance is less than the strike price. A payer of the realized price variance would make a payment when the realized price variance of the underlying asset is greater than the strike price and would receive a payment when that variance is less than the strike price. This type of agreement is essentially a forward contract on the future realized price variance of the underlying asset.

**Eurodollar Instruments**

A fund may be authorized to invest in Eurodollar instruments which typically are dollar-denominated futures contracts or options on those contracts that are linked to SOFR. In addition, foreign currency-denominated instruments are available from time to time. Eurodollar futures contracts enable purchasers to obtain a fixed rate for the lending of funds and sellers to obtain a fixed rate for borrowings. A fund might use Eurodollar futures contracts and options thereon to hedge against changes in SOFR, to which many interest rate swaps and fixed income instruments are linked.

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**Warrants and Rights**

Warrants and rights generally give the holder the right to receive, upon exercise and prior to the expiration date, a security of the issuer at a stated price. Funds typically use warrants and rights in a manner similar to their use of options on securities, as described in "General Characteristics of Options" above and elsewhere in this SAI. Risks associated with the use of warrants and rights are generally similar to risks associated with the use of options. Unlike most options, however, warrants and rights are issued in specific amounts, and warrants generally have longer terms than options. Warrants and rights are not likely to be as liquid as exchange-traded options backed by a recognized clearing agency. In addition, the terms of warrants or rights may limit a fund's ability to exercise the warrants or rights at such time, or in such quantities, as the fund would otherwise wish.

**Non-Standard Warrants and Participatory Notes.** From time to time, a fund may use non-standard warrants, including low exercise price warrants or low exercise price options ("LEPOs"), and participatory notes ("P-Notes") to gain exposure to issuers in certain countries. LEPOs are different from standard warrants in that they do not give their holders the right to receive a security of the issuer upon exercise. Rather, LEPOs pay the holder the difference in price of the underlying security between the date the LEPO was purchased and the date it is sold. P-Notes are a type of equity-linked derivative that generally are traded OTC and constitute general unsecured contractual obligations of the banks, broker dealers or other financial institutions that issue them. Generally, banks and broker dealers associated with non-U.S.-based brokerage firms buy securities listed on certain foreign exchanges and then issue P-Notes that are designed to replicate the performance of certain issuers and markets. The performance results of P-Notes will not replicate exactly the performance of the issuers or markets that the notes seek to replicate due to transaction costs and other expenses. The return on a P-Note that is linked to a particular underlying security generally is increased to the extent of any dividends paid in connection with the underlying security. However, the holder of a P-Note typically does not receive voting or other rights as it would if it directly owned the underlying security, and P-Notes present similar risks to investing directly in the underlying security. Additionally, LEPOs and P-Notes entail the same risks as other OTC derivatives. These include the risk that the counterparty or issuer of the LEPO or P-Note may not be able to fulfill its obligations, that the holder and counterparty or issuer may disagree as to the meaning or application of contractual terms, or that the instrument may not perform as expected. See "Principal risks—Credit and Counterparty risk" in the Prospectus, as applicable, and "Risk of Hedging and Other Strategic Transactions" below. Additionally, while LEPOs or P-Notes may be listed on an exchange, there is no guarantee that a liquid market will exist or that the counterparty or issuer of a LEPO or P-Note will be willing to repurchase such instrument when a fund wishes to sell it.

**Risk Associated with Specific Types of Derivative Debt Securities.** Different types of derivative debt securities are subject to different combinations of prepayment, extension and/or interest rate risk. Conventional mortgage passthrough securities and sequential pay CMOs are subject to all of these risks, but typically are not leveraged. Thus, the magnitude of exposure may be less than for more leveraged mortgage-backed securities.

The risk of early prepayments is the primary risk associated with IOs, super floaters, other leveraged floating rate instruments and mortgage-backed securities purchased at a premium to their par value. In some instances, early prepayments may result in a complete loss of investment in certain of these securities. The primary risks associated with certain other derivative debt securities are the potential extension of average life and/or depreciation due to rising interest rates.

Derivative debt securities include floating rate securities based on the COFI floaters, other "lagging rate" floating rate securities, capped floaters, mortgage-backed securities purchased at a discount, leveraged inverse floating rate securities, POs, certain residual or support tranches of CMOs and index amortizing notes. Index amortizing notes are not mortgage-backed securities, but are subject to extension risk resulting from the issuer's failure to exercise its option to call or redeem the notes before their stated maturity date. Leveraged inverse IOs combine several elements of the mortgage-backed securities described above and present an especially intense combination of prepayment, extension and interest rate risks.

PAC and TAC CMO bonds involve less exposure to prepayment, extension and interest rate risk than other mortgage-backed securities, provided that prepayment rates remain within expected prepayment ranges or "collars." To the extent that prepayment rates remain within these prepayment ranges, the residual or support tranches of PAC and TAC CMOs assume the extra prepayment, extension and interest rate risk associated with the underlying mortgage assets.

Other types of floating rate derivative debt securities present more complex types of interest rate risks. For example, range floaters are subject to the risk that the coupon will be reduced to below market rates if a designated interest rate floats outside of a specified interest rate band or collar. Dual index or yield curve floaters are subject to depreciation in the event of an unfavorable change in the spread between two designated interest rates. X-reset floaters have a coupon that remains fixed for more than one accrual period. Thus, the type of risk involved in these securities depends on the terms of each individual X-reset floater.

**Risk of Hedging and Other Strategic Transactions**

Hedging and other strategic transactions are subject to special risks, including:

● possible default by the counterparty to the transaction;

● markets for the securities used in these transactions could be illiquid; and

● to the extent a subadvisor's assessment of market movements is incorrect, the risk that the use of the hedging and other strategic transactions could result in losses to the fund.

Losses resulting from the use of hedging and other strategic transactions will reduce a fund's NAV, and possibly income. Losses can be greater than if hedging and other strategic transactions had not been used.

**Options and Futures Transactions.** Options transactions are subject to the following additional risks:

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● option transactions could force the sale or purchase of portfolio securities at inopportune times or for prices higher than current market values (in the case of put options) or lower than current market values (in the case of call options), or could cause a fund to hold a security it might otherwise sell (in the case of a call option);

● calls written on securities that a fund does not own are riskier than calls written on securities owned by the fund because there is no underlying security held by the fund that can act as a partial hedge, and there also is a risk, especially with less liquid securities, that the securities may not be available for purchase; and

● options markets could become illiquid in some circumstances and certain OTC options could have no markets. As a result, in certain markets, a fund might not be able to close out a transaction without incurring substantial losses.

Futures transactions are subject to the following additional risks:

● the degree of correlation between price movements of futures contracts and price movements in the related securities position of a fund could create the possibility that losses on the hedging instrument are greater than gains in the value of the fund's position.

● futures markets could become illiquid. As a result, in certain markets, a fund might not be able to close out a transaction without incurring substantial losses.

Although a fund's use of futures and options for hedging should tend to minimize the risk of loss due to a decline in the value of the hedged position, at the same time, it will tend to limit the potential gain that might result from an increase in value.

**Currency Hedging.** In addition to the general risks of hedging and other strategic transactions described above, currency hedging transactions have the following risks:

● currency hedging can result in losses to a fund if the currency being hedged fluctuates in value to a degree or direction that is not anticipated;

● proxy hedging involves determining the correlation between various currencies. If a subadvisor's determination of this correlation is incorrect, a fund's losses could be greater than if the proxy hedging were not used; and

● foreign government exchange controls and restrictions on repatriation of currency can negatively affect currency transactions. These forms of governmental actions can result in losses to a fund if it is unable to deliver or receive currency or monies to settle obligations. Such governmental actions also could cause hedges it has entered into to be rendered useless, resulting in full currency exposure as well as incurring transaction costs.

**Currency Futures Contracts and Options on Currency Futures Contracts.** Currency futures contracts are subject to the same risks that apply to the use of futures contracts generally. In addition, settlement of a currency futures contract for the purchase of most currencies must occur at a bank based in the issuing nation. Trading options on currency futures contracts is relatively new, and the ability to establish and close out positions on these options is subject to the maintenance of a liquid market that may not always be available.

**Risk of Hedging and Other Strategic Transactions Outside the United States**

When conducted outside the United States, hedging and other strategic transactions will not only be subject to the risks described above, but also could be adversely affected by:

● foreign governmental actions affecting foreign securities, currencies or other instruments;

● less stringent regulation of these transactions in many countries as compared to the United States;

● the lack of clearing mechanisms and related guarantees in some countries for these transactions;

● more limited availability of data on which to make trading decisions than in the United States;

● delays in a fund's ability to act upon economic events occurring in foreign markets during non-business hours in the United States;

● the imposition of different exercise and settlement terms and procedures and margin requirements than in the United States; and

● lower trading volume and liquidity.

**Government Regulation of Derivatives**

The regulation of the U.S. and non-U.S. derivatives markets has undergone substantial change in recent years and such change may continue. In particular, on October 28, 2020, the SEC adopted new regulations governing the use of derivatives by registered investment companies ("Rule 18f-4" or the "Derivatives Rule"). Funds were required to implement and comply with Rule 18f-4 by August 19, 2022. Rule 18f-4 eliminates the asset segregation framework formerly used by funds to comply with Section 18 of the 1940 Act, as amended.

The Derivatives Rule mandates that a fund adopt and/or implement: (i) value-at-risk limitations ("VaR"); (ii) a written derivatives risk management program; (iii) new Board oversight responsibilities; and (iv) new reporting and recordkeeping requirements. In the event that a fund's derivative exposure is 10% or less of its net assets, excluding certain currency and interest rate hedging transactions, it can elect to be classified as a limited derivatives user ("Limited Derivatives User") under the Derivatives Rule, in which case the fund is not subject to the full requirements of the Derivatives Rule. Limited Derivatives Users are excepted from VaR testing, implementing a derivatives risk management program, and certain Board oversight and reporting requirements mandated by the Derivatives Rule. However, a Limited Derivatives User is still required to implement written compliance policies and procedures reasonably designed to manage its derivatives risks.

The Derivatives Rule also provides special treatment for reverse repurchase agreements, similar financing transactions and unfunded commitment agreements. Specifically, a fund may elect whether to treat reverse repurchase agreements and similar financing transactions as "derivatives

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transactions" subject to the requirements of the Derivatives Rule or as senior securities equivalent to bank borrowings for purposes of Section 18 of the 1940 Act. Repurchase agreements are not subject to the Derivatives Rule, but are still subject to other provisions of the 1940 Act. In addition, when-issued or forward settling securities transactions that physically settle within 35-days are deemed not to involve a senior security.

Furthermore, it is possible that additional government regulation of various types of derivative instruments may limit or prevent a fund from using such instruments as part of its investment strategy in the future, which could negatively impact the fund. New position limits imposed on a fund or its counterparty may also impact the fund's ability to invest in futures, options, and swaps in a manner that efficiently meets its investment objective.

Use of extensive hedging and other strategic transactions by a fund will require, among other things, that the fund post collateral with counterparties or clearinghouses, and/or are subject to the Derivatives Rule regulatory limitations as outlined above.

**Futures Contracts and Options on Futures Contracts.** In the case of a futures contract, or an option on a futures contract, a fund must deposit initial margin and, in some instances, daily variation margin, to meet its obligations under the contract. These assets may consist of cash, cash equivalents, liquid debt, equity securities or other acceptable assets.

**Investment Restrictions**

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A fund's investment restrictions are subject to, and may be impacted and limited by, the federal securities laws, rules and regulations, including the 1940 Act and Rule 18f-4 thereunder.

There are two classes of investment restrictions to which a fund is subject in implementing its investment policies: (a) fundamental; and (b) non-fundamental. Fundamental restrictions may be changed only by a vote of the lesser of: (i) 67% or more of the shares represented at a meeting at which more than 50% of the outstanding shares are represented; or (ii) more than 50% of the outstanding shares. Non-fundamental restrictions are subject to change by the Board without shareholder approval.

When submitting an investment restriction change to the holders of a fund's outstanding voting securities, the matter shall be deemed to have been effectively acted upon with respect to the fund if a majority of the outstanding voting securities of the fund votes for the approval of the matter, notwithstanding: (1) that the matter has not been approved by the holders of a majority of the outstanding voting securities of any other series of the Trust affected by the matter; and (2) that the matter has not been approved by the vote of a majority of the outstanding voting securities of the Trust as a whole.

**<u>Fundamental Investment Restrictions</u>** 

Unless a fund is specifically excepted by the terms of a restriction:

**(1)** Each fund (except Financial Industries Trust, Health Sciences Trust, and Real Estate Securities Trust) may not concentrate, as that term is used in the 1940 Act, its investments in a particular industry in violation of the requirements of the 1940 Act, as amended, as interpreted or modified by the SEC from time to time.

**(2)** Each fund (except Blue Chip Growth Trust, Real Estate Securities Trust, Science & Technology Trust and U.S. Growth Trust) has elected to be treated a diversified investment company, as that term is used in the 1940 Act, as amended, and as interpreted or modified by regulatory authority having jurisdiction, from time to time.

**(3)** Each fund may not borrow money, except as permitted under the 1940 Act, as amended, and as interpreted or modified by regulatory authority having jurisdiction, from time to time.

**(4)** Each fund may not engage in the business of underwriting securities issued by others, except to the extent that a fund may be deemed to be an underwriter in connection with the disposition of portfolio securities.

**(5)** Each fund may not purchase or sell real estate, which term does not include securities of companies which deal in real estate or mortgages or investments secured by real estate or interests therein, except that each fund reserves freedom of action to hold and to sell real estate acquired as a result of the fund's ownership of securities.

**(6)** Each fund may not purchase or sell commodities, except as permitted under the 1940 Act, as amended, and as interpreted or modified by regulatory authority having jurisdiction, from time to time.

**(7)** Each fund may not make loans except as permitted under the 1940 Act, as amended, and as interpreted or modified by regulatory authority having jurisdiction, from time to time.

**(8)** Each fund may not issue senior securities, except as permitted under the 1940 Act, as amended, and as interpreted or modified by regulatory authority having jurisdiction, from time to time.

For purposes of restriction No. 8, purchasing securities on a when-issued, forward commitment or delayed delivery basis and engaging in hedging and other strategic transactions will not be deemed to constitute the issuance of a senior security.

**Additional Information Regarding Fundamental Restrictions**

*Concentration.* While the 1940 Act does not define what constitutes "concentration" in an industry, the staff of the SEC takes the position that any fund that invests more than 25% of its total assets in a particular industry (excluding the U.S. government, its agencies or instrumentalities) is deemed to be "concentrated" in that industry. With respect to a fund's investment in loan participations, if any, the fund treats both the borrower and the financial

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intermediary under a loan participation as issuers for purposes of determining whether the fund has concentrated in a particular industry. For purposes of each fund of funds' fundamental restriction regarding concentration, the fund of funds will take into account the concentration policies of the underlying funds in which it invests.

*Diversification.* 

With respect to each of 500 Index Trust and Total Stock Market Index Trust, the fund is currently classified as a diversified investment company under the 1940 Act. As such, with respect to 75% of its total assets, each fund may not: (1) purchase more than 10% of the outstanding voting securities of any one issuer or (2) purchase securities of any issuer if, as a result, more than 5% of each fund's total assets would be invested in that issuer's securities. This limitation does not apply to obligations of the U.S. government or its agencies or instrumentalities. However, while each fund is classified as a diversified investment company, under applicable no-action relief from the SEC staff, each fund may become non-diversified, as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of its target index. Shareholder approval will not be sought if each of 500 Index Trust and Total Stock Market Index Trust crosses from diversified to non-diversified status in order to approximate the composition of its target index.

*Borrowing.* The 1940 Act permits a fund to borrow money in amounts of up to one-third of its total assets, at the time of borrowing, from banks for any purpose (a fund's total assets include the amounts being borrowed). To limit the risks attendant to borrowing, the 1940 Act requires a fund to maintain at all times an "asset coverage" of at least 300% of the amount of its borrowings, not including borrowings for temporary purposes in an amount not exceeding 5% of the value of its total assets. "Asset coverage" means the ratio that the value of a fund's total assets (including amounts borrowed), minus liabilities other than borrowings, bears to the aggregate amount of all borrowings.

*Commodities.* Under the federal securities and commodities laws, certain financial instruments such as futures contracts and options thereon, including currency futures, stock index futures or interest rate futures, and certain swaps, including currency swaps, interest rate swaps, swaps on broad-based securities indices, and certain credit default swaps, may, under certain circumstances, also be considered to be commodities. Nevertheless, the 1940 Act does not prohibit investments in physical commodities or contracts related to physical commodities. Funds typically invest in futures contracts and related options on these and other types of commodity contracts for hedging purposes, to implement tax or cash management strategies, or to enhance returns.

*Loans.* Although the 1940 Act does not prohibit a fund from making loans, SEC staff interpretations currently prohibit funds from lending more than one-third of their total assets, except through the purchase of debt obligations or the use of repurchase agreements. A repurchase agreement is an agreement to purchase a security, coupled with an agreement to sell that security back to the original seller on an agreed-upon date at a price that reflects current interest rates. The SEC frequently treats repurchase agreements as loans.

*Senior Securities.* "Senior securities" are defined as fund obligations that have a priority over a fund's shares with respect to the payment of dividends or the distribution of fund assets. The 1940 Act prohibits a fund from issuing any class of senior securities or selling any senior securities of which it is the issuer, except that the fund is permitted to borrow from a bank so long as, immediately after such borrowings, there is an asset coverage of at least 300% for all borrowings of the fund (not including borrowings for temporary purposes in an amount not exceeding 5% of the value of the fund's total assets). In the event that such asset coverage falls below this percentage, a fund must reduce the amount of its borrowings within three days (not including Sundays and holidays) so that the asset coverage is restored to at least 300%. The fundamental investment restriction regarding senior securities will be interpreted so as to permit collateral arrangements with respect to swaps, options, forward or futures contracts or other derivatives, or the posting of initial or variation margin. The Derivatives Rule provides an exemption to enter into certain transactions deemed to be senior securities subject to compliance with the limitations outlined in "Government Regulation of Derivatives."

Except with respect to the fundamental investment restriction on borrowing, if a percentage restriction is adhered to at the time of an investment, a later increase or decrease in the investment's percentage of the value of a fund's total assets resulting from a change in such values or assets will not constitute a violation of the percentage restriction. Any subsequent change in a rating assigned by any rating service to a security (or, if unrated, any change in the subadvisor's assessment of the security), or change in the percentage of fund assets invested in certain securities or other instruments, or change in the average duration of a fund's investment portfolio, resulting from market fluctuations or other changes in the fund's total assets will not require the fund to dispose of an investment until the subadvisor determines that it is practicable to sell or close out the investment without undue market or tax consequences to the fund. In the event that rating services assign different ratings to the same security, the subadvisor will determine which rating it believes best reflects the security's quality and risk at that time, which may be the highest of the several assigned ratings.

**<u>Non-Fundamental Investment Restrictions</u>** 

Unless a fund is specifically excepted by the terms of a restriction, each fund will not:

**(9)** Knowingly invest more than 15% of the value of its net assets in securities or other investments, including repurchase agreements maturing in more than seven days but excluding master demand notes, that are not readily marketable, except that Money Market Trust may not invest in excess of 10% of its net assets in such securities or other investments.

**(10)** Make short sales of securities or maintain a short position, if, when added together, more than 25% of the value of the fund's net assets would be (i) deposited as collateral for the obligation to replace securities borrowed to effect short sales and (ii) allocated to segregated accounts in connection with short sales, except that it may obtain such short-term credits as may be required to clear transactions. For purposes of this restriction, collateral arrangements with respect to hedging and other strategic transactions will not be deemed to involve the use of margin. Short

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sales "against-the-box" are not subject to this limitation. The Opportunistic Fixed Income Trust will engage in short selling to the extent permitted by the federal securities laws and rules and interpretations thereunder.

In addition to the above policies, Money Market Trust is subject to certain restrictions required by Rule 2a-7 under the 1940 Act. In order to comply with such restrictions, Money Market Trust will not, among other things, purchase the securities of any issuer if it would cause:

● more than 5% of its total assets to be invested in the securities of any one issuer (excluding U.S. Government securities and repurchase agreements fully collateralized by U.S. Government securities), except as permitted by Rule 2a-7 for certain securities for a period of up to three business days after purchase,

● more than 3% of its total assets to be invested in "second tier securities," as defined by Rule 2a-7, or

● more than 0.5% of its total assets to be invested in the second tier securities of that issuer.

**(11)** Pledge, hypothecate, mortgage or transfer (except as provided in restriction (7)) as security for indebtedness any securities held by the fund, except in an amount of not more than 10%\* of the value of the fund's total assets and then only to secure borrowings permitted by restrictions (3) and

**(12)** For purposes of this restriction, collateral arrangements with respect to hedging and other strategic transactions will not be deemed to involve a pledge of assets.

**Investment Policies that May Be Changed Only on 60 Days' Prior Written Notice to Shareholders**

In order to comply with Rule 35d-1 under the 1940 Act, the 80% investment policy for each of 500 Index Trust, Active Bond Trust, Blue Chip Growth Trust, Core Bond Trust, Disciplined Value Emerging Markets Equity Trust, Equity Income Trust, Financial Industries Trust, Global Equity Trust, Health Sciences Trust, High Yield Trust, International Equity Index Trust, International Small Company Trust, Investment Quality Bond Trust, Mid Cap Growth Trust, Mid Cap Index Trust, Mid Value Trust, Opportunistic Fixed Income Trust, Real Estate Securities Trust, Science & Technology Trust, Select Bond Trust, Small Cap Index Trust, Small Cap Opportunities Trust, Small Cap Stock Trust, Small Cap Core Trust, Small Company Value Trust, Total Bond Market Trust, Total Stock Market Index Trust, and Ultra Short Term Bond Trust is subject to change only upon 60 days' prior written notice to shareholders. Refer to the applicable Prospectus for each fund's "Principal investment strategies."

**Portfolio Turnover**

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The annual rate of portfolio turnover will normally differ for each fund and may vary from year to year as well as within a year. A high rate of portfolio turnover (100% or more) generally involves correspondingly greater brokerage commission expenses, which must be borne directly by the fund. Portfolio turnover is calculated by dividing the lesser of purchases or sales of portfolio securities during the fiscal period by the monthly average of the value of the fund's portfolio securities. (Excluded from the computation are all securities, including options, with maturities at the time of acquisition of one year or less). Portfolio turnover rates can change from year to year due to various factors, including among others, portfolio adjustments made in response to market conditions.

The portfolio turnover rates for the funds (other than Money Market Trust) for the fiscal periods ended December 31, 2025 and December 31, 2024 were as follows:

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| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp; **2025**<br> **(%)**<br>| &nbsp;&nbsp; **2024**<br> **(%)**<br>|
| 500 Index Trust | 2 | 3 |
| Active Bond Trust | 90 | 111 |
| Blue Chip Growth Trust | 18 | 17 |
| Capital Appreciation Value Trust | 127 | 83 |
| Core Bond Trust | 234 | 233 |
| Disciplined Value Emerging Markets Equity Trust | 199 | 264 |
| Disciplined Value International Trust | 72 | 93 |
| Equity Income Trust | 25 | 22 |
| Financial Industries Trust | 75 | 67 |
| Fundamental All Cap Core Trust | 41 | 16 |
| Fundamental Large Cap Value Trust | 15 | 16 |
| Global Equity Trust | 42 | 47 |
| Health Sciences Trust | 68 | 44 |
| High Yield Trust | 147<sup>1</sup> | 38 |
| International Equity Index Trust | 4 | 3 |
| International Small Company Trust | 15 | 13 |
| Investment Quality Bond Trust | 49 | 44 |

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| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp; **2025**<br> **(%)**<br>| &nbsp;&nbsp; **2024**<br> **(%)**<br>|
| Lifestyle Balanced Portfolio | 12 | 13 |
| Lifestyle Conservative Portfolio | 11 | 11 |
| Lifestyle Growth Portfolio | 11 | 9 |
| Lifestyle Moderate Portfolio | 10 | 9 |
| Managed Volatility Balanced Portfolio | 16 | 6 |
| Managed Volatility Conservative Portfolio | 11 | 6 |
| Managed Volatility Growth Portfolio | 20 | 7 |
| Managed Volatility Moderate Portfolio | 16 | 6 |
| Mid Cap Growth Trust | 143 | 152 |
| Mid Cap Index Trust | 14 | 15 |
| Mid Value Trust | 56 | 50 |
| Opportunistic Fixed Income Trust | 157 | 101 |
| Real Estate Securities Trust | 108 | 70 |
| Science & Technology Trust | 230 | 240 |
| Select Bond Trust | 107 | 114 |
| Short Term Government Income Trust | 487<sup>1</sup> | 185 |
| Small Cap Core Trust | 147<sup>1</sup> | 53 |
| Small Cap Index Trust | 12 | 13 |
| Small Cap Opportunities Trust | 55 | 24 |
| Small Cap Stock Trust | 71 | 47 |
| Small Company Value Trust | 40 | 32 |
| Strategic Equity Allocation Trust | 5 | 4 |
| Strategic Income Opportunities Trust | 73 | 46 |
| Total Bond Market Trust | 55 | 29 |
| Total Stock Market Index Trust | 7 | 3 |
| U.S. Growth Trust | 127<sup>1</sup> | 30 |
| Ultra Short Term Bond Trust | 64 | 69 |

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**1**

Increase in portfolio turnover rate resulted from repositioning of the portfolio during the period in accordance with investment policy changes approved by the Board of Trustees.

**Those Responsible for Management**

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The business of the Trust, an open-end management investment company, is managed by the Board, including certain Trustees who are not "interested persons" (as defined in the 1940 Act) of the funds or the Trust (the "Independent Trustees"). The Trustees elect officers who are responsible for the day-to-day operations of the funds or the Trust and who execute policies formulated by the Trustees. Several of the Trustees and officers of the Trust also are officers or directors of the Advisor or the Distributor. Each Trustee oversees all of the funds and other funds in the John Hancock Fund Complex (as defined below).

The tables below present certain information regarding the Trustees and officers of the Trust, including their principal occupations which, unless specific dates are shown, are of at least five years' duration. In addition, the tables include information concerning other directorships held by each Trustee in other registered investment companies or publicly traded companies. Information is listed separately for each Trustee who is an "interested person" (as defined in the 1940 Act) of the Trust (each a "Non-Independent Trustee") and the Independent Trustees. As of December 31, 2025, the "John Hancock Fund Complex" consisted of 179 funds (including separate series of series mutual funds). Each Trustee has been elected to serve on the Board. Each of Grace K. Fey, Deborah C. Jackson, and Hassell H. McClellan was most recently elected to serve on the Board at a shareholder meeting held on November 15, 2012. Each of Andrew G. Arnott, James R. Boyle, Noni Ellison McKee, Dean C. Garfield, and Frances G. Rathke was most recently elected to serve on the Board at a shareholder meeting held on September 9, 2022. Each of William K. Bacic, Kristie M. Feinberg, Christine L. Hurtsellers, Kenneth J. Phelan, and Thomas R. Wright was most recently elected to serve on the Board at a shareholder meeting held on November 12, 2025. The address of each Trustee and officer of the Trust is 200 Berkeley Street, Boston, Massachusetts 02116.

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| | | | |
|:---|:---|:---|:---|
| **Name**<br> **(Birth Year)**<br>| &nbsp;&nbsp;&nbsp; **Current Position(s)**<br> **with the Trust**<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; **Principal Occupation(s) and Other**<br> **Directorships During the Past 5 Years**<br>| &nbsp;&nbsp;&nbsp; **Number of Funds in John**<br> **Hancock Fund Complex**<br> **Overseen by Trustee**<br>|
| **Non-Independent Trustees** | **Non-Independent Trustees** |  |  |
| Andrew G. Arnott<sup>2</sup> <br>(1971)<br>| Trustee (since 2017) | &nbsp;&nbsp;&nbsp; Global Head of Institutional for Manulife (since 2025); Global Head of <br> Retail for Manulife (2022-2025); Head of Wealth and Asset <br> Management, United States and Europe, for John Hancock and <br> Manulife (2018-2023); Director and Chairman, John Hancock <br> Investment Management LLC (2005-2023, including prior <br> positions); Director and Chairman, John Hancock Variable Trust <br> Advisers LLC (2006-2023, including prior positions); Director and <br> Chairman, John Hancock Investment Management Distributors LLC <br> (2004-2023, including prior positions); President of various trusts <br> within the John Hancock Fund Complex (since 2007, including prior <br> positions).<br> Trustee of various trusts within the John Hancock Fund Complex <br> (since 2017).<br>| 176 |
| Kristie M. Feinberg<sup>2</sup> <br>(1975)<br>| &nbsp;&nbsp;&nbsp; Trustee (since 2025) <br> and President (Chief <br> Executive Officer <br> and Principal <br> Executive Officer) <br> (since 2023)<br>| &nbsp;&nbsp;&nbsp; President (Chief Executive Officer and Principal Executive Officer) of <br> various trusts within the John Hancock Fund Complex (since 2023, <br> including prior positions); Head of Retail, Manulife Investment <br> Management (since 2025); Head of Wealth & Asset Management, <br> U.S. and Europe, for John Hancock and Manulife (2023–2025); <br> Director and Chairman, John Hancock Investment Management LLC <br> (since 2023); Director and Chairman, John Hancock Variable Trust <br> Advisers LLC (since 2023); Director and Chairman, John Hancock <br> Investment Management Distributors LLC (since 2023); CFO and <br> Global Head of Strategy, Manulife Investment Management <br> (2021–2023, including prior positions); CFO Americas & Global <br> Head of Treasury, Invesco, Ltd., Invesco US (2019–2020, including <br> prior positions); Senior Vice President, Corporate Treasurer and <br> Business Controller, Oppenheimer Funds (2001–2019, including <br> prior positions).<br> Trustee of various trusts within the John Hancock Fund Complex <br> (since 2025).<br>| 172 |

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**1**

Because the Trust is not required to and does not hold regular annual shareholder meetings, each Trustee holds office for an indefinite term until his or her successor is duly elected and qualified or until he or she dies, retires, resigns, is removed or becomes disqualified. Trustees may be removed from the Trust (provided the aggregate number of Trustees after such removal shall not be less than one) with cause or without cause, by the action of two-thirds of the remaining Trustees or by action of two-thirds of the outstanding shares of the Trust.

**2**

The Trustee is a Non-Independent Trustee due to current or former positions with the Advisor and certain of its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Name**<br> **(Birth Year)**<br>| &nbsp;&nbsp;&nbsp; **Current Position(s)**<br> **with the Trust**<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; **Principal Occupation(s) and Other**<br> **Directorships During the Past 5 Years**<br>| &nbsp;&nbsp;&nbsp; **Number of Funds in John**<br> **Hancock Fund Complex**<br> **Overseen by Trustee**<br>|
| **Independent Trustees** | **Independent Trustees** |  |  |
| William K. Bacic<br> (1956)<br>| Trustee (since 2024) | &nbsp;&nbsp;&nbsp; Director, Audit Committee Chairman, and Risk Committee <br> Member, DWS USA Corp. (formerly, Deutsche Asset Management) <br> (2018-2024); Senior Partner, Deloitte & Touche LLP (1978- <br> retired 2017, including prior positions), specializing in the <br> investment management industry.<br> Trustee of various trusts within the John Hancock Fund Complex <br> (since 2024).<br>| 176 |

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| | | | |
|:---|:---|:---|:---|
| **Name**<br> **(Birth Year)**<br>| &nbsp;&nbsp;&nbsp; **Current Position(s)**<br> **with the Trust**<sup>1</sup><br>| &nbsp;&nbsp;&nbsp; **Principal Occupation(s) and Other**<br> **Directorships During the Past 5 Years**<br>| &nbsp;&nbsp;&nbsp; **Number of Funds in John**<br> **Hancock Fund Complex**<br> **Overseen by Trustee**<br>|
| **Independent Trustees** | **Independent Trustees** |  |  |
| James R. Boyle<br> (1959)<br>| &nbsp;&nbsp;&nbsp; Trustee <br> (2005–2014 and <br> since 2015)<br>| &nbsp;&nbsp;&nbsp; Board Member, United of Omaha Life Insurance Company (since <br> 2022); Board Member, Mutual of Omaha Investor Services, Inc. <br> (since 2022); Foresters Financial, Chief Executive Officer <br> (2018–2022) and board member (2017–2022); Manulife <br> Financial and John Hancock, more than 20 years, retiring in 2012 <br> as Chief Executive Officer, John Hancock and Senior Executive <br> Vice President, Manulife Financial.<br> Trustee of various trusts within the John Hancock Fund Complex <br> (2005–2014 and since 2015).<br>| 172 |
| Noni Ellison McKee<br> (1971)<br>| Trustee (since 2022) | &nbsp;&nbsp;&nbsp; Senior Vice President, General Counsel & Corporate Secretary, <br> Tractor Supply Company (rural lifestyle retailer) (2021–2026); <br> General Counsel, Chief Compliance Officer & Corporate Secretary, <br> Carestream Dental, L.L.C. (2017–2021); Associate General <br> Counsel & Assistant Corporate Secretary, W.W. Grainger, Inc. <br> (global industrial supplier) (2015–2017); Board Member, <br> Goodwill of North Georgia, 2018 (FY2019)–2020 (FY2021); <br> Board Member, Howard University School of Law Board of Visitors <br> (since 2021); Board Member, University of Chicago Law School <br> Board of Visitors (since 2016); Board member, Children's <br> Healthcare of Atlanta Foundation Board (2021–2023); Board <br> Member, Congressional Black Caucus Foundation (since 2024).<br> Trustee of various trusts within the John Hancock Fund Complex <br> (since 2022).<br>| 172 |
| Grace K. Fey<br> (1946)<br>| Trustee (since 2008) | &nbsp;&nbsp;&nbsp; Chief Executive Officer, Grace Fey Advisors (since 2007); Director <br> and Executive Vice President, Frontier Capital Management <br> Company (1988–2007); Director, Fiduciary Trust (since 2009).<br> Trustee of various trusts within the John Hancock Fund Complex <br> (since 2008).<br>| 179 |
| Dean C. Garfield<br> (1968)<br>| Trustee (since 2022) | &nbsp;&nbsp;&nbsp; Senior Vice-President, TKO Group (a premier sports and live <br> entertainment company) (since 2025); Vice President, Netflix, <br> Inc. (2019–2024); President & Chief Executive Officer, <br> Information Technology Industry Council (2009–2019); NYU <br> School of Law Board of Trustees (since 2021); Member, <br> U.S. Department of Transportation, Advisory Committee on <br> Automation (since 2021); President of the United States Trade <br> Advisory Council (2010–2018); Board Member, College for Every <br> Student (2017–2021); Board Member, The Seed School of <br> Washington, D.C. (2012–2017); Advisory Board Member of the <br> Block Center for Technology and Society (since 2019).<br> Trustee of various trusts within the John Hancock Fund Complex <br> (since 2022).<br>| 172 |
| Christine L. Hurtsellers<br> (1963)<br>| Trustee (since 2025) | &nbsp;&nbsp;&nbsp; Director, Investment Committee Chair, Chariot Re (since 2025); <br> Board Counselor, UNICEF USA (since 2018); Board Counselor, <br> The Carter Center (since 2010); Voya Financial, Inc., Chief <br> Executive Officer, Voya Investment Management (2016-2024), <br> Chief Investment Officer, Fixed Income (2009-2016); Board <br> Governor, Investment Company Institute (2019-2024); Director, <br> Pomona Capital (2018-2024); Former Member, US Treasury <br> Borrowing Advisory Committee (2014-2022).<br> Trustee of various trusts within the John Hancock Fund Complex <br> (since 2025).<br>| 172 |

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| | | | |
|:---|:---|:---|:---|
| **Name**<br> **(Birth Year)**<br>| &nbsp;&nbsp;&nbsp; **Current Position(s)**<br> **with the Trust**<sup>1</sup><br>| &nbsp;&nbsp;&nbsp; **Principal Occupation(s) and Other**<br> **Directorships During the Past 5 Years**<br>| &nbsp;&nbsp;&nbsp; **Number of Funds in John**<br> **Hancock Fund Complex**<br> **Overseen by Trustee**<br>|
| **Independent Trustees** | **Independent Trustees** |  |  |
| Deborah C. Jackson<br> (1952)<br>| &nbsp;&nbsp;&nbsp; Trustee (since 2012) <br> and Vice <br> Chairperson of the <br> Board (since 2025)<br>| &nbsp;&nbsp;&nbsp; President, Cambridge College, Cambridge, Massachusetts <br> (2011–2023); Board of Directors, Amwell Corporation (since <br> 2020); Board of Directors, Massachusetts Women's Forum <br> (2018–2020); Board of Directors, National Association of <br> Corporate Directors/New England (2015–2020); Chief Executive <br> Officer, American Red Cross of Massachusetts Bay (2002–2011); <br> Board of Directors of Eastern Bank Corporation (since 2001); <br> Board of Directors of Eastern Bank Charitable Foundation (since <br> 2001); Board of Directors of Boston Stock Exchange <br> (2002–2008); Board of Directors of Harvard Pilgrim Healthcare <br> (health benefits company) (2007–2011).<br> Trustee (since 2008) and Vice Chairperson of the Board (since <br> 2025) of various trusts within the John Hancock Fund Complex.<br>| 175 |
| Hassell H. McClellan<br> (1945)<br>| &nbsp;&nbsp;&nbsp; Trustee (since 2005) <br> and Chairperson of <br> the Board (since <br> 2017)<br>| &nbsp;&nbsp;&nbsp; Trustee of Berklee College of Music (since 2022); <br> Director/Trustee, Virtus Funds (2008–2020); Director, The <br> Barnes Group (2010–2021); Associate Professor, The Wallace E. <br> Carroll School of Management, Boston College (retired 2013).<br> Trustee (since 2005) and Chairperson of the Board (since 2017) <br> of various trusts within the John Hancock Fund Complex.<br>| 179 |
| Kenneth J. Phelan<br> (1959)<br>| Trustee (since 2025) | &nbsp;&nbsp;&nbsp; Director, Audit, Finance & Social Responsibility Committees <br> member, Adtalem Global Education Inc. (since 2020); Director, <br> Risk Oversight Chair, Executive, Human Resources & <br> Compensation Committees member, Huntington Bancshares <br> Incorporated (since 2019); Senior Advisor, Oliver Wyman, Inc. <br> (since 2019); Chief Risk Officer, U.S. Department of the Treasury <br> (2014-2019).<br> Trustee of various trusts within the John Hancock Fund Complex <br> (since 2025).<br>| 172 |
| Frances G. Rathke<br> (1960)<br>| Trustee (since 2020) | &nbsp;&nbsp;&nbsp; Director, Audit Committee Chair, Oatly Group AB (plant-based <br> drink company) (since 2021); Director, Audit Committee Chair <br> and Compensation Committee Member, Green Mountain Power <br> Corporation (since 2016); Director, Flynn Center for Performing <br> Arts (since 2016); Director and Audit Committee Chair, Planet <br> Fitness (since 2016); Chief Financial Officer and Treasurer, Keurig <br> Green Mountain, Inc. (2003–retired 2015).<br> Trustee of various trusts within the John Hancock Fund Complex <br> (since 2020).<br>| 172 |
| Thomas R. Wright<br> (1961)<br>| Trustee (since 2024) | &nbsp;&nbsp;&nbsp; Chief Operating Officer, JMP Securities (2020-2023); Director of <br> Equities, JMP Securities (2013-2023); Executive Committee <br> Member, JMP Group (2013-2023); Global Head of Trading, <br> Sanford C. Bernstein & Co. (2004-2012); and Head of European <br> Equity Trading and Salestrading, Merrill Lynch & Co. <br> (2003-2004); Head of US Equity Cash Trading and Salestrading, <br> Merrill Lynch & Co. (1998-2002).<br> Trustee of various trusts within the John Hancock Fund Complex <br> (since 2024).<br>| 172 |

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**1**

Because the Trust is not required to and does not hold regular annual shareholder meetings, each Trustee holds office for an indefinite term until his or her successor is duly elected and qualified or until he or she dies, retires, resigns, is removed or becomes disqualified. Trustees may be removed from the Trust (provided the aggregate number of Trustees after such removal shall not be less than one) with cause or without cause, by the action of two-thirds of the remaining Trustees or by action of two-thirds of the outstanding shares of the Trust.

**Principal Officers who are not Trustees**

The following table presents information regarding the current principal officers of the Trust who are not Trustees, including their principal occupations which, unless specific dates are shown, are of at least five years' duration. Each of the officers is an affiliated person of the Advisor. All of the officers

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listed are officers or employees of the Advisor or its affiliates. All of the officers also are officers of all of the other funds for which the Advisor serves as investment advisor.

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| | | |
|:---|:---|:---|
| **Name (Birth Year)** | &nbsp;&nbsp;&nbsp; **Current Position(s)** <br> **with the Trust**<sup>1</sup> <br>| **Principal Occupation(s) During the Past 5 Years** |
| Fernando A. Silva<br> (1977)<br>| &nbsp;&nbsp;&nbsp; Chief Financial Officer <br> (Principal Financial <br> Officer and Principal <br> Accounting Officer) (since <br> 2024)<br>| &nbsp;&nbsp;&nbsp; Director, Fund Administration and Assistant Treasurer, John Hancock Funds (2016-2020); <br> Assistant Treasurer, John Hancock Investment Management LLC and John Hancock Variable <br> Trust Advisers LLC (since 2020); Assistant Vice President, John Hancock Life & Health <br> Insurance Company, John Hancock Life Insurance Company (U.S.A.) and John Hancock Life <br> Insurance Company of New York (since 2021); Chief Financial Officer (Principal Financial <br> Officer and Principal Accounting Officer) of various trusts within the John Hancock Fund <br> Complex (since 2024).<br>|
| Salvatore Schiavone<br> (1965)<br>| Treasurer (since 2012) | &nbsp;&nbsp;&nbsp; Assistant Vice President, John Hancock Financial Services (since 2007); Vice President, <br> John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC <br> (since 2007); Treasurer of various trusts within the John Hancock Fund Complex (since <br> 2007, including prior positions).<br>|
| Christopher (Kit) Sechler<br> (1973)<br>| &nbsp;&nbsp;&nbsp; Secretary and Chief Legal <br> Officer (since 2018)<br>| &nbsp;&nbsp;&nbsp; Vice President and Deputy Chief Counsel, John Hancock Investment Management (since <br> 2015); Assistant Vice President and Senior Counsel (2009–2015), John Hancock <br> Investment Management; Assistant Secretary of John Hancock Investment Management <br> LLC and John Hancock Variable Trust Advisers LLC (since 2009); Chief Legal Officer and <br> Secretary of various trusts within the John Hancock Fund Complex (since 2009, including <br> prior positions).<br>|
| Trevor Swanberg<br> (1979)<br>| &nbsp;&nbsp;&nbsp; Chief Compliance Officer <br> (since 2020)<br>| &nbsp;&nbsp;&nbsp; Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock <br> Variable Trust Advisers LLC (since 2020); Deputy Chief Compliance Officer, John Hancock <br> Investment Management LLC and John Hancock Variable Trust Advisers LLC (2019–2020); <br> Assistant Chief Compliance Officer, John Hancock Investment Management LLC and John <br> Hancock Variable Trust Advisers LLC (2016–2019); Vice President, State Street Global <br> Advisors (2015–2016); Chief Compliance Officer of various trusts within the John Hancock <br> Fund Complex (since 2016, including prior positions).<br>|

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**1**

Each officer holds office for an indefinite term until his or her successor is duly elected and qualified or until he or she dies, retires, resigns, is removed or becomes disqualified.

**Additional Information about the Trustees**

In addition to the description of each Trustee's Principal Occupation(s) and Other Directorships set forth above, the following provides further information about each Trustee's specific experience, qualifications, attributes or skills with respect to the Trust. The information in this section should not be understood to mean that any of the Trustees is an "expert" within the meaning of the federal securities laws.

The Board believes that the different perspectives, viewpoints, professional experience, education, and individual qualities of each Trustee represent a diversity of experiences and a variety of complementary skills and expertise. Each Trustee has experience as a Trustee of the Trust as well as experience as a Trustee of other John Hancock funds. It is the Trustees' belief that this allows the Board, as a whole, to oversee the business of the funds and the other funds in the John Hancock Fund Complex in a manner consistent with the best interests of the funds' shareholders. When considering potential nominees to fill vacancies on the Board, and as part of its annual self-evaluation, the Board reviews the mix of skills and other relevant experiences of the Trustees.

**Independent Trustees**

*William K. Bacic –* As a retired Certified Public Accountant, Mr. Bacic served as New England Managing Partner of a major independent registered public accounting firm, as well as a member of its U.S. Executive Committee, and has deep financial and accounting expertise. He served as the lead partner on the firm's largest financial services companies, primarily focused on the investment management industry and mutual funds. He also has expertise in corporate governance and regulatory matters as well as prior experience serving as a board member and audit committee chair of a large global asset management company.

*James R. Boyle –* Mr. Boyle has high-level executive, financial, operational, governance, regulatory and leadership experience in the financial services industry, including in the development and management of registered investment companies, variable annuities, retirement and insurance products. Mr. Boyle is the former President and CEO of a large international fraternal life insurance company and is the former President and CEO of multi-line life insurance and financial services companies. Mr. Boyle began his career as a Certified Public Accountant with Coopers & Lybrand.

*Noni Ellison McKee –* As a senior vice president, general counsel, and corporate secretary with over 25 years of executive leadership experience, Ms. Ellison McKee has extensive management and business expertise in legal, regulatory, compliance, operational, quality assurance, international, finance and governance matters.

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*Grace K. Fey –* Ms. Fey has significant governance, financial services, and asset management industry expertise based on her extensive non-profit board experience, as well as her experience as a consultant to non-profit and corporate boards, and as a former director and executive of an investment management firm.

*Dean C. Garfield –* As a former president and chief executive officer of a leading industry organization and current Senior Vice-President of a leading international sports and live entertainment company, Mr. Garfield has significant and diverse global executive operational, governance, regulatory, and leadership experience. He also has experience as a leader overseeing and implementing global public policy matters including strategic initiatives.

*Christine L. Hurtsellers –* As the former Chief Executive Officer and Chief Investment Officer, Fixed Income, of Voya Investment Management and a former member of the Board of Governors of the Investment Company Institute, Ms. Hurtsellers brings deep leadership, risk management, corporate strategy, operations, and regulatory expertise in the investment management, financial services, and capital markets industries. She also brings strong board leadership experience in her roles as a director of a life and annuity reinsurance business and a number of large non-profits.

*Deborah C. Jackson –* Ms. Jackson has leadership, governance, management, and operational oversight experience as the lead director of a large bank, former president of a college, and as the former chief executive officer of a major charitable organization. She also has expertise in financial services matters and oversight and corporate governance experience as a current and former director of various other corporate organizations, including an insurance company, a regional stock exchange, a telemedicine company, and non-profit entities.

*Hassell H. McClellan –* As a former professor of finance and policy in the graduate management department of a major university, a director of a public company, and as a former director of several privately held companies, Dr. McClellan has experience in corporate and financial matters. He also has experience as a director of other investment companies not affiliated with the Trust.

*Kenneth J. Phelan –* Through his role as a director of a bank holding company and a public company and through his former roles as chief risk officer of the U.S. Department of the Treasury and various financial institutions, Mr. Phelan brings a strong background in risk management and oversight, legal and regulatory compliance, and corporate strategy, as well as leadership and operational experience in investment management, banking and capital markets. He also brings strong board leadership experience, including through challenging market environments.

*Frances G. Rathke –* Through her former positions in senior financial roles, including as the Chief Financial Officer of a large company, as a former Certified Public Accountant, and as a consultant on strategic and financial matters, Ms. Rathke has experience as a leader overseeing, conceiving, implementing, and analyzing strategic and financial growth plans, and financial statements. Ms. Rathke also has experience in the auditing of financial statements and related materials. In addition, she has experience as a director of various organizations, including a publicly traded company and a non-profit entity.

*Thomas R. Wright –* As a retired Chief Operating Officer of a significant capital markets firm and a former Director of Equities and Executive Committee Member, Mr. Wright has deep executive, investment banking, portfolio management, securities brokerage, and equity research expertise. Mr. Wright has also served as the Global Head of Trading and Head of European Equity Trading and Salestrading at an investment bank and asset manager and has substantial securities industry and international trading and markets expertise.

**Non-Independent Trustees**

*Andrew G. Arnott –* As former President of various trusts within the John Hancock Fund Complex, and through prior leadership roles including Global Head of Retail for Manulife, and as Trustee of the John Hancock Fund Complex, Mr. Arnott has experience in the management of investments, registered investment companies, variable annuities and retirement products, enabling him to provide management input to the Board.

*Kristie M. Feinberg –* As President and CEO of John Hancock Investment Management and of various trusts within the John Hancock Fund Complex, and through prior leadership roles at Manulife Investment Management including Head of Wealth & Asset Management, U.S. and Europe and CFO and Global Head of Strategy, Ms. Feinberg brings deep expertise in financial services. Her strong background in finance, strategy, and leadership, along with a proven track record of expanding product offerings and distribution, enables her to provide strategic insight and management input to the Board.

**Duties of Trustees; Committee Structure**

The Trust is organized as a Massachusetts business trust. Under the Declaration of Trust, the Trustees are responsible for managing the affairs of the Trust, including the appointment of advisors and subadvisors. Each Trustee has the experience, skills, attributes or qualifications described above (see "Principal Occupation(s) and Other Directorships" and "Additional Information about the Trustees" above). The Board appoints officers who assist in managing the day-to-day affairs of the Trust. The Board met five times during the fiscal year ended December 31, 2025.

The Board has appointed an Independent Trustee as Chairperson. The Chairperson presides at meetings of the Trustees and may call meetings of the Board and any Board committee whenever he deems it necessary. The Chairperson participates in the preparation of the agenda for meetings of the Board and the identification of information to be presented to the Board with respect to matters to be acted upon by the Board. The Chairperson also acts as a liaison with the funds' management, officers, attorneys, and other Trustees generally between meetings. The Chairperson may perform such other functions as may be requested by the Board from time to time. The Board also has designated a Vice Chairperson to serve in the absence of the Chairperson. Except for any duties specified herein or pursuant to the Trust's Declaration of Trust or By-laws, or as assigned by the Board, the designation of a Trustee as Chairperson or Vice Chairperson does not impose on that Trustee any duties, obligations or liability that are greater than the duties, obligations or liability imposed on any other Trustee, generally. The Board has designated a number of standing committees as further described below, each of which has a Chairperson. The Board also may designate working groups or ad hoc committees as it deems appropriate.

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The Board believes that this leadership structure is appropriate because it allows the Board to exercise informed and independent judgment over matters under its purview, and it allocates areas of responsibility among committees or working groups of Trustees and the full Board in a manner that enhances effective oversight. The Board considers leadership by an Independent Trustee as Chairperson to be integral to promoting effective independent oversight of the funds' operations and meaningful representation of the shareholders' interests, given the specific characteristics and circumstances of the funds. The Board also believes that having a super-majority of Independent Trustees is appropriate and in the best interest of the funds' shareholders. Nevertheless, the Board also believes that having interested persons serve on the Board brings corporate and financial viewpoints that are, in the Board's view, helpful elements in its decision-making process. In addition, the Board believes that Ms. Feinberg and Messrs. Arnott and Boyle as current or former senior executives of the Advisor and the Distributor (or of their parent company, Manulife Financial Corporation), and of other affiliates of the Advisor and the Distributor, provide the Board with the perspective of the Advisor and the Distributor in managing and sponsoring all of the Trust's series. The leadership structure of the Board may be changed, at any time and in the discretion of the Board, including in response to changes in circumstances or the characteristics of the Trust.

*Board Committees*

The Board has established an Audit Committee; Compliance Committee; Contracts, Legal & Risk Committee; Nominating and Governance Committee; and Investment Committee. The current membership of each committee is set forth below.

**Audit Committee.** The Board has a standing Audit Committee composed solely of Independent Trustees (Mr. Bacic, Ms. Rathke, and Mr. Wright). Ms. Rathke serves as Chairperson of this Committee. Ms. Rathke and Mr. Bacic have each been designated by the Board as an "audit committee financial expert," as defined in SEC rules. This Committee reviews the internal and external accounting and auditing procedures of the Trust and, among other things, considers the selection of an independent registered public accounting firm for the Trust, approves all significant services proposed to be performed by its independent registered public accounting firm and considers the possible effect of such services on its independence. This Committee met six times during the fiscal year ended December 31, 2025.

**Compliance Committee.** The Board also has a standing Compliance Committee (Ms. Fey, Mr. Garfield, and Mses. Hurtsellers and Jackson). Ms. Fey serves as Chairperson of this Committee. This Committee reviews and makes recommendations to the full Board regarding certain compliance matters relating to the Trust. This Committee met four times during the fiscal year ended December 31, 2025.

**Contracts, Legal & Risk Committee.** The Board also has a standing Contracts, Legal & Risk Committee (Mr. Boyle, Ms. Ellison McKee, and Mr. Phelan). Mr. Boyle serves as Chairperson of this Committee. This Committee oversees the initiation, operation, and renewal of the various contracts between the Trust and other entities. These contracts include advisory and subadvisory agreements, custodial and transfer agency agreements and arrangements with other service providers. The Committee also reviews the significant legal affairs of the funds, as well as any significant regulatory and legislative actions or proposals affecting or relating to the funds or their service providers. The Committee also assists the Board in its oversight role with respect to the processes pursuant to which the Advisor and the subadvisors identify, manage and report the various risks that affect or could affect the funds. This Committee met four times during the fiscal year ended December 31, 2025.

**Nominating and Governance Committee.** The Board also has a Nominating and Governance Committee composed of all of the Independent Trustees. Dr. McClellan serves as Chairperson of this Committee. This Committee will consider nominees recommended by Trust shareholders. Nominations should be forwarded to the attention of the Secretary of the Trust at 200 Berkeley Street, Boston, Massachusetts 02116. Any shareholder nomination must be submitted in compliance with all of the pertinent provisions of Rule 14a-8 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), in order to be considered by this Committee. This Committee met five times during the fiscal year ended December 31, 2025.

**Investment Committee.** The Board also has an Investment Committee composed of all of the Trustees. The Investment Committee has four subcommittees with the Trustees divided among the four subcommittees (each an "Investment Sub-Committee"). Messrs. Bacic and Boyle and Mses. Ellison McKee and Jackson serve as Chairpersons of the Investment Sub-Committees. Each Investment Sub-Committee reviews investment matters relating to a particular group of funds in the John Hancock Fund Complex and coordinates with the full Board regarding investment matters. The Investment Committee met five times during the fiscal year ended December 31, 2025.

Annually, the Board evaluates its performance and that of its Committees, including the effectiveness of the Board's Committee structure.

*Risk Oversight*

As registered investment companies, the funds are subject to a variety of risks, including investment risks (such as, among others, market risk, credit risk and interest rate risk), financial risks (such as, among others, settlement risk, liquidity risk and valuation risk), compliance risks, and operational risks. As a part of its overall activities, the Board oversees the funds' risk management activities that are implemented by the Advisor, the funds' CCO and other service providers to the funds. The Advisor has primary responsibility for the funds' risk management on a day-to-day basis as a part of its overall responsibilities. Each fund's subadvisor, subject to oversight of the Advisor, is primarily responsible for managing investment and financial risks as a part of its day-to-day investment responsibilities, as well as operational and compliance risks at its firm. The Advisor and the CCO also assist the Board in overseeing compliance with investment policies of the funds and regulatory requirements and monitor the implementation of the various compliance policies and procedures approved by the Board as a part of its oversight responsibilities.

The Advisor identifies to the Board the risks that it believes may affect the funds and develops processes and controls regarding such risks. However, risk management is a complex and dynamic undertaking and it is not always possible to comprehensively identify and/or mitigate all such risks at all times since risks are at times impacted by external events. In discharging its oversight responsibilities, the Board considers risk management issues

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throughout the year with the assistance of its various Committees as described below. Each Committee meets at least quarterly and presents reports to the Board, which may prompt further discussion of issues concerning the oversight of the funds' risk management. The Board as a whole also reviews written reports or presentations on a variety of risk issues as needed and may discuss particular risks that are not addressed in the Committee process.

The Board has established an Investment Committee, which consists of four Investment Sub-Committees. Each Investment Sub-Committee assists the Board in overseeing the significant investment policies of the relevant funds and the performance of their subadvisors. The Advisor monitors these policies and subadvisor activities and may recommend changes in connection with the funds to each relevant Investment Sub-Committee in response to subadvisor requests or other circumstances. On at least a quarterly basis, each Investment Sub-Committee reviews reports from the Advisor regarding the relevant funds' investment performance, which include information about investment and financial risks and how they are managed, and from the CCO or his/her designee regarding subadvisor compliance matters. In addition, each Investment Sub-Committee meets periodically with the portfolio managers of the funds' subadvisors to receive reports regarding management of the funds, including with respect to risk management processes.

The Audit Committee assists the Board in reviewing with the independent auditors, at various times throughout the year, matters relating to the funds' financial reporting. In addition, this Committee oversees the process of each fund's valuation of its portfolio securities, assisted by the Advisor's Pricing Committee (composed of officers of the Advisor), which calculates fair value determinations pursuant to procedures established by the Advisor and adopted by the Board.

With respect to valuation, the Advisor provides periodic reports to the Board and Investment Committee that enables the Board to oversee the Advisor, as each fund's valuation designee, in assessing, managing and reviewing material risks associated with fair valuation determinations, including material conflicts of interest. In addition, the Board reviews the Advisor's performance of an annual valuation risk assessment under which the Advisor seeks to identify and enumerate material valuation risks which are or may be impactful to the funds including, but not limited to (1) the types of investments held (or intended to be held) by the funds, giving consideration to those investments' characteristics; (2) potential market or sector shocks or dislocations which may affect the ongoing valuation operations; (3) the extent to which each fair value methodology uses unobservable inputs; (4) the proportion of each fund's investments that are fair valued as determined in good faith, as well as their contributions to a fund's returns; (5) the use of fair value methodologies that rely on inputs from third-party service providers; and (6) the appropriateness and application of the methods for determining and calculating fair value. The Advisor reports any material changes to the risk assessment, along with appropriate actions designed to manage such risks, to the Board.

The Compliance Committee assists the Board in overseeing the activities of the Trusts' CCO with respect to the compliance programs of the funds, the Advisor, the subadvisors, and certain of the funds' other service providers (the Distributor and transfer agent). This Committee and the Board receive and consider periodic reports from the CCO throughout the year, including the CCO's annual written report, which, among other things, summarizes material compliance issues that arose during the previous year and any remedial action taken to address these issues, as well as any material changes to the compliance programs.

The Contracts, Legal & Risk Committee assists the Board in its oversight role with respect to the processes pursuant to which the Advisor and the subadvisors identify, assess, manage and report the various risks that affect or could affect the funds. This Committee reviews reports from the funds' Advisor on a periodic basis regarding the risks facing the funds, and makes recommendations to the Board concerning risks and risk oversight matters as the Committee deems appropriate. This Committee also coordinates with the other Board Committees regarding risks relevant to the other Committees, as appropriate.

The Board considers liquidity risk management issues as part of its general oversight responsibilities and oversees the Trust's liquidity risk through, among other things, receiving periodic reporting and presentations that address liquidity matters. As required by rule 22e-4 under the 1940 Act, the Board, including a majority of the Independent Trustees, has approved the Trust's Liquidity Risk Management Program (the "LRM Program"), which is reasonably designed to assess and manage the Trust's liquidity risk, and has appointed the LRM Program Administrator that is responsible for administering the LRM Program. The Board receives liquidity risk management reports under the funds' LRM Program and reviews, no less frequently than annually, a written report prepared by the LRM Program Administrator that addresses, among other items, the operation of the LRM Program and assesses its adequacy and effectiveness of implementation as well as any material changes to the LRM Program.

As required by rule 18f-4 under the 1940 Act, funds that engage in derivatives transactions, other than limited derivatives users, generally must adopt and implement written derivatives risk management program (the "Derivatives Risk Management Program"), that is reasonably designed to manage the funds' derivatives risks, while taking into account the funds' derivatives and other investments. This program includes risk guidelines, stress testing, internal reporting and escalation and periodic review of the program. To the extent that the funds invest in derivatives, on a quarterly and annual, the Advisor will provide the Board with written reports that address the operation, adequacy and effectiveness of the funds' Derivatives Risk Management Program, which is generally designed to assess and manage derivatives risk.

In addressing issues regarding the funds' risk management between meetings, appropriate representatives of the Advisor communicate with the Chairperson of the Board, the relevant Committee Chair, or the Trusts' CCO, who is directly accountable to the Board. As appropriate, the Chairperson of the Board, the Committee Chairs and the Trustees confer among themselves, with the Trusts' CCO, the Advisor, other service providers, external fund counsel, and counsel to the Independent Trustees, to identify and review risk management issues that may be placed on the full Board's agenda and/or that of an appropriate Committee for review and discussion.

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In addition, in its annual review of the funds' advisory, subadvisory and distribution agreements, the Board reviews information provided by the Advisor, the subadvisors and the Distributor relating to their operational capabilities, financial condition, risk management processes and resources.

The Board may, at any time and in its discretion, change the manner in which it conducts its risk oversight role.

The Advisor also has its own, independent interest in risk management. In this regard, the Advisor has appointed a Risk and Investment Operations Committee, consisting of senior personnel from each of the Advisor's functional departments. This Committee reports periodically to the Board and the Contracts, Legal & Risk Committee on risk management matters. The Advisor's risk management program is part of the overall risk management program of John Hancock, the Advisor's parent company. John Hancock's Chief Risk Officer supports the Advisor's risk management program, and at the Board's request will report on risk management matters.

**Compensation of Trustees**

Trustees are reimbursed for travel and other out-of-pocket expenses. Effective January 1, 2026, each Independent Trustee receives in the aggregate from the Trust and the other open-end funds in the John Hancock Fund Complex an annual retainer of $322,000, a fee of $24,520 for each regular meeting of the Trustees (in person or via videoconference or teleconference) and a fee of $5,000 for each special meeting of the Trustees (in person or via videoconference or teleconference). The Chairperson of the Board receives an additional retainer of $228,400. The Vice Chairperson of the Board receives an additional retainer of $25,000. The Chairperson of each of the Audit Committee, Compliance Committee, and Contracts, Legal & Risk Committee receives an additional $40,000 retainer. The Chairperson of each Investment Sub-Committee receives an additional $22,000 retainer.

The following table provides information regarding the compensation paid by the Trust and the other investment companies in the John Hancock Fund Complex to the Trustees for their services during the fiscal year ended December 31, 2025.

**Compensation Table**<sup>1</sup>

---

| | | |
|:---|:---|:---|
| **Name of Trustee** | &nbsp;&nbsp;&nbsp; **Total**<br> **Compensation**<br> **from JHVIT ($)**<br>| &nbsp;&nbsp;&nbsp; **Total Compensation**<br> **from the Trust and**<br> **the John Hancock**<br> **Fund Complex ($)**<sup>2</sup> <br>|
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| William K. Bacic | 109711 | 470496 |
| James R. Boyle | 125200 | 530496 |
| William H. Cunningham<sup>3</sup> | 114874 | 565496 |
| Noni Ellison McKee | 111857 | 478598 |
| Grace K. Fey | 120037 | 672996 |
| Dean C. Garfield | 109711 | 470496 |
| Christine L. Hurtsellers<sup>4</sup> | 44213 | 194057 |
| Deborah C. Jackson | 120037 | 597996 |
| Hassell H. McClellan | 166844 | 886724 |
| Kenneth J. Phelan<sup>4</sup> | 44213 | 194057 |
| Frances G. Rathke | 120037 | 510496 |
| Thomas R. Wright | 109711 | 470496 |
| **Non-Independent Trustees** | **Non-Independent Trustees** | **Non-Independent Trustees** |
| Andrew G. Arnott | 0 | 0 |
| Kristie M. Feinberg<sup>5</sup> | 0 | 0 |
| Paul Lorentz<sup>6</sup> | 0 | 0 |

---

**1**

The Trust does not have a pension or retirement plan for any of its Trustees or officers.

**2**

There were approximately 179 series in the John Hancock Fund Complex as of December 31, 2025.

**3**

Mr. Cunningham retired as Trustee effective December 31, 2025.

**4**

Elected to serve as Trustee effective November 12, 2025.

**5**

Appointed to serve as Trustee effective June 30, 2025.

**6**

Mr. Lorentz no longer serves as Trustee effective June 30, 2025.

**Trustee Ownership of Shares of the Funds**

The table below sets forth the dollar range of the value of the shares of each fund, and the dollar range of the aggregate value of the shares of all funds in the John Hancock Fund Complex overseen by a Trustee, owned beneficially by the Trustees as of December 31, 2025. For purposes of this table,

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beneficial ownership is defined to mean a direct or indirect pecuniary interest. Trustees may own shares beneficially through group annuity contracts. Exact dollar amounts of securities held are not listed in the table. Rather, dollar ranges are identified.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Trust/Funds** | &nbsp;&nbsp; **500 Index**<br> **Trust**<br>| &nbsp;&nbsp; **Active Bond**<br> **Trust**<br>| &nbsp;&nbsp; **Blue Chip**<br> **Growth Trust**<br>| &nbsp;&nbsp; **Capital Appreciation**<br> **Value Trust**<br>| **Core Bond Trust** |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| William K. Bacic |  |  |  |  |  |
| James R. Boyle |  |  |  |  |  |
| Noni Ellison McKee |  |  |  |  |  |
| Grace K. Fey |  |  |  |  |  |
| Dean C. Garfield |  |  |  |  |  |
| Christine L. Hurtsellers<sup>1</sup> |  |  |  |  |  |
| Deborah C. Jackson |  |  |  |  |  |
| Hassell H. McClellan |  |  |  |  |  |
| Kenneth J. Phelan<sup>1</sup> |  |  |  |  |  |
| Frances G. Rathke |  |  |  |  |  |
| Thomas R. Wright |  |  |  |  |  |
| **Non-Independent Trustees** | **Non-Independent Trustees** | **Non-Independent Trustees** | **Non-Independent Trustees** | **Non-Independent Trustees** | **Non-Independent Trustees** |
| Andrew G. Arnott |  |  |  |  |  |
| Kristie M. Feinberg<sup>2</sup> |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Trust/Funds** | &nbsp;&nbsp; **Disciplined Value** <br> **Emerging Markets** <br> **Equity Trust**<br>| &nbsp;&nbsp; **Disciplined Value**<br> **International Trust**<br>| &nbsp;&nbsp; **Equity Income**<br> **Trust**<br>| &nbsp;&nbsp; **Financial**<br> **Industries Trust**<br>| &nbsp;&nbsp; **Fundamental**<br> **All Cap**<br> **Core Trust**<br>|
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| William K. Bacic |  |  |  |  |  |
| James R. Boyle |  |  |  |  |  |
| Noni Ellison McKee |  |  |  |  |  |
| Grace K. Fey |  |  |  |  |  |
| Dean C. Garfield |  |  |  |  |  |
| Christine L. Hurtsellers<sup>1</sup> |  |  |  |  |  |
| Deborah C. Jackson |  |  |  |  |  |
| Hassell H. McClellan |  |  |  | $10001 - $50000 |  |
| Kenneth J. Phelan<sup>1</sup> |  |  |  |  |  |
| Frances G. Rathke |  |  |  |  |  |
| Thomas R. Wright |  |  |  |  |  |
| **Non-Independent Trustees** | **Non-Independent Trustees** | **Non-Independent Trustees** | **Non-Independent Trustees** | **Non-Independent Trustees** | **Non-Independent Trustees** |
| Andrew G. Arnott |  |  |  |  |  |
| Kristie M. Feinberg<sup>2</sup> |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Trust/Funds** | &nbsp;&nbsp; **Fundamental**<br> **Large Cap**<br> **Value Trust**<br>| &nbsp;&nbsp; **Global Equity**<br> **Trust**<br>| &nbsp;&nbsp; **Health**<br> **Sciences**<br> **Trust**<br>| &nbsp;&nbsp; **High Yield**<br> **Trust**<br>| &nbsp;&nbsp; **International Equity**<br> **Index Trust**<br>|
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| William K. Bacic |  |  |  |  |  |
| James R. Boyle |  |  |  |  |  |
| Noni Ellison McKee |  |  |  |  |  |
| Grace K. Fey |  |  |  |  |  |
| Dean C. Garfield |  |  |  |  |  |
| Christine L. Hurtsellers<sup>1</sup> |  |  |  |  |  |
| Deborah C. Jackson |  |  |  |  |  |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Trust/Funds** | &nbsp;&nbsp; **Fundamental**<br> **Large Cap**<br> **Value Trust**<br>| &nbsp;&nbsp; **Global Equity**<br> **Trust**<br>| &nbsp;&nbsp; **Health**<br> **Sciences**<br> **Trust**<br>| &nbsp;&nbsp; **High Yield**<br> **Trust**<br>| &nbsp;&nbsp; **International Equity**<br> **Index Trust**<br>|
| Hassell H. McClellan |  | $10001 - $50000 |  |  |  |
| Kenneth J. Phelan<sup>1</sup> |  |  |  |  |  |
| Frances G. Rathke |  |  |  |  |  |
| Thomas R. Wright |  |  |  |  |  |
| **Non-Independent Trustees** | **Non-Independent Trustees** | **Non-Independent Trustees** | **Non-Independent Trustees** | **Non-Independent Trustees** | **Non-Independent Trustees** |
| Andrew G. Arnott |  |  |  |  |  |
| Kristie M. Feinberg<sup>2</sup> |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Trust/Funds** | &nbsp;&nbsp; **International Small**<br> **Company Trust**<br>| &nbsp;&nbsp; **Investment Quality**<br> **Bond Trust**<br>| &nbsp;&nbsp; **Lifestyle Balanced**<br> **Portfolio**<br>| &nbsp;&nbsp; **Lifestyle Conservative**<br> **Portfolio**<br>| &nbsp;&nbsp; **Lifestyle Growth**<br> **Portfolio**<br>|
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| William K. Bacic |  |  |  |  |  |
| James R. Boyle |  |  |  |  | Over $100,000 |
| Noni Ellison McKee |  |  |  |  |  |
| Grace K. Fey |  |  | $50001 - $100000 |  | Over $100,000 |
| Dean C. Garfield |  |  |  |  |  |
| Christine L. Hurtsellers<sup>1</sup> |  |  |  |  |  |
| Deborah C. Jackson |  |  |  |  |  |
| Hassell H. McClellan |  |  |  |  |  |
| Kenneth J. Phelan<sup>1</sup> |  |  |  |  |  |
| Frances G. Rathke |  |  |  |  |  |
| Thomas R. Wright |  |  |  |  |  |
| **Non-Independent Trustees** | **Non-Independent Trustees** | **Non-Independent Trustees** | **Non-Independent Trustees** | **Non-Independent Trustees** | **Non-Independent Trustees** |
| Andrew G. Arnott |  |  |  |  |  |
| Kristie M. Feinberg<sup>2</sup> |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Trust/Funds** | &nbsp;&nbsp; **Lifestyle Moderate**<br> **Portfolio**<br>| &nbsp;&nbsp; **Managed Volatility**<br> **Balanced Portfolio**<br>| &nbsp;&nbsp; **Managed Volatility**<br> **Conservative Portfolio**<br>| &nbsp;&nbsp; **Managed Volatility**<br> **Growth Portfolio**<br>| &nbsp;&nbsp; **Managed Volatility**<br> **Moderate Portfolio**<br>|
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| William K. Bacic |  |  |  |  |  |
| James R. Boyle |  |  |  |  |  |
| Noni Ellison McKee |  |  |  |  |  |
| Grace K. Fey |  |  |  |  |  |
| Dean C. Garfield |  |  |  |  |  |
| Christine L. Hurtsellers<sup>1</sup> |  |  |  |  |  |
| Deborah C. Jackson |  |  |  |  |  |
| Hassell H. McClellan |  |  |  | $10001 - $50000 |  |
| Kenneth J. Phelan<sup>1</sup> |  |  |  |  |  |
| Frances G. Rathke |  |  |  |  |  |
| Thomas R. Wright |  |  |  |  |  |
| **Non-Independent Trustees** | **Non-Independent Trustees** | **Non-Independent Trustees** | **Non-Independent Trustees** | **Non-Independent Trustees** | **Non-Independent Trustees** |
| Andrew G. Arnott |  |  |  |  |  |
| Kristie M. Feinberg<sup>2</sup> |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Trust/Funds** | &nbsp;&nbsp; **Mid Cap**<br> **Growth Trust**<br>| &nbsp;&nbsp; **Mid Cap**<br> **Index Trust**<br>| &nbsp;&nbsp; **Mid Value**<br> **Trust**<br>| &nbsp;&nbsp; **Money Market**<br> **Trust**<br>| &nbsp;&nbsp; **Opportunistic Fixed**<br> **Income Trust**<br>|
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| William K. Bacic | None | None | None | None | None |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Trust/Funds** | &nbsp;&nbsp; **Mid Cap**<br> **Growth Trust**<br>| &nbsp;&nbsp; **Mid Cap**<br> **Index Trust**<br>| &nbsp;&nbsp; **Mid Value**<br> **Trust**<br>| &nbsp;&nbsp; **Money Market**<br> **Trust**<br>| &nbsp;&nbsp; **Opportunistic Fixed**<br> **Income Trust**<br>|
| James R. Boyle |  |  |  |  |  |
| Noni Ellison McKee |  |  |  |  |  |
| Grace K. Fey |  |  |  |  |  |
| Dean C. Garfield |  |  |  |  |  |
| Christine L. Hurtsellers<sup>1</sup> |  |  |  |  |  |
| Deborah C. Jackson |  |  |  |  |  |
| Hassell H. McClellan |  |  |  |  |  |
| Kenneth J. Phelan<sup>1</sup> |  |  |  |  |  |
| Frances G. Rathke |  |  |  |  |  |
| Thomas R. Wright |  |  |  |  |  |
| **Non-Independent Trustees** | **Non-Independent Trustees** | **Non-Independent Trustees** | **Non-Independent Trustees** | **Non-Independent Trustees** | **Non-Independent Trustees** |
| Andrew G. Arnott |  |  |  |  |  |
| Kristie M. Feinberg<sup>2</sup> |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Trust/Funds** | &nbsp;&nbsp; **Real Estate**<br> **Securities Trust**<br>| &nbsp;&nbsp; **Science &**<br> **Technology Trust**<br>| &nbsp;&nbsp; **Select Bond**<br> **Trust**<br>| &nbsp;&nbsp; **Short Term**<br> **Government**<br> **Income Trust**<br>| **Small Cap Core Trust** |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| William K. Bacic |  |  |  |  |  |
| James R. Boyle |  |  |  |  |  |
| Noni Ellison McKee |  |  |  |  |  |
| Grace K. Fey |  |  |  |  |  |
| Dean C. Garfield |  |  |  |  |  |
| Christine L. Hurtsellers<sup>1</sup> |  |  |  |  |  |
| Deborah C. Jackson |  |  |  |  |  |
| Hassell H. McClellan |  |  |  |  |  |
| Kenneth J. Phelan<sup>1</sup> |  |  |  |  |  |
| Frances G. Rathke |  |  |  |  |  |
| Thomas R. Wright |  |  |  |  |  |
| **Non-Independent Trustees** | **Non-Independent Trustees** | **Non-Independent Trustees** | **Non-Independent Trustees** | **Non-Independent Trustees** | **Non-Independent Trustees** |
| Andrew G. Arnott |  |  |  |  |  |
| Kristie M. Feinberg<sup>2</sup> |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Trust/Funds** | &nbsp;&nbsp; **Small Cap**<br> **Index Trust**<br>| &nbsp;&nbsp; **Small Cap**<br> **Opportunities Trust**<br>| &nbsp;&nbsp; **Small Cap**<br> **Stock Trust**<br>| &nbsp;&nbsp; **Small Company**<br> **Value Trust**<br>| &nbsp;&nbsp; **Strategic Equity**<br> **Allocation Trust**<br>|
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| William K. Bacic |  |  |  |  |  |
| James R. Boyle |  |  |  |  |  |
| Noni Ellison McKee |  |  |  |  |  |
| Grace K. Fey |  |  |  |  |  |
| Dean C. Garfield |  |  |  |  |  |
| Christine L. Hurtsellers<sup>1</sup> |  |  |  |  |  |
| Deborah C. Jackson |  |  |  |  |  |
| Hassell H. McClellan |  |  |  | $10001 - $50000 |  |
| Kenneth J. Phelan<sup>1</sup> |  |  |  |  |  |
| Frances G. Rathke |  |  |  |  |  |
| Thomas R. Wright |  |  |  |  |  |
| **Non-Independent Trustees** | **Non-Independent Trustees** | **Non-Independent Trustees** | **Non-Independent Trustees** | **Non-Independent Trustees** | **Non-Independent Trustees** |

---

**72**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Trust/Funds** | &nbsp;&nbsp; **Small Cap**<br> **Index Trust**<br>| &nbsp;&nbsp; **Small Cap**<br> **Opportunities Trust**<br>| &nbsp;&nbsp; **Small Cap**<br> **Stock Trust**<br>| &nbsp;&nbsp; **Small Company**<br> **Value Trust**<br>| &nbsp;&nbsp; **Strategic Equity**<br> **Allocation Trust**<br>|
| Andrew G. Arnott |  |  |  |  |  |
| Kristie M. Feinberg<sup>2</sup> |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Trust/Funds** | &nbsp;&nbsp; **Strategic**<br> **Income**<br> **Opportunities**<br> **Trust**<br>| &nbsp;&nbsp; **Total Bond**<br> **Market Trust**<br>| &nbsp;&nbsp; **Total Stock**<br> **Market**<br> **Index Trust**<br>| &nbsp;&nbsp; **U.S. Growth**<br> **Trust**<br>| &nbsp;&nbsp; **Ultra Short**<br> **Term Bond**<br> **Trust**<br>| &nbsp;&nbsp; **Total – John**<br> **Hancock Fund**<br> **Complex**<br>|
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| William K. Bacic |  |  |  |  |  | Over $100,000 |
| James R. Boyle |  |  |  |  |  | Over $100,000 |
| Noni Ellison McKee |  |  |  |  |  | $50001 - $100000 |
| Grace K. Fey |  |  |  |  |  | Over $100,000 |
| Dean C. Garfield |  |  |  |  |  | $50001 - $100000 |
| Christine L. Hurtsellers<sup>1</sup> |  |  |  |  |  |  |
| Deborah C. Jackson |  |  |  | $50001 - $100000 |  | Over $100,000 |
| Hassell H. McClellan |  |  |  |  |  | Over $100,000 |
| Kenneth J. Phelan<sup>1</sup> |  |  |  |  |  |  |
| Frances G. Rathke |  |  |  |  |  | $50001 - $100000 |
| Thomas R. Wright |  |  |  |  |  | Over $100,000 |
| **Non-Independent Trustees** | **Non-Independent Trustees** | **Non-Independent Trustees** | **Non-Independent Trustees** | **Non-Independent Trustees** | **Non-Independent Trustees** | **Non-Independent Trustees** |
| Andrew G. Arnott |  |  |  |  |  | Over $100,000 |
| Kristie M. Feinberg<sup>2</sup> |  |  |  |  |  |  |

---

**1**

Elected to serve as Trustee effective November 12, 2025.

**2**

Appointed to serve as Trustee effective June 30, 2025.

**Investment Management Arrangements and Other Services**

------

The Advisor serves as investment advisor to the funds and is responsible for the supervision of the subadvisor services to the funds pursuant to the Advisory Agreement. Pursuant to the Advisory Agreement and subject to general oversight by the Board, the Advisor manages and supervises the investment operations and business affairs of the funds. The Advisor provides the funds with all necessary office facilities and equipment and any personnel necessary for the oversight and/or conduct of the investment operations of the funds. The Advisor also coordinates and oversees the services provided to the funds under other agreements, including custodial, administrative and transfer agency services. Additionally, the Advisor provides certain administrative and other non-advisory services to the funds pursuant to a separate Service Agreement, as discussed below.

The Advisor is responsible for overseeing and implementing a fund's investment program and provides a variety of advisory oversight and investment research services, including: (i) monitoring fund portfolio compositions and risk profiles and (ii) evaluating fund investment characteristics, such as investment strategies, and recommending to the Board potential enhancements to such characteristics. The Advisor provides management and transition services associated with certain fund events (e.g., strategy, portfolio manager or subadvisor changes).

The Advisor has the responsibility to oversee the subadvisors and recommend to the Board: (i) the hiring, termination, and replacement of a subadvisor; and (ii) the allocation and reallocation of a fund's assets among multiple subadvisors, when appropriate. In this capacity, the Advisor negotiates with potential subadvisors and, once retained, among other things: (i) monitors the compliance of the subadvisor with the investment objectives and related policies of the funds; (ii) reviews the performance of the subadvisor; and (iii) reports periodically on such performance to the Board. The Advisor utilizes the expertise of a team of investment professionals in manager research and oversight who provide these research and monitoring services.

The shares of each fund are sold only to insurance companies and their separate accounts as the underlying investment option for variable annuity, group annuity, and variable life insurance contracts ("variable contracts"). Two of these insurance companies, John Hancock Life Insurance Company (U.S.A.) and John Hancock Life Insurance Company of New York, are affiliates of the Advisor (the "Affiliated Insurance Companies"). Under a service agreement, the Affiliated Insurance Companies perform administrative services for the funds in connection with the variable contracts for which they serve as the underlying investment option. To compensate the Affiliated Insurance Companies for providing these services, the Advisor, not the funds, pays each Affiliated Insurance Company an administrative fee equal to 0.25% of the total average daily net assets of the funds attributable to variable contracts issued by the Affiliated Insurance Company. The Advisor may also pay an administrative fee to insurance companies that are nonaffiliated with the Advisor for performance of these administrative services.

**73**

------

The Advisor is not liable for any error of judgment or mistake of law or for any loss suffered by a fund in connection with the matters to which the Advisory Agreement relates, except a loss resulting from willful misfeasance, bad faith or gross negligence on the part of the Advisor in the performance of its duties or from its reckless disregard of its obligations and duties under the Advisory Agreement.

The continuation of the Advisory Agreement and the Distribution Agreement (discussed below) were each approved by all Trustees. The Advisory Agreement and the Distribution Agreement will continue in effect from year to year, provided that each Agreement's continuance is approved annually both: (i) by the holders of a majority of the outstanding voting securities of the Trust or by the Trustees; and (ii) by a majority of the Trustees who are not parties to the Agreement, or "interested persons" of any such parties. Each of these Agreements may be terminated on 60 days' written notice by any party or by a vote of a majority of the outstanding voting securities of the funds and will terminate automatically if assigned.

The Trust bears all costs of its organization and operation, including but not limited to expenses of preparing, printing and mailing all shareholders' reports, notices, prospectuses, proxy statements and reports to regulatory agencies; expenses relating to the issuance, registration and qualification of shares; government fees; interest charges; expenses of furnishing to shareholders their account statements; taxes; expenses of redeeming shares; brokerage and other expenses connected with the execution of portfolio securities transactions; expenses pursuant to a fund's plan of distribution; fees and expenses of custodians including those for keeping books and accounts maintaining a committed line of credit and calculating the NAV of shares; fees and expenses of transfer agents and dividend disbursing agents; legal, accounting, financial, management, tax and auditing fees and expenses of the funds (including an allocable portion of the cost of the Advisor's employees rendering such services to the funds); the compensation and expenses of officers and Trustees (other than persons serving as President or Trustee who are otherwise affiliated with the funds the Advisor or any of their affiliates); expenses of Trustees' and shareholders' meetings; trade association memberships; insurance premiums; and any extraordinary expenses.

Securities held by a fund also may be held by other funds or investment advisory clients for which the Advisor, the subadvisor or their respective affiliates provide investment advice. Because of different investment objectives or other factors, a particular security may be bought for one or more funds or clients when one or more are selling the same security. If opportunities for purchase or sale of securities by the Advisor or subadvisor for a fund or for other funds or clients for which the Advisor or subadvisor renders investment advice arise for consideration at or about the same time, transactions in such securities will be made, insofar as feasible, for the respective fund, funds or clients in a manner deemed equitable to all of them. To the extent that transactions on behalf of more than one client of the Advisor or subadvisor or their respective affiliates may increase the demand for securities being purchased or the supply of securities being sold, there may be an adverse effect on price.

**Advisor Compensation.** As compensation for its advisory services under the Advisory Agreement, the Advisor receives a fee from the funds, computed separately for each fund as described in the Prospectus.

From time to time, the Advisor may reduce its fee or make other arrangements to limit a fund's expenses to a specified percentage of average daily net assets. The Advisor retains the right to re-impose a fee and recover any other payments to the extent that, during the fiscal year in which such expense limitation is in place, a fund's annual expenses fall below this limit.

The following table shows the advisory fees that each fund incurred and paid to the Advisor for the fiscal periods ended December 31, 2025, December 31, 2024 and December 31, 2023.

---

| | | | |
|:---|:---|:---|:---|
|  | **Advisory Fee Paid in Fiscal Year Ended**  | **Advisory Fee Paid in Fiscal Year Ended**  | **Advisory Fee Paid in Fiscal Year Ended**  |
| **Fund** | **2025 ($)** | **2024 ($)** | **2023 ($)** |
| **500 Index Trust** | **500 Index Trust** | **500 Index Trust** | **500 Index Trust** |
| Gross Fees | 51822649 | 45375210 | 34937067 |
| Waivers | (28854971) | (26245817) | (19052343) |
| Net Fees | 22967678 | 19129393 | 15884724 |
| **Active Bond Trust** | **Active Bond Trust** | **Active Bond Trust** | **Active Bond Trust** |
| Gross Fees | 3328030 | 3309677 | 3282896 |
| Waivers | (50006) | (47305) | (43956) |
| Net Fees | 3278024 | 3262372 | 3238940 |
| **Blue Chip Growth Trust** | **Blue Chip Growth Trust** | **Blue Chip Growth Trust** | **Blue Chip Growth Trust** |
| Gross Fees | 14945800 | 14513814 | 11928194 |
| Waivers | (781183) | (749191) | (564189) |
| Net Fees | 14164617 | 13764623 | 11364005 |
| **Capital Appreciation Value Trust** | **Capital Appreciation Value Trust** | **Capital Appreciation Value Trust** | **Capital Appreciation Value Trust** |
| Gross Fees | 4011182 | 3941056 | 3695913 |
| Waivers | (239416) | (228158) | (196357) |
| Net Fees | 3771766 | 3712898 | 3499556 |
| **Core Bond Trust** | **Core Bond Trust** | **Core Bond Trust** | **Core Bond Trust** |
| Gross Fees | 4525985 | 4580242 | 4515488 |
| Waivers | (68018) | (65838) | (56758) |

---

**74**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Advisory Fee Paid in Fiscal Year Ended**  | **Advisory Fee Paid in Fiscal Year Ended**  | **Advisory Fee Paid in Fiscal Year Ended**  |
| **Fund** | **2025 ($)** | **2024 ($)** | **2023 ($)** |
| Net Fees | 4457967 | 4514404 | 4458730 |
| **Disciplined Value Emerging Markets Equity Trust** | **Disciplined Value Emerging Markets Equity Trust** | **Disciplined Value Emerging Markets Equity Trust** | **Disciplined Value Emerging Markets Equity Trust** |
| Gross Fees | 1858384 | 1770582 | 1759016 |
| Waivers | (21311) | (18598) | (15327) |
| Net Fees | 1837073 | 1751984 | 1743689 |
| **Disciplined Value International Trust** | **Disciplined Value International Trust** | **Disciplined Value International Trust** | **Disciplined Value International Trust** |
| Gross Fees | 2006272 | 1964140 | 2019116 |
| Waivers | (26026) | (23574) | (20497) |
| Net Fees | 1980246 | 1940566 | 1998619 |
| **Equity Income Trust** | **Equity Income Trust** | **Equity Income Trust** | **Equity Income Trust** |
| Gross Fees | 6279301 | 9583634 | 9305662 |
| Waivers | (314715) | (455769) | (408382) |
| Net Fees | 5964586 | 9127865 | 8897280 |
| **Financial Industries Trust** | **Financial Industries Trust** | **Financial Industries Trust** | **Financial Industries Trust** |
| Gross Fees | 1080863 | 970940 | 920738 |
| Waivers | (12980) | (11400) | (9181) |
| Net Fees | 1067883 | 959540 | 911557 |
| **Fundamental All Cap Core Trust** | **Fundamental All Cap Core Trust** | **Fundamental All Cap Core Trust** | **Fundamental All Cap Core Trust** |
| Gross Fees | 16897025 | 16814385 | 14019257 |
| Waivers | (227919) | (218888) | (158700) |
| Net Fees | 16669106 | 16595497 | 13860557 |
| **Fundamental Large Cap Value Trust** | **Fundamental Large Cap Value Trust** | **Fundamental Large Cap Value Trust** | **Fundamental Large Cap Value Trust** |
| Gross Fees | 5533549 | 5602792 | 5060601 |
| Waivers | (100735) | (99886) | (83167) |
| Net Fees | 5432814 | 5502906 | 4977434 |
| **Global Equity Trust** | **Global Equity Trust** | **Global Equity Trust** | **Global Equity Trust** |
| Gross Fees | 2360114 | 2430028 | 2279641 |
| Waivers | (25609) | (25158) | (20681) |
| Net Fees | 2334505 | 2404870 | 2258960 |
| **Health Sciences Trust** | **Health Sciences Trust** | **Health Sciences Trust** | **Health Sciences Trust** |
| Gross Fees | 1933716 | 2296773 | 2423826 |
| Waivers | (117905) | (136468) | (139523) |
| Net Fees | 1815811 | 2160305 | 2284303 |
| **High Yield Trust** | **High Yield Trust** | **High Yield Trust** | **High Yield Trust** |
| Gross Fees | 919096 | 1277033 | 1201408 |
| Waivers | (108027) | (15112) | (12454) |
| Net Fees | 811069 | 1261921 | 1188954 |
| **International Equity Index Trust** | **International Equity Index Trust** | **International Equity Index Trust** | **International Equity Index Trust** |
| Gross Fees | 5478929 | 4830225 | 4297131 |
| Waivers | (3163289) | (2543242) | (2247728) |
| Net Fees | 2315640 | 2286983 | 2049403 |
| **International Small Company Trust** | **International Small Company Trust** | **International Small Company Trust** | **International Small Company Trust** |
| Gross Fees | 827988 | 804198 | 805207 |
| Waivers | (8992) | (8317) | (7306) |
| Net Fees | 818996 | 795881 | 797901 |
| **Investment Quality Bond Trust** | **Investment Quality Bond Trust** | **Investment Quality Bond Trust** | **Investment Quality Bond Trust** |
| Gross Fees | 1260376 | 1298190 | 1240980 |
| Waivers | (18206) | (17924) | (15007) |
| Net Fees | 1242170 | 1280266 | 1225973 |
| **Lifestyle Balanced Portfolio** | **Lifestyle Balanced Portfolio** | **Lifestyle Balanced Portfolio** | **Lifestyle Balanced Portfolio** |
| Gross Fees | 408866 | 406193 | 384969 |

---

**75**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Advisory Fee Paid in Fiscal Year Ended**  | **Advisory Fee Paid in Fiscal Year Ended**  | **Advisory Fee Paid in Fiscal Year Ended**  |
| **Fund** | **2025 ($)** | **2024 ($)** | **2023 ($)** |
| Waivers | (49002) | (48771) | (45260) |
| Net Fees | 359864 | 357422 | 339709 |
| **Lifestyle Conservative Portfolio** | **Lifestyle Conservative Portfolio** | **Lifestyle Conservative Portfolio** | **Lifestyle Conservative Portfolio** |
| Gross Fees | 63449 | 66817 | 68806 |
| Waivers | (63449) | (66817) | (68806) |
| Net Fees | 0 | 0 | 0 |
| **Lifestyle Growth Portfolio** | **Lifestyle Growth Portfolio** | **Lifestyle Growth Portfolio** | **Lifestyle Growth Portfolio** |
| Gross Fees | 2124603 | 2170002 | 2077308 |
| Waivers | (254687) | (260541) | (244239) |
| Net Fees | 1869916 | 1909461 | 1833069 |
| **Lifestyle Moderate Portfolio** | **Lifestyle Moderate Portfolio** | **Lifestyle Moderate Portfolio** | **Lifestyle Moderate Portfolio** |
| Gross Fees | 111886 | 117303 | 116394 |
| Waivers | (58590) | (58461) | (69205) |
| Net Fees | 53296 | 58842 | 47189 |
| **Managed Volatility Balanced Portfolio** | **Managed Volatility Balanced Portfolio** | **Managed Volatility Balanced Portfolio** | **Managed Volatility Balanced Portfolio** |
| Gross Fees | 7009419 | 7395312 | 7521651 |
| Waivers | (3571630) | (3541505) | (3527340) |
| Net Fees | 3437789 | 3853807 | 3994311 |
| **Managed Volatility Conservative Portfolio** | **Managed Volatility Conservative Portfolio** | **Managed Volatility Conservative Portfolio** | **Managed Volatility Conservative Portfolio** |
| Gross Fees | 807616 | 924508 | 1071195 |
| Waivers | (383838) | (420417) | (479384) |
| Net Fees | 423778 | 504091 | 591811 |
| **Managed Volatility Growth Portfolio** | **Managed Volatility Growth Portfolio** | **Managed Volatility Growth Portfolio** | **Managed Volatility Growth Portfolio** |
| Gross Fees | 10073434 | 10461694 | 10434707 |
| Waivers | (5183430) | (5145704) | (4977583) |
| Net Fees | 4890004 | 5315990 | 5457124 |
| **Managed Volatility Moderate Portfolio** | **Managed Volatility Moderate Portfolio** | **Managed Volatility Moderate Portfolio** | **Managed Volatility Moderate Portfolio** |
| Gross Fees | 1694942 | 1838525 | 1948769 |
| Waivers | (854111) | (863937) | (898097) |
| Net Fees | 840831 | 974588 | 1050672 |
| **Mid Cap Growth Trust** | **Mid Cap Growth Trust** | **Mid Cap Growth Trust** | **Mid Cap Growth Trust** |
| Gross Fees | 5299086 | 5186265 | 4817308 |
| Waivers | (55132) | (51580) | (41944) |
| Net Fees | 5243954 | 5134685 | 4775364 |
| **Mid Cap Index Trust** | **Mid Cap Index Trust** | **Mid Cap Index Trust** | **Mid Cap Index Trust** |
| Gross Fees | 5551025 | 5870524 | 5422032 |
| Waivers | (1292885) | (1367254) | (1246663) |
| Net Fees | 4258140 | 4503270 | 4175369 |
| **Mid Value Trust** | **Mid Value Trust** | **Mid Value Trust** | **Mid Value Trust** |
| Gross Fees | 5108553 | 5563769 | 5182663 |
| Waivers | (314491) | (335484) | (286785) |
| Net Fees | 4794062 | 5228285 | 4895878 |
| **Money Market Trust** | **Money Market Trust** | **Money Market Trust** | **Money Market Trust** |
| Gross Fees | 7772010 | 7775620 | 8039418 |
| Waivers | (2392429) | (2411949) | (2581581) |
| Net Fees | 5379581 | 5363671 | 5457837 |
| **Opportunistic Fixed Income Trust** | **Opportunistic Fixed Income Trust** | **Opportunistic Fixed Income Trust** | **Opportunistic Fixed Income Trust** |
| Gross Fees | 916442 | 986388 | 1036804 |
| Waivers | (201750) | (173546) | (171256) |
| Net Fees | 714692 | 812842 | 865548 |
| **Real Estate Securities Trust** | **Real Estate Securities Trust** | **Real Estate Securities Trust** | **Real Estate Securities Trust** |

---

**76**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Advisory Fee Paid in Fiscal Year Ended**  | **Advisory Fee Paid in Fiscal Year Ended**  | **Advisory Fee Paid in Fiscal Year Ended**  |
| **Fund** | **2025 ($)** | **2024 ($)** | **2023 ($)** |
| Gross Fees | 2010158 | 2075884 | 1991097 |
| Waivers | (24905) | (24598) | (20656) |
| Net Fees | 1985253 | 2051286 | 1970441 |
| **Science & Technology Trust** | **Science & Technology Trust** | **Science & Technology Trust** | **Science & Technology Trust** |
| Gross Fees | 10449204 | 9982964 | 7771970 |
| Waivers | (687771) | (635374) | (455286) |
| Net Fees | 9761433 | 9347590 | 7316684 |
| **Select Bond Trust** | **Select Bond Trust** | **Select Bond Trust** | **Select Bond Trust** |
| Gross Fees | 32268197 | 34066684 | 33934898 |
| Waivers | (1690976) | (1751037) | (1699368) |
| Net Fees | 30577221 | 32315647 | 32235530 |
| **Short Term Government Income Trust** | **Short Term Government Income Trust** | **Short Term Government Income Trust** | **Short Term Government Income Trust** |
| Gross Fees | 1308889 | 910043 | 962300 |
| Waivers | (21707) | (14035) | (12745) |
| Net Fees | 1287182 | 896008 | 949555 |
| **Small Cap Core Trust** | **Small Cap Core Trust** | **Small Cap Core Trust** | **Small Cap Core Trust** |
| Gross Fees | 2866151 | 4273799 | 4142897 |
| Waivers | (30787) | (37674) | (31995) |
| Net Fees | 2835364 | 4236125 | 4110902 |
| **Small Cap Index Trust** | **Small Cap Index Trust** | **Small Cap Index Trust** | **Small Cap Index Trust** |
| Gross Fees | 2526583 | 2569172 | 2439854 |
| Waivers | (312941) | (316954) | (295758) |
| Net Fees | 2213642 | 2252218 | 2144096 |
| **Small Cap Opportunities Trust** | **Small Cap Opportunities Trust** | **Small Cap Opportunities Trust** | **Small Cap Opportunities Trust** |
| Gross Fees | 1225312 | 1667724 | 1563525 |
| Waivers | (14576) | (435729) | (406120) |
| Net Fees | 1210736 | 1231995 | 1157405 |
| **Small Cap Stock Trust** | **Small Cap Stock Trust** | **Small Cap Stock Trust** | **Small Cap Stock Trust** |
| Gross Fees | 2676780 | 2906666 | 2617416 |
| Waivers | (22977) | (23895) | (18827) |
| Net Fees | 2653803 | 2882771 | 2598589 |
| **Small Company Value Trust** | **Small Company Value Trust** | **Small Company Value Trust** | **Small Company Value Trust** |
| Gross Fees | 1292793 | 1345037 | 1315634 |
| Waivers | (90213) | (91136) | (81885) |
| Net Fees | 1202580 | 1253901 | 1233749 |
| **Strategic Equity Allocation Trust** | **Strategic Equity Allocation Trust** | **Strategic Equity Allocation Trust** | **Strategic Equity Allocation Trust** |
| Gross Fees | 43671621 | 45836215 | 44718117 |
| Waivers | (9758559) | (10337443) | (10036345) |
| Net Fees | 33913062 | 35498772 | 34681772 |
| **Strategic Income Opportunities Trust** | **Strategic Income Opportunities Trust** | **Strategic Income Opportunities Trust** | **Strategic Income Opportunities Trust** |
| Gross Fees | 2170423 | 2665240 | 2439901 |
| Waivers | (31907) | (38543) | (30336) |
| Net Fees | 2138516 | 2626697 | 2409565 |
| **Total Bond Market Trust** | **Total Bond Market Trust** | **Total Bond Market Trust** | **Total Bond Market Trust** |
| Gross Fees | 4838475 | 4544143 | 4204612 |
| Waivers | (2756139) | (2584666) | (2436240) |
| Net Fees | 2082336 | 1959477 | 1768372 |
| **Total Stock Market Index Trust** | **Total Stock Market Index Trust** | **Total Stock Market Index Trust** | **Total Stock Market Index Trust** |
| Gross Fees | 5005960 | 4491146 | 3487268 |
| Waivers | (846033) | (755902) | (571738) |
| Net Fees | 4159927 | 3735244 | 2915530 |

---

**77**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Advisory Fee Paid in Fiscal Year Ended**  | **Advisory Fee Paid in Fiscal Year Ended**  | **Advisory Fee Paid in Fiscal Year Ended**  |
| **Fund** | **2025 ($)** | **2024 ($)** | **2023 ($)** |
| **U.S. Growth Trust** | **U.S. Growth Trust** | **U.S. Growth Trust** | **U.S. Growth Trust** |
| Gross Fees | 4232322 | 4576379 | 3599666 |
| Waivers | (60674) | (53934) | (36728) |
| Net Fees | 4171648 | 4522445 | 3562938 |
| **Ultra Short Term Bond Trust** | **Ultra Short Term Bond Trust** | **Ultra Short Term Bond Trust** | **Ultra Short Term Bond Trust** |
| Gross Fees | 1216726 | 1309524 | 1440736 |
| Waivers | (153192) | (164396) | (178474) |
| Net Fees | 1063534 | 1145128 | 1262262 |

---

**Service Agreement**

Pursuant to a Service Agreement, the Advisor is responsible for providing, at the expense of the Trust, certain financial, accounting and administrative services such as legal services, tax, accounting, valuation, financial reporting and performance, compliance and service provider oversight. Pursuant to the Service Agreement, the Advisor shall determine, subject to Board approval, the expenses to be reimbursed by each fund, including an overhead allocation. The payments under the Service Agreement are not intended to provide a profit to the Advisor. Instead, the Advisor provides the services under the Service Agreement because it also provides advisory services under the Advisory Agreement. The reimbursement shall be calculated and paid monthly in arrears.

The Advisor is not liable for any error of judgment or mistake of law or for any loss suffered by a fund in connection with the matters to which the Service Agreement relates, except losses resulting from willful misfeasance, bad faith or negligence by the Advisor in the performance of its duties or from reckless disregard by the Advisor of its obligations under the Agreement.

The Service Agreement had an initial term of two years, and continues thereafter so long as such continuance is specifically approved at least annually by a majority of the Board and a majority of the Independent Trustees. The Trust, on behalf of any or all of the funds, or the Advisor may terminate the Agreement at any time without penalty on 60 days' written notice to the other party. The Agreement may be amended by mutual written agreement of the parties, without obtaining shareholder approval.

The following table shows the fees that each fund incurred and paid to the Advisor for non-advisory services pursuant to the Service Agreement for the fiscal periods ended December 31, 2025, December 31, 2024 and December 31, 2023.

---

| | | | |
|:---|:---|:---|:---|
|  | **Service Fee Paid in Fiscal Year Ended December 31,** | **Service Fee Paid in Fiscal Year Ended December 31,** | **Service Fee Paid in Fiscal Year Ended December 31,** |
| **Fund** | **2025 ($)** | **2024 ($)** | **2023 ($)** |
| 500 Index Trust | 1932555 | 1743575 | 1463429 |
| Active Bond Trust | 96530 | 97881 | 105825 |
| Blue Chip Growth Trust | 357936 | 351094 | 321241 |
| Capital Appreciation Value Trust | 83519 | 84416 | 85770 |
| Core Bond Trust | 136438 | 141072 | 151482 |
| Disciplined Value Emerging Markets Equity Trust | 42625 | 39916 | 40821 |
| Disciplined Value International Trust | 52601 | 50816 | 53256 |
| Equity Income Trust | 158607 | 250765 | 261606 |
| Financial Industries Trust | 23326 | 22437 | 22810 |
| Fundamental All Cap Core Trust | 432192 | 446092 | 402494 |
| Fundamental Large Cap Value Trust | 139946 | 146451 | 142248 |
| Global Equity Trust | 51453 | 53654 | 54783 |
| Health Sciences Trust | 39739 | 46904 | 50321 |
| High Yield Trust | 31057 | 32375 | 33135 |
| International Equity Index Trust | 184118 | 162400 | 159274 |
| International Small Company Trust | 18072 | 17721 | 19425 |
| Investment Quality Bond Trust | 36626 | 38275 | 40261 |
| Lifestyle Balanced Portfolio | 168524 | 173658 | 179390 |
| Lifestyle Conservative Portfolio | 26427 | 28540 | 32025 |
| Lifestyle Growth Portfolio | 883901 | 923404 | 967285 |
| Lifestyle Moderate Portfolio | 46676 | 49927 | 54297 |
| Managed Volatility Balanced Portfolio | 682130 | 749581 | 825577 |
| Managed Volatility Conservative Portfolio | 84667 | 97931 | 122622 |

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| | | | |
|:---|:---|:---|:---|
|  | **Service Fee Paid in Fiscal Year Ended December 31,** | **Service Fee Paid in Fiscal Year Ended December 31,** | **Service Fee Paid in Fiscal Year Ended December 31,** |
| **Fund** | **2025 ($)** | **2024 ($)** | **2023 ($)** |
| Managed Volatility Growth Portfolio | 910357 | 995813 | 1067261 |
| Managed Volatility Moderate Portfolio | 175891 | 197981 | 227418 |
| Mid Cap Growth Trust | 108285 | 111993 | 111960 |
| Mid Cap Index Trust | 202604 | 223534 | 220831 |
| Mid Value Trust | 102102 | 113421 | 113451 |
| Money Market Trust | 394915 | 401321 | 446552 |
| Opportunistic Fixed Income Trust | 24597 | 27036 | 30768 |
| Real Estate Securities Trust | 49649 | 53003 | 56047 |
| Science & Technology Trust | 189461 | 187683 | 159200 |
| Select Bond Trust | 982556 | 1059589 | 1154933 |
| Short Term Government Income Trust | 39557 | 28690 | 32464 |
| Small Cap Core Trust | 57310 | 81396 | 84893 |
| Small Cap Index Trust | 89459 | 95616 | 96628 |
| Small Cap Opportunities Trust | 28717 | 29937 | 29688 |
| Small Cap Stock Trust | 45786 | 51565 | 49803 |
| Small Company Value Trust | 21130 | 22959 | 24225 |
| Strategic Equity Allocation Trust | 1198755 | 1285316 | 1364223 |
| Strategic Income Opportunities Trust | 58234 | 71914 | 72283 |
| Total Bond Market Trust | 178376 | 171503 | 169747 |
| Total Stock Market Index Trust | 182102 | 168351 | 141505 |
| U.S. Growth Trust | 120108 | 114667 | 98955 |
| Ultra Short Term Bond Trust | 38356 | 42632 | 50229 |

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**Subadvisory Agreements**

**Affiliated Subadvisors.** The Advisor and the Affiliated Subadvisors are controlled by Manulife Financial.

**Subadvisory Arrangement for 500 Index Trust, Mid Cap Index Trust, Small Cap Index Trust and Total Stock Market Index Trust.** In rendering investment advisory services to 500 Index Trust, Mid Cap Index Trust, Small Cap Index Trust and Total Stock Market Index Trust, Manulife IM (US), subadvisor to the funds, may use the portfolio management, research and other resources of Manulife Investment Management Limited ("Manulife Limited"), an affiliate of Manulife IM (US). Manulife Limited is not registered with the SEC as an investment advisor under the Advisers Act. Manulife IM (US) has entered into a memorandum of understanding and supervisory agreement (collectively, the "Participating Affiliate Agreement") with Manulife Limited pursuant to which Manulife Limited is considered a participating affiliate of Manulife IM (US), subadvisor as that term is used in relief granted by the staff of the SEC allowing U.S. registered investment advisors to use portfolio management or research resources of advisory affiliates subject to the supervision of a registered advisor. Investment professionals from Manulife Limited may render portfolio management, research and other services to 500 Index Trust, Mid Cap Index Trust, Small Cap Index Trust and Total Stock Market Index Trust under the Participating Affiliate Agreement and are subject to supervision by Manulife IM (US). The Advisor and the Affiliated Subadvisor are controlled by Manulife Financial.

**Duties of the Subadvisors.** Under the terms of each of the current subadvisory agreements, including multiple sub-subadvisory arrangements (each a "Subadvisory Agreement" and collectively, the "Subadvisory Agreements"), the subadvisors manage the investment and reinvestment of the assets of the funds, subject to the supervision of the Board and the Advisor. In addition, for a fund with a sub-subadvisory arrangement as indicated in its Prospectus, the activities of the sub-subadvisor are subject to the supervision of that fund's subadvisor. Each subadvisor formulates a continuous investment program for each such fund consistent with its investment objectives and policies outlined in the Prospectus. Each subadvisor implements such programs by purchases and sales of securities and regularly reports to the Advisor and the Board with respect to the implementation of such programs. Each subadvisor, at its expense, furnishes all necessary investment and management facilities, including salaries of personnel required for it to execute its duties, as well as administrative facilities, including bookkeeping, clerical personnel, and equipment necessary for the conduct of the investment affairs of the assigned funds. Additional information about the funds' portfolio managers, including other accounts managed, ownership of fund shares, and compensation structure, can be found at Appendix B to this SAI.

The Advisor has delegated to the subadvisors the responsibility to vote all proxies relating to the securities held by the funds. See "Other Services — Proxy Voting" below, for additional information.

**Subadvisory Fees.** As compensation for its services, each subadvisor receives fees from the Advisor computed separately for each fund. In respect of a sub-subadvisory agreement, the fees are paid by the subadvisor to the entity providing the sub-subadvisory services described below.

**Sub-Subadvisory Arrangements.** Under a sub-subadvisory arrangement, the sub-subadvisor provides certain investment advisory services to the fund's subadvisor for the benefit of the fund. In each case, the subadvisor pays the sub-subadvisor, as full compensation for all services provided under

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the sub-subadvisory arrangement, a portion of its subadvisory fee. The Trust does not incur any expenses in connection with any sub-subadvisor's services other than the advisory fee.

**Advisory arrangements involving Affiliated Subadvisors and investment in affiliated underlying funds present certain conflicts of interest.** For each fund subadvised by an Affiliated Subadvisor, the Affiliated Subadvisor will benefit from increased subadvisory fees. In addition, MFC will benefit, not only from the net advisory fee retained by the Advisor but also from the subadvisory fee paid by the Advisor to the Affiliated Subadvisor. Consequently, the Affiliated Subadvisors and MFC may be viewed as benefiting financially from: (i) the appointment of or continued service of Affiliated Subadvisors to manage the funds; and (ii) the allocation of the assets of the funds to the funds having Affiliated Subadvisors. Similarly, the Advisor may be viewed as having a conflict of interest in the allocation of the assets of the funds to affiliated underlying funds as opposed to unaffiliated underlying funds. However, both the Advisor, in recommending to the Board the appointment or continued service of Affiliated Subadvisors, and such Subadvisors, in allocating the assets of the funds, have a fiduciary duty to act in the best interests of the funds and their shareholders. The Advisor has a duty to recommend that Affiliated Subadvisors or unaffiliated subadvisors be selected, retained, or replaced only when the Advisor believes it is in the best interests of shareholders. In addition, under the Trust's "Manager of Managers" exemptive order received from the SEC, the Trust is required to obtain shareholder approval of any subadvisory agreement appointing an Affiliated Subadvisor as the subadvisor except as otherwise permitted by applicable SEC No-Action Letter to a fund (in the case of a new fund, the initial sole shareholder of the fund, an affiliate of the Advisor and MFC, may provide this approval). Similarly, each Affiliated Subadvisor has a duty to allocate assets to Affiliated Subadvised funds, and affiliated underlying funds more broadly, only when it believes this is in shareholders' best interests and without regard for the financial incentives inherent in making such allocations. Subject to this fiduciary duty, each Affiliated Subadvisor may, and will, allocate assets to funds having Affiliated Subadvisors, and may allocate assets to such funds even if similar alternative funds having unaffiliated subadvisors are available. When allocating to an underlying fund, the Affiliated Subadvisors will consider several factors including their expectations for the fund in the future. The Independent Trustees are aware of and monitor these conflicts of interest.

In addition, MFC and its John Hancock insurance company subsidiaries may benefit from investment decisions made by the Advisor and the John Hancock Subadvisors, including allocation decisions with respect to fund assets. For example, the Advisor and the John Hancock Subadvisors, by selecting more conservative investments or investments that lend themselves to hedging strategies, or by making more conservative allocations of fund assets by increasing the percentage allocation to underlying funds that invest primarily in fixed-income securities or otherwise, may reduce the regulatory capital requirements that the John Hancock insurance company subsidiaries of MFC must satisfy to support guarantees under variable annuity and insurance contracts that they issue, or aid the John Hancock insurance company subsidiaries with hedging their investment exposure under their variable annuity and insurance contracts.

A particular group of funds, the Lifestyle Portfolios, are offered only in connection with specific guaranteed benefits under variable annuity contracts (the "Contracts") issued by John Hancock Life Insurance Company (U.S.A.) and John Hancock Life Insurance Company of New York (collectively, the "John Hancock Issuers"). The Contracts provide that the John Hancock Issuers can automatically transfer contract value between the Lifestyle Portfolios and Select Bond Trust, another JHVIT fund, through a non-discretionary, systematic mathematical process. The purpose of these transfers is to attempt to protect contract value from declines due to market volatility. The timing and amount of any transfer of contract value under the John Hancock Issuers' process will depend on several factors including market movements. In general, the higher the equity component of a Lifestyle Portfolio, the more likely that contract value will be reallocated from the Lifestyle Portfolio to Select Bond Trust when equity markets fall. These asset flows may negatively affect the performance of the JHVIT Lifestyle Portfolios and an underlying fund in which the Lifestyle Portfolios invests by increasing the underlying fund's transaction costs and causing it to purchase or sell securities when it would not normally do so. It could be particularly disadvantageous for the underlying fund if it experiences outflows and needs to sell securities at a time of volatility in the markets, when values could be falling. As a result of these reallocations between the Lifestyle Portfolios and Select Bond Trust, there may be active trading in the Lifestyle Portfolios and Select Bond Trust. However, it is not anticipated that there will be active trading by the Lifestyle Portfolios in other JHVIT funds except in extreme market situations.

Another particular group of funds, the Managed Volatility Portfolios, purchase derivatives, such as stock index futures, that require the Managed Volatility Portfolios to hold initial and variation margin. The amount of margin required will fluctuate daily. Although the Managed Volatility Portfolios will seek to have sufficient liquid assets to cover their margin requirements, in certain market conditions, they may be required to redeem their holdings of underlying fund shares in order to do so. For example, as the value of the index underlying the stock index future increases in value, the amount of margin required will increase. The amount of margin required could be very large if the value of the index rises significantly during a short period of time. These redemptions from underlying funds could require such funds to sell securities at times when they may not otherwise desire to do so and may increase brokerage and/or other transaction costs of such underlying funds.

**Additional Information Applicable to Subadvisory Agreements**

**Term of each Subadvisory Agreement.** Each Subadvisory Agreement will initially continue in effect as to a fund for a period no more than two years from the date of its execution (or the execution of an amendment making the agreement applicable to that fund) and thereafter if such continuance is specifically approved at least annually either: (a) by the Trustees; or (b) by the vote of a majority of the outstanding voting securities of that fund. In either event, such continuance also shall be approved by the vote of the majority of the Trustees who are not interested persons of any party to the Subadvisory Agreements.

Any required shareholder approval of any continuance of any Subadvisory Agreement shall be effective with respect to any fund if a majority of the outstanding voting securities of that fund votes to approve such continuance, even if such continuance may not have been approved by a majority of the outstanding voting securities of: (a) any other series of the Trust affected by the Subadvisory Agreement; or (b) all of the series of the Trust.

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**Failure of Shareholders to Approve Continuance of any Subadvisory Agreement.** If the outstanding voting securities of any fund fail to approve any continuance of any Subadvisory Agreement, the party may continue to act as investment subadvisor with respect to such fund pending the required approval of the continuance of the Subadvisory Agreement or a new agreement with either that party or a different subadvisor, or other definitive action.

**Termination of a Subadvisory Agreement.** A Subadvisory Agreement may be terminated at any time without the payment of any penalty on 60 days' written notice to the other party or parties to the Agreement, and also to the relevant fund. The following parties may terminate a Subadvisory Agreement:

● the Board;

● with respect to any fund, a majority of the outstanding voting securities of such fund;

● the Advisor; and

● the applicable subadvisor.

A Subadvisory Agreement will automatically terminate in the event of its assignment or upon termination of the Advisory Agreement.

**Amendments to the Subadvisory Agreements.** A Subadvisory Agreement may be amended by the parties to the agreement, provided that the amendment is approved by the vote of a majority of the outstanding voting securities of the relevant fund (except as noted below) and by the vote of a majority of the Independent Trustees. The required shareholder approval of any amendment to a Subadvisory Agreement shall be effective with respect to any fund if a majority of the outstanding voting securities of that fund votes to approve the amendment, even if the amendment may not have been approved by a majority of the outstanding voting securities of: (a) any other series of the Trust affected by the amendment; or (b) all the series of the Trust.

As noted under "Investment Management" in the Prospectus, an SEC order permits the Advisor, subject to approval by the Board and a majority of the Independent Trustees, to appoint a subadvisor (other than an Affiliated Subadvisor), or change a subadvisory fee or otherwise amend a subadvisory agreement (other than with an Affiliated Subadvisor) pursuant to an agreement that is not approved by shareholders.

**Other Services**

**Proxy Voting.** Based on the terms of the current Subadvisory Agreements, the Trust's proxy voting policies and procedures (the "Trust Procedures") delegate to the subadvisors of each of its funds the responsibility to vote all proxies relating to securities held by that fund in accordance with the subadvisor's proxy voting policies and procedures. A subadvisor has a duty to vote or not vote such proxies in the best interests of the fund it subadvises and its shareholders, and to avoid the influence of conflicts of interest. In the event that the Advisor assumes day-to-day management responsibilities for the fund, the Trust's Procedures delegate proxy voting responsibilities to the Advisor. Complete descriptions of the Trust Procedures and the proxy voting procedures of the Advisor and the subadvisors are set forth in Appendix C to this SAI.

It is possible that conflicts of interest could arise for a subadvisor when voting proxies. Such conflicts could arise, for example, when a subadvisor or its affiliate has an existing business relationship with the issuer of the security being voted or with a third party that has an interest in the vote. A conflict of interest also could arise when a fund, its Advisor or principal underwriter or any of their affiliates has an interest in the vote.

In the event a subadvisor becomes aware of a material conflict of interest, the Trust Procedures generally require the subadvisor to follow any conflicts procedures that may be included in the subadvisor's proxy voting procedures. Although conflicts procedures will vary among subadvisors, they generally include one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;(a) voting pursuant to the recommendation of a third party voting service;

&nbsp;&nbsp;&nbsp;&nbsp;(b) voting pursuant to pre-determined voting guidelines; or

&nbsp;&nbsp;&nbsp;&nbsp;(c) referring voting to a special compliance or oversight committee.

The specific conflicts procedures of each subadvisor are set forth in its proxy voting procedures included in Appendix C. While these conflicts procedures may reduce the influence of conflicts of interest on proxy voting, such influence will not necessarily be eliminated.

Although a subadvisor may have a duty to vote all proxies on behalf of the fund that it subadvises, it is possible that the subadvisor may not be able to vote proxies under certain circumstances. For example, it may be impracticable to translate in a timely manner voting materials that are written in a foreign language or to travel to a foreign country when voting in person rather than by proxy is required. In addition, if the voting of proxies for shares of a security prohibits a subadvisor from trading the shares in the marketplace for a period of time, the subadvisor may determine that it is not in the best interests of the fund to vote the proxies. In addition, consistent with its duty to vote proxies in the best interests of a fund's shareholders, a subadvisor may refrain from voting one or more of the fund's proxies if the subadvisor believes that the costs of voting such proxies may outweigh the potential benefits. For example, the subadvisor may choose not to recall securities where the subadvisor believes the costs of voting may outweigh the potential benefit of voting. A subadvisor also may choose not to recall securities that have been loaned in order to vote proxies for shares of the security since the fund would lose security lending income if the securities were recalled.

Information regarding how a fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is available: (1) without charge, upon request, by calling 800-225-5291; and (2) on the SEC's website at sec.gov.

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**Distribution Agreements**

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John Hancock Distributors, LLC, an affiliate of the Advisor (the "Distributor"), and the principal underwriter of the funds located at 200 Berkeley Street, Boston, Massachusetts 02116, is the principal underwriter of JHVIT and distributes shares of JHVIT on a continuous basis. Other than the Rule 12b-1 payments and service fees described below, the Distributor does not receive compensation from JHVIT.

The Board has approved Plans (the "Plans") under Rule 12b-1 under the 1940 Act ("Rule 12b-1") for Series I shares, Series II shares and, in the case of certain funds, Series III shares. The purpose of each Plan is to encourage the growth and retention of assets of each fund subject to a Plan.

Series I and Series II shares of each fund and Series III shares of certain funds are subject to Rule 12b-1 fees, as described in the Prospectus.

A portion of the Rule 12b-1 fee may constitute a "service fee" as defined in Rule 2341 of the Conduct Rules of the Financial Industry Regulatory Authority ("FINRA").

Service fees are paid to the Distributor, which then may reallocate all or a portion of the service fee to one or more affiliated or unaffiliated parties that have agreed to provide with respect to the shares of JHVIT the kinds of services encompassed by the term "personal service and/or the maintenance of shareholder accounts" as defined in FINRA Conduct Rule 2341.

Each Rule 12b-1 Plan is a compensation plan and compensates the Distributor regardless of its expenses. Rule 12b-1 fees are paid to the Distributor.

To the extent consistent with applicable laws, regulations and rules, the Distributor may use Rule 12b-1 fees:

● for any expenses relating to the distribution of the shares of the class,

● for any expenses relating to shareholder or administrative services for holders of the shares of the class (or owners of contracts funded in insurance company separate accounts that invest in the shares of the class) and

● for the payment of "service fees" that come within FINRA Conduct Rule 2341.

Without limiting the foregoing, the Distributor may pay all or part of the Rule 12b-1 fees from a fund to one or more affiliated and unaffiliated insurance companies that have issued variable insurance contracts for which the fund serves as an investment vehicle as compensation for providing some or all of the types of services described in the preceding paragraph; this provision, however, does not obligate the Distributor to make any payments of Rule 12b-1 fees and does not limit the use that the Distributor may make of the Rule 12b-1 fees it receives. Currently, all such payments are made to insurance companies affiliated with the Advisor and Distributor. However, payments may be made to non-affiliated insurance companies in the future.

The Plans authorize any payments in addition to fees described above made by a fund to the Distributor or any of its affiliates, including the payment of any management or advisory fees, which may be deemed to be an indirect financing of distribution costs.

The Plans may not be amended to increase materially the amount to be spent by a fund without such shareholder approval as is required by Rule 12b-1. All material amendments of a Plan must be approved in the manner described in the rule. Each Plan shall continue in effect: (i) with respect to a fund only so long as the Plan is specifically approved for that fund least annually as provided in the Rule 12b-1; and (ii) only while (a) a majority of the Trustees are not interested persons (as defined in the 1940 Act) of JHVIT, (b) incumbent Independent Trustees select and nominate any new Independent Trustees of JHVIT and (c) any person who acts as legal counsel for the Independent Trustees is an independent legal counsel. Each Plan may be terminated with respect to any fund at any time as provided in Rule 12b-1.

During the fiscal period ended December 31, 2025, the following amounts were paid to the Distributor pursuant to each fund's Rule 12b-1 Plans.

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Share Class** | &nbsp;&nbsp;&nbsp; **Rule 12b-1 Service Fee** <br> **Payments ($)**<br>| &nbsp;&nbsp;&nbsp; **Rule 12b-1 Distribution Fee Payments** <br> **($)**<br>|
| 500 Index Trust | Series I | 3847855 | 0 |
|  | Series II | 229887 | 0 |
| Active Bond Trust | Series I | 12653 | 0 |
|  | Series II | 246289 | 0 |
| Blue Chip Growth Trust | Series I | 176993 | 0 |
|  | Series II | 278846 | 0 |
| Capital Appreciation Value Trust | Series I | 4515 | 0 |
|  | Series II | 572512 | 0 |
| Core Bond Trust | Series I | 30296 | 0 |
|  | Series II | 203582 | 0 |
| Disciplined Value Emerging Markets <br> Equity Trust<br>| Series I | 3082 | 0 |
|  | Series II | 56044 | 0 |
| Disciplined Value International Trust | Series I | 39088 | 0 |

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Share Class** | &nbsp;&nbsp;&nbsp; **Rule 12b-1 Service Fee** <br> **Payments ($)**<br>| &nbsp;&nbsp;&nbsp; **Rule 12b-1 Distribution Fee Payments** <br> **($)**<br>|
|  | Series II | 114664 | 0 |
| Equity Income Trust | Series I | 104813 | 0 |
|  | Series II | 243484 | 0 |
| Financial Industries Trust | Series I | 44559 | 0 |
|  | Series II | 41217 | 0 |
| Fundamental All Cap Core Trust | Series I | 60132 | 0 |
|  | Series II | 116303 | 0 |
| Fundamental Large Cap Value Trust | Series I | 228061 | 0 |
|  | Series II | 367836 | 0 |
| Global Equity Trust | Series I | 109201 | 0 |
|  | Series II | 51400 | 0 |
| Health Sciences Trust | Series I | 21816 | 0 |
|  | Series II | 100870 | 0 |
| High Yield Trust | Series I | 23391 | 0 |
|  | Series II | 73405 | 0 |
| International Equity Index Trust | Series I | 178569 | 0 |
|  | Series II | 47362 | 0 |
| International Small Company Trust | Series I | 9961 | 0 |
|  | Series II | 34896 | 0 |
| Investment Quality Bond Trust | Series I | 46702 | 0 |
|  | Series II | 122876 | 0 |
| Lifestyle Balanced Portfolio | Series I | 18062 | 0 |
|  | Series II | 1817845 | 0 |
| Lifestyle Conservative Portfolio | Series I | 6251 | 0 |
|  | Series II | 330372 | 0 |
| Lifestyle Growth Portfolio | Series I | 99042 | 0 |
|  | Series II | 10533030 | 0 |
| Lifestyle Moderate Portfolio | Series I | 5936 | 0 |
|  | Series II | 517593 | 0 |
| Managed Volatility Balanced Portfolio | Series I | 163319 | 0 |
|  | Series II | 6298607 | 0 |
| Managed Volatility Conservative Portfolio | Series I | 36819 | 0 |
|  | Series II | 904667 | 0 |
| Managed Volatility Growth Portfolio | Series I | 207326 | 0 |
|  | Series II | 9486014 | 0 |
| Managed Volatility Moderate Portfolio | Series I | 59964 | 0 |
|  | Series II | 1927849 | 0 |
| Mid Cap Growth Trust | Series I | 68609 | 0 |
|  | Series II | 151072 | 0 |
| Mid Cap Index Trust | Series I | 413550 | 0 |
|  | Series II | 127664 | 0 |
| Mid Value Trust | Series I | 113066 | 0 |
|  | Series II | 122949 | 0 |
| Money Market Trust | Series I | 833898 | 0 |
|  | Series II | 109822 | 0 |
| Opportunistic Fixed Income Trust | Series I | 9525 | 0 |
|  | Series II | 91031 | 0 |
| Real Estate Securities Trust | Series I | 22804 | 0 |

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Share Class** | &nbsp;&nbsp;&nbsp; **Rule 12b-1 Service Fee** <br> **Payments ($)**<br>| &nbsp;&nbsp;&nbsp; **Rule 12b-1 Distribution Fee Payments** <br> **($)**<br>|
|  | Series II | 53493 | 0 |
| Science & Technology Trust | Series I | 421162 | 0 |
|  | Series II | 155317 | 0 |
| Select Bond Trust | Series I | 64796 | 0 |
|  | Series II | 862771 | 0 |
| Short Term Government Income Trust | Series I | 11249 | 0 |
|  | Series II | 37285 | 0 |
| Small Cap Core Trust | Series I | 54463 | 0 |
|  | Series II | 40220 | 0 |
| Small Cap Index Trust | Series I | 174040 | 0 |
|  | Series II | 59150 | 0 |
| Small Cap Opportunities Trust | Series I | 39788 | 0 |
|  | Series II | 64333 | 0 |
| Small Cap Stock Trust | Series I | 26253 | 0 |
|  | Series II | 42547 | 0 |
| Small Company Value Trust | Series I | 18955 | 0 |
|  | Series II | 67679 | 0 |
| Strategic Income Opportunities Trust | Series I | 71514 | 0 |
|  | Series II | 181642 | 0 |
| Total Bond Market Trust | Series I | 169910 | 0 |
|  | Series II | 107219 | 0 |
| Total Stock Market Index Trust | Series I | 279084 | 0 |
|  | Series II | 120440 | 0 |
| U.S. Growth Trust | Series I | 115802 | 0 |
|  | Series II | 162409 | 0 |
| Ultra Short Term Bond Trust | Series I | 4818 | 0 |
|  | Series II | 431150 | 0 |

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**Net Asset Value**

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The NAV for each class of shares of each fund is normally determined once daily as of the close of regular trading on the NYSE (typically 4:00 p.m. Eastern time, on each business day that the NYSE is open). Each class of shares of each fund has its own NAV, which is computed by dividing the total assets (which may include realized and unrealized capital gain and income), minus liabilities, allocated to each share class by the number of fund shares outstanding for that class.Shareholders may obtain the current NAV of Opportunistic Fixed Income Trust by calling 800-732-5543.

**For All Funds Except Money Market Trust**

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 NAV may be determined as of the regularly scheduled close of the NYSE pursuant to the Advisor's Valuation Policies and Procedures. The time at which shares and transactions are priced and until which orders are accepted may vary to the extent permitted by the SEC and applicable regulations. On holidays or other days when the NYSE is closed, the NAV is not calculated and the fund does not transact purchase or redemption requests. Trading of securities that are primarily listed on foreign exchanges may take place on weekends and U.S. business holidays on which the fund's NAV is not calculated. Consequently, the fund's portfolio securities may trade and the NAV of the fund's shares may be significantly affected on days when a shareholder will not be able to purchase or redeem shares of the fund.

The Board has designated the funds' advisor as the valuation designee to perform fair value functions for each fund in accordance with the advisor's valuation policies and procedures. As valuation designee, the advisor will determine the fair value, in good faith, of securities and other assets held by each fund for which market quotations are not readily available and, among other things, will assess and manage material risks associated with fair value determinations, select, apply and test fair value methodologies, and oversee and evaluate pricing services and other valuation agents used in valuing a fund's investments. The advisor is subject to Board oversight and reports to the Board information regarding the fair valuation process and related material matters. The advisor carries out its responsibilities as valuation designee through its Pricing Committee.

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Portfolio securities are valued by various methods that are generally described below. Portfolio securities also may be fair valued by the Advisor's Pricing Committee in certain instances pursuant to procedures established by the Advisor and adopted by the Board. Equity securities are generally valued at the last sale price or, for certain markets, the official closing price as of the close of the relevant exchange. Securities not traded on a particular day are valued using last available bid prices. A security that is listed or traded on more than one exchange is typically valued at the price on the exchange where the security was acquired or most likely will be sold. In certain instances, the Pricing Committee may determine to value equity securities using prices obtained from another exchange or market if trading on the exchange or market on which prices are typically obtained did not open for trading as scheduled, or if trading closed earlier than scheduled, and trading occurred as normal on another exchange or market. Equity securities traded principally in foreign markets are typically valued using the last sale price or official closing price in the relevant exchange or market, as adjusted by an independent pricing vendor to reflect fair value as of the close of the NYSE. On any day a foreign market is closed and the NYSE is open, any foreign securities will typically be valued using the last price or official closing price obtained from the relevant exchange on the prior business day adjusted based on information provided by an independent pricing vendor to reflect fair value as of the close of the NYSE. Debt obligations are typically valued based on evaluated prices provided by an independent pricing vendor. The value of securities denominated in foreign currencies is converted into U.S. dollars at the exchange rate supplied by an independent pricing vendor. Forward foreign currency contracts are valued at the prevailing forward rates which are based on foreign currency exchange spot rates and forward points supplied by an independent pricing vendor. Exchange-traded options are valued at the mid-price of the last quoted bid and ask prices. Futures contracts are typically valued based on daily published settlement prices. Swaps and unlisted options are generally valued using evaluated prices obtained from an independent pricing vendor. Shares of other open-end investment companies that are not ETFs (underlying funds) are valued based on the NAVs of such underlying funds.

Pricing vendors may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data, broker-dealer quotations, credit quality information, general market conditions, news, and other factors and assumptions. The fund may receive different prices when it sells odd-lot positions than it would receive for sales of institutional round lot positions. Pricing vendors generally value securities assuming orderly transactions of institutional round lot sizes, but a fund may hold or transact in such securities in smaller, odd lot sizes.

The Pricing Committee engages in oversight activities with respect to pricing vendors, which includes, among other things, monitoring significant or unusual price fluctuations above predetermined tolerance levels from the prior day, back-testing of pricing vendor prices against actual trades, conducting periodic due diligence meetings and reviews, and periodically reviewing the inputs, assumptions and methodologies used by these vendors. Nevertheless, market quotations, official closing prices, or information furnished by a pricing vendor could be inaccurate, which could lead to a security being valued incorrectly.

If market quotations, official closing prices, or information furnished by a pricing vendor are not readily available or are otherwise deemed unreliable or not representative of the fair value of such security because of market- or issuer-specific events, a security will be valued at its fair value as determined in good faith by the Board's valuation designee, the Advisor. In certain instances, therefore, the Pricing Committee may determine that a reported valuation does not reflect fair value, based on additional information available or other factors, and may accordingly determine in good faith the fair value of the assets, which may differ from the reported valuation.

Fair value pricing of securities is intended to help ensure that a fund's NAV reflects the fair market value of the fund's portfolio securities as of the close of regular trading on the NYSE (as opposed to a value that no longer reflects market value as of such close), thus limiting the opportunity for aggressive traders or market timers to purchase shares of the fund at deflated prices reflecting stale security valuations and promptly sell such shares at a gain, thereby diluting the interests of long term shareholders. However, a security's valuation may differ depending on the method used for determining value, and no assurance can be given that fair value pricing of securities will successfully eliminate all potential opportunities for such trading gains.

The use of fair value pricing has the effect of valuing a security based upon the price a fund might reasonably expect to receive if it sold that security in an orderly transaction between market participants, but does not guarantee that the security can be sold at the fair value price. Further, because of the inherent uncertainty and subjective nature of fair valuation, a fair valuation price may differ significantly from the value that would have been used had a readily available market price for the investment existed and these differences could be material.

Regarding a fund's investment in an underlying fund that is not an ETF, which (as noted above) is valued at such underlying fund's NAV, the prospectus for such underlying fund explains the circumstances and effects of fair value pricing for that underlying fund.

**For Money Market Trust**

Money Market Trust operates as a government money market fund, as defined in Rule 2a-7 under the 1940 Act, and, accordingly, uses the amortized cost valuation method, which approximates market value, to value its portfolio securities. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between the principal amount due at maturity and the cost of the security to the fund.

The Board has established procedures designed to stabilize, to the extent reasonably possible, the fund's price per share as computed for the purpose of sales and redemptions at $1.00. The procedures direct the Advisor to establish procedures that will allow for the monitoring of the propriety of the continued use of amortized cost valuation to maintain a constant NAV of $1.00 for the fund. The procedures also direct the Advisor to determine NAV based upon available market quotations ("Shadow Pricing"), pursuant to which daily market values for securities held by the fund will be obtained and compared to such securities' amortized cost values to ensure that the amortized cost values are representative of fair market value pursuant to the funds' procedures. The fund shall value daily: (a) all portfolio instruments for which market quotations are readily available at market; and (b) all portfolio instruments for which market quotations are not readily available or are not obtainable from a pricing service, at their fair value as determined

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in good faith by the Board's valuation designee, the Advisor. If the fair value of a security needs to be determined, the Pricing Committee will provide determinations, in accordance with procedures and methods established by the Advisor and adopted by the Board, of the fair value of securities held by the fund.

In determining market quotations that the fund may use for purposes of Shadow Pricing, pricing vendors may use matrix pricing or models that utilize certain inputs and assumptions to derive market quotations, including transaction data, credit quality information, general market conditions, news, and other factors and assumptions. Special Shadow Pricing considerations may apply with respect to the fund's "odd-lot" positions, as the fund may receive different prices when it sells such positions than it would receive for sales of institutional round lot positions. Pricing vendors generally determine market quotations for securities assuming orderly transactions of institutional round lot sizes, but the fund may transact in such securities in smaller, odd lot sizes.

The Pricing Committee engages in oversight activities with respect to the fund's pricing vendors, which includes, among other things, monitoring significant or unusual price fluctuations above predetermined tolerance levels from the prior day, back-testing of pricing vendor prices against actual trades, conducting periodic due diligence meetings and reviews, and periodically reviewing the inputs, assumptions and methodologies used by these vendors. Nevertheless, market quotations, official closing prices, or information furnished by a pricing vendor could be inaccurate, which could lead to a security being valued incorrectly.

In the event that the deviation from the amortized cost exceeds 0.30% of $1, or $0.003, per share in NAV, the Advisor shall promptly call a special meeting of the Board to determine what, if any, action should be initiated. Where the Trustees believe the extent of any deviation from the fund's amortized cost NAV may result in material dilution or other unfair results to investors or existing shareholders, they shall take the action they deem appropriate to eliminate or reduce to the extent reasonably practical such dilution or unfair results. The actions that may be taken by the Board include, but are not limited to:

● redeeming shares in kind;

● selling portfolio instruments prior to maturity to realize capital gains or losses or to shorten the average portfolio maturity of the fund;

● withholding or reducing dividends;

● utilizing a NAV based on available market quotations; or

● investing all cash in instruments with a maturity on the next business day.

In certain extraordinary circumstances, the fund may, with Board approval, reduce the number of shares outstanding by redeeming proportionately from shareholders, such number of full and fractional shares as is necessary to maintain the NAV at $1.00 for the fund. Such reduction in the number of outstanding fund shares would not reduce the value of a shareholder's holdings in the fund, and as a result, no monetary compensation would be paid for the redemption.

Since a dividend is declared to shareholders each time net asset value is determined, the NAV per share of each class of the fund will normally remain constant at $1.00. There is no assurance that the fund can maintain the $1.00 NAV. Monthly, any increase in the value of a shareholder's investment in either class from dividends is reflected as an increase in the number of shares of such class in the shareholder's account or is distributed as cash if a shareholder has so elected.

It is expected that the fund's net income will be positive each time it is determined. However, if because of a sudden rise in interest rates or for any other reason the net income of the fund determined at any time is a negative amount, the fund will offset the negative amount against income accrued during the month for each shareholder account. If at the time of payment of a distribution such negative amount exceeds a shareholder's portion of accrued income, the fund may reduce the number of its outstanding shares by treating the shareholder as having contributed to the capital of the fund that number of full or fractional shares which represents the amount of excess. By investing in any class of shares of the fund, shareholders are deemed to have agreed to make such a contribution. This procedure permits the fund to maintain its NAV at $1.00.

If, in the view of the Trustees, it is inadvisable to continue the practice of maintaining the fund's NAV at $1.00, the Trustees reserve the right to alter the procedures for determining NAV. The fund will notify shareholders of any such alteration.

**Policy Regarding Disclosure of Portfolio Holdings**

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The Board has adopted a Policy Regarding Disclosure of Portfolio Holdings, to protect the interests of the shareholders of the funds and to address potential conflicts of interest that could arise between the interests of shareholders and the interests of the Advisor, or the interests of the funds' subadvisors, principal underwriter or affiliated persons of the Advisor, subadvisors or principal underwriter. The Trust's general policy with respect to the release of a fund's portfolio holdings to unaffiliated persons is to do so only in limited circumstances and only to provide nonpublic information regarding portfolio holdings to any person, including affiliated persons, on a "need to know" basis and, when released, to release such information only as consistent with applicable legal requirements and the fiduciary duties owed to shareholders. The Trust applies its policy uniformly to all potential recipients of such information, including individual and institutional investors, intermediaries, affiliated persons of a fund, and all third party service providers and rating agencies.

The Trust posts to its website at https://www.jhannuities.com/FundPerformance/FundPerformance.aspx?ContentId=&globalNavID= complete portfolio holdings a number of days after each calendar month end as described in the Prospectus. Each fund (other than Money Market Trust) also discloses its

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complete portfolio holdings information as of the end of the third month of every fiscal quarter on Form N-PORT within 60 days of the end of the fiscal quarter and on Form N-CSR within 70 days after the second and fourth quarter ends of the Trust's fiscal year. The portfolio holdings information in Form N-PORT is not required to be delivered to shareholders, but is made public through the SEC electronic filings. Shareholders can access the complete portfolio holdings information of a fund's portfolio holdings online and upon request.

Firms that provide administrative, custody, financial, accounting, legal or other services to a fund may receive nonpublic information about a fund's portfolio holdings for purposes relating to their services. Additionally, portfolio holdings information for a fund that is not publicly available will be released only pursuant to the exceptions described in the Policy Regarding Disclosure of Portfolio Holdings. A fund's material nonpublic holdings information may be provided to the following unaffiliated persons as part of the investment activities of the fund: entities that, by explicit agreement, are required to maintain the confidentiality of the information disclosed; rating organizations, such as Moody's, S&P, Fitch, Morningstar and Lipper, Vestek (Thomson Financial) or other entities for the purpose of compiling reports and preparing data; proxy voting services for the purpose of voting proxies; entities providing computer software; courts (including bankruptcy courts) or regulators with jurisdiction over the Trust and its affiliates; and institutional traders to assist in research and trade execution. Exceptions to the portfolio holdings release policy can be approved only by the Trust's CCO or the CCO's duly authorized delegate after considering: (a) the purpose of providing such information; (b) the procedures that will be used to ensure that such information remains confidential and is not traded upon; and (c) whether such disclosure is in the best interest of the shareholders.

As of December 31, 2025, the entities that may receive information described in the preceding paragraph, and the purpose for which such information is disclosed, are as presented in the table below. Portfolio holdings information is provided as frequently as daily with a one-day lag.

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| | |
|:---|:---|
| **Vendor Name** | **Disclosure Purpose** |
| ACA Performance Services | GIPS Verification and Compliance |
| Acadia | Messaging application to be used for margins |
| Accenture | Operational Functions |
| Bank of New York Mellon | Back Office Functions, Middle Office Functions |
| Bloomberg | &nbsp;&nbsp;&nbsp; Analytics, Compliance, Trade Order Management, Pricing, Research Reports, Reporting <br> Agency<br>|
| Broadridge Financial Solutions | Proxy Voting, Software Vendor |
| Brown Brothers Harriman | Back Office Functions, Electronic Messaging Service |
| Capital Institutional Services (CAPIS) | Broker Dealer, Commission Recapture, Transition Services |
| Charles River Investment Management Services | Order management services |
| Citibank | Service Provider, Back Office Functions/Custodian, Collateral Services |
| Citicorp Global Transactions Services | Middle Office Functions |
| Confluence Technologies | Consulting |
| DataLend | Securities Lending Analytics |
| DG3 | Financial Reporting, Type Setting |
| Donnelley Financial Solutions | Financial Reporting, Printing |
| DUCO | Reconciliation services |
| Dynamo Software | Fair Value and Private Transactions Support |
| Ernst & Young | Tax Reporting |
| FactSet | &nbsp;&nbsp;&nbsp; Data Gathering, Analytics, Performance, Research Reports, Equity Attribution, Client <br> Reporting<br>|
| Foley Hoag | Foreign Currency Trade Review |
| FundApps | Monitoring of positions |
| FX Transparency&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | FX Trade Execution Analysis |
| Gainskeeper | Wash Sales / REIT Data |
| Glass Lewis | Proxy Voting |
| Global Trade Analytics | Transaction Cost Analysis |
| Goldman Sachs Agency Lending ("GSAL") | Securities Lending |
| Gresham Technologies | Reconciliation |
| IHS Markit | Service Provider-Electronic Data Management |
| Institutional Shareholder Services (ISS) | Class Actions, Proxy Voting |
| Interactive Data | Pricing |
| Investment Technology Group, Inc. | Trade Execution Analysis |
| KPMG | Tax Reporting |
| Law Firm of Davis and Harman | Development of Revenue Ruling |
| Lipper | Ratings/Survey Service |

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| | |
|:---|:---|
| **Vendor Name** | **Disclosure Purpose** |
| Milestone | Service Provider-Valuation Oversight |
| Morningstar, Inc. | Ratings/Surveys |
| MSCI Inc. | Liquidity Risk Management, Performance, Portfolio Liquidity Evaluation Services |
| National Financial Services | Securities Lending |
| Northern Trust | Back Office Functions |
| OSTTRA TriResolve | Portfolio reconciliation and exception management |
| PricewaterhouseCoopers LLP | Audit Services |
| Proxymity | Proxy |
| Rimes / Matrix Software Platform | Enterprise Data Management System |
| RSM US LLP | Consulting |
| Russell Implementation Services | Transition Services |
| Ryan Business Technology Solutions | Investment guidelines and controls |
| SS&C Technologies/Advent/Apx Advent | Cash & Securities Reconciliation, Analytics, Data Gathering, Performance |
| Star Compliance | Personal trading and insider trading monitoring |
| State Street Bank | &nbsp;&nbsp;&nbsp; Service Provider-IBOR, Back Office Functions/Custodian, Securities Lending, Collateral <br> Services, Liquidity (Rule 22e-4)<br>|
| State Street Closed End Financing | All SS lending funds |
| State Street Investment Management Solutions | Back Office Functions |
| SWIFT | Accounting Messages, Custody Messages, Trade Messaging |
| Trading Technologies (a.k.a. Abel Noser) | Trade Execution Analysis |
| Tri Optima | Operational Functions |
| WNS | Back office and operational processes services |
| Wolters Kluwer | Audit Services, Tax Reporting |

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As part of the investment strategies for the Managed Volatility Portfolios, the Trust seeks to manage the volatility of returns for the Managed Volatility Portfolios while limiting the magnitude of potential portfolio losses (the "Volatility Management Strategies"). Investments in furtherance of the Volatility Management Strategies are referred to as "Volatility Management Investments." In connection with the Volatility Management Strategies, the Advisor and the subadvisor to the Managed Volatility Portfolios may, at the request of JHLICO U.S.A. and JHLICO New York (the "Insurance Companies"), provide certain analytical nonpublic information regarding each Managed Volatility Portfolio's Volatility Management Investments and other holdings to the Insurance Companies for use in managing their risk under certain guarantees provided under variable contracts that use the Managed Volatility Portfolios as investment options. In addition, JHLICO U.S.A. has entered into a transaction with the Corporate Solutions Life Reinsurance Company (the "Reinsurer"), a subsidiary of Venerable Holdings, Inc., to reinsure a significant portion of JHLICO U.S.A.'s U.S. variable annuity business (the "Reinsurance Transaction). Pursuant to the Reinsurance Transaction, the Reinsurer is entitled to receive the same information that is provided to the Insurance Companies. The Reinsurer receives this information to hedge more effectively its exposures under the variable annuity contracts, so that it can hedge the reinsurance exposures it has assumed.

The information provided to the Insurance Companies and the Reinsurer may include information about aggregate long or short exposure and changes in aggregate exposure to types of securities, currencies, or other instruments. This information may be broken down by type of security (e.g., equities, debt, mortgage-related securities, etc.), sector, index, country, or other characteristic, and may reflect completed transactions in futures contracts or other derivatives that are part of the Volatility Management Investments. This information may also include analytical information based on holdings or trades arising from the management of a Managed Volatility Portfolio or other fund of the Trust. The information may be provided as frequently as reasonably requested by an Insurance Company or the Reinsurer, including on an intra-day basis, and there need not be any lag between the effective time of the analytical information and the disclosure to an Insurance Company or the Reinsurer. While information is not provided about specific trades or pending transactions, the Insurance Companies or the Reinsurer may be able to deduce information about prior trades from the analytical information that is provided. Under procedures approved by the Board, the analytical information may be provided to the Insurance Companies and the Reinsurer solely for the limited purpose of helping the Insurance Companies and the Reinsurer in a hedging program and for actuarial modeling purposes for their own accounts to help manage their risks under the guarantees on the variable contracts, and only if the Insurance Companies and the Reinsurer implement procedures that prohibit their employees, officers, agents and affiliates who receive such information from disclosing it or using it in any unauthorized fashion, including for personal trading or benefit. The procedures allow the analytical information to be provided under circumstances, including testing, that is designed to ensure there is no meaningful harm to the Managed Volatility Portfolios or other Series of JHVIT. Moreover, the Insurance Companies have reported to the Board that they do not expect their hedging program or the Reinsurer hedging program to affect prices of securities on markets, but investors bear the risk that the Insurance Companies' hedging program or the Reinsurer's hedging program may adversely affect securities prices and the performance of the Managed Volatility Portfolios or other funds.

The CCO is required to pre-approve the disclosure of nonpublic information regarding a fund's portfolio holdings to any affiliated persons of the Trust. The CCO will use the following three considerations before approving disclosure of a fund's nonpublic information to affiliated persons: (a) the purpose

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of providing such information; (b) the procedures that will be used to ensure that such information remains confidential and is not traded upon; and (c) whether such disclosure is in the best interest of the shareholders.

The CCO shall report to the Board whenever additional disclosures of a fund's portfolio holdings are approved. The CCO's report shall be presented at the Board meeting following such approval.

When the CCO believes that the disclosure of a fund's nonpublic information to an unaffiliated person presents a potential conflict of interest between the interest of the shareholders and the interest of affiliated persons of the Trust, the CCO shall refer the potential conflict to the Board. The Board shall then permit such disclosure of a fund's nonpublic information only if in its reasonable business judgment it concludes that such disclosure will be in the best interests of the Trust's shareholders.

The receipt of compensation by a fund, the Advisor, a subadvisor or an affiliate as consideration for disclosing a fund's nonpublic portfolio holdings information is not deemed a legitimate business purpose and is strictly forbidden.

Registered investment companies and separate accounts that are advised or subadvised by the funds' subadvisors may have investment objectives and strategies and, therefore, portfolio holdings, that potentially are similar to those of a fund. Neither such registered investment companies and separate accounts nor the funds' subadvisors are subject to the Trust's Policy Regarding Disclosure of Portfolio Holdings, and may be subject to different portfolio holdings disclosure policies. The funds' subadvisors may not, and the Trust's Board cannot, exercise control over policies applicable to separate subadvised funds and accounts.

In addition, the Advisor or the funds' subadvisors may receive compensation for furnishing to separate account clients (including sponsors of wrap accounts) model portfolios, the composition of which may be similar to those of a particular fund. Such clients have access to their portfolio holdings and are not subject to the Trust's Policy Regarding Disclosure of Portfolio Holdings. In general, the provision of portfolio management services and/or model portfolio information to wrap program sponsors is subject to contractual confidentiality provisions that the sponsor will only use such information in connection with the program, although there can be no assurance that this would be the case in an agreement between any particular fund subadvisor that is not affiliated with the Advisor and a wrap account sponsor. Finally, the Advisor or the funds' subadvisors may distribute to investment advisory clients analytical information concerning a model portfolio, which information may correspond substantially to the characteristics of a particular fund's portfolio, provided that the applicable fund is not identified in any manner as being the model portfolio.

The potential provision of information in the various ways discussed in the preceding paragraph is not subject to the Trust's Policy Regarding Disclosure of Portfolio Holdings, as discussed above, and is not deemed to be the disclosure of a fund's nonpublic portfolio holdings information. As a result of the funds' inability to control the disclosure of information as noted above, there can be no guarantee that this information would not be used in a way that adversely impacts a fund. Nonetheless, each fund has oversight processes in place to attempt to minimize this risk.

**JHVIT Portfolio Holdings Available on SEC Website.** JHVIT's reports on Form N-CSR and Form N-PORT filed with the SEC will contain each fund's entire portfolio holdings as of the applicable calendar quarter end. These reports are available at www.sec.gov.

**Money Market Trust Portfolio Holdings Posted on a Website.** Portfolio information for Money Market Trust is posted monthly on the website below. Information that is current as of the last business day of a month is posted no later than the fifth business day of the following month and will remain on the website for at least six months. Such information includes complete portfolio holdings by investment category as well as the overall dollar-weighted average maturity and dollar weighted average life of the portfolio. Money Market Trust reports more detailed portfolio holdings information to the SEC monthly on Form N-MFP. This information is made publicly available immediately upon the report's filing with the SEC. In addition, each Business Day, Money Market Trust updates its website listed below to show for the preceding six months: the percentage of the fund's total assets invested in Daily Liquid Assets and Weekly Liquid Assets; net inflows or outflows; and a schedule, chart, graph, or other depiction showing the fund's NAV, calculated based on current market factors before applying the amortized cost, rounded to the fourth decimal place.

Money Market Trust Portfolio Holdings Website:

https://www.johnhancock.com/life-insurance/money-market-trust-filings.html

**JHVIT Portfolio Holdings Posted on Websites.** The portfolio holdings of Money Market Trust are posted on its website, as described above. The holdings of each JHVIT fund other than Money Market Trust will be posted to the website listed below no earlier than 15 days after each calendar month end. These holdings will remain on the website for six months.

https://www.jhannuities.com/FundPerformance/FundPerformance.aspx?ContentId=&globalNavID=

With respect to each fund, all of its portfolio holdings are also filed quarterly with the SEC on Form N-PORT as of the end of the first and third quarters of the fund's fiscal year and on Form N-CSR as of the end of the second and fourth quarters of the fund's fiscal year. These reports are available at www.sec.gov.

**Shareholders of JHVIT**

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JHVIT currently serves as the underlying investment option for premiums and purchase payments invested in variable contracts issued by insurance companies both those affiliated with MFC, the ultimate controlling parent of the Advisor and Distributor, and those that are not affiliated with MFC.

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**Control Persons.** As of March 31, 2026, no one was considered a control person of any share class of any of the funds. A control person is one who has beneficial ownership of more than 25% of the voting securities of any class of shares of a fund or who acknowledges or asserts having or is adjudicated to have control of a class of shares of a fund, and therefore could determine the outcome of a shareholder meeting with respect to a proposal directly affecting that share class. As of March 31, 2026, shares of JHVIT were legally owned by JHLICO U.S.A. and JHLICO New York, (collectively, the "John Hancock Insurance Companies"), by other insurance companies not affiliated with MFC ("Nonaffiliated Insurance Companies") and the portfolios. John Hancock Insurance Companies and Nonaffiliated Insurance Companies are collectively referred to as "Insurance Companies."

The Insurance Companies hold shares principally in their separate accounts. They also may hold shares directly. An Insurance Company may legally own in the aggregate more than 25% of any class of shares of a fund. For purposes of the 1940 Act, any person who owns "beneficially" more than 25% of the outstanding shares of any class of a fund is presumed to "control" that class. Shares are generally deemed to be beneficially owned by a person who has the power to vote or dispose of the shares. An Insurance Company has no power to exercise any discretion in voting or disposing of any of the shares that it legally owns, except that it may have the power to dispose of shares that it holds directly. Consequently, an Insurance Company would be presumed to control a share class of a fund only if it holds directly for its own account, and has the power to dispose of, more than 25% of that share class. The portfolios, individually or collectively, may hold more than 25% of a class of shares of an Underlying Fund.

**Shareholders.** 

As of March 31, 2026, JHVIT Shareholders are as follows:

● the Insurance Companies. (Each Insurance Company that is a shareholder of JHVIT holds of record in its separate accounts JHVIT shares attributable to variable contracts), and

● The portfolios, each of which invests in and is the beneficial owner of shares of Underlying Funds.

JHVIT may be used for other purposes in the future. JHVIT shares are not offered directly to, and may not be purchased directly by, members of the public. The paragraph below lists the entities that are eligible to be shareholders of JHVIT.

**Entities Eligible to Be Shareholders of JHVIT.** In order to reflect the conditions of Section 817(h) and other provisions of the Code and regulations thereunder, shares of JHVIT may be purchased only by the following eligible shareholders: – separate accounts of the Insurance Companies and other insurance companies; – the Insurance Companies and certain of their affiliates; and – any trustee of a qualified pension or retirement plan.

**Voting of Shares by the Insurance Companies and JHVIT.** The Insurance Companies have the right to vote upon matters that may be voted upon at any JHVIT Shareholders' meeting. These companies will vote all shares of the funds issued to them in proportion to the timely voting instructions received from owners of variable contracts participating in the separate accounts of such companies that are registered under the 1940 Act ("Contract Owner Instructions"). The effect of proportional voting is that a small number of contract owners can determine the outcome of the voting. In addition, JHVIT will vote all shares of a fund held by a JHVIT fund of funds in proportion to the votes of the other shareholders of such fund.

**Mixed and Shared Funding.** Shares of JHVIT may be sold to JHVIT Shareholders described above. JHVIT currently does not foresee any disadvantages to any JHVIT Shareholders arising from the fact that the interests of those investors may differ. Nevertheless, the Board will monitor events in order to identify any material irreconcilable conflicts which may possibly arise due to differences of tax treatment or other considerations and to determine what action, if any, should be taken in response thereto. Such an action could include the withdrawal of a JHVIT Shareholder from investing in JHVIT or a particular fund.

**Principal Holders.** The following sets forth the principal holders of the shares of each fund. Principal holders are those who own of record or are known by JHVIT to own beneficially 5% or more of a series of a fund's outstanding shares.

As of March 31, 2026, the John Hancock Insurance Companies and certain other unaffiliated insurance companies (the "Insurance Companies") owned of record all of the outstanding Series I, II and III shares of the JHVIT funds. As of March 31, 2026, the Insurance Companies and the JHVIT fund of funds owned of record all of the outstanding Series NAV shares of the JHVIT funds.

Trustees and officers of JHVIT, in the aggregate, own or have the right to provide voting instructions for less than 1% of the outstanding shares of each share class of each fund.

**Special Redemptions**

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Although it would not normally do so, each fund has the right to pay the redemption price of its shares in whole or in part in portfolio securities as prescribed by the Trustees. When a shareholder sells any securities received in a redemption of fund shares, the shareholder will incur a brokerage charge. Any such securities would be valued for the purposes of fulfilling such a redemption request in the same manner as they are in computing the fund's NAV.

The Trust has adopted Procedures Regarding Redemptions in Kind by Affiliates (the "Procedures") to facilitate the efficient and cost effective movement of assets of a fund and other funds managed by the Advisor or its affiliates ("affiliated funds") in connection with certain investment and marketing strategies. It is the position of the SEC that the 1940 Act prohibits an investment company, such as each fund, from satisfying a redemption request from a shareholder that is affiliated with the investment company by means of an in-kind distribution of portfolio securities. However, under a no-action letter issued by the SEC staff, a redemption in kind to an affiliated shareholder is permissible provided certain conditions are met. The Procedures,

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which are intended to conform to the requirements of this no-action letter, allow for in-kind redemptions by fund and affiliated fund shareholders subject to specified conditions, including that:

● the distribution is effected through a pro rata distribution of securities of the distributing fund or affiliated fund;

● the distributed securities are valued in the same manner as they are in computing the fund's or affiliated fund's NAV;

● neither the affiliated shareholder nor any other party with the ability and the pecuniary incentive to influence the redemption in kind may select or influence the selection of the distributed securities; and

● the Board, including a majority of the Independent Trustees, must determine on a quarterly basis that any redemptions in kind to affiliated shareholders made during the prior quarter were effected in accordance with the Procedures, did not favor the affiliated shareholder to the detriment of any other shareholder and were in the best interests of the fund and the affiliated fund.

**Potential Adverse Effects of Large Shareholder Transactions**

A fund may from time to time sell to one or more investors, including other funds advised by the Advisor or third parties, a substantial amount of its shares, and may thereafter be required to satisfy redemption requests by such shareholders. The Advisor and/or the subadvisor, as seed investors, may have significant ownership in certain funds. The Advisor and subadvisor, as applicable, face conflicts of interest when considering the effect of redemptions on any such funds and on other shareholders in deciding whether and when to redeem its respective shares. Such sales and redemptions may be very substantial relative to the size of such fund. While it is not possible to predict the overall effect of such sales and redemptions over time, such transactions may adversely affect such fund's performance to the extent that the fund is required to invest cash received in connection with a sale or to sell portfolio securities to facilitate a redemption at, in either case, a time when the fund otherwise would not invest or sell. As a result, the fund may have greater or lesser market exposure than would otherwise be the case. Such transactions also may accelerate the realization of capital gains or increase a fund's transaction costs, which would detract from fund performance.

A large redemption could significantly reduce the assets of a fund, causing decreased liquidity and, depending on any applicable expense caps and/or waivers, a higher expense ratio. If a fund is forced to sell portfolio securities that have appreciated in value, such sales may accelerate the realization of taxable income to shareholders if such sales of investments result in gains. If a fund has difficulty selling portfolio securities in a timely manner to meet a large redemption request, the fund may have to borrow money to do so. In such an instance, the fund's remaining shareholders would bear the costs of such borrowings, and such costs could reduce the fund's returns. In addition, a large redemption could result in a fund's current expenses being allocated over a smaller asset base, leading to an increase in the fund's expense ratio and possibly resulting in the fund's becoming too small to be economically viable.

**Non-U.S. market closures and redemptions.** Market closures during regular holidays in an applicable non-U.S. market that are not holidays observed in the U.S. market may prevent the fund from executing securities transactions within the normal settlement period. Unforeseeable closures of applicable non-U.S. markets may have a similar impact. During such closures, the fund may be required to rely on other methods to satisfy shareholder redemption requests, including the use of its line of credit, interfund lending facility, redemptions in kind, or such other liquidity means or facilities as the fund may have in place from time to time, or the delivery of redemption proceeds may be extended beyond the normal settlement cycle.

**Description of FUND Shares**

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The Trustees are responsible for the management and supervision of the Trust. The Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest of each fund or other series of the Trust without par value. Under the Declaration of Trust, the Trustees have the authority to create and classify shares of beneficial interest in separate series and classes without further action by shareholders. As of the date of this SAI, the Trustees have authorized shares of 50 series of the Trust. Additional series may be added in the future.

Unless otherwise required by the 1940 Act or the Declaration of Trust, the Trust has no intention of holding annual meetings of shareholders. Trust shareholders may remove a Trustee by the affirmative vote of at least two-thirds of the Trust's outstanding shares and the Trustees shall promptly call a meeting for such purpose when requested to do so in writing by the record holders of not less than 10% of the outstanding shares of the Trust. Shareholders may, under certain circumstances, communicate with other shareholders in connection with a request for a special meeting of shareholders. However, at any time that less than a majority of the Trustees holding office were elected by the shareholders, the Trustees will call a special meeting of shareholders for the purpose of electing Trustees.

Under Massachusetts law, shareholders of a Massachusetts business trust could, under certain circumstances, be held personally liable for acts or obligations of such trust or a series thereof. However, the Declaration of Trust contains an express disclaimer of shareholder liability for acts, obligations or affairs of the Trust. The Declaration of Trust also provides for indemnification out of the Trust's assets for all losses and expenses of any shareholder held personally liable by reason of being or having been a shareholder. The Declaration of Trust also provides that no series of the Trust shall be liable for the liabilities of any other series. Furthermore, no series of the Trust shall be liable for the liabilities of any other fund within the John Hancock Fund Complex. Liability is therefore limited to circumstances in which a fund itself would be unable to meet its obligations, and the possibility of this occurrence is remote.

The Trust's amended and restated Declaration of Trust: (i) sets forth certain duties, responsibilities, and powers of the Trustees; (ii) clarifies that, other than as provided under federal securities laws, the shareholders may only bring actions involving a fund derivatively; (iii) provides that any action brought by a shareholder related to a fund will be brought in Massachusetts state or federal court, and that, if a claim is brought in a different

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jurisdiction and subsequently changed to a Massachusetts venue, the shareholder will be required to reimburse the fund for such expenses; and (iv) clarifies that shareholders are not intended to be third-party beneficiaries of fund contracts. The foregoing description of the Declaration of Trust is qualified in its entirety by the full text of the Declaration of Trust, effective as of January 22, 2016, which is available by writing to the Secretary of the Trust at 200 Berkeley Street, Boston, Massachusetts 02116, and also on the SEC's and Secretary of the Commonwealth of Massachusetts' websites.

**Additional Information Concerning Taxes**

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The following discussion is a general and abbreviated summary of certain tax considerations affecting the funds and their shareholders. No attempt is made to present a detailed explanation of all federal, state, local and foreign tax concerns, and the discussions set forth here and in the Prospectus do not constitute tax advice. Investors are urged to consult their own tax advisors with specific questions relating to federal, state, local or foreign taxes.

Since the funds' shareholders are principally: (i) life insurance companies whose separate accounts invest in the funds for purposes of funding variable annuity and variable life insurance contracts and (ii) trustees of qualified pension and retirement plans, no discussion is included herein as to the U.S. federal income tax consequences to the holder of a variable annuity or life insurance contract who allocates investments to a fund. For information concerning the U.S. federal income tax consequences to such holders, see the Prospectus for such contracts. Holders of variable annuity or life insurance contracts should consult their tax advisors about the application of the provisions of the tax law described in this SAI in light of their particular tax situations.

The Trust believes that each fund will qualify as a regulated investment company under Subchapter M of the Code. If any fund does not qualify as a regulated investment company, it will be subject to U.S. federal income tax on its net investment income and net capital gains. As a result of qualifying as a regulated investment company, a fund will not be subject to U.S. federal income tax on its investment company taxable income (as that term is defined in the Code, determined without regard to the deduction for dividends paid) and net capital gain (i.e., the excess of its net realized long-term capital gain over its net realized short-term capital loss), if any, that it distributes to its shareholders in each taxable year, provided that it distributes to its shareholders at least the sum of 90% of its net investment income and 90% of its net tax-exempt interest income for such taxable year.

A fund will be subject to a non-deductible 4% excise tax to the extent that the fund does not distribute by the end of each calendar year: (a) at least 98% of its ordinary income for the calendar year; (b) at least 98.2% of its capital gain net income for the one-year period ending, as a general rule, on October 31 of each year; and (c) 100% of the undistributed ordinary income and capital gain net income from the preceding calendar years (if any). For this purpose, any income or gain retained by a fund that is subject to corporate tax will be considered to have been distributed by year-end. To the extent possible, each fund intends to make sufficient distributions to avoid the application of both federal income and excise taxes. Under current law, distributions of net investment income and net capital gain are not taxed to a life insurance company to the extent applied to increase the reserves for the company's variable annuity and life insurance contracts.

To qualify as a regulated investment company for income tax purposes, a fund must derive at least 90% of its annual gross income from dividends, interest, payments with respect to securities loans, gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including, but not limited to, gains from options, futures or forward contracts) derived with respect to its business of investing in stock, securities and currencies, and net income derived from an interest in a qualified publicly traded partnership.

A "qualified publicly traded partnership" is a publicly traded partnership that satisfies certain qualifying income requirements of Code Section 7704. All of the income received by a fund from its investment in a qualified publicly traded partnership will be income satisfying the 90% qualifying income test. A fund investing in publicly traded partnerships might be required to recognize in its taxable year income in excess of its cash distributions from such publicly traded partnerships during that year. Such income, even if not reported to the fund by the publicly traded partnerships until after the end of that year, would nevertheless be subject to the regulated investment company income distribution requirements and would be taken into account for purposes of the 4% excise tax.

Under an IRS revenue ruling effective after September 30, 2006, income from certain commodities-linked derivatives in which certain funds invest is not considered qualifying income for purposes of the 90% qualifying income test. This ruling limits the extent to which a fund may receive income from such commodity-linked derivatives to a maximum of 10% of its annual gross income.

To qualify as a regulated investment company, a fund must also satisfy certain requirements with respect to the diversification of its assets. A fund must have, at the close of each quarter of the taxable year, at least 50% of the value of its total assets represented by cash, cash items, U.S. government securities, securities of other regulated investment companies, and other securities that, in respect of any one issuer, do not represent more than 5% of the value of the assets of the fund nor more than 10% of the voting securities of that issuer. In addition, at those times not more than 25% of the value of the fund's assets may be invested in securities (other than United States Government securities or the securities of other regulated investment companies) of any one issuer, or of two or more issuers, which the fund controls and which are engaged in the same or similar trades or businesses or related trades or businesses, or of one or more qualified publicly traded partnerships.

If a fund fails to meet the annual gross income test described above, the fund will nevertheless be considered to have satisfied the test if (i) (a) such failure is due to reasonable cause and not due to willful neglect and (b) the fund reports the failure, and (ii) the fund pays an excise tax equal to the excess non-qualifying income. If a fund fails to meet the asset diversification test described above with respect to any quarter, the fund will nevertheless be considered to have satisfied the requirements for such quarter if the fund cures such failure within six months and either: (i) such failure is de minimis; or (ii) (a) such failure is due to reasonable cause and not due to willful neglect; and (b) the fund reports the failure and pays an excise tax.

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If a fund fails to qualify as a regulated investment company, the fund would incur income tax as a regular corporation on its taxable income for that year, it would lose its deduction for dividends paid to shareholders, and it would be subject to certain gain recognition and distribution requirements upon requalification. Further distributions of income by the fund to its shareholders would be treated as dividend income, although distributions to individual shareholders generally would constitute qualified dividend income subject to reduced federal income tax rates for an individual shareholder who satisfies certain holding period requirements with respect to his or her shares in the fund and distributions to corporate shareholders generally should be eligible for the DRD. Compliance with the regulated investment company 90% qualifying income test and with the asset diversification requirements is carefully monitored by the Advisor and the subadvisors and it is intended that the funds will comply with the requirements for qualification as regulated investment companies.

Because the Trust complies with the ownership restrictions of U.S. Treasury Regulations Section 1.817-5(f), IRS Revenue Ruling ("Rev. Rul.") 81-225, Rev. Rul. 2003-91, and Rev. Rul. 2003-92 (no direct ownership by the public), the Trust expects each insurance company separate account to be treated as owning (as a separate investment) its proportionate share of each asset of any fund in which it invests for purposes of separate account diversification requirements, provided that the fund qualifies as a regulated investment company. Therefore, each fund intends and expects to meet the additional diversification requirements that are applicable to insurance company separate accounts under Subchapter L of the Code. These requirements generally provide that no more than 55% of the value of the assets of a fund may be represented by any one investment; no more than 70% by any two investments; no more than 80% by any three investments; and no more than 90% by any four investments. For these purposes, all securities of the same issuer are treated as a single investment and each United States government agency or instrumentality is treated as a separate issuer.

A fund may make investments that produce income that is not matched by a corresponding cash distribution to the fund, such as investments in pay-in-kind bonds or in obligations such as certain Brady Bonds and zero-coupon securities having OID (i.e., an amount equal to the excess of the stated redemption price of the security at maturity over its issue price), or market discount (i.e., an amount equal to the excess of the stated redemption price at maturity of the security (appropriately adjusted if it also has OID) over its basis immediately after it was acquired) if the fund elects to accrue market discount on a current basis. In addition, income may continue to accrue for federal income tax purposes with respect to a non-performing investment. Any such income would be treated as income earned by the fund and therefore would be subject to the distribution requirements of the Code. Because such income may not be matched by a corresponding cash distribution to the fund, the fund may be required to borrow money or dispose of other securities to be able to make distributions to its investors. In addition, if an election is not made to currently accrue market discount with respect to a market discount bond, all or a portion of any deduction for any interest expense incurred to purchase or hold such bond may be deferred until such bond is sold or otherwise disposed of.

Investments in debt obligations that are at risk of or are in default present special tax issues for a fund. Tax rules are not entirely clear about issues such as when a fund may cease to accrue interest, OID, or market discount, when and to what extent deductions may be taken for bad debts or worthless securities, how payments received on obligations in default should be allocated between principal and income, and whether exchanges of debt obligations in a workout context are taxable. These and other issues will be addressed by a fund that holds such obligations in order to reduce the risk of distributing insufficient income to preserve its status as a RIC and seek to avoid becoming subject to federal income or excise tax.

A fund may make investments in convertible securities and exchange traded notes. Convertible debt ordinarily is treated as a "single property" consisting of a pure debt interest until conversion, after which the investment becomes an equity interest. If the security is issued at a premium (i.e., for cash in excess of the face amount payable on retirement), the creditor-holder may amortize the premium over the life of the bond. If the security is issued for cash at a price below its face amount, the creditor-holder must accrue OID in income over the life of the debt. The creditor-holder's exercise of the conversion privilege is treated as a nontaxable event. Mandatorily convertible debt, such as an exchange traded note issued in the form of an unsecured obligation that pays a return based on the performance of a specified market index, currency or commodity, is often treated as a contract to buy or sell the reference property rather than debt. Similarly, convertible preferred stock with a mandatory conversion feature is ordinarily, but not always, treated as equity rather than debt. In general, conversion of preferred stock for common stock of the same corporation is tax-free. Conversion of preferred stock for cash is a taxable redemption. Any redemption premium for preferred stock that is redeemable by the issuing company might be required to be amortized under OID principles.

Certain funds may engage in hedging or derivatives transactions involving foreign currencies, forward contracts, options and futures contracts (including options, futures and forward contracts on foreign currencies) and short sales (see "Hedging and Other Strategic Transactions"). Such transactions will be subject to special provisions of the Code that, among other things, may affect the character of gains and losses realized by a fund (that is, may affect whether gains or losses are ordinary or capital), accelerate recognition of income of a fund and defer recognition of certain of the fund's losses. These rules could therefore affect the character, amount and timing of distributions to shareholders. The futures that are traded on a regulated exchange, such as NYSE or NASDAQ, will be treated as Code Section 1256 contracts, and the capital gain/loss will be reflected as 40% short-term capital gain/loss and 60% long-term capital gain/loss. Any futures that are not traded on a regulated exchange will follow the 365 day rule of short-term capital or long-term capital treatment. In addition, these provisions: (1) will require a fund to "mark-to-market" certain types of positions in its portfolio (that is, treat them as if they were closed out); and (2) may cause a fund to recognize income without receiving cash with which to pay dividends or make distributions in amounts necessary to satisfy the distribution requirement and avoid the 4% excise tax. Each fund intends to monitor its transactions, will make the appropriate tax elections and will make the appropriate entries in its books and records when it acquires any option, futures contract, forward contract or hedged investment in order to mitigate the effect of these rules.

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Foreign exchange gains and losses realized by a fund in connection with certain transactions involving foreign currency-denominated debt securities, certain foreign currency options, foreign currency forward contracts, foreign currencies, or payables or receivables denominated in a foreign currency are subject to Section 988 of the Code, which generally causes such gains and losses to be treated as ordinary income and losses and may affect the amount, timing and character of distributions to shareholders. If the net foreign exchange loss for a year treated as ordinary loss under Section 988 were to exceed a fund's investment company taxable income computed without regard to such loss, the resulting overall ordinary loss for such year would not be deductible by the fund or its shareholders in future years. Under such circumstances, distributions paid by the fund could be deemed return of capital.

Certain funds may be required to account for their transactions in forward rolls or swaps, caps, floors and collars in a manner that, under certain circumstances, may limit the extent of their participation in such transactions. Additionally, a fund may be required to recognize gain, but not loss, if a swap or other transaction is treated as a constructive sale of an appreciated financial position in a fund's portfolio. Additionally, some countries restrict repatriation which may make it difficult or impossible for a fund to obtain cash corresponding to its earnings or assets in those countries. However, a fund must distribute to shareholders for each taxable year substantially all of its net income and net capital gains, including such income or gain, to qualify as a RIC and avoid liability for any federal income or excise tax. Therefore, a fund may have to dispose of its portfolio securities under disadvantageous circumstances to generate cash, or borrow cash, to satisfy these distribution requirements.

If a fund invests in stock (including an option to acquire stock such as is inherent in a convertible bond) in certain foreign corporations that receive at least 75% of their annual gross income from passive sources (such as interest, dividends, certain rents and royalties or capital gain) or hold at least 50% of their assets in investments producing such passive income ("passive foreign investment companies" or "PFICs"), the fund could be subject to federal income tax and additional interest charges on "excess distributions" received from such companies or gain from the sale of stock in such companies, even if all income or gain actually received by the fund is timely distributed to its shareholders. The fund would not be able to pass through to its shareholders any credit or deduction for such a tax.

If a fund were to invest in a PFIC and elected to treat the PFIC as a "qualified electing fund" under the Code, in lieu of the foregoing requirements, the fund would be required to include in income each year a portion of the ordinary earnings and net capital gain of the qualified electing fund, even if not distributed to the fund. Alternatively, a fund can elect to mark-to-market at the end of each taxable year its shares in a PFIC; in this case, the fund would recognize as ordinary income any increase in the value of such shares, and as ordinary loss any decrease in such value to the extent it did not exceed prior increases included in income. Under either election, a fund might be required to recognize in a year income in excess of its distributions from PFICs and its proceeds from dispositions of PFIC stock during that year, and such income would nevertheless be subject to the distribution requirements and would be taken into account for purposes of the 4% excise tax.

A fund may be subject to withholding and other taxes imposed by foreign countries with respect to its investments in foreign securities. Some tax conventions between certain countries and the U.S. may reduce or eliminate such taxes. Rather than deducting these foreign taxes, if a fund invests more than 50% of its assets in the stock or securities of foreign corporations or foreign governments at the end of its taxable year, the fund may make an election to treat a proportionate amount of eligible foreign taxes as constituting a taxable distribution to each shareholder or to a qualified fund of funds, which would, subject to certain limitations, generally allow the shareholder or the qualified fund of funds to either (i) credit that proportionate amount of taxes against U.S. Federal income tax liability as a foreign tax credit or (ii) to take that amount as an itemized deduction. A qualified fund of funds is a RIC that has at least 50% of the value of its total interests invested in other RICs at the end of each quarter for the taxable year. Such foreign taxes will reduce the amount a fund has available to distribute to shareholders.

Funds may invest in equity securities of master limited partnerships ("MLPs") that are expected to derive income and gains from the exploration, development, mining or production, processing, refining, transportation (including pipeline transporting gas, oil, or products thereof), or the marketing of any mineral or natural resources. The funds expect that these MLPs will be treated as "qualified publicly traded partnerships" (as discussed above). Accordingly, it is expected that the net income derived by a fund from such investments will be qualifying income for purposes of the 90% gross income requirement. As described above, a fund must limit its investments in qualified publicly traded partnerships to no more than 25% of its total assets as of the end of each quarter of its taxable year in order to maintain its status as a RIC.

The MLPs in which a fund may invest are expected to be treated as partnerships for U.S. federal income tax purposes, and therefore, the cash distributions received by a fund from an MLP may not correspond to the amount of income allocated to it by the MLP in any given taxable year. If the amount of income allocated by an MLP to a fund exceeds the amount of cash received by the fund from such MLP, the fund will need to find other sources of funds for making distributions in the amounts necessary to satisfy the requirements for maintaining RIC status and avoiding any income and excise taxes. Accordingly, a fund may need to dispose of securities in order to generate sufficient cash to satisfy the distribution requirements.

A fund may invest in REITs. REIT dividends and capital gain distributions are generally treated as qualifying income for purposes of the 90% gross income requirement. A fund may invest in REITs that (1) hold residual interests in real estate mortgage investment conduits ("REMICs") or (2) engage in mortgage securitization transactions that cause the REITs to be taxable mortgage pools ("TMPs") or have a qualified REIT subsidiary that is a TMP. Such an investment may subject the fund to income tax and special reporting requirements with respect to any "excess inclusion" income received from the REMICs or TMPs.

For federal income tax purposes, a fund is permitted to carry forward a net capital loss incurred in any year to offset net capital gains, if any, in any subsequent year until such loss carryforwards have been fully used. Capital losses carried forward will retain their character as either short-term or

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long-term capital losses. A fund's ability to utilize capital loss carryforwards in a given year or in total may be limited. To the extent subsequent net capital gains are offset by such losses, they would not result in federal income tax liability to a fund and would not be distributed as such to shareholders.

Below are the capital loss carryforwards available to the funds as of December 31, 2025 to the extent provided by regulations, to offset future net realized capital gains:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Short-term Losses ($)** | **Long-term Losses ($)** | **Total ($)** |
| 500 Index Trust | 0 | 0 | 0 |
| Active Bond Trust | (19870273) | (47789634) | (67659907) |
| Blue Chip Growth Trust | 0 | 0 | 0 |
| Capital Appreciation Value Trust | 0 | 0 | 0 |
| Core Bond Trust | (53521972) | (85549145) | (139071117) |
| Disciplined Value Emerging Markets Equity Trust | 0 | (16912005) | (16912005) |
| Disciplined Value International Trust | 0 | 0 | 0 |
| Equity Income Trust | 0 | 0 | 0 |
| Financial Industries Trust | 0 | 0 | 0 |
| Fundamental All Cap Core Trust | 0 | 0 | 0 |
| Fundamental Large Cap Value Trust | 0 | 0 | 0 |
| Global Equity Trust | 0 | 0 | 0 |
| Health Sciences Trust | 0 | 0 | 0 |
| High Yield Trust | (2118208) | (83473751) | (85591959) |
| International Equity Index Trust | 0 | 0 | 0 |
| International Small Company Trust | 0 | 0 | 0 |
| Investment Quality Bond Trust | (11327101) | (14789879) | (26116980) |
| Lifestyle Balanced Portfolio | 0 | 0 | 0 |
| Lifestyle Conservative Portfolio | 0 | 0 | 0 |
| Lifestyle Growth Portfolio | 0 | 0 | 0 |
| Lifestyle Moderate Portfolio | 0 | 0 | 0 |
| Managed Volatility Balanced Portfolio | 0 | 0 | 0 |
| Managed Volatility Conservative Portfolio | (11721370) | (19812320) | (31533690) |
| Managed Volatility Growth Portfolio | 0 | 0 | 0 |
| Managed Volatility Moderate Portfolio | 0 | 0 | 0 |
| Mid Cap Growth Trust | 0 | 0 | 0 |
| Mid Cap Index Trust | 0 | 0 | 0 |
| Mid Value Trust | 0 | 0 | 0 |
| Money Market Trust | (1412) | 0 | (1412) |
| Opportunistic Fixed Income Trust | (8681467) | (15106577) | (23788044) |
| Real Estate Securities Trust | 0 | 0 | 0 |
| Science & Technology Trust | 0 | 0 | 0 |
| Select Bond Trust | (380519426) | (477793813) | (858313239) |
| Short Term Government Income Trust | (3137922) | (28977274) | (32115196) |
| Small Cap Core Trust | (10562611) | 0 | (10562611) |
| Small Cap Index Trust | 0 | 0 | 0 |
| Small Cap Opportunities Trust | 0 | 0 | 0 |
| Small Cap Stock Trust | (25843210) | 0 | (25843210) |
| Small Company Value Trust | 0 | 0 | 0 |
| Strategic Equity Allocation Trust | 0 | 0 | 0 |
| Strategic Income Opportunities Trust | (4158319) | (29630811) | (33789130) |
| Total Bond Market Trust | (10666303) | (34600137) | (45266440) |
| Total Stock Market Index Trust | 0 | 0 | 0 |
| U.S. Growth Trust | 0 | 0 | 0 |
| Ultra Short Term Bond Trust | (6887040) | (21245095) | (28132135) |

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**Additional Tax Considerations.** If a fund failed to qualify as a regulated investment company: (i) owners of contracts based on the fund would be treated as owning contracts based solely on shares of the fund (rather than on their proportionate share of the assets of such fund) for purposes of the diversification requirements under Subchapter L of the Code, and as a result might be taxed currently on the investment earnings under their contracts and thereby lose the benefit of tax deferral; and (ii) the fund would incur regular corporate federal income tax on its taxable income for that year and be subject to certain distribution requirements upon requalification. In addition, if a fund failed to comply with the diversification requirements of the regulations under Subchapter L of the Code, owners of contracts based on the fund might be taxed on the investment earnings under their contracts and thereby lose the benefit of tax deferral. Accordingly, compliance with the above rules is carefully monitored by the Advisor and the subadvisors and it is intended that the funds will comply with these rules as they exist or as they may be modified from time to time. Compliance with the tax requirements described above may result in a reduction in the return under a fund, since, to comply with the above rules, the investments utilized (and the time at which such investments are entered into and closed out) may be different from what the subadvisors might otherwise believe to be desirable.

**Other Information.** For more information regarding the tax implications for the purchaser of a variable annuity or life insurance contract who allocates investments to a fund, please refer to the prospectus for the contract.

The foregoing is a general and abbreviated summary of the applicable provisions of the Code and Treasury Regulations currently in effect. It is not intended to be a complete explanation or a substitute for consultation with individual tax advisors. For the complete provisions, reference should be made to the pertinent Code sections and the Treasury Regulations promulgated thereunder. The Code and Treasury Regulations are subject to change, possibly with retroactive effect.

**Portfolio Brokerage**

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Pursuant to the Subadvisory Agreements, the subadvisors are responsible for placing all orders for the purchase and sale of portfolio securities of the funds. The subadvisors have no formula for the distribution of the funds' brokerage business; rather they place orders for the purchase and sale of securities with the primary objective of obtaining the most favorable overall results for the applicable fund. The cost of securities transactions for each fund will consist primarily of brokerage commissions or dealer or underwriter spreads. Fixed-income securities and money market instruments are generally traded on a net basis and do not normally involve either brokerage commissions or transfer taxes.

Occasionally, securities may be purchased directly from the issuer. For securities traded primarily in the OTC market, the subadvisors will, where possible, deal directly with dealers who make a market in the securities unless better prices and execution are available elsewhere. Such dealers usually act as principals for their own account.

**Selection of Brokers or Dealers to Effect Trades.** In selecting brokers or dealers to implement transactions, the subadvisors will give consideration to a number of factors, including:

● price, dealer spread or commission, if any;

● the reliability, integrity and financial condition of the broker dealer;

● size of the transaction;

● difficulty of execution;

● brokerage and research services provided (unless prohibited by applicable law); and

● confidentiality and anonymity.

Consideration of these factors by a subadvisor, either in terms of a particular transaction or the subadvisor's overall responsibilities with respect to the fund and any other accounts managed by the subadvisor, could result in the applicable fund paying a commission or spread on a transaction that is in excess of the amount of commission or spread another broker dealer might have charged for executing the same transaction.

**Securities of Regular Broker Dealers.** The table below presents information regarding the securities of the funds' regular broker dealers (or parents of the regular broker dealers) that were held by the funds as of December 31, 2025. A "Regular Broker Dealer" of a fund is defined by the SEC as one of the 10 brokers or dealers that during the fund's most recent fiscal year: (a) received the greatest dollar amount of brokerage commissions by virtue of direct or indirect participation in the fund's portfolio transactions; (b) engaged as principal in the largest dollar amount of portfolio transactions of the fund; or (c) sold the largest dollar amount of securities of the fund.

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| | | |
|:---|:---|:---|
| **Fund** | **Regular Broker Dealer** | **Holdings ($000s)** |
| 500 Index Trust | Bank of America Corp. | 75818 |
|  | Citigroup, Inc. | 42842 |
|  | JPMorgan Chase & Co. | 179894 |
|  | Morgan Stanley & Company, Inc. | 43999 |
|  | State Street Corp. | 7394 |
|  | The Goldman Sachs Group, Inc. | 54095 |
| Active Bond Trust | Bank of America Corp. | 4939 |
|  | Barclays PLC | 1825 |

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| | | |
|:---|:---|:---|
| **Fund** | **Regular Broker Dealer** | **Holdings ($000s)** |
|  | Citigroup, Inc. | 1898 |
|  | Deutsche Bank AG | 1634 |
|  | Jefferies Financial Group, Inc. | 496 |
|  | JPMorgan Chase & Co. | 5588 |
|  | Morgan Stanley & Company, Inc. | 3137 |
|  | Royal Bank of Canada | 790 |
|  | The Goldman Sachs Group, Inc. | 1937 |
|  | UBS Group AG | 1990 |
| Blue Chip Growth Trust | Morgan Stanley & Company, Inc. | 9879 |
|  | State Street Corp. | 386 |
|  | The Goldman Sachs Group, Inc. | 8942 |
| Capital Appreciation Value Trust | State Street Corp. | 647 |
| Core Bond Trust | Bank of America Corp. | 306 |
|  | Barclays PLC | 3388 |
|  | Citigroup, Inc. | 6394 |
|  | HSBC Holdings PLC | 1165 |
|  | JPMorgan Chase & Co. | 931 |
|  | Morgan Stanley & Company, Inc. | 14317 |
|  | Royal Bank of Canada | 924 |
|  | State Street Corp. | 26427 |
|  | The Goldman Sachs Group, Inc. | 8993 |
|  | UBS Group AG | 2479 |
| Disciplined Value Emerging Markets Equity Trust | N/A | N/A |
| Disciplined Value International Trust | N/A | N/A |
| Equity Income Trust | Bank of America Corp. | 14703 |
|  | Citigroup, Inc. | 17923 |
|  | JPMorgan Chase & Co. | 16800 |
|  | Morgan Stanley & Company, Inc. | 1646 |
|  | State Street Corp. | 7997 |
| Financial Industries Trust | Bank of America Corp. | 6173 |
|  | Citigroup, Inc. | 6234 |
|  | Deutsche Bank AG | 1772 |
|  | JPMorgan Chase & Co. | 5828 |
|  | Morgan Stanley & Company, Inc. | 5863 |
| Fundamental All Cap Core Trust | Morgan Stanley & Company, Inc. | 29148 |
| Fundamental Large Cap Value Trust | Bank of America Corp. | 16531 |
|  | Citigroup, Inc. | 14424 |
|  | JPMorgan Chase & Co. | 8375 |
|  | Morgan Stanley & Company, Inc. | 10773 |
|  | State Street Corp. | 9413 |
|  | The Goldman Sachs Group, Inc. | 5748 |
| Global Equity Trust | Bank of America Corp. | 7014 |
|  | Citigroup, Inc. | 7416 |
|  | Deutsche Bank AG | 6956 |
| Health Sciences Trust | State Street Corp. | 414 |
| High Yield Trust | State Street Corp. | -<sup>1</sup> |
| International Equity Index Trust | Barclays PLC | 3151 |
|  | Deutsche Bank AG | 2543 |
|  | HSBC Holdings PLC | 9578 |
|  | Mizuho Financial Group, Inc. | 3205 |
|  | Royal Bank of Canada | 8293 |
|  | State Street Corp. | 16571 |

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| | | |
|:---|:---|:---|
| **Fund** | **Regular Broker Dealer** | **Holdings ($000s)** |
|  | UBS Group AG | 5231 |
| International Small Company Trust | N/A | N/A |
| Investment Quality Bond Trust | Bank of America Corp. | 709 |
|  | Barclays PLC | 300 |
|  | Citigroup, Inc. | 846 |
|  | Deutsche Bank AG | 5548 |
|  | HSBC Holdings PLC | 613 |
|  | JPMorgan Chase & Co. | 2065 |
|  | Morgan Stanley & Company, Inc. | 1718 |
|  | Royal Bank of Canada | 165 |
|  | The Goldman Sachs Group, Inc. | 750 |
| Lifestyle Balanced Portfolio | N/A | N/A |
| Lifestyle Conservative Portfolio | N/A | N/A |
| Lifestyle Growth Portfolio | N/A | N/A |
| Lifestyle Moderate Portfolio | N/A | N/A |
| Managed Volatility Balanced Portfolio | N/A | N/A |
| Managed Volatility Conservative Portfolio | N/A | N/A |
| Managed Volatility Growth Portfolio | N/A | N/A |
| Managed Volatility Moderate Portfolio | N/A | N/A |
| Mid Cap Growth Trust | Deutsche Bank AG | 11500 |
| Mid Cap Index Trust | Jefferies Financial Group, Inc. | 3627 |
| Mid Value Trust | State Street Corp. | 1764 |
| Money Market Trust | Barclays PLC | 54000 |
|  | State Street Corp. | 280675 |
|  | The Goldman Sachs Group, Inc. | 266000 |
| Opportunistic Fixed Income Trust | Bank of America Corp. | 1019 |
|  | Barclays PLC | 265 |
|  | Citigroup, Inc. | 401 |
|  | Deutsche Bank AG | 124 |
|  | HSBC Holdings PLC | 419 |
|  | JPMorgan Chase & Co. | 258 |
|  | Morgan Stanley & Company, Inc. | 74 |
|  | State Street Corp. | 570 |
|  | The Goldman Sachs Group, Inc. | 159 |
| Real Estate Securities Trust | State Street Corp. | 4690 |
| Science & Technology Trust | State Street Corp. | 895 |
| Select Bond Trust | Bank of America Corp. | 61299 |
|  | Barclays PLC | 28256 |
|  | Citigroup, Inc. | 17783 |
|  | Deutsche Bank AG | 16267 |
|  | Jefferies Financial Group, Inc. | 4850 |
|  | JPMorgan Chase & Co. | 48104 |
|  | Morgan Stanley & Company, Inc. | 30200 |
|  | Royal Bank of Canada | 7990 |
|  | The Goldman Sachs Group, Inc. | 15741 |
|  | UBS Group AG | 18900 |
| Short Term Government Income Trust | N/A | N/A |
| Small Cap Core Trust | N/A | N/A |
| Small Cap Index Trust | Piper Sandler Companies | 1087 |
| Small Cap Opportunities Trust | State Street Corp. | 586 |
| Small Cap Stock Trust | N/A | N/A |
| Small Company Value Trust | State Street Corp. | 375 |

---

**98**

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---

| | | |
|:---|:---|:---|
| **Fund** | **Regular Broker Dealer** | **Holdings ($000s)** |
| Strategic Equity Allocation Trust | Bank of America Corp. | 22511 |
|  | Barclays PLC | 10318 |
|  | Citigroup, Inc. | 12720 |
|  | Deutsche Bank AG | 8235 |
|  | HSBC Holdings PLC | 31273 |
|  | Jefferies Financial Group, Inc. | 1508 |
|  | JPMorgan Chase & Co. | 53439 |
|  | Mizuho Financial Group, Inc. | 10490 |
|  | Morgan Stanley & Company, Inc. | 13064 |
|  | Piper Sandler Companies | 576 |
|  | State Street Corp. | 2195 |
|  | The Goldman Sachs Group, Inc. | 16061 |
|  | UBS Group AG | 16922 |
| Strategic Income Opportunities Trust | Bank of America Corp. | 1146 |
|  | Barclays PLC | 542 |
|  | Citigroup, Inc. | 268 |
|  | HSBC Holdings PLC | 1758 |
|  | Royal Bank of Canada | 2839 |
|  | UBS Group AG | 845 |
| Total Bond Market Trust | Bank of America Corp. | 6395 |
|  | Barclays PLC | 3461 |
|  | Citigroup, Inc. | 3790 |
|  | Deutsche Bank AG | 1043 |
|  | HSBC Holdings PLC | 3014 |
|  | JPMorgan Chase & Co. | 6761 |
|  | Morgan Stanley & Company, Inc. | 7498 |
|  | Royal Bank of Canada | 1071 |
|  | State Street Corp. | 765 |
|  | The Goldman Sachs Group, Inc. | 8622 |
| Total Stock Market Index Trust | Bank of America Corp. | 6405 |
|  | Citigroup, Inc. | 3375 |
|  | Jefferies Financial Group, Inc. | 201 |
|  | JPMorgan Chase & Co. | 13941 |
|  | Morgan Stanley & Company, Inc. | 4458 |
|  | Piper Sandler Companies | 95 |
|  | State Street Corp. | 573 |
|  | The Goldman Sachs Group, Inc. | 4181 |
| U.S. Growth Trust | State Street Corp. | 3921 |
| Ultra Short Term Bond Trust | JPMorgan Chase & Co. | 4609 |
|  | Morgan Stanley & Company, Inc. | 921 |
|  | Royal Bank of Canada | 700 |
|  | The Goldman Sachs Group, Inc. | 2894 |
|  | UBS Group AG | 1699 |

---

**1**

Amount is less than $500.

**Soft Dollar Considerations.** In selecting brokers and dealers, the subadvisors will give consideration to the value and quality of any research, statistical, quotation, brokerage or valuation services provided by the broker or dealer to the subadvisor. In placing a purchase or sale order, unless prohibited by applicable law, the subadvisor may use a broker whose commission in effecting the transaction is higher than that of some other broker if the subadvisor determines in good faith that the amount of the higher commission is reasonable in relation to the value of the brokerage and research services provided by such broker, viewed in terms of either the particular transaction or the subadvisor's overall responsibilities with respect to a fund and any other accounts managed by the subadvisor. In addition to statistical, quotation, brokerage or valuation services, a subadvisor may receive from brokers or dealers products or research that are used for both research and other purposes, such as administration or marketing. In such case, the subadvisor will make a good faith determination as to the portion attributable to research. Only the portion attributable to research will be paid through

**99**

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portfolio brokerage. The portion not attributable to research will be paid by the subadvisor. Research products and services may be acquired or received either directly from executing brokers or indirectly through other brokers in step-out transactions. A "step-out" is an arrangement by which a subadvisor executes a trade through one broker dealer but instructs that entity to step-out all or a portion of the trade to another broker dealer. This second broker dealer will clear and settle, and receive commissions for, the stepped-out portion. The second broker dealer may or may not have a trading desk of its own.

Under MiFID II, EU investment managers, including certain subadvisors to funds in the John Hancock Fund Complex, may only pay for research from brokers and dealers directly out of their own resources or by establishing "research payment accounts" for each client, rather than through client commissions. MiFID II limits the use of soft dollars by subadvisors located in the EU, if applicable, and in certain circumstances may result in other subadvisors reducing the use of soft dollars as to certain groups of clients or as to all clients.

The subadvisors also may receive research or research credits from brokers that are generated from underwriting commissions when purchasing new issues of fixed-income securities or other assets for a fund. These services, which in some cases also may be purchased for cash, include such matters as general economic and security market reviews, industry and company reviews, evaluations of securities and recommendations as to the purchase and sale of securities. Some of these services are of value to the subadvisor in advising several of its clients (including the funds), although not all of these services are necessarily useful and of value in managing the funds. The management fee paid by a fund is not reduced because a subadvisor and its affiliates receive such services.

As noted above, a subadvisor may purchase new issues of securities for a fund in underwritten fixed price offerings. In these situations, the underwriter or selling group member may provide the subadvisor with research in addition to selling the securities (at the fixed public offering price) to the funds or other advisory clients. Because the offerings are conducted at a fixed price, the ability to obtain research from a broker dealer in this situation provides knowledge that may benefit the fund, other subadvisor clients, and the subadvisor without incurring additional costs. These arrangements may not fall within the safe harbor in Section 28(e) of the Exchange Act, because the broker dealer is considered to be acting in a principal capacity in underwritten transactions. However, FINRA has adopted rules expressly permitting broker dealers to provide bona fide research to advisors in connection with fixed price offerings under certain circumstances. As a general matter in these situations, the underwriter or selling group member will provide research credits at a rate that is higher than that which is available for secondary market transactions.

Brokerage and research services provided by brokers and dealers include advice, either directly or through publications or writings, as to:

● the value of securities;

● the advisability of purchasing or selling securities;

● the availability of securities or purchasers or sellers of securities; and

● analyses and reports concerning: (a) issuers; (b) industries; (c) securities; (d) economic, political and legal factors and trends; and (e) portfolio strategy.

Research services are received primarily in the form of written reports, computer generated services, telephone contacts and personal meetings with security analysts. In addition, such services may be provided in the form of meetings arranged with corporate and industry spokespersons, economists, academicians and government representatives. In some cases, research services are generated by third parties but are provided to the subadvisor by or through a broker.

To the extent research services are used by the subadvisors, such services would tend to reduce such party's expenses. However, the subadvisors do not believe that an exact dollar value can be assigned to these services. Research services received by the subadvisors from brokers or dealers executing transactions for series of the Trust, which may not be used in connection with a fund, also will be available for the benefit of other funds managed by the subadvisors.

**Allocation of Trades by the Subadvisors.** The subadvisors manage a number of accounts other than the funds. Although investment determinations for the funds will be made by a subadvisor independently from the investment determinations it makes for any other account, investments deemed appropriate for the funds by a subadvisor also may be deemed appropriate by it for other accounts. Therefore, the same security may be purchased or sold at or about the same time for both the funds and other accounts. In such circumstances, a subadvisor may determine that orders for the purchase or sale of the same security for the funds and one or more other accounts should be combined. In this event the transactions will be priced and allocated in a manner deemed by the subadvisor to be equitable and in the best interests of the funds and such other accounts. While in some instances combined orders could adversely affect the price or volume of a security, each fund believes that its participation in such transactions on balance will produce better overall results for the fund.

For purchases of equity securities, when a complete order is not filled, a partial allocation will be made to each participating account pro rata based on the order size. For high demand issues (for example, initial public offerings), shares will be allocated pro rata by account size as well as on the basis of account objective, account size (a small account's allocation may be increased to provide it with a meaningful position), and the account's other holdings. In addition, an account's allocation may be increased if that account's portfolio manager was responsible for generating the investment idea or the portfolio manager intends to buy more shares in the secondary market. For fixed-income accounts, generally securities will be allocated when appropriate among accounts based on account size, except if the accounts have different objectives or if an account is too small to receive a meaningful allocation. For new issues, when a complete order is not filled, a partial allocation will be made to each account pro rata based on the order size. However, if a partial allocation is too small to be meaningful, it may be reallocated based on such factors as account objectives, strategies, duration

**100**

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benchmarks and credit and sector exposure. For example, value funds will likely not participate in initial public offerings as frequently as growth funds. In some instances, this investment procedure may adversely affect the price paid or received by the funds or the size of the position obtainable for it. On the other hand, to the extent permitted by law, a subadvisor may aggregate securities to be sold or purchased for the funds with those to be sold or purchased for other clients that it manages in order to obtain best execution.

**Affiliated Underwriting Transactions by a Subadvisor.** The Trust has approved procedures in conformity with Rule 10f-3 under the 1940 Act whereby a fund may purchase securities that are offered in underwritings in which an affiliate of the subadvisors participates. These procedures prohibit a fund from directly or indirectly benefiting a subadvisor affiliate in connection with such underwritings. In addition, for underwritings where a subadvisor affiliate participates as a principal underwriter, certain restrictions may apply that could, among other things, limit the amount of securities that the funds could purchase.

**Brokerage Commissions Paid.** For the last three fiscal periods, the funds paid brokerage commissions in connection with portfolio transactions. Any material differences from year to year reflect an increase or decrease in trading activity by the applicable fund. The total brokerage commissions paid by the funds for the fiscal periods ended December 31, 2025, December 31, 2024 and December 31, 2023 are set forth in the table below:

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| | | | |
|:---|:---|:---|:---|
|  | **Total Commissions Paid in Fiscal Period Ended December 31,** | **Total Commissions Paid in Fiscal Period Ended December 31,** | **Total Commissions Paid in Fiscal Period Ended December 31,** |
| **Fund** | **2025 ($)** | **2024 ($)** | **2023 ($)** |
| 500 Index Trust | 12623 | 15777 | 16682 |
| Active Bond Trust | 0 | 0 | 58 |
| Blue Chip Growth Trust | 46200 | 37954 | 53010 |
| Capital Appreciation Value Trust | 87237 | 49038 | 44050 |
| Core Bond Trust | 0 | 0 | 0 |
| Disciplined Value Emerging Markets Equity Trust | 951592 | 982833 | 29232 |
| Disciplined Value International Trust | 343034 | 421036 | 312342 |
| Equity Income Trust | 274789 | 151869 | 140259 |
| Financial Industries Trust | 79411 | 67033 | 108319 |
| Fundamental All Cap Core Trust | 690773 | 410138 | 346020 |
| Fundamental Large Cap Value Trust | 118105 | 149438 | 96926 |
| Global Equity Trust | 98829 | 127952 | 82980 |
| Health Sciences Trust | 72152 | 57221 | 49323 |
| High Yield Trust | 69148 | 1866 | 1088 |
| International Equity Index Trust | 25343 | 23526 | 21762 |
| International Small Company Trust | 9991 | 10354 | 6660 |
| Investment Quality Bond Trust | 0 | 0 | 0 |
| Lifestyle Balanced Portfolio | 0 | 0 | 0 |
| Lifestyle Conservative Portfolio | 0 | 0 | 0 |
| Lifestyle Growth Portfolio | 0 | 0 | 0 |
| Lifestyle Moderate Portfolio | 0 | 0 | 0 |
| Managed Volatility Balanced Portfolio | 44663 | 24281 | 31425 |
| Managed Volatility Conservative Portfolio | 4551 | 2938 | 5084 |
| Managed Volatility Growth Portfolio | 111944 | 44874 | 70103 |
| Managed Volatility Moderate Portfolio | 8622 | 4336 | 7862 |
| Mid Cap Growth Trust | 336760 | 351232 | 261711 |
| Mid Cap Index Trust | 33914 | 22331 | 36681 |
| Mid Value Trust | 282984 | 275853 | 213738 |
| Money Market Trust | 0 | 0 | 0 |
| Opportunistic Fixed Income Trust | 13575 | 6 | 59 |
| Real Estate Securities Trust | 391882 | 250589 | 349525 |
| Science & Technology Trust | 559402 | 668652 | 583603 |
| Select Bond Trust | 0 | 0 | 0 |
| Short Term Government Income Trust | 0 | 0 | 0 |
| Small Cap Core Trust | 500543 | 302771 | 283006 |
| Small Cap Index Trust | 44892 | 52472 | 27655 |
| Small Cap Opportunities Trust | 39183 | 27854 | 21196 |
| Small Cap Stock Trust | 140705 | 144570 | 81030 |
| Small Company Value Trust | 73705 | 55043 | 48887 |

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**101**

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| | | | |
|:---|:---|:---|:---|
|  | **Total Commissions Paid in Fiscal Period Ended December 31,** | **Total Commissions Paid in Fiscal Period Ended December 31,** | **Total Commissions Paid in Fiscal Period Ended December 31,** |
| **Fund** | **2025 ($)** | **2024 ($)** | **2023 ($)** |
| Strategic Equity Allocation Trust | 293679 | 214347 | 213272 |
| Strategic Income Opportunities Trust | 0 | 0 | 821 |
| Total Bond Market Trust | 0 | 0 | 6 |
| Total Stock Market Index Trust | 27023 | 12668 | 14007 |
| U.S. Growth Trust | 164097 | 104563 | 78758 |
| Ultra Short Term Bond Trust | 0 | 0 | 0 |

---

**Affiliated Brokerage.** Pursuant to procedures determined by the Trustees and consistent with the above policy of obtaining best net results, a fund may execute portfolio transactions with or through brokers affiliated with the Advisor or subadvisor ("Affiliated Brokers"). Affiliated Brokers may act as broker for the funds on exchange transactions, subject, however, to the general policy set forth above and the procedures adopted by the Trustees pursuant to the 1940 Act. Commissions paid to an Affiliated Broker must be at least as favorable as those that the Trustees believe to be contemporaneously charged by other brokers in connection with comparable transactions involving similar securities being purchased or sold. A transaction would not be placed with an Affiliated Broker if the fund would have to pay a commission rate less favorable than the Affiliated Broker's contemporaneous charges for comparable transactions for its other most favored, but unaffiliated, customers, except for accounts for which the Affiliated Broker acts as clearing broker for another brokerage firm, and any customers of the Affiliated Broker not comparable to the fund, as determined by a majority of the Trustees who are not "interested persons" (as defined in the 1940 Act) of the fund, the Advisor, the subadvisor or the Affiliated Broker. Because the Advisor or subadvisor that is affiliated with the Affiliated Broker has, as an investment advisor to the funds, the obligation to provide investment management services, which includes elements of research and related investment skills such research and related skills will not be used by the Affiliated Broker as a basis for negotiating commissions at a rate higher than that determined in accordance with the above criteria.

The Advisor's indirect parent, Manulife Financial, is the parent of a broker dealer, JH Distributors. JH Distributors is considered an Affiliated Broker.

**Brokerage Commissions Paid to Affiliated Brokers.** For the fiscal periods ended December 31, 2025, December 31, 2024 and December 31, 2023, no commissions were paid by any of the funds to brokers affiliated with the subadvisors.

**Commission Recapture Program.** The Board has approved each fund's participation in a commission recapture program. Commission recapture is a form of institutional discount brokerage that returns commission dollars directly to a fund. It provides a way to gain control over the commission expenses incurred by a subadvisor, which can be significant over time and thereby reduces expenses, improves cash flow and conserves assets. A fund can derive commission recapture dollars from both equity trading commissions and fixed-income (commission equivalent) spreads. From time to time, the Board reviews whether participation in the recapture program is in the best interests of the funds.

**Legal and Regulatory Matters**

------

There are no legal proceedings to which the Trust, the Advisor, or the Distributor is a party that are likely to have a material adverse effect on the funds or the ability of either the Advisor or the Distributor to perform its contract with the funds.

**Independent Registered Public Accounting Firm**

------

The [financial statements](#finstat_36ac70f0-8a99-4a02-90d0-4357788937b8) of each fund for the fiscal period ended December 31, 2025, including the related financial highlights that appear in the Prospectus, have been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm, as stated in their report with respect thereto, and are incorporated herein by reference in reliance upon said report given on the authority of said firm as experts in accounting and auditing. PricewaterhouseCoopers LLP has offices at 101 Seaport Boulevard, Suite 500, Boston, Massachusetts 02210.

**Financial Statements**

------

The [financial statements](#finstat_36ac70f0-8a99-4a02-90d0-4357788937b8) of each fund for the fiscal period ended December 31, 2025, are incorporated herein by reference from each fund's most recent Form N-CSR filing pursuant to Rule 30b2-1 under the 1940 Act.

**Custody of Portfolio Securities**

------

Except as noted below, State Street Bank and Trust Company, One Congress Street, Suite 1, Boston, Massachusetts 02114, currently acts as custodian and bookkeeping agent with respect to each fund's assets. Citibank, N.A., 388 Greenwich Street, New York, New York 10013, currently acts as custodian and bookkeeping agent with respect to the assets of Disciplined Value Emerging Markets Equity Trust, Disciplined Value International Trust, Global Equity Trust, International Equity Index Trust, and International Small Company Trust. State Street and Citibank have selected various banks and trust companies in foreign countries to maintain custody of certain foreign securities. Each fund also may use special purpose custodian banks from time to time for certain assets. State Street and Citibank are authorized to use the facilities of the Depository Trust Company, the Participants Trust Company, and the book-entry system of the Federal Reserve Banks.

**102**

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**Codes of Ethics**

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The Trust, the Advisor, the Distributor and each subadvisor to the funds have adopted Codes of Ethics that comply with Rule 17j-1 under the 1940 Act. Each Code of Ethics permits personnel subject to the Code of Ethics to invest in securities, including securities that may be purchased or held by a fund.

**Management of Other Funds By The Advisor/Subadvisor**

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The funds of JHVIT described this SAI are not retail mutual funds and are only available under variable annuity contracts or variable life policies, through participation in tax qualified retirement plans or to certain permitted entities. Although the Advisor or subadvisors may manage retail mutual funds with similar names and investment objectives, no representation is made, and no assurance is given, that any fund's investment results will be comparable to the investment results of any other fund, including other funds with the same investment adviser or subadvisor. Past performance is no guarantee of future results.

**103**

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**Appendix A – Description of Bond Ratings**

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**Descriptions of Credit Rating Symbols and Definitions** 

The ratings of Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings and Fitch Ratings ("Fitch") represent their respective opinions as of the date they are expressed and not statements of fact as to the quality of various long-term and short-term debt instruments they undertake to rate. It should be emphasized that ratings are general and are not absolute standards of quality. Consequently, debt instruments with the same maturity, coupon and rating may have different yields while debt instruments of the same maturity and coupon with different ratings may have the same yield.

Ratings do not constitute recommendations to buy, sell, or hold any security, nor do they comment on the adequacy of market price, the suitability of any security for a particular investor, or the tax-exempt nature or taxability of any payments of any security.

**<u>In General</u>** 

**Moody's.** Ratings assigned on Moody's global long-term and short-term rating scales are forward-looking opinions of the relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured finance vehicles, project finance vehicles, and public sector entities.

Note that the content of this Appendix A, to the extent that it relates to the ratings determined by Moody's, is derived directly from Moody's electronic publication of "Ratings Symbols and Definitions" which is available at: https://ratings.moodys.com/api/rmc-documents/53954.

**S&P Global Ratings.** An S&P Global Ratings issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings on medium-term note programs and commercial paper programs). It takes into consideration the creditworthiness of guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in which the obligation is denominated. The opinion reflects S&P Global Ratings' view of the obligor's capacity and willingness to meet its financial commitments as they come due, and this opinion may assess terms, such as collateral security and subordination, which could affect ultimate payment in the event of default.

Issue ratings are an assessment of default risk but may incorporate an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect the lower priority in bankruptcy.

Note that the content of this Appendix A, to the extent that it relates to the ratings determined by S&P Global Ratings, is derived directly from S&P Global Ratings' electronic publication of "S&P's Global Ratings Definitions," which is available at: https://www.standardandpoors.com/en_US/web/guest/article/-/view/sourceId/504352.

**Fitch.** Fitch Ratings publishes credit ratings that are forward-looking opinions on the relative ability of an entity or obligation to meet financial commitments. Issuer default ratings (IDRs) are assigned to corporations, sovereign entities, financial institutions such as banks, leasing companies and insurers, and public finance entities (local and regional governments). Issue level ratings are also assigned, often include an expectation of recovery and may be notched above or below the issuer level rating. Issue ratings are assigned to secured and unsecured debt securities, loans, preferred stock and other instruments, Structured finance ratings are issue ratings to securities backed by receivables or other financial assets that consider the obligations' relative vulnerability to default.

Fitch's credit rating scale for issuers and issues is expressed using the categories 'AAA' to 'BBB' (investment grade) and 'BB' to 'D' (speculative grade) with an additional +/- for AA through CCC levels indicating relative differences of probability of default or recovery for issues. The terms "investment grade" and "speculative grade" are market conventions and do not imply any recommendation or endorsement of a specific security for investment purposes. Investment grade categories indicate relatively low to moderate credit risk, while ratings in the speculative categories signal either a higher level of credit risk or that a default has already occurred.

Note that the content of this Appendix A, to the extent that it relates to the ratings determined by Fitch, is derived directly from Fitch's electronic publication of "Definitions of Ratings and Other Forms of Opinion" which is available at: https://www.fitchratings.com/products/rating-definitions.

**General Purpose Ratings**

**Long-Term Issue Ratings** 

**<u>Moody's Global Long-Term Rating Scale</u>** 

Long-term ratings are assigned to issuers or obligations with an original maturity of eleven months or more and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment.

**Aaa:** Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk.

**Aa:** Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.

**A:** Obligations rated A are considered upper-medium grade and are subject to low credit risk.

**Baa:** Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

**A-1**

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**Ba:** Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.

**B:** Obligations rated B are considered speculative and are subject to high credit risk.

**Caa:** Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk.

**Ca:** Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

**C:** Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

**Note: Addition of a Modifier 1, 2 or 3:** Moody's appends numerical modifiers 1, 2 and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category. Additionally, a "(hyb)" indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance companies, and securities firms. By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments, which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to contractually allowable write-downs of principal that could result in impairment.

Together with the hybrid indicator, the long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with that security.

**<u>S&P Global Ratings' Long-Term Issue Credit Ratings</u>** 

Long-term ratings are assigned to issuers or obligations with an original maturity of one year or more and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment.

**AAA:** An obligation rated 'AAA' has the highest rating assigned by S&P Global Ratings. The obligor's capacity to meet its financial commitment on the obligation is extremely strong.

**AA:** An obligation rated 'AA' differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitment on the obligation is very strong.

**A:** An obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitment on the obligation is still strong.

**BBB:** An obligation rated 'BBB' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitments on the obligation.

**BB, B, CCC, CC and C:** Obligations rated 'BB', 'B', 'CCC' 'CC' and 'C' are regarded as having significant speculative characteristics. 'BB' indicates the least degree of speculation and 'C' the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposures to adverse conditions.

**BB:** An obligation rated 'BB' is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions that could lead to the obligor's inadequate capacity to meet its financial commitment on the obligation.

**B:** An obligation rated 'B' is more vulnerable to nonpayment than obligations rated 'BB', but the obligor currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments on the obligation.

**CCC:** An obligation rated 'CCC' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. In the event of adverse business, financial or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation.

**CC:** An obligation rated 'CC' is currently highly vulnerable to nonpayment. The 'CC' rating is used when a default has not yet occurred but S&P Global Ratings expects default to be a virtual certainty, regardless of the anticipated time to default.

**C:** An obligation rated 'C' is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared to obligations that are rated higher.

**D:** An obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within the next five business days in the absence of a stated grace period or within the earlier of the stated grace period or the next 30 calendar days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed debt restructuring.

**Note: Addition of a Plus (+) or minus (-) sign:** The ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories.

**Dual Ratings –** Dual ratings may be assigned to debt issues that have a put option or demand feature. The first component of the rating addresses the likelihood of repayment of principal and interest as due, and the second component of the rating addresses only the demand feature. The first

**A-2**

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component of the rating can relate to either a short-term or long-term transaction and accordingly use either short-term or long-term rating symbols. The second component of the rating relates to the put option and is assigned a short-term rating symbol (for example, 'AAA/A-1+' or 'A-1+/A-1'). With U. S. municipal short-term demand debt, the U.S. municipal short-term note rating symbols are used for the first component of the rating (for example, 'SP-1+/A-1+').

**<u>Fitch Corporate Finance Obligations – Long-Term Rating Scales</u>** 

Ratings of individual securities or financial obligations of a corporate issuer address relative vulnerability to default on an ordinal scale. In addition, for financial obligations in corporate finance, a measure of recovery given default on that liability is also included in the rating assessment. This notably applies to covered bond ratings, which incorporate both an indication of the probability of default and of the recovery given a default of this debt instrument.

**AAA:** Highest credit quality. 'AAA' ratings denote the lowest expectation of credit risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

**AA:** Very high credit quality. 'AA' ratings denote expectations of very low credit risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

**A:** High credit quality. 'A' ratings denote expectations of low credit risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.

**BBB:** Good credit quality. 'BBB' ratings indicate that expectations of credit risk are currently low. The capacity for payment of financial commitments is considered adequate but adverse business or economic conditions are more likely to impair this capacity.

**BB:** Speculative. 'BB' ratings indicate an elevated vulnerability to credit risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial alternatives may be available to allow financial commitments to be met.

**B:** Highly speculative. 'B' ratings indicate that material credit risk is present.

**CCC:** Substantial credit risk. "CCC" ratings indicate that substantial credit risk is present.

**CC:** Very high levels of credit risk. "CC" ratings indicate very high levels of credit risk.

**C:** Exceptionally high levels of credit risk. "C" indicates exceptionally high levels of credit risk.

Corporate finance defaulted obligations typically are not assigned 'RD' or 'D' ratings but are instead rated in the 'CCC' to 'C' rating categories, depending on their recovery prospects and other relevant characteristics. This approach better aligns obligations that have comparable overall expected loss but varying vulnerability to default and loss.

**Note: Addition of a Plus (+) or minus (-) sign:** Within rating categories, Fitch may use modifiers. The modifiers "+" or "-" may be appended to a rating to denote relative status within major rating categories. For example, the rating category 'AA' has three notch-specific rating levels ('AA+'; 'AA'; 'AA-'; each a rating level). Such suffixes are not added to 'AAA' ratings and ratings below the 'CCC' category. For the short-term rating category of 'F1', a '+' may be appended. For Viability Ratings, the modifiers '+' or '-' may be appended to a rating to denote relative status within categories from 'aa' to 'ccc'.

**Corporate And Tax-Exempt Commercial Paper Ratings**

**Short-Term Issue Ratings** 

**<u>Moody's Global Short-Term Rating Scale</u>** 

Ratings assigned on Moody's global long-term and short-term rating scales are forward-looking opinions of the relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured finance vehicles, project finance vehicles, and public sector entities. Short-term ratings are assigned to obligations with an original maturity of thirteen months or less and reflect both the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment.

Moody's employs the following designations to indicate the relative repayment ability of rated issuers:

**P-1:** Ratings of Prime-1 reflect a superior ability to repay short-term obligations.

**P-2:** Ratings of Prime-2 reflect a strong ability to repay short-term obligations.

**P-3:** Ratings of Prime-3 reflect an acceptable ability to repay short-term obligations.

**NP:** Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

The following table indicates the long-term ratings consistent with different short-term ratings when such long-term ratings exist. (Note: Structured finance short-term ratings are usually based either on the short-term rating of a support provider or on an assessment of cash flows available to retire the financial obligation).

**A-3**

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![](g465722moodysglobal_1.jpg)

**<u>S&P Global Ratings' Short-Term Issue Credit Ratings</u>** 

S&P Global Ratings' short-term issue credit ratings are generally assigned to those obligations considered short-term in the relevant market, typically with an original maturity of no more than 365 days. Short-term issue credit ratings are also used to indicate the creditworthiness of an obligor with respect to put features on long-term obligations. A long-term issue credit rating is typically assigned to an obligation with an original maturity of greater than 365 days. Ratings are graded into several categories, ranging from 'A' for the highest-quality obligations to 'D' for the lowest. These categories are as follows:

**A-1:** A short-term obligation rated 'A-1' is rated in the highest category by S&P Global Ratings. The obligor's capacity to meet its financial commitment on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitments on these obligations is extremely strong.

**A-2:** A short-term obligation rated 'A-2' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitments on the obligation is satisfactory.

**A-3:** A short-term obligation rated 'A-3' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor's capacity to meet its financial commitments on the obligation.

**B:** A short-term obligation rated 'B' is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties that could lead to the obligor's inadequate capacity to meet its financial commitments.

**C:** A short-term obligation rated 'C' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation.

**D:** A short-term obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed debt restructuring.

**Dual Ratings –** Dual ratings may be assigned to debt issues that have a put option or demand feature. The first component of the rating addresses the likelihood of repayment of principal and interest as due, and the second component of the rating addresses only the demand feature. The first component of the rating can relate to either a short-term or long-term transaction and accordingly use either short-term or long-term rating symbols. The second component of the rating relates to the put option and is assigned a short-term rating symbol (for example, 'AAA/A-1+' or 'A-1+/A-1'). With U.S. municipal short-term demand debt, the U.S. municipal short-term note rating symbols are used for the first component of the rating (for example, 'SP-1+/A-1+').

**<u>Fitch's Short-Term Issuer or Obligation Ratings</u>** 

A short-term issuer or obligation rating is based in all cases on the short-term vulnerability to default of the rated entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the relevant obligation. Short-term deposit ratings may be adjusted for loss severity. Short-term deposit ratings may be adjusted for loss severity. Short-Term Ratings are assigned to obligations whose initial maturity is viewed as

**A-4**

------

"short term" based on market convention. Typically, this means up to 13 months for corporate, sovereign, and structured obligations, and up to 36 months for obligations in U.S. public finance markets.

**F1:** Highest short-term credit quality.

Indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added ("+") to denote any exceptionally strong credit feature.

**F2:** Good short-term credit quality.

Good intrinsic capacity for timely payment of financial commitments.

**F3:** Fair short-term credit quality.

The intrinsic capacity for timely payment of financial commitments is adequate.

**B:** Speculative short-term credit quality.

Minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near term adverse changes in financial and economic conditions.

**C:** High short-term default risk.

Default is a real possibility.

**RD:** Restricted default.

Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Typically applicable to entity ratings only.

**D:** Default.

Indicates a broad-based default event for an entity, or the default of a short-term obligation.

**Tax-Exempt Note Ratings** 

**<u>Moody's U.S. Municipal Short-Term Debt Ratings</u>** 

While the global short-term 'prime' rating scale is applied to US municipal tax-exempt commercial A-8 paper, these programs are typically backed by external letters of credit or liquidity facilities and their short-term prime ratings usually map to the long-term rating of the enhancing bank or financial institution and not to the municipality's rating. Other short-term municipal obligations, which generally have different funding sources for repayment, are rated using two additional short-term rating scales (i.e., the MIG and VMIG scale discussed below).

The Municipal Investment Grade (MIG) scale is used to rate US municipal bond anticipation notes of up to five years maturity. Municipal notes rated on the MIG scale may be secured by either pledged revenues or proceeds of a take-out financing received prior to note maturity. MIG ratings expire at the maturity of the obligation, and the issuer's long-term rating is only one consideration in assigning the MIG rating. MIG ratings are divided into three levels—MIG 1 through MIG 3—while speculative grade short-term obligations are designated SG.

**MIG 1:** This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for refinancing.

**MIG 2:** This designation denotes strong credit quality. Margins of protection are ample, although not as large as in the preceding group.

**MIG 3:** This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established.

**SG:** This designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection.

Variable Municipal Investment Grade (VMIG) ratings of demand obligations with unconditional liquidity support are mapped from the short-term debt rating (or counterparty assessment) of the support provider, or the underlying obligor in the absence of third party liquidity support, with VMIG 1 corresponding to P-1, VMIG 2 to P-2, VMIG 3 to P-3 and SG to not prime. For example, the VMIG rating for an industrial revenue bond with Company XYZ as the underlying obligor would normally have the same numerical modifier as Company XYZ's prime rating. Transitions of VMIG ratings of demand obligations with conditional liquidity support, as shown in the diagram below, differ from transitions on the Prime scale to reflect the risk that external liquidity support will terminate if the issuer's long-term rating drops below investment grade.

**VMIG 1:** This designation denotes superior credit quality. Excellent protection is afforded by the superior short-term credit strength of the liquidity provider and structural and legal protections.

**VMIG 2:** This designation denotes strong credit quality. Good protection is afforded by the strong short-term credit strength of the liquidity provider and structural and legal protections.

**VMIG 3:** This designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-term credit strength of the liquidity provider and structural and legal protections.

**SG:** This designation denotes speculative-grade credit quality. Demand features rated in this category may be supported by a liquidity provider that does not have a sufficiently strong short-term rating or may lack the structural and/or legal protections.

**A-5**

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**\***

For VRDBs supported with conditional liquidity support, short-term ratings transition down at higher long-term ratings to reflect the risk of termination of liquidity support as a result of a downgrade below investment grade.

VMIG ratings of VRDBs with unconditional liquidity support reflect the short-term debt rating (or counterparty assessment) of the liquidity support provider with VMIG 1 corresponding to P-1, VMIG 2 to P-2, VMIG 3 to P-3 and SG to not prime.

For more complete discussion of these rating transitions, please see Annex B of Moody's Methodology titled Variable Rate Instruments Supported by Conditional Liquidity Facilities.

---

| | | |
|:---|:---|:---|
| **US Municipal Short-Term Versus Long-Term Ratings** | **US Municipal Short-Term Versus Long-Term Ratings** | **US Municipal Short-Term Versus Long-Term Ratings** |
| **NOTES** | **LONG-TERM RATING** | &nbsp;&nbsp;&nbsp; **DEMAND OBLIGATIONS WITH**<br> **CONDITIONAL LIQUIDITY** <br> **SUPPORT**<br>|
| MIG 1 | &nbsp;&nbsp;&nbsp; Aaa<br> Aa1<br> Aa2<br> Aa3<br> A1<br> A2<br>| VMIG 1 |
| MIG 2 | A3 | VMIG 2 |
| MIG 3 | &nbsp;&nbsp;&nbsp; Baa1<br> Baa2<br> Baa3<br>| &nbsp;&nbsp;&nbsp; VMIG 3\*<br> SG<br>|
| SG | &nbsp;&nbsp;&nbsp; Ba1, Ba2, Ba3 B1,<br> B2, B3 Caa1, Caa2,<br> Caa3 Ca, C<br>|  |

---

\*

For SBPA-backed VRDBs, the rating transitions are higher to allow for distance to downgrade to below investment grade due to the presence of automatic termination events in the SBPAs.

**<u>S&P Global Ratings' Municipal Short-Term Note Ratings</u>** 

An S&P Global Ratings municipal note rating reflects S&P Global Ratings' opinion about the liquidity factors and market access risks unique to the notes. Notes due in three years or less will likely receive a note rating. Notes with an original maturity of more than three years will most likely receive a long-term debt rating. In determining which type of rating, if any, to assign, S&P Global Ratings' analysis will review the following considerations:

● Amortization schedule – the larger the final maturity relative to other maturities, the more likely it will be treated as a note; and

● Source of payment – the more dependent the issue is on the market for its refinancing, the more likely it will be treated as a note.

Note rating symbols are as follows:

**SP-1:** Strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt service is given a plus (+) designation.

**SP-2:** Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes.

**SP-3:** Speculative capacity to pay principal and interest.

**D:** 'D' is assigned upon failure to pay the note when due, completion of a distressed debt restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions.

**<u>Fitch Public Finance Ratings</u>** 

See FITCH SHORT-TERM ISSUER OR OBLIGATIONS RATINGS above.

**A-6**

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**Appendix B – Portfolio Manager Information**

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**Allspring Global Investments, LLC** 

**("Allspring Investments")**

**Core Bond Trust**

**Portfolio Managers and Other Accounts Managed**

The following table shows the portfolio managers at the subadvisor who are jointly and primarily responsible for the day-to-day management of the stated fund's portfolio.

---

| | |
|:---|:---|
| **Fund** | **Portfolio Managers** |
| Core Bond Trust | Maulik Bhansali, CFA and Jarad Vasquez |

---

The following table provides information regarding other accounts for which each portfolio manager listed above has day-to-day management responsibilities. Accounts are grouped into three categories: (i) other investment companies (and series thereof); (ii) other pooled investment vehicles; and (iii) other accounts. To the extent that any of these accounts pay advisory fees that are based on account performance ("performance-based fees"), information on those accounts is specifically broken out. In addition, any assets denominated in foreign currencies have been converted into U.S. dollars using the exchange rates as of the applicable date. Also shown below the table is each portfolio manager's investment in the fund and similarly managed accounts.

The following table provides information as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Other Registered Investment**<br> **Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Other Registered Investment**<br> **Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp;&nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Assets**<br> **(in millions) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Assets**<br> **(in millions) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Assets**<br> **(in millions) ($)**<br>|
| Maulik Bhansali | 7 | 15642.97 | 10 | 4623.57 | 26 | 14228.50 |
| Jarad Vasquez | 7 | 15642.97 | 10 | 4623.57 | 26 | 14228.50 |

---

***Performance-Based Fees for Other Accounts Managed.*** Of the accounts listed in the table above, those for which the subadvisor receives a fee based on investment performance are listed in the table below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Other Registered Investment**<br> **Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Other Registered Investment**<br> **Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp;&nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Assets**<br> **(in millions) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Assets**<br> **(in millions) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Assets**<br> **(in millions) ($)**<br>|
| Maulik Bhansali | 0 | 0 | 0 | 0 | 0 | 0 |
| Jarad Vasquez | 0 | 0 | 0 | 0 | 0 | 0 |

---

**Ownership of the Fund and Similarly Managed Accounts**

The following table shows the dollar range of fund shares and shares of similarly managed accounts beneficially owned by the portfolio managers listed above as of December 31, 2025. For purposes of this table, "similarly managed accounts" include all accounts that are managed (i) by the same portfolio managers that are jointly and primarily responsible for the day-to-day management of the fund; and (ii) with an investment style, objective, policies and strategies substantially similar to those that are used to manage the fund. Each portfolio manager's ownership of fund shares is stated in the footnote(s) below the table.

---

| | |
|:---|:---|
| **Portfolio Manager** | **Dollar Range of Shares Owned**<sup>1</sup> <br>|
| Maulik Bhansali | $100001–$500000 |
| Jarad Vasquez | $100001–$500000 |

---

**1**

As of December 31, 2025, Maulik Bhansali and Jarad Vasquez beneficially owned $0 and $0, respectively, of the fund.

**Potential Conflicts of Interest**

Allspring Investments' portfolio managers often provide investment management for separate accounts advised in the same or similar investment style as that provided to mutual funds. While management of multiple accounts could potentially lead to conflicts of interest over various issues such as trade allocation, fee disparities and research acquisition, Allspring Investments has implemented policies and procedures for the express purpose of ensuring that clients are treated fairly and that potential conflicts of interest are minimized.

**B-1**

------

The portfolio managers face inherent conflicts of interest in their day-to-day management of the Fund and other accounts because the Fund may have different investment objectives, strategies and risk profiles than the other accounts managed by the portfolio managers. For instance, to the extent that the portfolio managers manage accounts with different investment strategies than the Fund, they may from time to time be inclined to purchase securities, including initial public offerings, for one account but not for a Fund. Additionally, some of the accounts managed by the portfolio managers may have different fee structures, including performance fees, which are or have the potential to be higher or lower, in some cases significantly higher or lower, than the fees paid by the Fund. The differences in fee structures may provide an incentive to the portfolio managers to allocate more favorable trades to the higher-paying accounts.

To minimize the effects of these inherent conflicts of interest, Allspring Investments has adopted and implemented policies and procedures, including brokerage and trade allocation policies and procedures, believed to address the potential conflicts associated with managing portfolios for multiple clients and are designed to ensure that all clients are treated fairly and equitably. Accordingly, security block purchases are allocated to all accounts with similar objectives in a fair and equitable manner. Furthermore, Allspring Investments has adopted a Code of Ethics under Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Investment Advisers Act of 1940 (the "Advisers Act") to address potential conflicts associated with managing the Funds and any personal accounts the portfolio managers may maintain.

**Compensation**

The compensation structure for Allspring Investments' portfolio managers includes a competitive fixed base salary plus variable incentives, payable annually and over a deferred period. Allspring Investments participates in third party investment management compensation surveys for market-based compensation information to help support individual pay decisions and to ensure our compensation is aligned with the marketplace. In addition to investment management compensations surveys, Allspring Investments also considers prior professional experience, tenure, seniority and a portfolio manager's team size, scope and assets under management when determining his/her total compensation. In addition, portfolio managers, who meet the eligibility requirements, may participate in Allspring Investments' 401(k) plan that features a limited matching contribution. Eligibility for and participation in this plan is on the same basis for all employees.

Allspring Investments' investment incentive program plays an important role in aligning the interests of our portfolio managers, investment team members, clients and shareholders. Incentive awards for portfolio managers are determined based on a review of relative investment and business/team performance. Investment performance is generally evaluated for 1-, 3-, and 5- year performance results, with a predominant weighting on the 3- and 5- year time periods, versus the relevant benchmarks and/or peer groups consistent with the investment style.

Once determined, incentives are awarded to portfolio managers annually, with a portion awarded as annual cash and a portion awarded as deferred incentive. The long-term portion of incentives generally carry a pro-rated vesting schedule over a 3 year period. For many of our portfolio managers, Allspring Investments further requires a portion of their annual long-term award be allocated directly into each strategy they manage through a deferred compensation vehicle. In addition, our investment team members who are eligible for long term awards also have the opportunity to invest up to 100% of their awards into investment strategies they support (through a deferred compensation vehicle).

As an independent firm, approximately 20% of Allspring Group Holdings, LLC (of which Allspring Investments is a subsidiary) is owned by employees, including portfolio managers.

**B-2**

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**Boston Partners Global Investors, Inc.** 

**("Boston Partners")**

**Disciplined Value Emerging Markets Equity Trust**

**Disciplined Value International Trust**

**Portfolio Managers and Other Accounts Managed**

The following table shows the portfolio managers at the subadvisor who are jointly and primarily responsible for the day-to-day management of the stated fund's portfolio.

---

| | |
|:---|:---|
| **Fund** | **Portfolio Managers** |
| Disciplined Value Emerging Markets Equity Trust | David Kim |
| Disciplined Value International Trust | Christopher Hart, CFA, Joshua Jones, CFA, and Soyoun Song |

---

The following table provides information regarding other accounts for which each portfolio manager listed above has day-to-day management responsibilities. Accounts are grouped into three categories: (i) other investment companies (and series thereof); (ii) other pooled investment vehicles; and (iii) other accounts. To the extent that any of these accounts pay advisory fees that are based on account performance ("performance-based fees"), information on those accounts is specifically broken out. In addition, any assets denominated in foreign currencies have been converted into U.S. dollars using the exchange rates as of the applicable date. Also shown below the table is each portfolio manager's investment in the fund and similarly managed accounts.

The following table provides information as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Other Registered Investment**<br> **Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Other Registered Investment**<br> **Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp;&nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Assets**<br> **(in millions) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Assets**<br> **(in millions) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Assets**<br> **(in millions) ($)**<br>|
| Christopher Hart | 6 | 7645 | 6 | 25984 | 62 | 24412 |
| Joshua Jones | 6 | 7645 | 6 | 25984 | 62 | 24412 |
| David Kim | 2 | 403 | 0 | 0 | 1 | 25 |
| Soyoun Song | 7 | 7656 | 6 | 62984 | 62 | 24412 |

---

***Performance-Based Fees for Other Accounts Managed.*** Of the accounts listed in the table above, those for which the subadvisor receives a fee based on investment performance are listed in the table below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Other Registered Investment**<br> **Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Other Registered Investment**<br> **Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp;&nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Assets**<br> **(in millions) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Assets**<br> **(in millions) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Assets**<br> **(in millions) ($)**<br>|
| Christopher Hart | 0 | 0 | 0 | 0 | 0 | 0 |
| Joshua Jones | 0 | 0 | 0 | 0 | 0 | 0 |
| David Kim | 0 | 0 | 0 | 0 | 0 | 0 |
| Soyoun Song | 0 | 0 | 0 | 0 | 0 | 0 |

---

**Ownership of the Fund and Similarly Managed Accounts**

The following table shows the dollar range of fund shares and shares of similarly managed accounts beneficially owned by the portfolio managers listed above as of December 31, 2025. For purposes of this table, "similarly managed accounts" include all accounts that are managed (i) by the same portfolio managers that are jointly and primarily responsible for the day-to-day management of the fund; and (ii) with an investment style, objective, policies and strategies substantially similar to those that are used to manage the fund. Each portfolio manager's ownership of fund shares is stated in the footnote(s) below the table.

---

| | |
|:---|:---|
| **Portfolio Manager** | **Dollar Range of Shares Owned**<sup>1</sup> <br>|
| Christopher Hart | over $1,000,000 |
| Joshua Jones | $50001–$100000 |
| David Kim |  |
| Soyoun Song | over $1,000,000 |

---

**1**

As of December 31, 2025, Christopher Hart, Joshua Jones, David Kim and Soyoun Song beneficially owned $0, $0, $0, and $0, respectively, of the fund.

**B-3**

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**Potential Conflicts of Interest**

Compensation is determined based on several factors including performance, productivity, firm results and teamwork. Portfolio managers benefit from Boston Partners revenues and profitability. But no portfolio managers are compensated based directly on fee revenue earned by Boston Partners on particular accounts in a way that would create a material conflict of interest in favoring particular accounts over other accounts.

Execution and research services provided by brokers may not always be utilized in connection with the fund or other client accounts that may have provided the commission or a portion of the commission paid to the broker providing the services. Boston Partners allocates brokerage commissions for these services in a manner that it believes is fair and equitable and consistent with its fiduciary obligations to each of its clients.

Boston Partners views all assets under management in a particular investment strategy as one portfolio. When the firm decides that a given security warrants a 1% position in client portfolios, it buys 1% in all portfolios unless individual client guidelines prohibit the firm from purchasing the security for such portfolio. Boston Partners generally aggregates the target share amount for each account into one large order and distributes the shares on a prorated basis across the accounts.

If a portfolio manager identifies a limited investment opportunity that may be suitable for more than one fund or other client account, the fund may not be able to take full advantage of that opportunity. To mitigate this conflict of interest, Boston Partners aggregates orders of the funds it advises with orders from each of its other client accounts in order to ensure that all clients are treated fairly and equitably over time and consistent with its fiduciary obligations to each of its clients.

Accounts are generally precluded from simultaneously holding a security long and short. There are certain circumstances that would permit a long/short portfolio to take a short position in a security that is held long in another strategy. This happens very infrequently, and the contra position is generally not related to the fundamental views of the security (i.e. - initiating a long position in a security at year-end to take advantage of tax-loss selling as a short-term investment, or initiating a position based solely on its relative weight in the benchmark). However, in certain situations, the investment constraints of a strategy, including but not limited to country, region, industry, or benchmark, may result in a different investment thesis for the same security. Each situation is fully vetted and approved by the firm's Chief Investment Officer or his designee.

**Compensation**

All investment professionals receive a compensation package comprised of an industry competitive base salary, a discretionary bonus and long-term incentives. Through our bonus program, key investment professionals are rewarded primarily for strong investment performance. We believe this aligns our Boston Partners team firmly with our clients' objectives and provides the financial and work environment incentives which keep our teams in place and has led to industry leading investment staff continuity and extremely low unplanned staff turnover.

Typically, bonuses are based upon a combination of one or more of the following four criteria:

● Individual Contribution: an evaluation of the professional's individual contribution based on the expectations established at the beginning of each year;

● Product Investment Performance: performance of the investment product(s) with which the individual is involved versus the pre-designed index, based on the excess return;

● Investment Team Performance: the financial results of the investment group with our client's assets;

● Firm-wide Performance: the overall financial performance of Boston Partners.

● Our long-term incentive program effectively confers a significant 20-30% ownership interest in the value of the business to key employees. Annual awards are made by the Compensation Committee and are meant to equate to an additional 10-20% of the participants cash bonus awards.

The compensation program focuses on long term performance with an emphasis on 3- and 5-year results. The timing of receiving deferred compensation reinforces this emphasis. Roughly 50% of compensation is based on qualitative measures and roughly 50% is based on quantitative measures. These compensation percentages can vary based on an individual's role in the firm.

Total revenues generated by any particular product affect the total available bonus pool for the analysts and portfolio managers associated with that product. The discretionary bonus assessment is conducted annually. Returns are evaluated on a pre-tax basis.

**Firm:** Boston Partners maintains a long-term incentive program which effectively confers a 20-30% ownership stake in Boston Partners and is funded by the profitability and growth of the business. All investment professionals participate in this plan which serves as a long-term wealth building tool that aligns the interests of our clients with the people responsible for managing their portfolios.

**Direct Investments:** Boston Partners offers or sub-advises several mutual fund vehicles that allow portfolio managers and other employees to invest directly alongside our clients. In fact, it is common for senior portfolio managers to invest $1 million or more in the strategy or strategies that they manage. Direct investments are also facilitated through Boston Partner's 401(k) plan as Boston Partners managed mutual funds are widely available, investments are entirely voluntary, and are significantly used within the plan.

**B-4**

------

**Deferred Compensation:** An important aspect of Boston Partner's incentive program is deferred compensation. Annual incentive compensation as well as long-term incentive compensation is deferred in part or in total for typically 3 to 5 years. Deferred compensation promotes organizational stability and also facilitates significant re-investment in Boston Partners strategies. Deferred compensation is invested in established Boston Partners strategies. In addition, Boston Partners utilizes deferred compensation to fund seed investments in new investment offerings. This allows for the establishment of a portfolio, the building of a track record and ultimately bring a new investment strategy to the marketplace.

**B-5**

------

**Dimensional Fund Advisors LP** 

**("Dimensional")**

**International Small Company Trust**

**Small Cap Opportunities Trust**

**Portfolio Managers and Other Accounts Managed**

The following table shows the portfolio managers at the subadvisor who are jointly and primarily responsible for the day-to-day management of the stated funds' portfolios or the portion of the fund's portfolio managed by the subadvisor.

---

| | |
|:---|:---|
| **Fund** | **Portfolio Managers** |
| International Small Company Trust | Jed S. Fogdall, Brendan J. McAndrews, and Joel P. Schneider |
| Small Cap Opportunities Trust | Jed S. Fogdall, Marc C. Leblond, and Joel P. Schneider |

---

The following table provides information regarding other accounts for which each portfolio manager listed above has day-to-day management responsibilities. Accounts are grouped into three categories: (i) other investment companies (and series thereof); (ii) other pooled investment vehicles; and (iii) other accounts. To the extent that any of these accounts pay advisory fees that are based on account performance ("performance-based fees"), information on those accounts is specifically broken out. In addition, any assets denominated in foreign currencies have been converted into U.S. dollars using the exchange rates as of the applicable date. Also shown below the table is each portfolio manager's investment in the fund or funds he manages.

The following table provides information as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Other Registered Investment**<br> **Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Other Registered Investment**<br> **Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp;&nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Assets**<br> **(in millions) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Assets**<br> **(in millions) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Assets**<br> **(in millions) ($)**<br>|
| Jed S. Fogdall | 130 | 656178 | 29 | 40414 | 1938 | 41346 |
| Marc C. Leblond | 14 | 89001 | 3 | 1520 | 18 | 8238 |
| Brendan J. McAndrews | 23 | 103777 | 0 | 0 | 9 | 5541 |
| Joel P. Schneider | 43 | 255082 | 0 | 0 | 4 | 4071 |

---

***Performance-Based Fees for Other Accounts Managed.*** Of the accounts listed in the table above, those for which the subadvisor receives a fee based on investment performance are listed in the table below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Other Registered Investment**<br> **Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Other Registered Investment**<br> **Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp;&nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Assets**<br> **(in millions) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Assets**<br> **(in millions) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Assets**<br> **(in millions) ($)**<br>|
| Jed S. Fogdall | 0 | 0 | 1 | 195 | 4 | 1303 |
| Marc C. Leblond | 0 | 0 | 1 | 195 | 0 | 0 |
| Brendan J. McAndrews | 0 | 0 | 0 | 0 | 2 | 889 |
| Joel P. Schneider | 0 | 0 | 0 | 0 | 0 | 0 |

---

**Ownership of Fund Shares**

The following table shows the dollar range of fund shares beneficially owned by the portfolio managers listed above as of December 31, 2025.

---

| | | |
|:---|:---|:---|
| **Fund** | **Portfolio Manager** | **Dollar Range of Shares Owned** |
| International Small Company Trust | Jed S. Fogdall | none |
|  | Brendan J. McAndrews | none |
|  | Joel P. Schneider | none |
| Small Cap Opportunities Trust | Jed S. Fogdall | none |
|  | Marc C. Leblond | none |
|  | Joel P. Schneider | none |

---

**B-6**

------

**Potential Conflicts of Interest**

Actual or apparent conflicts of interest may arise when a portfolio manager has the primary day-to-day responsibilities with respect to multiple accounts. In addition to the funds, these accounts may include registered mutual funds and ETFs, other unregistered pooled investment vehicles, and other accounts managed for organizations and individuals ("Accounts"). An Account may have a similar investment objective to a fund, or may purchase, sell or hold securities that are eligible to be purchased, sold or held by a fund. Actual or apparent conflicts of interest include:

● Time Management. The management of the funds and/or Accounts may result in a portfolio manager devoting unequal time and attention to the management of the funds and/or Accounts. Dimensional seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most Accounts managed by a portfolio manager are managed using the same investment approaches that are used in connection with the management of the funds.

● Investment Opportunities. It is possible that at times identical securities will be held by a fund and one or more Accounts. However, positions in the same security may vary and the length of time that a fund or an Account may choose to hold its investment in the same security may likewise vary. If a portfolio manager identifies a limited investment opportunity that may be suitable for a fund and one or more Accounts, the fund may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across the fund and other eligible Accounts. To deal with these situations, Dimensional has adopted procedures for allocating portfolio transactions across the funds and other Accounts.

● Broker Selection. With respect to securities transactions for the funds, Dimensional determines which broker to use to execute each order, consistent with its duty to seek best execution of the transaction. However, with respect to certain Accounts (such as separate accounts), Dimensional may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, Dimensional or its affiliates may place separate, non-simultaneous, transactions for a fund and another Account that may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of a fund or an Account.

● Performance-Based Fees. For some Accounts, Dimensional may be compensated based on the profitability of the Account, such as by a performance-based management fee. These incentive compensation structures may create a conflict of interest for Dimensional with regard to Accounts where Dimensional is paid based on a percentage of assets because the portfolio manager may have an incentive to allocate securities preferentially to the Accounts where Dimensional might share in investment gains.

● Investment in an Account. A portfolio manager or his/her relatives may invest in an Account that he or she manages, and a conflict may arise where he or she may therefore have an incentive to treat an Account in which the portfolio manager or his/her relatives invest preferentially as compared to a fund or other Accounts for which he or she has portfolio management responsibilities.

Dimensional has adopted certain compliance procedures that are reasonably designed to address these types of conflicts. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

**Compensation**

Dimensional's portfolio managers receive a base salary and bonus. Compensation of a portfolio manager is determined at the discretion of Dimensional and is based on a portfolio manager's experience, responsibilities, the perception of the quality of his or her work efforts and other subjective factors. The compensation of portfolio managers is not directly based upon the performance of the funds or other accounts that the portfolio managers manage. Dimensional reviews the compensation of each portfolio manager annually and may make modifications in compensation as its Compensation Committee deems necessary to reflect changes in the market. Each portfolio manager's compensation consists of the following:

● **Base Salary**. Each portfolio manager is paid a base salary. Dimensional considers the factors described above to determine each portfolio manager's base salary.

● **Annual Bonus**. Each portfolio manager may receive an annual bonus. The amount of the bonus paid to each portfolio manager is based upon the factors described above.

Portfolio managers may be awarded the right to purchase restricted shares of the stock of Dimensional, as determined from time to time by the Board of Directors of Dimensional or its delegates. Portfolio managers also participate in benefit and retirement plans and other programs available generally to all Dimensional employees.

In addition, portfolio managers may be given the option of participating in Dimensional's Long Term Incentive Plan. The level of participation for eligible employees may be dependent on overall level of compensation, among other considerations. Participation in this program is not based on or related to the performance of any individual strategies or any particular client accounts.

**B-7**

------

**Manulife Investment Management (US) LLC**

**("Manulife IM (US)")**

**500 Index Trust**

**Active Bond Trust**

**Financial Industries Trust**

**Fundamental All Cap Core Trust**

**Fundamental Large Cap Value Trust**

**Global Equity Trust**

**High Yield Trust**

**Lifestyle Portfolios**

**Managed Volatility Portfolios**

**Mid Cap Index Trust**

**Select Bond Trust**

**Short-Term Government Income Trust**

**Small Cap Core Trust**

**Small Cap Index Trust**

**Strategic Equity Allocation Trust**

**Strategic Income Opportunities Trust**

**Total Bond Market Trust**

**Total Stock Market Index Trust**

**Ultra Short Term Bond Trust**

**Portfolio Managers and Other Accounts Managed**

The following table shows the portfolio managers at the subadvisor who are jointly and primarily responsible for the day-to-day management of the stated funds' portfolios.

---

| | |
|:---|:---|
| **Fund** | **Portfolio Managers** |
| 500 Index Trust | Jenny Kim, CFA and Boncana Maiga, CFA, CIM |
| Active Bond Trust | &nbsp;&nbsp;&nbsp; Jeffrey N. Given, CFA, Spencer Godfrey, CFA, Howard C. Greene, CFA<sup>1</sup>, Connor <br> Minnaar, CFA, and Pranay Sonalkar, CFA<br>|
| Financial Industries Trust | Susan A. Curry and Ryan P. Lentell, CFA |
| Fundamental All Cap Core Trust | Michael J. Mattioli, CFA, Nicholas P. Renart, and Jonathan T. White, CFA |
| Fundamental Large Cap Value Trust | Michael Bokoff, CFA, Nicholas P. Renart, and Jonathan T. White, CFA |
| Global Equity Trust | Paul Boyne, Stephen Hermsdorf, Edward Ritchie, ASIP, and Felicity Smith |
| High Yield Trust | James Gearhart, CFA, Jonas Grazulis, CFA, and Caryn E. Rothman, CFA |
| Lifestyle Portfolios | Geoffrey Kelley, CFA, David Kobuszewski, CFA, and Robert E. Sykes, CFA |
| Managed Volatility Portfolios | Geoffrey Kelley, CFA, Robert E. Sykes, CFA, and Jeffrey Wu |
| Mid Cap Index Trust | Jenny Kim, CFA and Boncana Maiga, CFA, CIM |
| Select Bond Trust | &nbsp;&nbsp;&nbsp; Jeffrey N. Given, CFA, Spencer Godfrey, CFA, Howard C. Greene, CFA<sup>1</sup>, Connor <br> Minnaar, CFA, and Pranay Sonalkar, CFA<br>|
| Short-Term Government Income Trust | &nbsp;&nbsp;&nbsp; Jeffrey N. Given, CFA, Spencer Godfrey, CFA, Howard C. Greene, CFA<sup>1</sup>, and <br> Connor Minnaar, CFA<br>|
| Small Cap Core Trust | Ryan Davies, CFA, Joseph Nowinski, and Bill Talbot, CFA<sup>2</sup> |
| Small Cap Index Trust | Jenny Kim, CFA and Boncana Maiga, CFA, CIM |
| Strategic Equity Allocation Trust | Michael J. Comer, CFA and James Robertson, CIM |
| Strategic Income Opportunities Trust | &nbsp;&nbsp;&nbsp; David A. Bees, CFA, Christopher M. Chapman, CFA, Thomas C. Goggins, Kelly <br> Lim, CFA, Brad Lutz, CFA, Kisoo Park<sup>3</sup>, and Christopher Smith, CFA, CAIA<br>|
| Total Bond Market Trust | Connor Minnaar, CFA and Pranay Sonalkar, CFA |
| Total Stock Market Index Trust | Jenny Kim, CFA and Boncana Maiga, CFA, CIM |
| Ultra Short Term Bond Trust | &nbsp;&nbsp;&nbsp; Jeffrey N. Given, CFA, Spencer Godfrey, CFA, Howard C. Greene, CFA<sup>1</sup>, Connor <br> Minnaar, CFA, and Pranay Sonalkar, CFA<br>|

---

**1**

Effective December 31, 2027, Howard C. Greene, CFA will no longer serve as a portfolio manager of the fund.

**2**

Effective December 31, 2026, Bill Talbot, CFA will no longer serve as a portfolio manager of the fund.

**3**

Effective September 30, 2026, Kisoo Park will no longer serve as a portfolio manager of the fund.

The following table provides information regarding other accounts for which each portfolio manager listed above has day-to-day management responsibilities. Accounts are grouped into three categories: (i) other investment companies (and series thereof); (ii) other pooled investment vehicles;

**B-8**

------

and (iii) other accounts. To the extent that any of these accounts pay advisory fees that are based on account performance ("performance-based fees"), information on those accounts is specifically broken out. In addition, any assets denominated in foreign currencies have been converted into U.S. dollars using the exchange rates as of the applicable date. Also shown below the table is each portfolio manager's investment in the fund or funds he or she manages and similarly managed accounts.

The following table provides information as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Other Registered Investment**<br> **Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Other Registered Investment**<br> **Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp;&nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Assets**<br> **(in millions) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Assets**<br> **(in millions) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Assets**<br> **(in millions) ($)**<br>|
| David A. Bees | 6 | 5075 | 39 | 13455 | 16 | 5551 |
| Michael Bokoff | 0 | 0 | 0 | 0 | 0 | 0 |
| Paul Boyne | 1 | 903 | 8 | 1025 | 2 | 547 |
| Christopher M. Chapman | 4 | 4670 | 42 | 13666 | 16 | 5551 |
| Michael J. Comer | 3 | 9871 | 4 | 1908 | 0 | 0 |
| Susan A. Curry | 4 | 5628 | 8 | 328 | 5 | 1 |
| Ryan Davies | 1 | 1935 | 5 | 1782 | 3 | 133 |
| James Gearhart | 8 | 6165 | 15 | 3061 | 1 | 37 |
| Jeffrey N. Given | 14 | 38072 | 36 | 8092 | 36 | 20557 |
| Spencer Godfrey | 11 | 37423 | 36 | 8092 | 30 | 20550 |
| Thomas C. Goggins | 4 | 4670 | 42 | 13666 | 16 | 5551 |
| Jonas Grazulis | 2 | 1689 | 8 | 2269 | 0 | 0 |
| Howard C. Greene | 13 | 37848 | 36 | 8092 | 32 | 20556 |
| Stephen Hermsdorf | 1 | 903 | 8 | 1025 | 2 | 547 |
| Geoffrey Kelley | 39 | 40993 | 45 | 22620 | 0 | 0 |
| Jenny Kim | 4 | 11274 | 62 | 15477 | 9 | 4585 |
| David Kobuszewski | 34 | 40924 | 18 | 10199 | 0 | 0 |
| Ryan P. Lentell | 3 | 1964 | 2 | 132 | 0 | 0 |
| Kelly Lim | 0 | 0 | 0 | 0 | 0 | 0 |
| Brad Lutz | 4 | 4670 | 43 | 14086 | 16 | 5551 |
| Boncana Maiga | 6 | 11287 | 76 | 17328 | 9 | 4585 |
| Michael J. Mattioli | 4 | 6922 | 11 | 7009 | 17 | 4062 |
| Connor Minnaar | 17 | 42228 | 36 | 8092 | 32 | 20556 |
| Joseph Nowinski | 1 | 1935 | 4 | 91 | 3 | 133 |
| Kisoo Park | 4 | 4670 | 42 | 13666 | 16 | 5551 |
| Nicholas Renart | 4 | 6922 | 9 | 6155 | 18 | 4062 |
| Edward Ritchie | 1 | 903 | 11 | 3279 | 3 | 1560 |
| James Robertson | 2 | 9831 | 48 | 20655 | 0 | 0 |
| Caryn E. Rothman | 3 | 1802 | 10 | 5351 | 3 | 273 |
| Christopher Smith | 4 | 4670 | 42 | 13666 | 16 | 5551 |
| Felicity Smith | 1 | 903 | 8 | 1025 | 2 | 547 |
| Pranay Sonalkar | 13 | 37848 | 36 | 8092 | 32 | 20556 |
| Robert E. Sykes | 34 | 40924 | 18 | 10150 | 0 | 0 |
| Bill Talbot | 1 | 1935 | 4 | 91 | 3 | 133 |
| Jonathan T. White | 4 | 6922 | 14 | 6941 | 19 | 4063 |
| Jeffrey Wu | 0 | 0 | 1 | 504 | 0 | 0 |

---

***Performance-Based Fees for Other Accounts Managed.*** Of the accounts listed in the table above, those for which the subadvisor receives a fee based on investment performance are listed in the table below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Other Registered Investment**<br> **Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Other Registered Investment**<br> **Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp;&nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Assets**<br> **(in millions) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Assets**<br> **(in millions) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Assets**<br> **(in millions) ($)**<br>|
| David A. Bees | 0 | 0 | 0 | 0 | 0 | 0 |

---

**B-9**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Other Registered Investment**<br> **Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Other Registered Investment**<br> **Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp;&nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Assets**<br> **(in millions) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Assets**<br> **(in millions) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Assets**<br> **(in millions) ($)**<br>|
| Michael Bokoff | 0 | 0 | 0 | 0 | 0 | 0 |
| Paul Boyne | 0 | 0 | 0 | 0 | 1 | 409 |
| Christopher M. Chapman | 0 | 0 | 0 | 0 | 0 | 0 |
| Michael J. Comer | 0 | 0 | 0 | 0 | 0 | 0 |
| Susan A. Curry | 0 | 0 | 0 | 0 | 0 | 0 |
| Ryan Davies | 0 | 0 | 0 | 0 | 0 | 0 |
| James Gearhart | 0 | 0 | 0 | 0 | 0 | 0 |
| Jeffrey N. Given | 0 | 0 | 0 | 0 | 0 | 0 |
| Spencer Godfrey | 0 | 0 | 0 | 0 | 0 | 0 |
| Thomas C. Goggins | 0 | 0 | 0 | 0 | 0 | 0 |
| Jonas Grazulis | 0 | 0 | 0 | 0 | 0 | 0 |
| Howard C. Greene | 0 | 0 | 0 | 0 | 0 | 0 |
| Stephen Hermsdorf | 0 | 0 | 0 | 0 | 1 | 409 |
| Geoffrey Kelley | 0 | 0 | 0 | 0 | 0 | 0 |
| Jenny Kim | 0 | 0 | 0 | 0 | 0 | 0 |
| David Kobuszewski | 0 | 0 | 0 | 0 | 0 | 0 |
| Ryan P. Lentell | 0 | 0 | 0 | 0 | 0 | 0 |
| Kelly Lim | 0 | 0 | 0 | 0 | 0 | 0 |
| Brad Lutz | 0 | 0 | 0 | 0 | 0 | 0 |
| Boncana Maiga | 0 | 0 | 0 | 0 | 3 | 1694 |
| Michael J. Mattioli | 0 | 0 | 0 | 0 | 0 | 0 |
| Connor Minnaar | 0 | 0 | 0 | 0 | 0 | 0 |
| Joseph Nowinski | 0 | 0 | 0 | 0 | 0 | 0 |
| Kisoo Park | 0 | 0 | 0 | 0 | 0 | 0 |
| Nicholas Renart | 0 | 0 | 0 | 0 | 3 | 1694 |
| Edward Ritchie | 0 | 0 | 0 | 0 | 1 | 409 |
| James Robertson | 0 | 0 | 0 | 0 | 0 | 0 |
| Caryn E. Rothman | 0 | 0 | 0 | 0 | 0 | 0 |
| Christopher Smith | 0 | 0 | 0 | 0 | 0 | 0 |
| Felicity Smith | 0 | 0 | 0 | 0 | 1 | 409 |
| Pranay Sonalkar | 0 | 0 | 0 | 0 | 0 | 0 |
| Robert E. Sykes | 0 | 0 | 0 | 0 | 0 | 0 |
| Bill Talbot | 0 | 0 | 0 | 0 | 0 | 0 |
| Jonathan T. White | 0 | 0 | 0 | 0 | 1 | 1694 |
| Jeffrey Wu | 0 | 0 | 0 | 0 | 0 | 0 |

---

**Ownership of the Funds and Similarly Managed Accounts**

The following table shows the dollar range of fund shares and shares of similarly managed accounts beneficially owned by the portfolio managers listed above as of December 31, 2025. For purposes of this table, "similarly managed accounts" include all accounts that are managed (i) by the same portfolio managers that are jointly and primarily responsible for the day-to-day management of the fund; and (ii) with an investment style, objective, policies and strategies substantially similar to those that are used to manage the fund. Each portfolio manager's ownership of fund shares is stated in the footnote(s) below the table.

---

| | | |
|:---|:---|:---|
| **Fund** | **Portfolio Manager** | **Dollar Range of Shares Owned**<sup>1</sup> <br>|
| 500 Index Trust | Jenny Kim |  |
|  | Boncana Maiga |  |
| Active Bond Trust | Jeffrey N. Given | over $1,000,000 |
|  | Spencer Godfrey | $100001 - $500000 |
|  | Howard C. Greene | over $1,000,000 |
|  | Connor Minnaar | $100001 - $500000 |

---

**B-10**

------

---

| | | |
|:---|:---|:---|
| **Fund** | **Portfolio Manager** | **Dollar Range of Shares Owned**<sup>1</sup> |
|  | Pranay Sonalkar | $100001 - $500000 |
| Financial Industries Trust | Susan A. Curry | $500001 - $1000000 |
|  | Ryan P. Lentell | $500001 - $1000000 |
| Fundamental All Cap Core Trust | Michael J. Mattioli |  |
|  | Nicholas P. Renart | $100001 - $500000 |
|  | Jonathan T. White | over $1,000,000 |
| Fundamental Large Cap Value Trust | Michael Bokoff |  |
|  | Nicholas Renart | $500001-$1000000 |
|  | Jonathan T. White |  |
| Global Equity Trust | Paul Boyne | over $1,000,000 |
|  | Stephen Hermsdorf | over $1,000,000 |
|  | Edward Ritchie | $50001-$100000 |
|  | Felicity Smith |  |
| High Yield Trust | James Gearhart | $100001 - $500000 |
|  | Jonas Grazulis | $500001 - $1000000 |
|  | Caryn E. Rothman | $500001 - $1000000 |
| Lifestyle Balanced Portfolio | Geoffrey Kelley |  |
|  | David Kobuszewski |  |
|  | Robert E. Sykes |  |
| Lifestyle Conservative Portfolio | Geoffrey Kelley |  |
|  | David Kobuszewski |  |
|  | Robert E. Sykes |  |
| Lifestyle Growth Portfolio | Geoffrey Kelley |  |
|  | David Kobuszewski |  |
|  | Robert E. Sykes |  |
| Lifestyle Moderate Portfolio | Geoffrey Kelley |  |
|  | David Kobuszewski |  |
|  | Robert E. Sykes |  |
| Managed Volatility Balanced Portfolio | Geoffrey Kelley |  |
|  | Robert E. Sykes |  |
|  | Jeffrey Wu |  |
| Managed Volatility Conservative Portfolio | Geoffrey Kelley |  |
|  | Robert E. Sykes |  |
|  | Jeffrey Wu |  |
| Managed Volatility Growth Portfolio | Geoffrey Kelley |  |
|  | Robert E. Sykes |  |
|  | Jeffrey Wu |  |
| Managed Volatility Moderate Portfolio | Geoffrey Kelley |  |
|  | Robert E. Sykes |  |
|  | Jeffrey Wu |  |
| Mid Cap Index Trust | Jenny Kim |  |
|  | Boncana Maiga |  |
| Select Bond Trust | Jeffrey N. Given | $500001 - $1000000 |
|  | Spencer Godfrey | $100001 - $500000 |
|  | Howard C. Greene | $100001 - $500000 |
|  | Connor Minnaar | $10001 - $50000 |
|  | Pranay Sonalkar | $10001 - $50000 |
| Short-Term Government Income Trust | Jeffrey N. Given |  |
|  | Spencer Godfrey |  |
|  | Howard C. Greene | $10001 - $50000 |
|  | Connor Minnaar |  |
| Small Cap Core Trust | Ryan Davies | $100001 - $500000 |

---

**B-11**

------

---

| | | |
|:---|:---|:---|
| **Fund** | **Portfolio Manager** | **Dollar Range of Shares Owned**<sup>1</sup> |
|  | Joseph Nowinski | $100001 - $500000 |
|  | Bill Talbot | $100001 - $500000 |
| Small Cap Index Trust | Jenny Kim |  |
|  | Boncana Maiga |  |
| Strategic Equity Allocation Trust | Michael J. Comer |  |
|  | James Robertson |  |
| Strategic Income Opportunities Trust | David A. Bees | $10001 - $50000 |
|  | Christopher M. Chapman | $500001 - $1000000 |
|  | Thomas C. Goggins | over $1,000,000 |
|  | Kelly Lim |  |
|  | Brad Lutz | $100001 - $500000 |
|  | Kisoo Park |  |
|  | Christopher Smith | $50001-$100000 |
| Total Bond Market Trust | Connor Minnaar | $10001 - $50000 |
|  | Pranay Sonalkar |  |
| Total Stock Market Index Trust | Jenny Kim |  |
|  | Boncana Maiga |  |
| Ultra Short Term Bond Trust | Jeffrey N. Given |  |
|  | Spencer Godfrey |  |
|  | Howard C. Greene |  |
|  | Connor Minnaar |  |
|  | Pranay Sonalkar |  |

---

**1**

As of December 31, 2025, David A. Bees, Michael Bokoff, Paul Boyne, Christopher M. Chapman, Michael J. Comer, Susan A. Curry, Ryan Davies, James Gearhart, Jeffrey N. Given, Spencer Godfrey, Thomas C. Goggins, Jonas Grazulis, Howard C. Greene, Stephen Hermsdorf, Geoffrey Kelley, Jenny Kim, David Kobuszewski, Ryan P. Lentell, Kelly Lim, Brad Lutz, Boncana Maiga, Michael J. Mattioli, Connor Minnaar, Joseph Nowinski, Kisoo Park, Nicholas P. Renart, Edward Ritchie, James Robertson, Caryn E. Rothman, Christopher Smith, Felicity Smith, Pranay Sonalkar, Robert E. Sykes, Bill Talbot, Jonathan T. White, and Jeffrey Wu beneficially owned $0, $0, $0, $0, $0, $0, $0, $0, $0, $0, $0, $0, $0, $0, $0, $0, $0, $0, $0, $0, $0, $0, $0, $0, $0, $0, $0, $0, $0, $0, $0, $0, $0, $0, $0, and $0, respectively, of the fund.

**Potential Conflicts of Interest**

When a portfolio manager is responsible for the management of more than one account, the potential arises for the portfolio manager to favor one account over another. The principal types of potential conflicts of interest that may arise are discussed below. For the reasons outlined below, the funds do not believe that any material conflicts are likely to arise out of a portfolio manager's responsibility for the management of the funds as well as one or more other accounts. The Advisor and Manulife IM (US) (the "Subadvisor") have adopted procedures that are intended to monitor compliance with the policies referred to in the following paragraphs. Generally, the risks of such conflicts of interests are increased to the extent that a portfolio manager has a financial incentive to favor one account over another. The Advisor and Subadvisor have structured their compensation arrangements in a manner that is intended to limit such potential for conflicts of interests. See "Compensation" below.

● A portfolio manager could favor one account over another in allocating new investment opportunities that have limited supply, such as initial public offerings and private placements. If, for example, an initial public offering that was expected to appreciate in value significantly shortly after the offering was allocated to a single account, that account may be expected to have better investment performance than other accounts that did not receive an allocation on the initial public offering. The Subadvisor has policies that require a portfolio manager to allocate such investment opportunities in an equitable manner and generally to allocate such investments proportionately among all accounts with similar investment objectives.

● A portfolio manager could favor one account over another in the order in which trades for the accounts are placed. If a portfolio manager determines to purchase a security for more than one account in an aggregate amount that may influence the market price of the security, accounts that purchased or sold the security first may receive a more favorable price than accounts that made subsequent transactions. The less liquid the market for the security or the greater the percentage that the proposed aggregate purchases or sales represent of average daily trading volume, the greater the potential for accounts that make subsequent purchases or sales to receive a less favorable price. When a portfolio manager intends to trade the same security for more than one account, the policies of the Subadvisor generally require that such trades be "bunched," which means that the trades for the individual accounts are aggregated and each account receives the same price. There are some types of accounts as to which bunching may not be possible for contractual reasons (such as directed brokerage arrangements). Circumstances may also arise where the trader believes that bunching the orders may not result in the best possible price. Where those accounts or circumstances are involved, the Subadvisor will place the order in a manner intended to result in as favorable a price as possible for such client.

● A portfolio manager could favor an account if the portfolio manager's compensation is tied to the performance of that account rather than all accounts managed by the portfolio manager. If, for example, the portfolio manager receives a bonus based upon the performance of certain accounts relative to a benchmark while other accounts are disregarded for this purpose, the portfolio manager will have a financial incentive to seek to have the accounts that determine the portfolio manager's bonus achieve the best possible performance to the possible detriment of other accounts.

**B-12**

------

Similarly, if the Subadvisor receives a performance-based advisory fee, the portfolio manager may favor that account, whether or not the performance of that account directly determines the portfolio manager's compensation. The investment performance on specific accounts is not a factor in determining the portfolio manager's compensation. See "Compensation" below. Neither the Advisor nor the Subadvisor receives a performance-based fee with respect to any of the accounts managed by the portfolio managers.

● A portfolio manager could favor an account if the portfolio manager has a beneficial interest in the account, in order to benefit a large client or to compensate a client that had poor returns. For example, if the portfolio manager held an interest in an investment partnership that was one of the accounts managed by the portfolio manager, the portfolio manager would have an economic incentive to favor the account in which the portfolio manager held an interest. The Subadvisor imposes certain trading restrictions and reporting requirements for accounts in which a portfolio manager or certain family members have a personal interest in order to confirm that such accounts are not favored over other accounts.

● If the different accounts have materially and potentially conflicting investment objectives or strategies, a conflict of interest may arise. For example, if a portfolio manager purchases a security for one account and sells the same security short for another account, such trading pattern could disadvantage either the account that is long or short. In making portfolio manager assignments, the Subadvisor seeks to avoid such potentially conflicting situations. However, where a portfolio manager is responsible for accounts with differing investment objectives and policies, it is possible that the portfolio manager will conclude that it is in the best interest of one account to sell a portfolio security while another account continues to hold or increase the holding in such security.

**Compensation**

The Subadvisor has adopted a system of compensation for portfolio managers and others involved in the investment process that is applied systematically among investment professionals. At the Subadvisor, the structure of compensation of investment professionals is currently comprised of the following basic components: base salary and short- and long-term incentives. The following describes each component of the compensation package for the individuals identified as a portfolio manager for the funds.

● Base salary. Base compensation is fixed and normally reevaluated on an annual basis. The Subadvisor seeks to set compensation at market rates, taking into account the experience and responsibilities of the investment professional.

● Incentives. Only investment professionals are eligible to participate in the short- and long-term incentive plan. Under the plan, investment professionals are eligible for an annual cash award. The plan is intended to provide a competitive level of annual bonus compensation that is tied to the investment professional achieving superior investment performance and aligns the financial incentives of the Subadvisor and the investment professional. Any bonus under the plan is completely discretionary, with a maximum annual bonus that may be well in excess of base salary. Payout of a portion of this bonus may be deferred for up to five years. While the amount of any bonus is discretionary, the following factors are generally used in determining bonuses under the plan:

&nbsp;&nbsp;&nbsp;&nbsp;● *Investment Performance:* The investment performance of all accounts managed by the investment professional over one, three and five-year periods are considered. The pre-tax performance of each account is measured relative to an appropriate peer group benchmark identified in the table below (for example a Morningstar large cap growth peer group if the fund invests primarily in large cap stocks with a growth strategy). With respect to fixed income accounts, relative yields are also used to measure performance. This is the most heavily weighted factor.

&nbsp;&nbsp;&nbsp;&nbsp;● *Financial Performance:* The profitability of the Subadvisor and its parent company are also considered in determining bonus awards.

&nbsp;&nbsp;&nbsp;&nbsp;● *Non-Investment Performance:* To a lesser extent, intangible contributions, including the investment professional's support of client service and sales activities, new fund/strategy idea generation, professional growth and development, and management, where applicable, are also evaluated when determining bonus awards.

● In addition to the above, compensation may also include a revenue component for an investment team derived from a number of factors including, but not limited to, client assets under management, investment performance, and firm metrics.

● Manulife equity awards. Investment professionals may receive restricted share units, where the investment professional is entitled to receive restricted share units as part of the system of compensation restricted share units are forgone if the investment professional's employment is terminated prior to a vesting date.

● Deferred Incentives. Investment professionals may receive deferred incentives which are fully invested in strategies managed by the team/individual as well as other Manulife Investment Management strategies.

The Subadvisor also permits investment professionals to participate on a voluntary basis in a deferred compensation plan, under which the investment professional may elect on an annual basis to defer receipt of a portion of their compensation until retirement. Participation in the plan is voluntary.

---

| | |
|:---|:---|
| **Fund** | **Peer Group and/or Benchmark Index for Incentive Period** |
| 500 Index Trust | Morningstar US OE Insurance Large Blend |
| Active Bond Trust | Morningstar US OE Insurance Intermediate Core-Plus Bond |
| Financial Industries Trust | Morningstar US OE Insurance Financial |
| Fundamental All Cap Core Trust | Morningstar US OE Insurance Large Growth |
| Fundamental Large Cap Value Trust | Morningstar US OE Insurance Large Value |
| Global Equity Trust | Morningstar US OE Insurance World Large Stock |
| High Yield Trust | Morningstar US OE Insurance High Yield Bond |
| Lifestyle Portfolios | Morningstar US OE Insurance Allocation |

---

**B-13**

------

---

| | |
|:---|:---|
| **Fund** | **Peer Group and/or Benchmark Index for Incentive Period** |
| Managed Volatility Portfolios | Morningstar US OE Insurance Allocation |
| Mid Cap Index Trust | Morningstar US OE Insurance Mid-Cap Blend |
| Select Bond Trust | Morningstar US OE Insurance Intermediate Core Bond |
| Short-Term Government Income Trust | Morningstar US OE Insurance Short Government |
| Small Cap Core Trust | Morningstar US OE Insurance Small Value |
| Small Cap Index Trust | Morningstar US OE Insurance Small-Cap Blend |
| Strategic Equity Allocation Trust | Morningstar US OE Insurance Allocation |
| Strategic Income Opportunities Trust | Morningstar US OE Insurance Multisector Bond |
| Total Bond Market Trust | Morningstar US OE Insurance Intermediate Core Bond |
| Total Stock Market Index Trust | Morningstar US OE Insurance Large Blend |
| Ultra Short Term Bond Trust | Morningstar US OE Insurance Ultrashort Bond |

---

**B-14**

------

**SSGA Funds Management, Inc.** 

**("SSGA FM")**

**International Equity Index Trust**

**Portfolio Managers and Other Accounts Managed**

The following table shows the portfolio managers at the subadvisor who are jointly and primarily responsible for the day-to-day management of the stated fund's portfolio.

---

| | |
|:---|:---|
| **Fund** | **Portfolio Managers** |
| International Equity Index Trust | Thomas Coleman, CFA and Karl Schneider, CAIA |

---

The following table provides information regarding other accounts for which each portfolio manager listed above has day-to-day management responsibilities. Accounts are grouped into three categories: (i) other investment companies (and series thereof); (ii) other pooled investment vehicles; and (iii) other accounts. To the extent that any of these accounts pay advisory fees that are based on account performance ("performance-based fees"), information on those accounts is specifically broken out. In addition, any assets denominated in foreign currencies have been converted into U.S. dollars using the exchange rates as of the applicable date. Also shown below the table is each portfolio manager's investment in the fund and similarly managed accounts.

The following table provides information as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Other Registered Investment**<br> **Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Other Registered Investment**<br> **Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp;&nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts\*** | **Other Accounts\*** |
| **Portfolio Manager** | &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Assets**<br> **(in millions) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Assets**<br> **(in millions) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Assets**<br> **(in millions) ($)**<br>|
| Thomas Coleman | 143 | 1545166 | 373 | 1184273 | 461 | 647271 |
| Karl Schneider | 143 | 1545166 | 373 | 1184273 | 461 | 647271 |

---

***Performance-Based Fees for Other Accounts Managed.*** Of the accounts listed in the table above, those for which the subadvisor receives a fee based on investment performance are listed in the table below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Other Registered Investment**<br> **Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Other Registered Investment**<br> **Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp;&nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts\*** | **Other Accounts\*** |
| **Portfolio Manager** | &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Assets**<br> **(in millions) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Assets**<br> **(in millions) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Assets**<br> **(in millions) ($)**<br>|
| Thomas Coleman | 0 | 0 | 0 | 0 | 0 | 0 |
| Karl Schneider | 0 | 0 | 0 | 0 | 0 | 0 |

---

**\***

Please note that the assets are managed on a team basis. This table refers to accounts of the Systematic Equity Team of State Street Investment Management. SSGA FM and other advisory affiliates of State Street Corporation make up State Street Investment Management, the investment management arm of State Street Corporation.

**Ownership of the Fund and Similarly Managed Accounts**

The following table shows the dollar range of fund shares and shares of similarly managed accounts beneficially owned by the portfolio managers listed above as of December 31, 2025. For purposes of this table, "similarly managed accounts" include all accounts that are managed (i) by the same portfolio managers that are jointly and primarily responsible for the day-to-day management of the fund; and (ii) with an investment style, objective, policies and strategies substantially similar to those that are used to manage the fund. Each portfolio manager's ownership of fund shares is stated in the footnote(s) below the table.

---

| | |
|:---|:---|
| **Portfolio Manager** | **Dollar Range of Shares Owned**<sup>1</sup> <br>|
| Thomas Coleman |  |
| Karl Schneider |  |

---

**1**

As of December 31, 2025, Thomas Coleman and Karl Schneider beneficially owned $0 and $0, respectively, of the fund.

**Potential Conflicts of Interest**

A portfolio manager that has responsibility for managing more than one account may be subject to potential conflicts of interest because he or she is responsible for other accounts in addition to the fund. Those conflicts could include preferential treatment of one account over others in terms of: (a) the portfolio manager's execution of different investment strategies for various accounts; or (b) the allocation of resources or of investment opportunities.

**B-15**

------

Portfolio managers may manage numerous accounts for multiple clients. These accounts may include registered investment companies, other types of pooled accounts (e.g., collective investment funds), and separate accounts (i.e., accounts managed on behalf of individuals or public or private institutions). Portfolio managers make investment decisions for each account based on the investment objectives and policies and other relevant investment considerations applicable to that portfolio. A potential conflict of interest may arise as a result of a portfolio manager's responsibility for multiple accounts with similar investment guidelines. Under these circumstances, a potential investment may be suitable for more than one of the portfolio manager's accounts, but the quantity of the investment available for purchase is less than the aggregate amount the accounts would ideally allocate to the opportunity. Similar conflicts may arise when multiple accounts seek to dispose of the same investment. The portfolio managers may also manage accounts whose objectives and policies differ from that of the fund. These differences may be such that under certain circumstances, trading activity appropriate for one account managed by the portfolio manager may have adverse consequences for another account managed by the portfolio manager. For example, an account may sell a significant position in a security, which could cause the market price of that security to decrease, while a fund maintained its position in that security.

A potential conflict may arise when the portfolio managers are responsible for accounts that have different advisory fees – the difference in fees could create an incentive for the portfolio manager to favor one account over another, for example, in terms of access to investment opportunities. This conflict may be heightened if an account is subject to a performance-based fee, as applicable. Another potential conflict may arise when the portfolio manager has a personal investment in one or more accounts that participate in transactions with other accounts. His or her personal investment(s) may create an incentive for the portfolio manager to favor one account over another. SSGA FM has adopted policies and procedures reasonably designed to address these potential material conflicts. For instance, portfolio managers within SSGA FM are normally responsible for all accounts within a certain investment discipline and do not, absent special circumstances, differentiate among the various accounts when allocating resources. Additionally, SSGA FM and its advisory affiliates have processes and procedures for allocating investment opportunities among portfolios that are designed to provide a fair and equitable allocation. With respect to conflicts arising from personal investments, all employees, including portfolio managers, must comply with personal trading controls established by each of SSGA FM's and the SSGA Trusts' Code of Ethics.

**Compensation**

State Street Investment Management's ("State Street IM") culture is complemented and reinforced by a total rewards strategy that is based on a pay for performance philosophy which seeks to offer a competitive pay mix of base salary, benefits, cash incentives and deferred compensation.

Salary is based on a number of factors, including external benchmarking data and market trends, and performance both at the business and individual level. State Street IM's Global Human Resources department regularly participates in compensation surveys in order to provide State Street IM with market-based compensation information that helps support individual pay decisions.

Additionally, subject to State Street and State Street IM business results, an incentive pool is allocated to State Street IM to reward its employees. The size of the incentive pool for most business units is based on the firm's overall profitability and other factors, including performance against risk-related goals. For most State Street IM investment teams, State Street IM recognizes and rewards performance by linking annual incentive decisions for investment teams to the firm's or business unit's profitability and business unit investment performance over a multi-year period.

Incentive pool funding for most active investment teams is driven in part by the post-tax investment performance of fund(s) managed by the team versus the return levels of the benchmark index(es) of the fund(s) on a one-, three- and, in some cases, five-year basis. For most active investment teams, a material portion of incentive compensation for senior staff is deferred over a four-year period into the State Street Investment Management Long-Term Incentive ("State Street Investment Management LTI") program. For these teams, the State Street Investment Management LTI program indexes the performance of these deferred awards against the post-tax investment performance of fund(s) managed by the team. This is intended to align State Street IM's investment team's compensation with client interests, both through annual incentive compensation awards and through the long-term value of deferred awards in the State Street Investment Management LTI program.

For the index equity investment team, incentive pool funding is driven in part by the post-tax 1 and 3-year tracking error of the funds managed by the team against the benchmark indexes of the funds.

The discretionary allocation of the incentive pool to the business units within State Street IM is influenced by market-based compensation data, as well as the overall performance of each business unit. Individual compensation decisions are made by the employee's manager, in conjunction with the senior management of the employee's business unit. These decisions are based on the overall performance of the employee and, as mentioned above, on the performance of the firm and business unit. Depending on the job level, a portion of the annual incentive may be awarded in deferred compensation, which may include cash and/or Deferred Stock Awards (State Street stock), which typically vest over a four-year period. This helps to retain staff and further aligns State Street IM employees' interests with State Street IM clients' and shareholders' long-term interests.

State Street IM recognizes and rewards outstanding performance by:

● Promoting employee ownership to connect employees directly to the company's success.

● Using rewards to reinforce mission, vision, values and business strategy.

● Seeking to recognize and preserve the firm's unique culture and team orientation.

● Providing all employees the opportunity to share in the success of State Street IM.

**B-16**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**T. Rowe Price Associates, Inc.** 

**("T. Rowe Price")** 

**T. Rowe Price Investment Management, Inc. Is Sub-Subadvisor to Capital Appreciation Value Trust and Small Company Value Trust**

**Blue Chip Growth Trust**

**Capital Appreciation Value Trust**

**Equity Income Trust**

**Health Sciences Trust**

**Mid Value Trust**

**Science & Technology Trust**

**Small Company Value Trust**

**Portfolio Managers and Other Accounts Managed**

The following table shows the portfolio managers at the subadvisor who are jointly and primarily responsible for the day-to-day management of the stated funds' portfolios.

---

| | |
|:---|:---|
| **Fund** | **Portfolio Managers** |
| Blue Chip Growth Trust | Paul Greene II |
| Capital Appreciation Value Trust | David R. Giroux, CFA, Vivek Rajeswaran, Mike Signore and Brian Solomon |
| Equity Income Trust | John D. Linehan, CFA |
| Health Sciences Trust | Ziad Bakri, MD, CFA<sup>1</sup> and Jeff Holford |
| Mid Value Trust | Vincent DeAugustino, CFA |
| Science & Technology Trust | Anthony Wang |
| Small Company Value Trust | J. David Wagner, CFA |

---

**1**

Effective July 1, 2026, Ziad Bakri will no longer serve as a portfolio manager of the fund.

The following table provides information regarding other accounts for which each portfolio manager listed above has day-to-day management responsibilities. Accounts are grouped into three categories: (i) other investment companies (and series thereof); (ii) other pooled investment vehicles; and (iii) other accounts. To the extent that any of these accounts pay advisory fees that are based on account performance ("performance-based fees"), information on those accounts is specifically broken out. In addition, any assets denominated in foreign currencies have been converted into U.S. dollars using the exchange rates as of the applicable date. Also shown below the table is each portfolio manager's investment in the fund or funds he manages and similarly managed accounts.

The following table provides information as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Other Registered Investment**<br> **Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Other Registered Investment**<br> **Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp;&nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| **Assets ($)** | &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| **Assets ($)** | &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| **Assets ($)** |
| Ziad Bakri | 3 | 12997202315 | 3 | 2025233118 | 0 | 0 |
| Vincent DeAugustino | 4 | 17350950618 | 3 | 9302201434 | 1 | 10311465 |
| David R. Giroux | 11 | 107524959257 | 3 | 3096933981 | 1 | 29998250 |
| Paul D. Greene | 8 | 85140989563 | 22 | 30733272617 | 2 | 2226430677 |
| Jeff Holford | 0 | 0 | 0 | 0 | 0 | 0 |
| John D. Linehan | 12 | 32904921657 | 29 | 32270858684 | 9 | 2718754701 |
| Vivek Rajeswaran | 9 | 106913244763 | 1 | 866874832 | 1 | 29998250 |
| Mike Signore | 9 | 106913244763 | 1 | 866874832 | 1 | 29998250 |
| Brian P. Solomon | 10 | 107124870631 | 1 | 866874832 | 1 | 29998250 |
| J. David Wagner | 2 | 9648360751 | 3 | 6388386406 | 1 | 112160 |
| Anthony Wang | 1 | 11927783961 | 1 | 182028155 | 0 | 0 |

---

***Performance-Based Fees for Other Accounts Managed.*** Of the accounts listed in the table above, those for which the subadvisor receives a fee based on investment performance are listed in the table below.

**B-17**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Other Registered Investment**<br> **Companies** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Other Registered Investment**<br> **Companies** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| **Assets ($)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| **Assets ($)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| **Assets ($)** |
| Ziad Bakri | 0 | 0 | 0 | 0 | 0 | 0 |
| Vincent DeAugustino | 0 | 0 | 0 | 0 | 0 | 0 |
| David R. Giroux | 0 | 0 | 0 | 0 | 0 | 0 |
| Paul Greene II | 0 | 0 | 0 | 0 | 0 | 0 |
| Jeff Holford | 0 | 0 | 0 | 0 | 0 | 0 |
| John D. Linehan | 0 | 0 | 0 | 0 | 0 | 0 |
| Vivek Rajeswaran | 0 | 0 | 0 | 0 | 0 | 0 |
| Mike Signore | 0 | 0 | 0 | 0 | 0 | 0 |
| Brian Solomon | 0 | 0 | 0 | 0 | 0 | 0 |
| J. David Wagner | 0 | 0 | 0 | 0 | 0 | 0 |
| Anthony Wang | 0 | 0 | 0 | 0 | 0 | 0 |

---

**Ownership of the Funds and Similarly Managed Accounts**

The following table shows the dollar range of fund shares and shares of similarly managed accounts beneficially owned by the portfolio managers listed above as of December 31, 2025. For purposes of this table, "similarly managed accounts" include all accounts that are managed (i) by the same portfolio managers that are jointly and primarily responsible for the day-to-day management of the fund; and (ii) with an investment style, objective, policies and strategies substantially similar to those that are used to manage the fund. Each portfolio manager's ownership of fund shares is stated in the footnote(s) below the table.

---

| | | |
|:---|:---|:---|
| **Fund** | **Portfolio Manager** | **Dollar Range of Shares Owned**<sup>1</sup> |
| Blue Chip Growth Trust | Paul Greene II |  |
| Capital Appreciation Value Trust | David R. Giroux |  |
|  | Vivek Rajeswaran |  |
|  | Mike Signore |  |
|  | Brian Solomon |  |
| Equity Income Trust | John D. Linehan |  |
| Health Sciences Trust | Ziad Bakri |  |
|  | Jeff Holford |  |
| Mid Value Trust | Vincent DeAugustino |  |
| Science & Technology Trust | Anthony Wang |  |
| Small Company Value Trust | J. David Wagner |  |

---

**1**

As of December 31, 2025, Ziad Bakri, Vincent DeAugustino, David R. Giroux, Paul Greene II, John D. Linehan, Jeff Holford, Vivek Rajeswaran, Mike Signore, Brian Solomon, J. David Wagner, and Anthony Wang beneficially owned $0, $0, $0, $0, $0, $0, $0, $0, $0, and $0, respectively, of the fund.

**Potential Conflicts of Interest**

Portfolio managers at T. Rowe Price and its affiliates may manage multiple accounts. These accounts may include, among others, mutual funds, exchange-traded funds, business development companies, separate accounts (assets managed on behalf of institutions such as pension funds, colleges and universities, and foundations), offshore funds, private funds, and common trust funds. T. Rowe Price also provides nondiscretionary advice to institutional investors in the form of delivery of model portfolios. Like other investment professionals with multiple clients, a fund's portfolio manager(s) may face certain potential conflicts of interest in connection with managing both a fund and other accounts at the same time. T. Rowe Price and the T. Rowe Price funds have adopted various compliance policies and procedures that seek to address and mitigate certain of the potential conflicts that T. Rowe Price and its investment personnel may face in this regard.

Portfolio managers make investment decisions for each portfolio based on the investment objectives, policies, practices, and other relevant investment considerations that they believe are applicable to that portfolio. Consequently, portfolio managers may purchase (or sell) securities for one portfolio and not another portfolio. Investments made by a fund and the results achieved by a fund at any given time are not expected to be the same as those made by other funds for which T. Rowe Price acts as investment adviser, including funds with names, investment objectives and policies, and/or portfolio management teams, similar to a fund. This may be attributable to a wide variety of factors, including, but not limited to, large shareholder purchases or redemptions or specific investment restrictions.

The T. Rowe Price funds generally may not purchase shares of stock issued by T. Rowe Price Group, Inc. However, a T. Rowe Price Index Fund is permitted to make such purchases to the extent T. Rowe Price Group, Inc., is represented in the benchmark index the fund is designed to track. T. Rowe

**B-18**

------

Price may execute securities transactions with, and the T. Rowe Price funds and other accounts managed by T. Rowe Price may invest in the securities of the fund's service providers. In addition, other T. Rowe Price accounts may use the same service providers as the T. Rowe Price funds for the same or different services.

T. Rowe Price and its affiliates furnish investment management and advisory services to numerous clients in addition to the T. Rowe Price funds, and T. Rowe Price or its affiliates may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts that have performance or higher fees paid to T. Rowe Price), which may be the same as or different from those made to a T. Rowe Price fund. The management of funds or other accounts with different advisory fee rates and/or fee structures, including accounts that pay advisory fees based on account performance (performance fee accounts), may raise potential conflicts of interest by creating an incentive to favor accounts that pay higher fees, including performance fee accounts.

The same portfolio manager(s) could serve as portfolio manager to one or more T. Rowe Price mutual funds or ETFs. That portfolio manager may determine to have one T. Rowe Price mutual fund or ETF (Investing Fund) invest in another Price mutual fund or ETF (Underlying Fund) and may have incentives, such as to support an investment strategy or cash flow needs. Moreover, a situation could occur where the best interests of the Investing Fund could be averse to the best interests of an Underlying Fund or vice versa. For example, conflicts could arise in voting proxies or purchasing or redeeming shares of the Underlying Fund in a manner beneficial to the Investing Fund but potentially detrimental to the Underlying Fund (or vice versa). The T. Rowe Price funds may be either an Investing Fund or Underlying Fund. T. Rowe Price and the portfolio managers have a fiduciary duty to the T. Rowe Price funds to act in the T. Rowe Price funds' best interests. Under the oversight of the Board and pursuant to applicable policies and procedures, T. Rowe Price will carefully analyze any such situation and take all steps it believes necessary to minimize and, where possible, eliminate potential conflicts. The Investing Fund's or Underlying Fund's activities may be limited or restricted because of laws and regulations applicable to T. Rowe Price, the T. Rowe Price fund, or applicable policies and procedures. For example, if a portfolio manager comes into possession of material, non-public information about an Investing Fund or Underlying Fund, the portfolio manager could potentially be restricted from transacting in either fund, which may adversely affect the T. Rowe Price fund.

T. Rowe Price, its affiliates, and significant shareholders and any officer, director, shareholder, or employee may or may not have an interest in the securities whose purchase and sale T. Rowe Price recommends to the T. Rowe Price funds. In certain circumstances, a T. Rowe Price employee, officer, or director may serve on the board of a T. Rowe Price fund's portfolio company. In addition, T. Rowe Price may refrain from rendering any advice or services concerning securities of companies of which any of T. Rowe Price's (or its affiliates' or significant shareholders') officers, directors, or employees are directors or officers, or companies in which T. Rowe Price or any of its affiliates or significant shareholders or the officers, directors, and employees of any of them has any substantial interest or possesses material nonpublic information.

Additional potential conflicts may be inherent in our use of multiple strategies. For example, conflicts will arise in cases where different clients invest in different parts of an issuer's capital structure, including circumstances in which one or more clients may own private securities or obligations of an issuer and other clients may own or seek to acquire securities of the same issuer. For example, a client may acquire a loan, loan participation, or loan assignment of a particular borrower in which one or more other clients have an equity investment or may invest in senior debt obligations of an issuer for one client and junior debt obligations or equity of the same issuer for another client. Similarly, if an issuer in which a client and one or more other clients directly or indirectly hold different classes of securities (or other assets, instruments, or obligations issued by such issuer or underlying investments of such issuer) encounters financial problems, is involved in a merger or acquisition or a going private transaction, decisions over the terms of any workout or transaction will raise conflicts of interests. While it is appropriate for different clients to hold investments in different parts of the same issuer's capital structure under normal circumstances, the interests of stockholders and debt holders may conflict, as the securities they hold will likely have different voting rights, dividend or repayment priorities, or other features that could be in conflict with one another. Clients should be aware that conflicts will not necessarily be resolved in favor of their interests.

In some cases, T. Rowe Price or its affiliates may refrain from taking certain actions or making certain investments on behalf of clients in order to avoid or to mitigate certain conflicts of interest or to prevent adverse regulatory actions or other implications for T. Rowe Price or its affiliates or may sell investments for certain clients, in such case potentially disadvantaging the clients on whose behalf the actions are not taken, investments not made, or investments sold. In other cases, T. Rowe Price or its affiliates may take actions in order to mitigate legal risks to T. Rowe Price or its affiliates, even if disadvantageous to a client.

Conflicts such as those described above may also occur between clients, on the one hand, and T. Rowe Price or its affiliates, on the other. These conflicts will not always be resolved in the favor of the client. In addition, conflicts may exist between different clients of T. Rowe Price or its affiliates. T. Rowe Price and one or more of its affiliates may operate autonomously from each other and may take actions that are adverse to other clients managed by an affiliate. In some cases, T. Rowe Price or its affiliates will have limited or no ability to mitigate those actions or address those conflicts, which could adversely affect T. Rowe Price or its affiliates' clients. Additional potential conflicts may be inherent in our use of multiple strategies. Regulatory requirements may prohibit T. Rowe Price or its affiliates from investing in certain companies on behalf of some of their clients, including the T. Rowe Price funds, while at the same time not prohibiting T. Rowe Price or its affiliates from making those same investments on behalf of other clients that are not subject to such requirements. T. Rowe Price's or its affiliates' ability to negotiate certain rights or remedies or to take other actions on behalf of the T. Rowe Price funds with respect to an investment also may be limited in situations in which an affiliate of the T. Rowe Price funds (or certain other interested persons) have a direct or indirect interest in the same issuer. When permitted by applicable law, other clients of T. Rowe Price or its affiliates, on the one hand, and one or more T. Rowe Price funds, on the other hand, may invest in or extend credit to different classes of securities or different parts of the capital structure of a single issuer. T. Rowe Price or its affiliates may pursue rights; provide advice or engage in other activities; or refrain

**B-19**

------

from pursuing rights, providing advice, or engaging in other activities, on behalf of themselves or one or more clients other than the T. Rowe Price funds with respect to an issuer in which a T. Rowe Price fund has invested, and such actions (or refraining from action) may have a material adverse effect on such T. Rowe Price fund. In addition, as a result of regulatory requirements or otherwise, in situations in which T. Rowe Price clients (including the T. Rowe Price funds) hold positions in multiple parts of the capital structure of an issuer, T. Rowe Price or its affiliates may not pursue certain actions that may otherwise be available. T. Rowe Price and its affiliates address these and other potential conflicts of interest based on the facts and circumstances of particular situations. For example, T. Rowe Price may determine to rely on one or more information barriers between different advisers, business units, or portfolio management teams or to rely on the actions of similarly situated holders of loans or securities rather than, or in connection with, taking such actions itself on behalf of a client. In these situations, investment personnel are mindful of potentially conflicting interests of our clients with investments in different parts of an issuer's capital structure and seek to take appropriate measures to ensure that the interests of all clients are fairly represented. As a result of the various conflicts and related issues described in this paragraph, a T. Rowe Price fund could sustain losses during periods in which T. Rowe Price or its affiliates and other clients of T. Rowe Price or its affiliates achieve profits generally or with respect to particular holdings or could achieve lower profits or higher losses than would have been the case had the conflicts described above not existed.

**Compensation**

The compensation structure for the T. Rowe Price funds' portfolio managers consists primarily of a base salary, a cash bonus, and an equity incentive that usually comes in the form of restricted stock grants. Compensation is variable and is determined based on the following factors.

Investment performance over 1-, 3-, 5-, and 10-year periods is the most important input. The weightings for these time periods are generally balanced and are applied consistently across similar strategies. T. Rowe Price (and T. Rowe Price Australia, T. Rowe Price Hong Kong, T. Rowe Price Singapore, T. Rowe Price Japan, T. Rowe Price International, and T. Rowe Price Investment Management, as appropriate) evaluates performance in absolute, relative, and risk-adjusted terms. Relative performance and risk-adjusted performance are typically determined with reference to the broad-based index (e.g., S&P 500 Index) and the Lipper average or index (e.g., Large-Cap Growth Index) set forth in the total returns table in the fund's prospectus, although other benchmarks may be used as well. Investment results are also measured against comparably managed funds of competitive investment management firms. The selection of comparable funds is approved by the applicable investment steering committee and is the same as the selection presented to the directors of the T. Rowe Price funds in their regular review of fund performance. Performance is primarily measured on a pretax basis, although tax efficiency is considered.

Compensation is viewed with a long-term time horizon. The more consistent a portfolio manager's performance over time, the higher the compensation opportunity. The increase or decrease in a fund's assets due to the purchase or sale of fund shares is not considered a material factor. In reviewing relative performance for fixed income funds, a fund's expense ratio is usually taken into account. Contribution to T. Rowe Price's overall investment process is an important consideration as well. Leveraging ideas and investment insights across applicable investment platforms; working effectively with and mentoring others; and other contributions to our clients, the firm, or our culture are important components of T. Rowe Price's long-term success and are generally taken into consideration.

All employees of T. Rowe Price, including portfolio managers, can participate in a 401(k) plan sponsored by T. Rowe Price Group. In addition, all employees are eligible to purchase T. Rowe Price common stock through an employee stock purchase plan that features a limited corporate matching contribution. Eligibility for and participation in these plans is on the same basis for all employees. Finally, all vice presidents of T. Rowe Price Group, including all portfolio managers, are eligible to participate in a supplemental savings plan sponsored by T. Rowe Price Group, and certain vice presidents of T. Rowe Price Group receive supplemental medical/hospital reimbursement benefits.

This compensation structure is used when evaluating the performance of all portfolios managed.

**B-20**

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**Wellington Management Company LLP** 

**("Wellington Management")**

**Investment Quality Bond Trust**

**Mid Cap Growth Trust**

**Opportunistic Fixed Income Trust**

**Real Estate Securities Trust**

**Small Cap Stock Trust**

**U.S. Growth Trust**

**Portfolio Managers and Other Accounts Managed**

The following table shows the portfolio managers at the subadvisor who are primarily responsible, or jointly and primarily responsible, for the day-to-day management of the stated funds' portfolios.

---

| | |
|:---|:---|
| **Fund** | **Portfolio Managers** |
| Investment Quality Bond Trust | &nbsp;&nbsp;&nbsp; Robert D. Burn, CFA, Connor Fitzgerald, CFA, Jeremy Forster<sup>1</sup>, Campe <br> Goodman, CFA, and Joseph F. Marvan, CFA<sup>1</sup><br>|
| Mid Cap Growth Trust | Mario E. Abularach, CFA, and Stephen Mortimer |
| Opportunistic Fixed Income Trust | Brian M. Garvey<sup>2</sup>, Brij S. Khurana, and Rakesh R. Yeredla, CFA |
| Real Estate Securities Trust | Bradford D. Stoesser |
| Small Cap Stock Trust | Ranjit Ramachandran, CFA |
| U.S. Growth Trust | Timothy N. Manning |

---

**1**

Effective June 30, 2026, Jeremy Forster will be added as a portfolio manager of the fund. In addition, effective June 30, 2026, Joseph F. Marvan, CFA, will no longer serve as a portfolio manager of the fund.

**2**

Effective December 31, 2026, Brian M. Garvey will no longer serve as a portfolio manager of the fund.

The following table provides information regarding other accounts for which each portfolio manager listed above has day-to-day management responsibilities. Accounts are grouped into three categories: (i) other investment companies (and series thereof); (ii) other pooled investment vehicles; and (iii) other accounts. To the extent that any of these accounts pay advisory fees that are based on account performance ("performance-based fees"), information on those accounts is specifically broken out. In addition, any assets denominated in foreign currencies have been converted into U.S. dollars using the exchange rates as of the applicable date. Also shown below the table is each portfolio manager's investment in the fund or funds he or she manages and similarly managed accounts.

The following table provides information as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Other Registered Investment**<br> **Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Other Registered Investment**<br> **Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp;&nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| **Assets ($)** | &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| **Assets ($)** | &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| **Assets ($)** |
| Mario E. Abularach | 3 | 8104183926 | 0 | 0 | 0 | 0 |
| Robert D. Burn | 15 | 17043818339 | 7 | 415104637 | 34 | 18794070658 |
| Connor Fitzgerald | 13 | 15137359581 | 19 | 21920415757 | 91 | 41939975348 |
| Jeremy Forster | 14 | 9904357151 | 25 | 1502483452 | 38 | 21734024797 |
| Brian M. Garvey | 2 | 209886380 | 17 | 8746919393 | 2 | 261795483 |
| Campe Goodman | 15 | 17152200055 | 11 | 6734981709 | 38 | 19138070700 |
| Brij S. Khurana | 2 | 224615434 | 4 | 5994001133 | 1 | 4273430 |
| Timothy N. Manning | 2 | 3234307366 | 5 | 1915117542 | 4 | 1561397958 |
| Joseph F. Marvan | 16 | 16941032806 | 19 | 16501793842 | 67 | 38091206457 |
| Stephen Mortimer | 8 | 13400538546 | 2 | 268473867 | 2 | 490992960 |
| Ranjit Ramachandran | 6 | 1429943316 | 4 | 420753672 | 3 | 394749633 |
| Bradford D. Stoesser | 14 | 1506759736 | 38 | 1071100061 | 64 | 1073224319 |
| Rakesh R. Yeredla | 1 | 28278216 | 6 | 1866018558 | 0 | 0 |

---

***Performance-Based Fees for Other Accounts Managed.*** Of the accounts listed in the table above, those for which the subadvisor receives a fee based on investment performance are listed in the table below.

**B-21**

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Other Registered Investment**<br> **Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Other Registered Investment**<br> **Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp;&nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| **Assets ($)** | &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| **Assets ($)** | &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| **Assets ($)** |
| Mario E. Abularach | 0 | 0 | 0 | 0 | 0 | 0 |
| Robert D. Burn | 0 | 0 | 1 | 76052349 | 1 | 430381423 |
| Connor Fitzgerald | 0 | 0 | 3 | 2851192233 | 5 | 1019130711 |
| Jeremy Forster | 0 | 0 | 0 | 0 | 1 | 430381302 |
| Brian M. Garvey | 0 | 0 | 2 | 5542849030 | 0 | 0 |
| Campe Goodman | 0 | 0 | 1 | 1471355577 | 1 | 430381423 |
| Brij S. Khurana | 0 | 0 | 2 | 5542849054 | 0 | 0 |
| Timothy N. Manning | 0 | 0 | 0 | 0 | 0 | 0 |
| Joseph F. Marvan | 0 | 0 | 1 | 7892542 | 1 | 430381423 |
| Stephen Mortimer | 0 | 0 | 0 | 0 | 0 | 0 |
| Ranjit Ramachandran | 0 | 0 | 0 | 0 | 0 | 0 |
| Bradford D. Stoesser | 2 | 88974349 | 5 | 235755391 | 7 | 164204286 |
| Rakesh R. Yeredla | 0 | 0 | 0 | 0 | 0 | 0 |

---

**Ownership of the Funds and Similarly Managed Accounts**

The following table shows the dollar range of fund shares and shares of similarly managed accounts beneficially owned by the portfolio managers listed above as of December 31, 2025. For purposes of this table, "similarly managed accounts" include all accounts that are managed (i) by the same portfolio managers that are jointly and primarily responsible for the day-to-day management of a fund, or by the same portfolio manager that is primarily responsible for the day-to-day management of the fund, as applicable; and (ii) with an investment style, objective, policies and strategies substantially similar to those that are used to manage the fund. The portfolio manager's ownership of fund shares is stated in the footnote(s) below the table.

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| | | |
|:---|:---|:---|
| **Fund** | **Portfolio Manager** | **Dollar Range of Shares Owned**<sup>1</sup> <br>|
| Investment Quality Bond Trust | Robert D. Burn |  |
|  | Connor Fitzgerald |  |
|  | Jeremy Forster |  |
|  | Campe Goodman |  |
|  | Joseph F. Marvan |  |
| Mid Cap Growth Trust | Mario E. Abularach |  |
|  | Stephen Mortimer | $500001-$1000000 |
| Opportunistic Fixed Income Trust | Brian M. Garvey | $100001-$500000 |
|  | Brij S. Khurana | $100001-$500000 |
|  | Rakesh R. Yeredla |  |
| Real Estate Securities Trust | Bradford D. Stoesser | $100001-$500000 |
| Small Cap Stock Trust | Ranjit Ramachandran |  |
| U.S. Growth Trust | Timothy N. Manning | $1-$10000 |

---

**1**

As of December 31, 2025, Mario E. Abularach, Robert D. Burn, Connor Fitzgerald, Jeremy Forster, Brian M. Garvey, Campe Goodman, Brij S. Khurana, Timothy N. Manning, Joseph F. Marvan, Stephen Mortimer, Ranjit Ramachandran, Bradford D. Stoesser, and Rakesh R. Yeredla beneficially owned $0, $0, $0, $0, $0, $0, $0, $0, $0, $0, $0, $0, and $0, respectively, of the fund.

**Potential Conflicts of Interest**

Individual investment professionals at Wellington Management manage multiple accounts for multiple clients. These accounts may include mutual funds, separate accounts (assets managed on behalf of institutions such as pension funds, insurance companies, foundations, or separately managed account programs sponsored by financial intermediaries), bank common trust accounts, and hedge funds. Each fund's managers listed in the prospectus who are primarily responsible for the day-to-day management of the funds ("Investment Professionals") generally manage accounts in several different investment styles. These accounts may have investment objectives, strategies, time horizons, tax considerations and risk profiles that differ from those of the relevant fund. The Investment Professionals make investment decisions for each account, including the relevant fund, based on the investment objectives, policies, practices, benchmarks, cash flows, tax and other relevant investment considerations applicable to that account. Consequently, the Investment Professionals may purchase or sell securities, including IPOs, for one account and not another account, and the performance of securities purchased for one account may vary from the performance of securities purchased for other accounts. Alternatively, these accounts may be managed in a similar fashion to the relevant fund and thus the accounts may have similar, and in some cases nearly identical, objectives, strategies and/or holdings to that of the relevant fund.

**B-22**

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Wellington Management's goal is to meet its fiduciary obligation to treat all clients fairly and provide high quality investment services to all of its clients. Wellington Management has adopted and implemented policies and procedures, including brokerage and trade allocation policies and procedures, which it believes address the conflicts associated with managing multiple accounts for multiple clients. In addition, Wellington Management monitors a variety of areas, including compliance with primary account guidelines, the allocation of IPOs, and compliance with the firm's Code of Ethics, and places additional investment restrictions on investment professionals who manage hedge funds and certain other accounts. Furthermore, senior investment and business personnel at Wellington Management periodically review the performance of Wellington Management's investment professionals. Although Wellington Management does not track the time an investment professional spends on a single account, Wellington Management does periodically assess whether an investment professional has adequate time and resources to effectively manage the investment professional's various client mandates.

**Compensation**

Wellington Management receives a fee based on the assets under management of the funds as set forth in an Investment Subadvisory Agreement between Wellington Management and the Advisor with respect to each fund. Wellington Management pays its investment professionals out of its total revenues, including the advisory fees earned with respect to each fund. The following information relates to the fiscal year ended December 31, 2025.

Wellington Management's compensation structure is designed to attract and retain high-caliber investment professionals necessary to deliver high quality investment management services to its clients. Wellington Management's compensation of each fund's managers listed in the prospectus who are primarily responsible for the day-to-day management of the funds ("Investment Professionals") includes a base salary and incentive components. The base salary for each Investment Professional who is a partner (a "Partner") of Wellington Management Group LLP, the ultimate holding company of Wellington Management, is generally a fixed amount that is determined by the managing partners of Wellington Management Group LLP. The base salary for each other Investment Professional is determined by the Investment Professionals' experience and performance in their role as an Investment Professional. Base salaries for Wellington Management's employees are reviewed annually and may be adjusted based on the recommendation of an Investment Professional's manager, using guidelines established by Wellington Management's Compensation Committee, which has final oversight responsibility for base salaries of employees of the firm. Each Investment Professional's incentive payment relating to the relevant fund, is linked to the gross pre-tax performance of the portion of the fund managed by the Investment Professional compared to the benchmark index or peer group identified below over one, three, and five year periods, with an emphasis on five year results. Wellington Management applies similar incentive compensation structures (although the benchmarks or peer groups, time periods and rates may differ) to other accounts managed by these Investment Professionals, including accounts with performance fees.

Portfolio-based incentives across all accounts managed by an investment professional can, and typically do, represent a significant portion of an investment professional's overall compensation; incentive compensation varies significantly by individual and can vary significantly from year to year. The Investment Professionals may also be eligible for bonus payments based on their overall contribution to Wellington Management's business operations. Senior management at Wellington Management may reward individuals as it deems appropriate based on other factors. Each Partner is eligible to participate in a Partner-funded tax qualified retirement plan, the contributions to which are made pursuant to an actuarial formula. Messrs. Abularach, Burn, Fitzgerald, Garvey, Goodman, Khurana, Manning, Mortimer, and Stoesser are Partners.

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| | |
|:---|:---|
| **Fund** | **Incentive Benchmark(s) / Peer Groups** |
| Investment Quality Bond Trust | Bloomberg U.S. Aggregate Bond Index |
| Mid Cap Growth Trust | &nbsp;&nbsp;&nbsp; Russell Midcap Growth Index (50%) and Gross Lipper Mid Cap Growth <br> Average (50%)<br>|
| Opportunistic Fixed Income Trust | Bloomberg Global Aggregate Bond Index (USD Hedged) |
| Real Estate Securities Trust | Dow Jones U.S. Select REIT Index |

---

**B-23**

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---

| | |
|:---|:---|
| **Fund** | **Incentive Benchmark(s) / Peer Groups** |
| Small Cap Stock Trust | Russell 2000 Growth Index |
| U.S. Growth Trust | Russell 1000 Growth Index |

---

**B-24**

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**Appendix C – Proxy Voting Policies and Procedures**

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The Trust Procedures and the proxy voting procedures of the Advisor and the subadvisors are set forth in Appendix C.

**C-1**

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![LOGO](g466944dsp001a.jpg)

#### 07H: Proxy Voting Procedures
General Compliance Policies for Trust & Adviser

Section 7: Disclosures, Filings, and Reporting

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| | |
|:---|:---|
| Applies to | Trust |
| Risk Theme | Proxy Voting |
| Policy Owner | Jim Interrante |
| Effective Date | 08-20-2024 |

---

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07H. Proxy Voting Procedures

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#### Overview
Each fund of the Trust or any other registered investment company (or series thereof) (each, a "fund") is required to disclose its proxy voting policies and procedures in its registration statement and, pursuant to Rule 30b1-4 under the 1940 Act, file annually with the Securities and Exchange Commission and make available to shareholders its actual proxy voting record.

#### Investment Company Act
An investment company is required to disclose in its SAI either (a) a summary of the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities or (b) a copy of its proxy voting policies.

A fund is also required by Rule 30b1-4 of the Investment Company Act of 1940 to file Form N-PX annually with the SEC, which contains a record of how the fund voted proxies relating to portfolio securities. For each matter relating to a portfolio security considered at any shareholder meeting, Form N-PX is required to include, among other information, the name of the issuer of the security, a brief identification of the matter voted on, whether and how the fund cast its vote, and whether such vote was for or against management. In addition, a fund is required to disclose in its SAI and its annual and semi-annual reports to shareholders that such voting record may be obtained by shareholders, either by calling a toll-free number , through the fund's website, or on the Securities and Exchange Commission's website at <u>www.sec.gov</u>.

#### Advisers Act
Under Advisers Act Rule 206(4)-6, investment advisers are required to adopt proxy voting policies and procedures, and investment companies typically rely on the policies of their advisers or sub-advisers.

#### Policy
The Majority of the Independent Board of Trustees (the "Board") of each registered investment company of the Trusts, has adopted these proxy voting policies and procedures (the "Trust Proxy Policy").

It is the Advisers' policy to comply with Rule 206(4)-6 of the Advisers Act and Rule 30b1-4 of the 1940 Act as described above. In general, Advisers defer proxy voting decisions to the sub-advisers managing the Funds. It is the policy of the Trusts to delegate the responsibility for voting proxies relating to portfolio securities held by a Fund to the Fund's respective Adviser or, if the Fund's Adviser has delegated portfolio management responsibilities to one or more investment sub-adviser(s), to the fund's sub-adviser(s), subject to the Board's continued oversight. The sub-adviser for each Fund shall vote all proxies relating to securities held by each Fund and in that connection, and subject to any further policies and procedures contained herein, shall use proxy voting policies and procedures adopted by each sub-adviser in conformance with Rule 206(4)-6 under the Advisers Act.

If an instance occurs where a conflict of interest arises between the shareholders and the designated sub-adviser, however, Advisers retain the right to influence and/or direct the conflicting proxy voting decisions in the best interest of shareholders.

#### Delegation of Proxy Voting Responsibilities
It is the policy of the Trust to delegate the responsibility for voting proxies relating to portfolio securities held by a fund to the fund's investment adviser ("adviser") or, if the fund's adviser has delegated portfolio management responsibilities to one or more investment sub-adviser(s), to the fund's sub-adviser(s), subject to the Board's continued oversight. The sub-adviser for each fund shall vote all proxies relating to securities held by each fund and in that connection, and subject to any further policies and procedures contained herein, shall use proxy voting policies and procedures adopted by each sub-adviser in conformance with Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended (the "Advisers Act").

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07H. Proxy Voting Procedures

Except as noted below under Material Conflicts of Interest, the Trust Proxy Policy with respect to a Fund shall incorporate that adopted by the Fund's sub-adviser with respect to voting proxies held by its clients (the "Sub-adviser Proxy Policy"). Each Sub-adviser Policy, as it may be amended from time to time, is hereby incorporated by reference into the Trust Proxy Policy. Each sub-adviser to a Fund is directed to comply with these policies and procedures in voting proxies relating to portfolio securities held by a fund, subject to oversight by the Fund's adviser and by the Board. Each Adviser to a Fund retains the responsibility, and is directed, to oversee each sub-adviser's compliance with these policies and procedures, and to adopt and implement such additional policies and procedures as it deems necessary or appropriate to discharge its oversight responsibility. Additionally, the Trust's Chief Compliance Officer ("CCO") shall conduct such monitoring and supervisory activities as the CCO or the Board deems necessary or appropriate in order to appropriately discharge the CCO's role in overseeing the sub-advisers' compliance with these policies and procedures.

The delegation by the Board of the authority to vote proxies relating to portfolio securities of the funds is entirely voluntary and may be revoked by the Board, in whole or in part, at any time.

#### Voting Proxies of Underlying Funds of a Fund of Funds
A. <u>Where the Fund of Funds is not the Sole Shareholder of the Underlying Fund</u> 

With respect to voting proxies relating to the shares of an underlying fund (an "Underlying Fund") held by a Fund of the Trust operating as a fund of funds (a "Fund of Funds") in reliance on Section 12(d)(1)(G) of the 1940 Act where the Underlying Fund has shareholders other than the Fund of Funds which are not other Fund of Funds, the Fund of Funds will vote proxies relating to shares of the Underlying Fund in the same proportion as the vote of all other holders of such Underlying Fund shares.

B. <u>Where the Fund of Funds is the Sole Shareholder of the Underlying Fund</u> 

In the event that one or more Funds of Funds are the sole shareholders of an Underlying Fund, the Adviser to the Fund of Funds or the Trusts will vote proxies relating to the shares of the Underlying Fund as set forth below unless the Board elects to have the Fund of Funds seek voting instructions from the shareholders of the Funds of Funds in which case the Fund of Funds will vote proxies relating to shares of the Underlying Fund in the same proportion as the instructions timely received from such shareholders.

1. <u>Where Both the Underlying Fund and the Fund of Funds are Voting on Substantially Identical Proposals</u> 

In the event that the Underlying Fund and the Fund of Funds are voting on substantially identical proposals (the "Substantially Identical Proposal"), then the Adviser or the Fund of Funds will vote proxies relating to shares of the Underlying Fund in the same proportion as the vote of the shareholders of the Fund of Funds on the Substantially Identical Proposal.

2. <u>Where the Underlying Fund is Voting on a Proposal that is Not Being Voted on by the Fund of Funds</u> 

(a) <u>Where there is No Material Conflict of Interest Between the Interests of the Shareholders of the Underlying Fund and the Adviser Relating to the Proposal</u> 

In the event that the Fund of Funds is voting on a proposal of the Underlying Fund and the Fund of Funds is not also voting on a substantially identical proposal and there is no material conflict of interest between the interests of the shareholders of the Underlying Fund and the Adviser relating to the Proposal, then the Adviser will vote proxies relating to the shares of the Underlying Fund pursuant to its Proxy Voting Procedures.

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(b) <u>Where there is a Material Conflict of Interest Between the Interests of the Shareholders of the Underlying Fund and the Adviser Relating to the Proposal</u> 

In the event that the Fund of Funds is voting on a proposal of the Underlying Fund and the Fund of Funds is not also voting on a substantially identical proposal and there is a material conflict of interest between the interests of the shareholders of the Underlying Fund and the Adviser relating to the Proposal, then the Fund of Funds will seek voting instructions from the shareholders of the Fund of Funds on the proposal and will vote proxies relating to shares of the Underlying Fund in the same proportion as the instructions timely received from such shareholders. A material conflict is generally defined as a proposal involving a matter in which the Adviser or one of its affiliates has a material economic interest.

#### Material Conflicts of Interest
If (1) a sub-adviser to a Fund becomes aware that a vote presents a material conflict between the interests of (a) shareholders of the Fund; and (b) the Fund's Adviser, sub-adviser, principal underwriter, or any of their affiliated persons, and (2) the sub-adviser does not propose to vote on the particular issue in the manner prescribed by its Sub-adviser Proxy Policy or the material conflict of interest procedures set forth in its Sub-adviser Proxy Policy are otherwise triggered, then the sub-adviser will follow the material conflict of interest procedures set forth in its Sub-adviser Proxy Policy when voting such proxies.

If a Sub-adviser Proxy Policy provides that in the case of a material conflict of interest between Fund shareholders and another party, the sub-adviser will ask the Board to provide voting instructions, the sub-adviser shall vote the proxies, in its discretion, as recommended by an independent third party, in the manner prescribed by its Sub-adviser Proxy Policy or abstain from voting the proxies.

#### Proxy Voting Committee(s)
The Advisers will from time to time, and on such temporary or longer-term basis as they deem appropriate, establish one or more Proxy Voting Committees. A Proxy Voting Committee shall include the Advisers' CCO and may include legal counsel. The terms of reference and the procedures under which a Proxy Voting Committee will operate will be reviewed from time to time by the Legal and Compliance Department. Records of the deliberations and proxy voting recommendations of a Proxy Voting Committee will be maintained in accordance with applicable law, if any, and these Proxy Procedures. Requested shareholder proposals or other Shareholder Advocacy in the name of a Fund must be submitted for consideration pursuant to the Shareholder Advocacy Policy and Procedures.

#### Securities Lending Program
Certain of the Funds participate in a securities lending program with the Trusts through an agent lender. When a Fund's securities are out on loan, they are transferred into the borrower's name and are voted by the borrower, in its discretion. Where a sub-adviser determines, however, that a proxy vote (or other shareholder action) is materially important to the client's account, the sub-adviser should request that the agent recall the security prior to the record date to allow the sub-adviser to vote the securities.

#### Disclosure of Proxy Voting Policies and Procedures in the Trust's Statement of Additional Information ("SAI")
The Trust shall include in its SAI a summary of the Trust Proxy Policy and of the Sub-adviser Proxy Policy included therein. (In lieu of including a summary of these policies and procedures, the Trust may include each full Trust Proxy Policy and Sub-adviser Proxy Policy in the SAI.)

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07H. Proxy Voting Procedures

#### Disclosure of Proxy Voting Policies and Procedures in Annual and Semi-Annual Shareholder Reports
The Trusts shall disclose in annual and semi-annual shareholder reports that a description of the Trust Proxy Policy, including the Sub-adviser Proxy Policy, and the Trusts' proxy voting record for the most recent 12 months ended June 30 are available on the Securities and Exchange Commission's ("SEC") website, and without charge, upon request, by calling a specified toll-free telephone number. The Trusts will send these documents within three business days of receipt of a request, by first-class mail or other means designed to ensure equally prompt delivery. The Fund Administration Department is responsible for preparing appropriate disclosure regarding proxy voting for inclusion in shareholder reports and distributing reports. The Legal Department supporting the Trusts is responsible for reviewing such disclosure once it is prepared by the Fund Administration Department.

#### Filing of Proxy Voting Record on Form N-PX
The Trusts will annually file their complete proxy voting record with the SEC on Form N-PX. The Form N-PX shall be filed for the twelve months ended June 30 no later than August 31 of that year. The Fund Administration department, supported by the Legal Department supporting the Trusts, is responsible for the annual filing.

#### Regulatory Requirement
Rule 206(4)-6 of the Advisers Act and Rule 30b1-4 of the 1940 Act

#### Reporting
**Disclosures in SAI:** The Trusts shall disclose in annual and semi-annual shareholder reports that a description of the Trust Proxy Policy, including the Sub-adviser Proxy Policy, and the Trusts' proxy voting record for the most recent 12 months ended June 30.

**Form N-PX:** The proxy voting service will file Form N-PX for each twelve-month period ending on June 30. The filing must be submitted to the SEC on or before August 31 of each year.

#### Procedure

#### Review of Sub-advisers' Proxy Voting
The Trusts have delegated proxy voting authority with respect to Fund portfolio securities in accordance with the Trust Policy, as set forth above.

Consistent with this delegation, each sub-adviser is responsible for the following:

1. Implementing written policies and procedures, in compliance with Rule 206(4)-6 under the Advisers Act, reasonably designed to ensure that the sub-adviser votes portfolio securities in the best interest of shareholders of the Trusts.

2. Providing the Advisers with a copy and description of the Sub-adviser Proxy Policy prior to being approved by the Board as a sub-adviser, accompanied by a certification that represents that the Sub-adviser Proxy Policy has been adopted in conformance with Rule 206(4)-6 under the Advisers Act. Thereafter, providing the Advisers with notice of any amendment or revision to that Sub-adviser Proxy Policy or with a description thereof. The Advisers are required to report all material changes to a Sub-adviser Proxy Policy quarterly to the Board. The CCO's annual written compliance report to the Board will contain a summary of the material changes to each Sub-adviser Proxy Policy during the period covered by the report.

3. Providing the Adviser with a quarterly certification indicating that the sub-adviser did vote proxies of the funds and that the proxy votes were executed in a manner consistent with the Sub-adviser Proxy Policy. If the sub-adviser voted any proxies in a manner inconsistent with the Sub-adviser Proxy Policy, the sub-adviser will provide the Adviser with a report detailing the exceptions.

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#### Adviser Responsibilities
The Trusts have retained a proxy voting service to coordinate, collect, and maintain all proxy-related information, and to prepare and file the Trust's reports on Form N-PX with the SEC.

The Advisers, in accordance with their general oversight responsibilities, will periodically review the voting records maintained by the proxy voting service in accordance with the following procedures:

1. Receive a file with the proxy voting information directly from each sub-adviser on a quarterly basis.

2. Select a sample of proxy votes from the files submitted by the sub-advisers and compare them against the proxy voting service files for accuracy of the votes.

3. Deliver instructions to shareholders on how to access proxy voting information via the Trust's semi-annual and annual shareholder reports.

The Fund Administration Department, in conjunction with the Legal Department supporting the Trusts, is responsible for the foregoing procedures.

#### Proxy Voting Service Responsibilities
Proxy voting services retained by the Trusts are required to undertake the following procedures:

**•** **Aggregation of Votes:** 

The proxy voting service's proxy disclosure system will collect fund-specific and/or account-level voting records, including votes cast by multiple sub-advisers or third-party voting services.

**•** **Reporting:** 

The proxy voting service's proxy disclosure system will provide the following reporting features:

1. multiple report export options;

2. report customization by fund-account, portfolio manager, security, etc.; and

3. account details available for vote auditing.

**•** **Form N-PX Preparation and Filing:** 

The Advisers will be responsible for oversight and completion of the filing of the Trusts' reports on Form N-PX with the SEC. The proxy voting service will prepare the EDGAR version of Form N-PX and will submit it to the adviser for review and approval prior to filing with the SEC. The proxy voting service will file Form N-PX for each twelve-month period ending on June 30. The filing must be submitted to the SEC on or before August 31 of each year. The Fund Administration Department, in conjunction with the Legal Department supporting the Trusts, is responsible for the foregoing procedures.

The Fund Administration Department in conjunction with the CCO oversees compliance with this policy.

The Fund Administration Department maintains operating procedures affecting the administration and disclosure of the Trusts' proxy voting records.

The Trusts' Chief Legal Counsel is responsible for including in the Trusts' SAI information regarding the Advisers' and each sub-advisers proxy voting policies as required by applicable rules and form requirements.

#### Key Contacts
Investment Compliance

#### Escalation/Reporting Violations
All John Hancock employees are required to report any known or suspected violation of this policy to the CCO of the Funds.

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07H. Proxy Voting Procedures

#### Related Policies and Procedures
7B Registration Statements and Prospectuses

#### Document Retention Requirements
The Fund Administration Department and The CCO's Office is responsible for maintaining all documentation created in connection with this policy. Documents will be maintained for the period set forth in the Records Retention Schedule. See Compliance Policy: Books and Records.

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| | | |
|:---|:---|:---|
| **Version History** | **Version History** | **Version History** |
| Date | Effective Date | Approving Party |
|  1 | 01-01-2012 |  |
|  2 | 02-01-2015 |  |
|  3 | 09-01-2015 |  |
|  4 | 12-10-2019 |  |
|  5 | 08-20-2024 | CCO |

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![LOGO](g466944dsp01.jpg)

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#### Overview
The SEC adopted Rule 206(4)-6 under the Advisers Act, which requires investment advisers with voting authority to adopt and implement written policies and procedures that are reasonably designed to ensure that the investment adviser votes client securities in the best interest of clients. The procedures must include how the investment adviser addresses material conflicts that may arise between the interests of the investment adviser and those of its clients. The Advisers are registered investment advisers under the Advisers Act and serve as the investment advisers to the John Hancock Funds. The Advisers generally retain one or more sub-advisers to manage the assets of the Funds, including voting proxies with respect to a Fund's portfolio securities. From time to time, however, the Advisers may elect to manage directly the assets of a Fund, including voting proxies with respect to such Fund's portfolio securities, or a Fund's Board may otherwise delegate to the Advisers authority to vote such proxies. John Hancock Investment Management LLC ("JHIM") also provides discretionary and non-discretionary advice to clients using model portfolios in a variety of investment styles ("Model Portfolios"). However, JHIM does not vote proxies for securities held in any non-discretionary accounts managed using the Model Portfolios. Rule 206(4)-6 under the Advisers Act requires that a registered investment adviser adopt and implement written policies and procedures reasonably designed to ensure that it votes proxies with respect to a client's securities in the best interest of the client.

Investment companies must disclose information about the policies and procedures used to vote proxies on the investment company's portfolio securities and must file the fund's entire proxy voting record with the SEC annually on Form N-PX.

Advisers that are subject to the reporting requirements of Section 13(f) of the Securities Exchange Act of 1934 (the "Exchange Act") are required by Exchange Act Rule 14Ad-1 to file Form N-PX annually to report how they voted proxies regarding certain executive compensation matters (known as "say-on-pay" matters). However, an Adviser that has a disclosed policy of not voting proxies, and that did not in fact vote during the reporting period, must only complete a notice report filing on Form N-PX marking the appropriate box on the cover page to confirm these facts.

Pursuant thereto, the Advisers have adopted and implemented these proxy voting policies and procedures (the "Proxy Procedures").

#### Policy
It is the Advisers' policy to comply with Rule 206(4)-6 and Rule 204-2(c)(2) under the Advisers Act and Rule 14Ad-1 under the Exchange Act as described above. The Advisers' policy is to vote proxies in the best interests of its clients for whom it has proxy voting authority. In general, the Advisers delegate proxy voting decisions to the sub-advisers managing the funds. If an instance occurs where a conflict of interest arises between the shareholders and a particular sub-adviser, however, the Adviser retains the right to influence and/or direct the conflicting proxy voting decisions. The Advisers' Proxy Voting Committee oversees the resolution of proxy voting conflicts for its clients and fund shareholders.

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#### Filing of Proxy Voting Record on Form N-PX
The Advisers will annually file their proxy voting notice report with the SEC on Form N-PX. Form N-PX shall be filed for the twelve months ended June 30<sup>th</sup> and no later than August 31st of that year.

#### Regulatory Requirement
Rule 206(4)-6 under the Advisers Act and Rule 14Ad-1 under the Exchange Act

#### Reporting
Advisers will provide the John Hancock Funds Board with notice and a copy of any amendments or revisions to the Procedures and will report quarterly to the Funds Board all material changes to these Proxy Procedures.

The CCO's annual written compliance report to the Funds Board will contain a summary of material changes to the Proxy Procedures during the period covered by the report.

If the Advisers or the Designated Person vote any proxies for the Funds in a manner inconsistent with either these Proxy Procedures or a Fund's proxy voting policies and procedures, the CCO will provide the Funds Board with a report detailing such exceptions.

If the Advisers or the Designated Person vote any proxies for clients other than the Funds in a manner inconsistent with these Proxy Voting Procedures, the Adviser will provide its Board of Directors with a report detailing such exceptions.

JHIM will not intentionally disclose to anyone else, including other investors and/or officers and directors of an issuer in which an Advisers' clients invest, our voting intention prior to casting the vote.

JHIM engages a third-party proxy voting vendor to keep records of proxy voting available for inspection by Separately Managed Account ("SMA") sponsor clients, regulatory authorities, or government agencies.

#### Procedure

#### Fiduciary Duty
The Advisers have a fiduciary duty to vote proxies in the best interest of its clients, the Funds and its shareholders.

#### Voting of Proxies – Advisers of Funds
The Advisers will vote proxies with respect to a Fund's portfolio securities when authorized to do so by the Fund and subject to the Fund's proxy voting policies and procedures and any further direction or delegation of authority by the Fund's Board. The decision on how to vote a proxy will be made by the person(s) to whom the Advisers have from time to time delegated such responsibility (the "Designated Person"). The Designated Person may include the Fund's portfolio manager(s) or a Proxy Voting Committee, as described below.

When voting proxies with respect to a Fund's portfolio securities, the following standards will apply:

• The Designated Person will vote based on what it believes is in the best interest of the Fund and its shareholders and in accordance with the Fund's investment guidelines.

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• Each voting decision will be made independently. To assist with the analysis of voting issues and/or to carry out the actual voting process the Designated Person may enlist the services of (1) reputable professionals (who may include persons employed by or otherwise associated with the Advisers or any of its affiliated persons) or (2) independent proxy evaluation services such as Institutional Shareholder Services. However, the ultimate decision as to how to vote a proxy will remain the responsibility of the Designated Person.

• The Advisers believe that a good management team of a company will generally act in the best interests of the company. Therefore, the Designated Person will take into consideration as a key factor in voting proxies with respect to securities of a company that are held by the Fund the quality of the company's management. In general, the Designated Person will vote as recommended by company management except in situations where the Designated Person believes such recommended vote is not in the best interests of the Fund and its shareholders.

• As a general principle, voting with respect to the same portfolio securities held by more than one Fund should be consistent among those Funds having substantially the same investment mandates.

• The Advisers will provide the Fund, from time to time in accordance with the Fund's proxy voting policies and procedures and any applicable laws and regulations, a record of the Advisers' voting of proxies with respect to the Fund's portfolio securities.

#### Voting Proxies of Underlying Funds of a Fund of Funds
The Advisers or the Designated Person will vote proxies with respect to the shares of a Fund that are held by another Fund that operates as a Fund of Funds") in the manner provided in the proxy voting policies and procedures of the Fund of Funds (including such policies and procedures relating to material conflicts of interest) or as otherwise directed by the board of trustees or directors of the Fund of Funds.

#### Voting of Proxies – SubAdvisers of Funds
In the case of proxies voted by a sub-adviser to a Fund pursuant to the Fund's proxy voting procedures, the Advisers will request the sub-adviser to certify to the Advisers that the sub-adviser has voted the Fund's proxies as required by the Fund's proxy voting policies and procedures and that such proxy votes were executed in a manner consistent with these Proxy Procedures and to provide the Advisers with a report detailing any instances where the sub-adviser voted any proxies in a manner inconsistent with the Fund's proxy voting policies and procedures. The CCO of the Advisers will then report to the Board on a quarterly basis regarding the sub-adviser certification and report to the Board any instance where the sub-adviser voted any proxies in a manner inconsistent with the Fund's proxy voting policies and procedures.

The Fund Administration Department maintains procedures affecting all administration functions for the mutual funds. These procedures detail the disclosure and administration of the Trust's proxy voting records.

The Trust's Chief Legal Counsel is responsible for including, in the SAI of each Trust, information about the proxy voting of the Advisers and each sub-adviser.

#### Voting Proxies of Model Portfolio Clients
When Model Portfolio clients have granted JHIM authority to vote securities in their account, we will vote in accordance with the following procedures. JHIM has deployed the services of a proxy voting services provider to ensure the timely casting of votes, and to provide relevant and timely proxy voting research to inform our voting decisions. Through this process, the proxy voting services provider populates initial recommended voting decisions that are aligned with the JHIM voting principles. These voting recommendations are then submitted, processed, and ultimately tabulated.

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JHIM also has an internal proxy voting committee ("committee") comprising senior managers from across JHIM. The committee meets on an as-needed basis to review, discuss, and provide prior written approval in instances where JHIM intends to cast a vote that is different than the recommendation of the proxy voting services provider or for "refer" items, which are items where the proxy voting service provider does not have a vote recommendation. These two instances are outlined in greater detail below.

JHIM may also engage with model providers as it pertains to votes being made related to securities held in strategies offered in partnership with each respective model provider. JHIM may elect to do this so as to incorporate as much information into JHIM's ultimate decision-making.

JHIM may refrain from voting a proxy where we have agreed with a client in advance to limit the situations in which we will execute votes. JHIM may also refrain from voting due to logistical considerations that may have a detrimental effect on our ability to vote. These issues may include, but are not limited to:

• Costs associated with voting the proxy exceed the expected benefits to clients;

• Underlying securities have been lent out pursuant to a client's securities lending program and have not been subject to recall;

• Short notice of a shareholder meeting;

• Requirements to vote proxies in person;

• Restrictions on a nonnational's ability to exercise votes, determined by local market regulation;

• Restrictions on the sale of securities in proximity to the shareholder meeting (i.e., share blocking);

• Requirements to provide local agents with power of attorney to facilitate the voting instructions (such proxies are voted on a best-efforts basis); or

• The inability of a client's custodian to forward and process proxies electronically.

As noted, if JHIM believes it is in their best interest or the best interest of a client to vote proxies in a manner inconsistent with the policy, they will submit new voting instructions to the Proxy Voting Committee in writing with rationale for the new instructions. The Committee will review the change and ensure that the rationale is sound. JHIM will execute the votes accordingly.

Additionally, on occasion, there may be proxy votes that are not within the research and recommendation coverage universe of the proxy voting service provider. JHIM employees responsible for the proxy votes will provide voting recommendations to the Proxy Voting Committee, and those items may be escalated to the Committee for review to ensure that the voting decision rationale is sound. JHIM will execute the votes accordingly.

#### Engagement of the proxy voting service provider
JHIM has contracted with a third-party proxy service provider to assist with the proxy voting process for it Model Portfolio clients. JHIM will instruct custodians of SMA sponsor client accounts to forward all proxy statements and materials received in respect of SMA sponsor client accounts to the proxy service provider.

JHIM has engaged its proxy voting service provider to:

• Research and make voting recommendations;

• Ensure proxies are voted and submitted in a timely manner;

• Provide alerts when issuers file additional materials related to proxy voting matters;

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• Perform other administrative functions of proxy voting;

• Maintain records of proxy statements and provide copies of such proxy statements promptly upon request;

• Maintain records of votes cast; and

• Provide recommendations with respect to proxy voting matters in general.

#### Material Conflicts of Interest
In carrying out its proxy voting responsibilities, the Advisers will monitor and resolve potential material conflicts ("Material Conflicts") between the interests of (a) a Fund or client and (b) the Advisers or any of its affiliated persons. Affiliates of the Advisers include Manulife Financial Corporation and its subsidiaries. Material Conflicts may arise, for example, if a proxy vote relates to matters involving any of these companies or other issuers in which the Advisers or any of their affiliates has a substantial equity or other interest. JHIM shall consider any of the following circumstances a potential material conflict of interest:

• JHIM has a business relationship or potential relationship with the issuer; or

• John Hancock Fund Trustee has a business relationship with the issuer.

In instances where a material conflict of interest has been identified, JHIM will process the proxy vote as a "Do Not Vote" in an effort to mitigate the conflict.

#### Proxy Voting Committee(s)
The Advisers will from time to time, and on such temporary or longer-term basis as they deem appropriate, establish one or more Proxy Voting Committees. A Proxy Voting Committee shall include the Advisers' CCO and may include legal counsel. The terms of reference and the procedures under which a Proxy Voting Committee will operate will be reviewed from time to time by the Legal and Compliance Department. Records of the deliberations and proxy voting recommendations of a Proxy Voting Committee will be maintained in accordance with applicable law, if any, and these Proxy Procedures.

#### Proxy voting service provider oversight
The Adviser is responsible for the proper oversight of any service providers hired to assist it in the proxy voting process. This oversight includes:

*Annual due diligence:* The Adviser's Vendor Management and Product Management teams conduct an annual due diligence review of the proxy voting research service provider. This oversight includes an evaluation of the service provider's industry reputation, points of risk, compliance with laws and regulations, and technology infrastructure. JHIM also reviews the provider's capabilities to meet JHIM's requirements, including reporting competencies; the adequacy and quality of the proxy advisory firm's staffing and personnel; the quality and accuracy of sources of data and information; the strength of policies and procedures that enable it to make proxy voting recommendations based on current and accurate information; and the strength of policies and procedures to address conflicts of interest of the service provider related to its voting recommendations. Observations and findings of note are shared with the Proxy Voting Committee and JHIM will engage ISS directly to address or resolve any areas of concern.

*Regular Updates:* JHIM also requests that the proxy voting research service provider deliver updates regarding any business changes that alter that firm's ability to provide independent proxy voting advice and services aligned with our policies.

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*Additional oversight in process:* JHIM has additional control mechanisms built into the proxy voting process to act as checks on the service provider and ensure that decisions are made in the best interest of our clients. These mechanisms include:

• *Sampling prepopulated votes:* Where we use a third-party research provider for either voting recommendations or voting execution (or both), we may assess prepopulated votes shown on the vendor's electronic voting platform to ensure alignment with the voting principles.

• *Decision scrutiny from the Proxy Voting Committee:* Where our voting policies and procedures do not address how to vote on a particular matter, or where the matter is highly contested or controversial (e.g.,proxy contests, "just vote no" campaigns, or in conflict of interest matters), review by the Proxy Voting Committee is necessary to ensure votes cast on behalf of its client are cast in the client's best interest.

#### Key Contacts
Global Manager Research

Proxy Voting Committee

#### Escalation/Reporting Violations
All John Hancock employees are required to report any known or suspected violation of this policy to the CCO of the Funds.

#### Related Policies and Procedures
Trust Proxy Voting Policy

#### Document Retention Requirements
The Advisers will retain (or arrange for the retention by a third party of) such records relating to proxy voting pursuant to these Proxy Procedures as may be required from time to time by applicable law and regulations, including the following:

1. These Proxy Procedures and all amendments hereto;

2. All proxy statements received regarding a SMA Sponsor or Fund portfolio securities;

3. Records of all votes cast on behalf of a Fund or SMA Sponsor;

4. Records of all Fund or SMA Sponsor requests for proxy voting information, including any written response by the Adviser to any (written or oral) Fund or SMA Sponsor for information on how the Adviser voted proxies on behalf of the requesting Fund or SMA Sponsor;

5. Any documents prepared by the Designated Person or a Proxy Voting Committee that were material to or memorialized the basis for a voting decision;

6. All records relating to communications with the Funds or SMA Sponsors regarding Conflicts; and

7. All minutes of meetings of Proxy Voting Committees.

Documents will be maintained for the period set forth in the Records Retention Schedule. See Compliance Policy: Books and Records.

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| | | |
|:---|:---|:---|
| **Version History** | **Version History** | **Version History** |
| Date | Effective Date | Approving Party |
| 1 | 01-01-2012 |  |
| 2 | 02-01-2015 |  |
| 3 | Sept. 2015 |  |
| 4 | 05-01-2017 |  |
| 5 | 12-01-2019 |  |
| 6 | 08-20-2024 | CCO |
| 7 | 06-30-2025 | Proxy Voting Committee |
| 8 | 01-08-2026 | Proxy Voting Committee |

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| | | |
|:---|:---|:---|
| ![LOGO](g466944dsp001aa.jpg) | ![LOGO](g466944g0409230640616.jpg) | ![LOGO](g466944g0409230640436.jpg) |
| ![LOGO](g466944dsp001aa.jpg) | **Global proxy voting policy and procedures**<br>**February 2025 edition** | **Global proxy voting policy and procedures**<br>**February 2025 edition** |

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![LOGO](g466944dsp2.jpg)

#### Executive summary
Each investment team at Manulife Investment Management (Manulife IM)<sup>1</sup> is responsible for investing in line with its investment strategy and clients' objectives. Manulife IM's approach to proxy voting leverages the skills and knowledge of multiple individuals and teams across the company, including those with expertise on investments, legal matters, corporate governance, environmental matters, social issues, and investment stewardship. Manulife IM's proxy voting practices align with our organizational structure and consider financially material factors in support of long-term value.

This global proxy voting policy and procedures (policy) applies to each of the Manulife IM advisory affiliates listed in Appendix A. In seeking to adhere to local regulatory requirements of the jurisdiction in which an advisory affiliate operates, additional procedures specific to that affiliate may be implemented to ensure compliance, where applicable. The policy is not intended to cover every possible situation that may arise in the course of business, but rather to act as a decision-making guide. It is therefore subject to change and interpretation from time to time as facts and circumstances dictate.

Manulife IM sets forth broad proxy voting guidelines in our separate <u>Manulife</u> <u>IM</u> <u>global</u> <u>proxy</u> <u>voting</u> <u>guidelines</u> (the guidelines). The guidelines express

our general approach to specific proxy voting proposals and subject matter and are intended to be read in conjunction with our various issue-specific statements.<sup>2</sup> The guidelines are an important public disclosure reflecting what we, as fiduciaries, believe drive long-term value, and we vote consistently with those principles. While the guidelines broadly indicate our approach to voting on environmental, social, and governance (ESG) integrated strategies,<sup>3</sup> we also maintain some additional and differentiated voting guidelines for our thematic strategies. Our thematic strategies are those investment strategies that focus on specific ESG issues or trends.<sup>4</sup> An active decision to invest in a company reflects a positive conviction in the investee company and usually in the incumbent management team and, therefore, we often support management's voting recommendations, but management recommendations are only one of the factors we consider. Public disclosure of our voting guidelines is intended to assist portfolio company management in understanding our perspective and ensure an effective dialogue. Manulife IM applies these guidelines with discretion, such that investment professionals may consider the facts and circumstances of individual ballot items.

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| | |
|:---|:---|
| **1** | Manulife Investment Management is the unified global brand for Manulife's global wealth and asset management business, which serves individual investors and institutional clients in three businesses: retirement, retail, and institutional asset management (public markets and private markets).  |

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|:---|:---|
| **2** | Our issue-specific statements include, as examples, our climate <u>change</u> <u>statement</u>, our <u>nature</u> <u>statement</u>, and our <u>executive</u> <u>compensation</u> <u>statement</u>.  |

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|:---|:---|
| **3** | Including ESG integration and quantitative screening.  |

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|:---|:---|
| **4** | Including sustainable, sustainable thematic, and impact (e.g., clean energy, climate mitigation).  |

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#### Statement of policy
&nbsp;&nbsp;&nbsp;&nbsp;• The right to vote is a basic component of share ownership and is an important control. Where clients delegate proxy voting authority to Manulife IM, Manulife IM has an obligation to manage voting rights in a manner consistent with our fiduciary responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;• Manulife IM seeks to achieve the stated objective of the investment strategy for our clients throughout the investment process, including through proxy voting and wider stewardship.

&nbsp;&nbsp;&nbsp;&nbsp;• We encourage good corporate governance at companies as we believe it enhances longer-term resilience by positioning companies to best manage risks and supporting long-term shareholder value.

&nbsp;&nbsp;&nbsp;&nbsp;• Where we believe that sustainability factors can materially affect financial value, we integrate financially material sustainability risks and opportunities into our investing processes.

&nbsp;&nbsp;&nbsp;&nbsp;• We look to establish constructive relationships with boards of companies in which we invest and look to integrate those dialogues into our proxy voting decision-making process.<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• We strive to leverage a range of expertise in our company across our decision-making.

&nbsp;&nbsp;&nbsp;&nbsp;• Where Manulife IM is granted and accepts responsibility for voting proxies for client accounts, we will seek to ensure proxies are received, voted, or not voted with a view to maximize the economic value.

&nbsp;&nbsp;&nbsp;&nbsp;• Manulife IM has implemented processes to prevent and mitigate identified potential conflicts.

&nbsp;&nbsp;&nbsp;&nbsp;• Manulife IM will disclose information about our proxy voting policies and procedures to our clients.

&nbsp;&nbsp;&nbsp;&nbsp;• By articulating public positions on a range of issues, developed by an appropriate range of expertise, Manulife IM articulates our opinion on how a range of issues may affect investors financially.

&nbsp;&nbsp;&nbsp;&nbsp;• Manulife IM will maintain records relating to proxy voting.

#### Standards

#### Scope of proxy voting authority
Manulife IM's authority to vote proxies is determined by our agreements with clients. Where Manulife IM is granted and accepts responsibility for voting proxies for client accounts, we will seek to ensure proxies are received and voted in the best interests of clients with a view to maximize the economic value of their investments unless we determine that it is in the best interests of clients to refrain from voting a given proxy. We believe that our proxy voting policies and procedures are reasonably designed to ensure that proxy voting is conducted in the best interest of clients and in accordance with our fiduciary duties and any applicable rules and regulations.

When clients have granted Manulife IM authority to vote securities in their accounts, we will vote in accordance with our proxy voting policy and standards, and clients cannot direct our vote in a particular proxy solicitation. Clients who have not provided us authority to vote securities in their accounts should reach out to their other service providers. We will not generally provide advice on proxy voting to clients who have not granted us voting authority.

#### Receipt of ballots and proxy materials
Except in instances in which a client retains voting authority, Manulife IM will instruct custodians of client accounts to forward all proxy statements and materials received in respect of client accounts to the proxy voting service provider. Proxies received are reconciled against the client's holdings, and the custodian bank will be notified if proxies have not been forwarded to the proxy service provider when due.

#### Use of a proxy voting services provider
Manulife IM has deployed the services of a proxy voting services provider to ensure the timely casting of votes, to provide relevant and timely proxy voting research to inform our voting decisions, and to keep associated records. In addition to fulfilling other responsibilities, the proxy voting service provider has been engaged by Manulife IM to:

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| **5** | For more information on our engagement activities please see the <u>Manulife</u> <u>Investment</u> <u>Management</u> <u>global</u> <u>issuer</u> <u>engagement</u> <u>policy</u>.  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• provide research and make voting recommendations, taking into account the product's strategy. Manulife IM has adopted the Institutional Shareholder Services (ISS) Benchmark Policy for our ESG integrated strategies3 and the ISS Sustainability Policy for our thematic strategies.4 These policies were selected as their underlying principles, and recommendations are aligned with the strategies with which they are paired. Both policies are reviewed on a regular basis to ensure broad alignment with the various Manulife IM issue-specific statements;

&nbsp;&nbsp;&nbsp;&nbsp;• ensure proxies are voted and submitted in a timely manner;

&nbsp;&nbsp;&nbsp;&nbsp;• provide alerts when companies file additional materials related to proxy voting matters;

&nbsp;&nbsp;&nbsp;&nbsp;• perform other administrative functions of proxy voting;

&nbsp;&nbsp;&nbsp;&nbsp;• maintain records of proxy statements and provide copies of such proxy statements promptly on request;

&nbsp;&nbsp;&nbsp;&nbsp;• maintain records of votes cast; and

&nbsp;&nbsp;&nbsp;&nbsp;• provide recommendations with respect to proxy voting matters in general.

Through the proxy voting execution process, the proxy voting services provider populates initial recommended voting decisions using the relevant policy that considers a range of issues.

These voting recommendations are then submitted, processed, and ultimately tabulated. Manulife IM retains the authority and operational functionality to submit different voting instructions after these initial recommendations from the proxy voting services provider have been submitted based on Manulife IM's assessment of each situation. As Manulife IM reviews voting recommendations and decisions, as articulated below, Manulife IM may change voting instructions based on those reviews.

#### Vote review and decision process
The firm actively reviews voting options where Manulife IM holds a significant ownership position in an investment. A significant ownership position in an investment is defined as those cases in which Manulife IM holds at least 2% of a company's issued share capital in aggregate across all Manulife IM client accounts. The investment professionals may also review other proxy voting items for their holdings and may make voting suggestions and/or determinations as discussed further below. Where Manulife IM holds a significant ownership position in a company, the investment professional is notified of the matter and the related voting proposals are reviewed.

Manulife IM investment professionals apply the expertise of individuals across the organization in conducting proxy voting research and providing advice. Any such advice is supplemental to the research and recommendations provided by our proxy voting services provider and review by investment professionals.

Manulife IM investment professionals may seek internal review by and advice from the sustainability team when it considers the facts and circumstances of an individual ballot item. After considering all available information, the investment professional will make a voting decision. Where the vote is different from the initial recommendation provided by the proxy voting services provider, the sustainability team will execute the change and record the rationale for the decision.

On occasion, there may be proxy votes that are not within the research and recommendation coverage universe of the proxy voting services provider. Investment professionals responsible for the proxy votes will provide voting recommendations to the Manulife IM proxy operations team, which will execute the votes accordingly.

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#### Securities lending
Manulife IM clients retain the authority and may choose to lend shareholdings. Manulife IM, however, generally retains the ability to restrict shares from being lent and to recall shares on loan in order to preserve proxy voting rights. Manulife IM is focused in particular on preserving voting rights for companies in which the firm holds 2% or more of a company's voting shares aggregated across client accounts. Manulife IM has a process in place to systematically restrict and recall shares on a best-efforts basis for those companies in which we own an aggregate of 2% or more across all Manulife IM client accounts.

#### Where Manulife IM may refrain from voting
Manulife IM may refrain from voting a proxy where we have agreed with a client in advance to limit the situations in which we will execute votes. Manulife IM may also refrain from voting due to logistical considerations that may have a detrimental effect on our ability to vote. These issues may include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;• costs associated with voting the proxy exceed the expected benefits to clients;

&nbsp;&nbsp;&nbsp;&nbsp;• underlying securities that have been lent out pursuant to a client's securities that are on loan according to a client's securities lending program and have not been subject to recall;

&nbsp;&nbsp;&nbsp;&nbsp;• short notice of a shareholder meeting;

&nbsp;&nbsp;&nbsp;&nbsp;• requirements to vote proxies in person;

&nbsp;&nbsp;&nbsp;&nbsp;• restrictions on a nonnational's ability to exercise votes, determined by local market regulation;

&nbsp;&nbsp;&nbsp;&nbsp;• restrictions on the sale of securities in proximity to the shareholder meeting (i.e., share blocking);

&nbsp;&nbsp;&nbsp;&nbsp;• requirements to disclose commercially sensitive information that may be made public (i.e., reregistration);

&nbsp;&nbsp;&nbsp;&nbsp;• requirements to provide local agents with the power of attorney to facilitate the voting instructions (such proxies are voted on a best-efforts basis);

&nbsp;&nbsp;&nbsp;&nbsp;• insufficient information available to confirm Manulife IM is authorized to execute voting rights for certain shares; or

&nbsp;&nbsp;&nbsp;&nbsp;• the inability of a client's custodian to forward and process proxies electronically.

#### Manulife IM does not engage in empty voting
Manulife IM does not engage in the practice of empty voting.<sup>6</sup> Manulife IM advisory affiliates are prohibited from creating large hedge positions solely to gain the vote while avoiding economic exposure to the market. Manulife IM will not knowingly vote borrowed shares (shares borrowed for short sales and hedging transactions).

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| **6** | Empty voting is a term embracing a variety of factual circumstances that result in a partial, or total, separation of the right to vote at a shareholders meeting from beneficial ownership of the shares on the meeting date.  |

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#### Conflicts of interest
Manulife IM has a fiduciary duty to our clients. We recognize that conflicts of interest may arise in our proxy voting activities, and we seek to identify, disclose, and mitigate potential conflicts in accordance with our fiduciary responsibilities.

We have identified the following potential conflicts of interest related to our proxy voting activities:

&nbsp;&nbsp;&nbsp;&nbsp;• Voting at a company that is the sponsor of one of our institutional clients or where the company otherwise has a material commercial relationship with either Manulife Financial Corporation (MFC) or another member of the Manulife group, and Manulife IM could be unduly influenced by the relationship

&nbsp;&nbsp;&nbsp;&nbsp;• Manulife IM employees could have a material relationship with a company, which could affect voting activities

Manulife IM has implemented processes to prevent and mitigate identified potential conflicts:

&nbsp;&nbsp;&nbsp;&nbsp;• Each Manulife IM employee is subject to a global code of ethics and general principles of business conduct, which reinforces fiduciary obligations and reminds employees of the requirement to put the interests of our clients first. Where a material conflict is identified between an employee and a company, the conflict must be disclosed to the employee's manager and our legal/compliance departments as needed to determine if it is appropriate for such employee to influence vote decisions for that company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• Manulife IM uses an organizational structure that separates reporting lines for the sustainability team and investment professionals from sales and vendor functions in order to minimize real, or potential, conflicts of interest and to help ensure that voting is conducted in the best interest of the underlying clients.

&nbsp;&nbsp;&nbsp;&nbsp;• Voting decisions are executed independently of our parent company, MFC, or any of its related entities.

#### Voting shares of MFC
MFC is the publicly listed parent company of Manulife IM. Generally, legislation restricts the ability of a public company (and its subsidiaries) to hold shares in itself within its own accounts. Accordingly, the MFC share investment policy outlines the limited circumstances in which MFC, or its subsidiaries, may or may not invest or hold shares in MFC on behalf of MFC or its subsidiaries.<sup>7</sup>

The MFC share investment policy does not apply to investments made on behalf of unaffiliated third parties, which remain assets of the client.8 Such investing may be restricted, however, by specific client guidelines, other Manulife IM policies, or other applicable laws.

Where Manulife IM is charged with voting MFC shares, we will seek to either vote shares in line with the voting recommendations of our external proxy voting service provider or not execute those votes in order to mitigate any conflict of interest.

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| **7** | This includes general funds, affiliated segregated funds or separate accounts, and affiliated mutual / pooled funds. **8** This includes assets managed or advised for unaffiliated third parties, such as unaffiliated mutual/pooled funds and unaffiliated institutional advisory portfolios.  |

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#### Policy responsibility and oversight
The public markets sustainability committee (SC) oversees and monitors this policy and Manulife IM's proxy voting function, as well as the third-party proxy voting service provider.

Manulife IM's proxy operations team is responsible for the daily administration of proxy voting operational matters while the sustainability team is responsible for research and analysis of voting decisions and execution of changed votes. Significant proxy voting issues identified by Manulife IM's proxy operations team are escalated to the sustainability team and may be reviewed by compliance and the SC.

The SC is responsible for the proper oversight of any service providers hired by Manulife IM to assist it in the proxy voting process. This oversight includes:

• **Annual due diligence:** Manulife IM conducts an annual due diligence review of the proxy voting service provider. This oversight includes an evaluation of the service provider's

industry reputation, points of risk, compliance with laws and regulations, and technology infrastructure. Manulife IM also reviews the service provider's capabilities to meet Manulife IM's requirements, including reporting competencies, the adequacy and quality of the service provider's staffing and personnel, the quality and accuracy of sources of data and information, the strength of policies and procedures that enable it to make proxy voting recommendations based on current and accurate information, and the strength of policies and procedures to address conflicts of interest of the service provider related to its voting recommendations.

• **Regular updates:** Manulife IM requests that the proxy voting service provider deliver updates regarding any business changes that alter the service provider's ability to provide independent proxy voting advice and services aligned with our policies.

#### Recordkeeping and reporting
Manulife IM provides clients with a copy of the proxy voting policy on request, and the proxy voting policy is also available on our <u>website</u>. Manulife IM describes our proxy voting processes to our clients in the relevant or required disclosure documents and discloses to our clients the process to obtain information on how Manulife IM voted that client's proxies.

Manulife IM keeps records of our proxy voting activities, which include proxy voting policies and procedures, records of votes cast on behalf of clients, records of client requests for proxy

voting information, and any documents generated in making a vote decision. These documents may be available for inspection by regulatory authorities or government agencies.

Manulife IM discloses <u>voting</u> <u>records</u>, and those records are updated on a monthly basis. The voting records generally reflect the voting decisions made for retail, institutional, and other client funds in the aggregate.

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#### Policy amendments and exceptions
This policy is subject to periodic review by the SC in addition to a review a minimum of every three years. The SC may recommend and approve amendments to this policy.

Any deviation from this policy will only be permitted with the prior approval of the global chief investment officer in consultation with the chief sustainability officer, Manulife IM.

#### Appendix A

#### Manulife IM advisory affiliates in scope of policy and investment management business only
Manulife Investment Management Limited

Manulife Investment Management (North America) Limited

Manulife Investment Management (Hong Kong) Limited

PT Manulife Aset Manajemen Indonesia1

Manulife Investment Management (Japan) Limited

Manulife Investment Management (Malaysia) Bhd. Manulife Investment Management and Trust Corporation

Manulife Investment Management (Singapore) Pte. Ltd.

Manulife IM (Switzerland) LLC

Manulife Investment Management (Taiwan) Co., Ltd.<sup>1</sup>

Manulife Investment Management (Europe) Limited

Manulife Investment Management (US) LLC

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| **1** | By reason of certain local regulations and laws with respect to voting, for example, manual/physical voting processes or the absence of a third-party proxy voting service provider for those jurisdictions, PT Manulife Aset Manajemen Indonesia does not engage a third-party service provider to assist in their proxy voting processes. Manulife Investment Management (Taiwan) Co., Ltd. uses the third-party proxy voting service provider to execute votes for non-Taiwanese entities only.  |

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GLBL-86315 03/25 AODA

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#### Proxy Voting Policies and Procedures
Introduction

Allspring Stewardship

As a fiduciary, Allspring is committed to effective stewardship of the assets we manage on behalf of our clients. To us, good stewardship reflects responsible, active ownership and includes both engaging with investee companies and voting proxies in a manner that we believe will maximize the long-term value of our clients' investments.

Scope

These Proxy Voting Policies and Procedures ("Policies and Procedures") set forth how we exercise voting rights on behalf of clients that have delegated proxy voting authority to any of the following Allspring advisory entities:

• Allspring Global Investments, LLC

• Allspring Funds Management, LLC

• Allspring Global Investments (UK) Limited

• Allspring Global Investments Luxembourg S.A

• Allspring Global Investments (Singapore) Pte. Ltd

• Galliard Capital Management, LLC

Voting Philosophy

Allspring has adopted these Policies and Procedures to ensure that proxies are voted in the best interests of clients, without regard to any relationship that any affiliated person of Allspring or the Investment Product (or an affiliated person of such affiliated person) may have with the issuer. Allspring exercises its voting responsibility as a fiduciary with the goal of maximizing the long-term value of our clients' investments consistent with governing laws and the investment policies of each client. While securities are not purchased to exercise control or to seek to effect corporate change through share ownership activism, Allspring supports sound corporate governance practices at companies in which client assets are invested.

Governance and Administration

Proxy Governance Committee

Allspring's Proxy Governance Committee ("PGC") is responsible for overseeing the proxy voting process to ensure its implementation in conformance with these Policies and Procedures. PGC reviews the Policies and Procedures at least annually. PGC may delegate certain powers and responsibilities to proxy voting working groups. PGC reviews and, in accordance with these Policies and Procedures, votes on issues that have been escalated from and proxy voting working groups.

PGC Meetings

PGC meets at least quarterly but may be convened more frequently as necessary (for example, to discuss a specific proxy proposal). PGC shall convene or act through written consent, including through the use of electronic systems of record, of a majority of PGC members. Any working group of the PGC shall have the authority on matters delegated to it to act by vote or written consent, including through the use of electronic systems of record, of a majority of the working group members available at that time.

EFFECTIVE AS OF MARCH 2025

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PROXY POLICY AND PROCEDURES

PGC Membership

PGC voting members are identified in the Allspring Proxy Charter. Changes to the membership of PGC will be made only with approval of PGC.

Proxy Due Diligence Working Group

PGC has delegated responsibility to the Proxy Voting Due Diligence Working Group ("DDWG") to review and recommend votes on certain proxy matters as outlined in the procedures below.

Proxy Administration

Allspring's Stewardship Team ("Stewardship") is responsible for administering the proxy voting process to ensure its implementation consistent with these Policies and Procedures. Stewardship monitors Allspring's third party proxy voting vendor to ensure proxy voting is being done in a timely and accurate manner. Stewardship regularly reviews these Policies and Procedures and recommends revisions as necessary. Stewardship is also responsible for monitoring the potential conflicts of interest disclosed by the proxy voting vendor.

Third Party Proxy Voting Vendor

Allspring has retained a third-party proxy voting vendor, Institutional Shareholder Services Inc. ("ISS"), to assist in the implementation of certain proxy voting-related functions, including: 1) providing research and recommendations on proxy matters, 2) providing technology to facilitate the sharing of ISS research, 3) voting proxies in accordance with Allspring's instructions, and 4) handling various administrative and reporting items.

Proxy Voting Procedures

Allspring's proxy voting process emphasizes engagement with Portfolio Management in order to leverage their knowledge of investee companies. While Allspring's process follows a systematic approach to arrive at a recommended vote, Portfolio Management is given the opportunity to review and override voting recommendations (with documented justification).

Unless otherwise required by applicable law<sup>1</sup> and absent a Portfolio Management override, proxy matters are generally voted in accordance with Allspring's voting policy at ISS designed to implement Allspring's custom enhancements to the ISS Global Benchmark Proxy Voting Policy<sup>2</sup>, as discussed in more detail below under "Allspring Proxy Voting Guidelines."<sup>3</sup> However, two types of proxy matters are subject to additional review:

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| 1 | Any proxy matters deemed of "high importance"<sup>4</sup> (e.g., proxy contests, mergers, and acquisitions) where ISS opposes the recommendations of investee company management will be referred to Portfolio Management<sup>5</sup> for case-by-case review and vote determination.  |

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<sup>1</sup> Where provisions of the Investment Company Act of 1940 (the "1940 Act") specify the manner in which items for any third party registered investment companies (e.g., mutual funds, exchange-traded funds and closed-end funds) and business development companies (as defined in Section 2(a)(48) of the 1940 Act) ("Third Party Fund Holding Voting Matters") held by Allspring-advised funds, Allspring shall vote the Third Party Fund Holding Voting Matter on behalf of such funds accordingly. 

<sup>2</sup> The term "ISS Global Benchmark Policy" means the combination of ISS regional benchmark policies.

<sup>3</sup> As directed by certain clients, Allspring applies other ISS guidelines (e.g., ISS Taft-Hartley Guidelines) or custom proxy guidelines provided by the client.

<sup>4</sup> The term "high importance" is defined as those items designated Proxy Level 6 or 5 by ISS, which include proxy contests, mergers, and other reorganizations.

<sup>5</sup> Certain Allspring client accounts employ quantitative strategies rather than fundamental strategies that rely on security research and analyst coverage. In the event that a security is held only in these accounts and ISS opposes the recommendations of investee company management, absent Portfolio Management feedback, "high importance" proxy matters are reviewed by DDWG and referred to PGC for vote determination. Environmental and social proxy matters are reviewed and voted by DDWG. Proxy matters on which ISS supports the recommendations of investee company management are generally voted with investee company management. 

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PROXY POLICY AND PROCEDURES

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| 2 | Any proxy matters involving environmental or social issues where ISS opposes the recommendations of investee company management are reviewed by DDWG. If DDWG recommends a vote against investee company management, the recommendation is referred to Portfolio Management5 for case-by-case review and vote determination.  |

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Allspring Proxy Voting Guidelines

The following reflects Allspring's Proxy Voting Guidelines in effect as of the date of these Policies and Procedures.

We believe that Boards of Directors of investee companies should have strong, independent leadership and should adopt structures and practices that enhance their effectiveness. We recognize that the optimal board size and governance structure can vary by company size, industry, region of operations, and circumstances specific to the company.

• We generally vote for the election of Directors in uncontested elections. We reserve the right to vote on a case-by-case basis when directors fail to meet their duties as a board member, such as failing to act in the best economic interest of shareholders; failing to maintain independent audit, compensation, nominating committees; and failing to attend at least 75% of meetings, etc.

• We generally vote for an independent board that has a majority of outside directors who are not affiliated with the top executives and have minimal or no business dealings with the company to avoid potential conflicts of interests.

• In general, we believe Directors serving on an excessive number of boards could result in time constraints and an inability to fulfill their duties. For Chief Executive Officers, we allow for no more than one outside directorship and for directors at large of operating companies, no more than four in total.

• We generally support adopting a declassified board structure for public operating and holding companies. We reserve the right to vote on a case-by-case basis when companies have certain long-term business commitments.

• We generally support annual election of directors of public operating and holding companies. We reserve the right to vote on a case-by-case basis when companies have certain long-term business commitments.

• We believe a well-composed board should seek members with a breadth of experiences, perspectives and skillsets in order to create the diversity of thought needed to ensure constructive debate in the boardroom. To this end, we support fulsome disclosure of a board's process for building, assessing and maintaining an effective board, which should include a description of the range of skills, professional experience and personal characteristics (such as age, gender and/or race/ethnicity) represented on the board. We believe a board's composition should comply with the requirements of any relevant market-specific governance frameworks and be consistent with market norms in the market in which the company is listed. To the extent that a board's composition is inconsistent with such requirements or differs from prevailing market norms, we expect the company to disclose the board's rationale for such differences and any anticipated actions to address them. On a case-by-case basis, our assessment of this disclosure may affect our willingness to support the chair of the nominations committee.

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PROXY POLICY AND PROCEDURES

We believe it is the responsibility of the Board of Directors to create, enhance, and protect shareholder value and that companies should strive to maximize shareholder rights and representation.

• We believe that companies should adopt a one-share, one-vote standard and avoid adopting share structures that create unequal voting rights among their shareholders. We will normally support proposals seeking to establish that shareholders are entitled to voting rights in proportion to their economic interests.

• We believe that directors of public operating and holding companies be elected by a majority of the shares voted. We reserve the right to vote on a case-by-case basis when companies have certain long-term business commitments. This ensures that directors of public operating and holding companies who are not broadly supported by shareholders are not elected to serve as their representatives. We will normally support proposals seeking to introduce bylaws requiring a majority vote standard for director elections.

• We believe a simple majority voting standard should be required to pass proposals. We will normally support proposals seeking to introduce bylaws requiring a simple majority vote.

• We believe that shareholders who own a meaningful stake in the company and have owned such stake for a sufficient period of time should have, in the form of proxy access, the ability to nominate directors to appear on the management ballot at shareholder meetings. In general, we support market-standardized proxy access proposals, and we will analyze them based on various criteria such as threshold ownership levels, a minimum holding period, and the % and/or number of directors that are subject to nomination.

• We believe that shareholders should have the right to call a special meeting and not wait for company management to schedule a meeting if there is sufficiently high shareholder support for doing so on issues of substantial importance. In general, we support the right to call a special meeting with a threshold of 15%-25% of shareholder support as we believe it is a reasonable threshold of shareholders and a hurdle high enough to also avoid the waste of corporate resources for narrowly supported interests.

General Guidelines on Shareholder Proposals

When evaluating shareholder proposals, we consider their materiality to the company and relationship to long-term value generation and/or risk management in light of the company's business model and specific operating context. For instance, certain social issues, such as employee safety, workforce engagement and human rights (including with respect to a company's supply chain), can affect companies' long-term prospects for success. Furthermore, certain environmental issues can present investment risks and opportunities that can impact a company's long-term financial success.

If the issue is deemed material to the company, we then consider salient factors to inform our votes, such as the overall value of any report or other disclosure requested by a proposal, best-in-class practices by peer group companies and best practices in the applicable sector. We will generally avoid supporting proposals that are overly prescriptive, taking into account the current policies, practices, disclosures and regulatory obligations of the company, among other considerations. We generally favor shareholder proposals that improve transparency, as it allows our investment professionals to better understand a company's risks and opportunities and its long-term value drivers.

Closed-End Funds

We recognize that many exchange-listed closed-end funds ("CEFs") have adopted particular corporate governance practices that deviate from certain policies set forth in these Policies and Procedures. We believe that the distinctive structure of CEFs can provide important benefits to investors but leaves CEFs uniquely vulnerable to short-term oriented activist investors. Thus, to protect the interests of their shareholders, many

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PROXY POLICY AND PROCEDURES

CEFs have adopted measures to defend against attacks from activist investors. As such, in light of the unique nature of CEFs and their differences in corporate governance practices from operating companies, we will consider on a case-by-case basis proposals involving the adoption of defensive measures by CEFs. This is consistent with our approach to proxy voting that recognizes the importance of case-by-case analysis to ensure alignment with investment team views and voting in accordance with the best interests of shareholders.

Practical Limitations to Proxy Voting

While Allspring uses its reasonable best efforts to vote proxies, in certain circumstances, it may be impractical or impossible for Allspring to vote proxies (e.g., limited value or unjustifiable costs). One such instance is "share blocking."

Proxy voting in certain countries requires share blocking, which requires shareholders wishing to vote their proxies to deposit their shares with a designated depository before the date of the meeting. Consequently, the shares may not be sold in the period preceding the proxy vote. Absent compelling reasons, Allspring believes that the benefit derived from voting these shares is outweighed by the burden of limited trading. Therefore, if share blocking is required in certain markets, Allspring will not participate and will refrain from voting proxies for those clients impacted by share blocking.

Securities on Loan

Clients may have securities lending programs and instruct Allspring to endeavor to recall securities on loan to facilitate proxy voting on their behalf. With respect to proxies for loaned securities, if Stewardship is aware of a high importance matter expected on a proxy in time to recall the security, the security will generally be recalled for voting.

Conflicts of Interest

As a fiduciary to our clients, Allspring seeks to identify and mitigate conflicts of interest that may arise as a result of its proxy voting activities. Allspring may have a conflict of interest regarding a proxy to be voted upon if, for example, Allspring or its affiliates have other relationships with the issuer of the proxy (e.g., if the issuer is a corporate pension fund client of Allspring). When PGC becomes aware of such a conflict of interest, it takes steps to mitigate the conflict by using any of the following methods:

• Instructing ISS to vote in accordance with its recommendation

• Disclosing the conflict to the relevant client and obtaining its consent before voting

• Submitting the matter to the relevant client to exercise its authority to vote on such matter

• Engaging an independent fiduciary who will direct the vote on such matter

• Voting in proportion to other shareholders ("mirror voting")

Finally, Allspring is a private company and controlling interest which is owned by certain private funds managed by GTCR LLC, a private equity firm ("GTCR"). These funds and other funds managed by GTCR also have ownership interests in other companies in which Allspring invests on behalf of its clients. Allspring manages this potential conflict of interest by defaulting all voting of any proxies issued by such companies to the ISS recommendation.

Records Retention

The Stewardship Team will maintain the following records relating to the implementation of the Policies and Procedures:

• A copy of these Policies and Procedures

• Proxy statements received for client securities (which ISS maintains on behalf of Allspring)

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PROXY POLICY AND PROCEDURES

• Records of votes cast on behalf of investment products and separate account clients (which ISS maintains on behalf of Allspring)

• Records of each written client request for proxy voting records and Allspring's written response to any client request (written or oral) for such records

• Any documents prepared by Allspring or ISS that were material to making a proxy voting decision

Such proxy voting books and records shall be maintained for a period of six years.

Disclosure of Policies and Procedures and Voting Results

These Policies and Procedures or a summary thereof are disclosed on Allspring's website and as required in relevant regulatory documents.

Upon client request, Allspring will provide clients with proxy statements and any records as to how Allspring voted proxies on their behalf. Clients may contact their relationship manager, call Allspring at 1-866-259-3305 or e-mail: allspring.clientadministration@allspringglobal.com to request a record of proxies voted on their behalf.

Allspring discloses proxy voting results in periodic regulatory reports as required by applicable law. In addition, Allspring may disclose high-level proxy voting statistics in materials on its website. Allspring does not disclose to any issuer or third party how its separate account client proxies are voted.

Approved by PGC: 14 February 2025

Effective date: 1 March 2025

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#### BOSTON PARTNERS GLOBAL INVESTORS, INC.

#### Proxy Voting Policies and Procedures

#### March 2026
Boston Partners

One Beacon Street, 30<sup>th</sup> Floor

Boston, MA 02108—www.boston-partners.com

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#### PROXY VOTING POLICIES AND PROCEDURES
Boston Partners Global Investors, Inc. ("Boston Partners") is an investment adviser comprised of two divisions, Boston Partners and Weiss, Peck & Greer Partners ("WPG"). Boston Partners' Governance Committee (the "Committee") is comprised of representatives from portfolio management, securities analyst, portfolio research, quantitative research, investor relations, sustainability and engagement, and legal/compliance teams. The Committee is responsible for administering and overseeing Boston Partners' proxy voting process. The Committee makes decisions on proxy policy, establishes formal Boston Partners' Proxy Voting Policies (the "Proxy Voting Policies") and updates the Proxy Voting Policies as necessary, but no less frequently than annually. In addition, the Committee, in its sole discretion, delegates certain functions to internal departments and/or engages third-party vendors to assist in the proxy voting process. Finally, members of the Committee are responsible for evaluating and resolving conflicts of interest relating to Boston Partners' proxy voting process.

To assist Boston Partners in carrying out our responsibilities with respect to proxy activities, Boston Partners has engaged Institutional Shareholder Services Inc. ("ISS"), a third-party corporate governance research service, which is registered as an investment adviser. ISS receives all proxy-related materials for securities held in client accounts and votes the proposals in accordance with Boston Partners' Proxy Voting Policies. ISS assists Boston Partners with voting execution through an electronic vote management system that allows ISS to pre-populate and automatically submit votes in accordance with Boston Partners' Proxy Voting Policies. While Boston Partners may consider ISS's recommendations on proxy issues, Boston Partners bears ultimate responsibility for proxy voting decisions and can change votes via ISS' electronic voting platform at any time before a meeting's cut-off date. ISS also provides recordkeeping and vote-reporting services.

#### How Boston Partners Votes
For those clients who delegate proxy voting authority to Boston Partners, Boston Partners has full discretion over votes cast on behalf of clients. All proxy votes on behalf of clients are voted the same way; however, Boston Partners may refrain from voting proxies for certain clients in certain markets. These arrangements are outlined in respective client investment management agreements. Boston Partners may also refrain from voting proxies on behalf of clients when shares are out on loan; when share blocking is required to vote; where it is not possible to vote shares; where there are legal or operational difficulties; where Boston Partners believes the administrative burden and/ or associated cost exceeds the expected benefit to a client; or where not voting or abstaining produces the desired outcome.

Boston Partners meets with ISS at least annually to review ISS policy changes, themes, methodology, and to review the Proxy Voting Policies. The information is taken to the Committee to discuss and decide what changes, if any, need to be made to the Proxy Voting Policies for the upcoming year.

The Proxy Voting Policies provide standard positions on likely issues for the upcoming proxy season. In determining how proxies should be voted, including those proxies the Proxy Voting Policies do not address or where the Proxy Voting Policies' application is ambiguous, Boston Partners primarily focuses on maximizing the economic value of its clients' investments. This is accomplished through engagements with Boston Partners' analysts and issuers, as well as independent research conducted by Boston Partners' Sustainability and Engagement Team. In the case of social and political responsibility issues that, in its view, do not primarily involve financial considerations, it is Boston Partners' objective to support shareholder proposals that it believes promote good corporate citizenship. If Boston Partners believes that any research provided by ISS or other sources is incorrect, that research is ignored in the proxy voting decision, which is escalated to the Committee so that all relevant facts can be discussed, and a final vote determination can be made. Boston Partners is alerted to proposals that may require more detailed analysis via daily system generated refer notification emails. These emails prompt the Committee Secretary to call a Committee meeting to discuss the items in question.

Although Boston Partners has instructed ISS to vote in accordance with the Proxy Voting Policies, Boston Partners retains the right to deviate from the Proxy Voting Policies if, in its estimation, doing so would be in the best interest of clients.

#### Conflicts
Boston Partners believes clients are sufficiently insulated from any actual or perceived conflicts Boston Partners may encounter between its interests and those of its clients because Boston Partners votes proxies based on the predetermined Proxy Voting Policies. However, as noted, Boston Partners may deviate from the Proxy Voting Policies in certain circumstances, or the Proxy Voting Policies may not address certain proxy voting proposals. If a member of Boston Partners' research or portfolio management team recommends that Boston Partners vote a particular proxy proposal in a manner inconsistent with the Proxy Voting Policies or if the Proxy Voting Policies

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do not address a particular proposal, Boston Partners will adhere to certain procedures designed to ensure that the decision to vote the particular proxy proposal is based on the best interest of Boston Partners' clients. These procedures require the individual requesting a deviation from the Proxy Voting Policies to complete a Conflicts Questionnaire (the "Questionnaire") along with written documentation of the economic rationale supporting the request. The Questionnaire seeks to identify possible relationships with the parties involved in the proxy that may not be apparent. Based on the responses to the Questionnaire, the Committee (or a subset of the Committee) will determine whether it believes a material conflict of interest is present. If a material conflict of interest is found to exist, Boston Partners will vote in accordance with client instructions, seek the recommendation of an independent third-party or resolve the conflict in such other manner as Boston Partners believes is appropriate, including by making its own determination that a particular vote is, notwithstanding the conflict, in the best interest of clients.

#### Oversight
Meetings and upcoming votes are reviewed by the Committee Secretary with a focus on votes against management. Votes on behalf of Boston Partners' clients are reviewed and compared against ISS' recommendations. When auditing vote instructions, which Boston Partners does at least annually, ballots voted for a specified period are requested from ISS, and a sample of those meetings are reviewed by Boston Partners' Operations Team. The information is then forwarded to compliance/ the Committee Secretary for review. Any perceived exceptions are reviewed with ISS and an analysis of what the potential vote impact would have been is conducted. ISS' most recent SOC-1 indicates they have their own control and audit personnel and procedures, and a sample of ballots are randomly selected on a quarterly basis. ISS compares ballots to applicable vote instructions recorded in their database. Due diligence meetings with ISS are conducted periodically.

#### Disclosures
A copy of Boston Partners' Proxy Voting Policies and Procedures, as updated from time to time, as well as information regarding the voting of securities for a client account are available upon request from your Boston Partners relationship manager. A copy of Boston Partners' Proxy Voting Policies and Procedures are also available at https://www.boston-partners.com/. For general inquires, contact (617) 777-2126.

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| **Effective Date: February 10, 2026** | **PROPRIETARY** |

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#### PROXY VOTING POLICIES AND PROCEDURES
DIMENSIONAL FUND ADVISORS LP

DIMENSIONAL FUND ADVISORS LTD.

DFA AUSTRALIA LIMITED

DIMENSIONAL FUND ADVISORS PTE. LTD.

DIMENSIONAL JAPAN LTD.

DIMENSIONAL IRELAND LIMITED

DIMENSIONAL HONG KONG LIMITED

#### Introduction
Dimensional Fund Advisors LP ("Dimensional") is an investment adviser registered with the U.S. Securities and Exchange Commission ("SEC") pursuant to the Investment Advisers Act of 1940, as amended (the "Advisers Act"). Dimensional is the parent or indirect parent company of Dimensional Fund Advisors Ltd. ("Dimensional UK"), DFA Australia Limited ("Dimensional Australia"), Dimensional Fund Advisors Pte. Ltd. ("Dimensional Singapore"), Dimensional Hong Kong Limited ("Dimensional HK"), Dimensional Japan Ltd. ("Dimensional Japan") and Dimensional Ireland Limited ("Dimensional Ireland") (each, an "Advisor", and collectively referred to as the "Advisors"). Dimensional UK and Dimensional Australia are also registered as investment advisers under the Advisers Act.

The Advisors provide investment advisory or subadvisory services to various types of clients, including registered funds, unregistered commingled funds, defined benefit plans, defined contribution plans (including employee benefit plans subject to the Employee Retirement Income Security Act of 1974, and the regulations promulgated thereunder ("ERISA")), private and public pension funds, foundations, endowment funds and other types of investors. These clients frequently give the Advisors the authority and discretion to vote proxies relating to the underlying securities beneficially held by such clients. Also, a client may, at times, ask an Advisor to share its proxy voting policies, procedures, and guidelines without the client delegating full voting discretion to the Advisor. Depending on the client, an Advisor's duties may include making decisions regarding whether and how to vote proxies as part of an investment manager's fiduciary duty under ERISA.<sup>1</sup> The scope and any limitations of an Advisor's proxy voting authority generally will be described in the written contract between the Advisor and its client or with respect to an Advisor-sponsored fund, the offering documents of the fund.

The following Proxy Voting Policies and Procedures (the "Policy") address the Advisors' objectives for voting proxies received by the Advisors on behalf of client accounts or funds to the extent that relationships with such clients are subject to the Advisers Act or ERISA or the clients are registered investment companies under the Investment Company Act of 1940, as amended, including The DFA Investment Trust Company, DFA Investment Dimensions Group Inc., Dimensional Investment Group Inc.,

<sup>1</sup> If the client is subject to ERISA, an Advisor's proxy voting activities are subject to any applicable provisions under ERISA and/or guidance from the U.S. Department of Labor.

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Dimensional Emerging Markets Value Fund, and Dimensional ETF Trust (together, the "Dimensional Investment Companies") and the portfolios, funds and exchange-traded funds of the Dimensional Investment Companies are each a "Dimensional Fund" and together, the "Dimensional Funds"). The Advisors believe that this Policy is reasonably designed to meet their goal of seeking to vote (or refrain from voting) proxies in a manner consistent with applicable legal and fiduciary standards and in the best interests of clients, as understood by the Advisors at the time of the vote.

<u>Exhibit A</u> to this Policy includes a summary of the Advisors' current Proxy Voting Guidelines and will change from time to time (the "Guidelines") and includes three implementations, one standard implementation, one for the portfolios and accounts that incorporate social considerations in their investment guidelines, and one for the portfolios and accounts that incorporate sustainability considerations in their investment guidelines. A separate account client may select one of the three implementations to be used for their account or, in certain circumstances, individualize their proxy voting guidelines. The Investment Committee of Dimensional has determined that, in general, voting proxies pursuant to the Guidelines should be in the best interests of clients and the Advisors understand the Guidelines to be consistent with applicable legal standards. Therefore, an Advisor will usually instruct voting of proxies in accordance with the Guidelines.

The Guidelines provide a framework for analysis and decision making but do not address all potential issues. In order to be able to address all the relevant facts and circumstances related to a proxy vote, the Advisors reserve the right to instruct votes that deviate from the Guidelines if, after a review of the matter, an Advisor believes that a client's best interests would be served by, or applicable legal and fiduciary standards require, such a vote. In such circumstance, the analysis will be documented in writing and periodically presented to the Investment Stewardship Committee for review. To the extent that the Guidelines do not cover potential voting issues, an Advisor may consider the spirit of the Guidelines and applicable legal standards and instruct the vote on such issues in a manner that the Advisor believes would be in the best interests of the client.

A client's investment strategy or instructions can impact voting determinations and/or engagement efforts. For example, the Advisors consider social issues when voting proxies for portfolios and accounts that incorporate social considerations in their design and consider sustainability issues when voting proxies for portfolios and accounts that consider sustainability considerations in their design. The Advisors may also take social or sustainability issues into account when voting proxies for portfolios and accounts that do not incorporate social or sustainability considerations in their design if the Advisors believe that doing so is in the best interest of the relevant client(s) and otherwise consistent with applicable laws and the Advisors' duties, such as where material environmental or social risks may have economic ramifications for shareholders

The foregoing differences may result in voting differently for some clients than others. Similarly, the Advisors may engage with a portfolio company differently depending on the relevant client(s)' investment strategy and the subject(s) of the relevant engagement.

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#### Proxy Advisory Firms
The Advisors have retained certain third-party proxy service providers ("Proxy Advisory Firms") to provide information on shareholder meeting dates and proxy materials, translate proxy materials printed in a foreign language, provide research on proxy proposals, operationally process votes in accordance with the Guidelines on behalf of the clients for whom the Advisors have proxy voting responsibility, and provide reports concerning the proxies voted ("Proxy Voting Services"). Although the Advisors retain third-party service providers for Proxy Voting Services, the Advisors remain responsible for proxy voting decisions and making such decisions in accordance with their fiduciary duties. The Advisors have designed policies and procedures to prudently select, oversee and evaluate the Proxy Advisory Firms consistent with their fiduciary duties, including with respect to the matters described below, which Proxy Advisory Firms have been engaged to provide Proxy Voting Services to support the Advisors' voting in accordance with this Policy. In the event that the Guidelines are not implemented precisely as the Advisors intend because of the actions or omissions of any Proxy Advisory Firms, custodians or sub-custodians or other agents, or any such persons experience any irregularities (e.g., misvotes or missed votes), then such instances will not necessarily be deemed by the Advisors as a breach of this Policy.

Prior to the selection of any new Proxy Advisory Firms and annually thereafter or more frequently if deemed necessary by Dimensional, the Investment Stewardship Committee will consider whether the Proxy Advisory Firm: (a) has the capacity and competency to timely and adequately analyze proxy issues and provide the Proxy Voting Services the Proxy Advisory Firm has been engaged to provide and (b) can make its recommendations in an impartial manner, in consideration of the best interests of the Advisors' clients, and consistent with the Advisors' voting policies and fiduciary duties. In conducting such a review of a Proxy Advisory Firm, Dimensional may consider the following, depending on the Proxy Voting Services the Proxy Advisory Firm has been engaged to provide:

(i) periodic sampling of certain votes pre-populated by the Proxy Advisory Firm's systems as well as votes cast by the Proxy Advisory Firm to review that the Guidelines adopted by the Advisors are being followed;

(ii) onsite visits to the Proxy Advisory Firm office and/or discussions with the Proxy Advisory Firm to determine whether the Proxy Advisory Firm continues to have the capacity and competency to carry out its proxy obligations to the Advisors;

(iii) a review of those aspects of the Proxy Advisory Firm's policies, procedures, and methodologies for formulating voting recommendations that the Advisors consider material to the Proxy Voting Services provided to the Advisors, including: (a) those relating to the Proxy Advisory Firm's efforts to identify, address, mitigate and disclose actual or potential conflicts of interest, (b) the Proxy Advisory Firm's efforts to obtain current, accurate, and complete information in creating recommendations and research, and (c) the Proxy Advisory Firm's ability to provide services consistent with ERISA;

(iv) a requirement that the Proxy Advisory Firm notify the Advisors if there is a substantive change in the Proxy Advisory Firm's policies and procedures described in (iii) above or otherwise to its business practices;

(v) a review of how and when the Proxy Advisory Firm engages with, and receives and incorporates input from, portfolio companies, the Proxy Advisory Firm's clients and other third-party information sources as well as how and when the Proxy Advisory Firm makes available from portfolio companies, or other sources, additional information about a matter to be voted;

(vi) an assessment of how the Proxy Advisory Firm considers factors unique to a specific issuer or proposal when evaluating a matter subject to a shareholder vote;

(vii) in case of an error made by the Proxy Advisory Firm, a discussion of the error with the Proxy Advisory Firm and determination of whether (a) the error affected the Proxy Advisory Firm's Proxy Voting Services and (b) appropriate corrective and preventive action is being taken; and

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(viii) an assessment of whether the Proxy Advisory Firm appropriately updates its methodologies, guidelines, and voting recommendations, including to address any deficiencies, on an ongoing basis and incorporates input from issuers and Proxy Advisory Firm clients in the update process.

In evaluating Proxy Advisory Firms, the Advisors may also consider the adequacy and quality of the Proxy Advisory Firm's staffing, personnel, and/or technology and other factors in its discretion.

#### Procedures for Voting Proxies
The Investment Committee at Dimensional is generally responsible for overseeing each Advisor's proxy voting process. The Investment Committee has formed the Investment Stewardship Committee composed of certain officers, directors and other personnel of the Advisors and has delegated to its members authority to (i) oversee the voting of proxies and the Proxy Advisory Firms, (ii) make determinations as to how to instruct the vote on certain specific proxies, (iii) verify ongoing compliance with this Policy, (iv) receive reports on the review of the Proxy Advisory Firms as described above, and (v) review this Policy from time to time and recommend changes to the Investment Committee. The Investment Stewardship Committee may designate one or more of its members to oversee specific, ongoing compliance with respect to this Policy and may designate personnel of each Advisor to instruct the vote on proxies on behalf of an Advisor's clients, such as authorized traders of the Advisors (collectively, "Authorized Persons"). The Investment Stewardship Committee will review this policy no less frequently than annually and may recommend changes to this Policy to seek to act in a manner consistent with the best interests of the clients.

Generally, the Advisors analyze relevant proxy materials on behalf of their clients and seek to instruct the vote (or refrain from voting) proxies in accordance with this Policy and the Guidelines. A client may direct an Advisor to vote for such client's account differently than what would occur in applying the Policy and the Guidelines. An Advisor may also agree to follow a client's individualized proxy voting guidelines or otherwise agree with a client on particular voting considerations.

Each Advisor seeks to vote (or refrain from voting) proxies for its clients in a manner that the Advisor determines is in the best interests of its clients and which seeks to maximize the value of the client's investments, subject to the standards of legal and regulatory regimes, applicable to the Advisor or the client, and any particular investment or voting guidelines of specific funds or accounts. When voting (or electing to refrain from voting) proxies for clients, subject to ERISA, each Advisor shall seek to consider those factors that may affect the economic value of the ERISA client's investment and not subordinate the interests of the client's participants and beneficiaries on their retirement income or financial benefits under the plan to any other objectives. Irrespective of the foregoing, an Advisor's decision-making to vote or refrain from voting will be made following a cost-benefit analysis described below.

#### Determining Whether to Vote Proxies
In some cases, an Advisor may determine that it is in the best interests of clients to refrain from exercising the clients' proxy voting rights. For example, the Advisor will generally refrain from voting proxies where the Adviser anticipates that the costs to the client's account of voting could exceed the expected benefits of voting. In making this assessment, each Advisor applies a general cost formula test for each

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account, assessing generally anticipated voting costs (*e.g.*, custodian and Proxy Advisor Firm costs for voting) on a country-by-country basis against the Advisor's assumptions regarding the aggregate financial value of voting.<sup>2</sup> Note that securities issued in non-U.S. jurisdictions can be subject both to direct costs and opportunity costs which are not associated with voting U.S. proxies, including costs to: (i) appoint a proxy; (ii) obtain reliable information about the time and location of a meeting; (iii) obtain relevant information about voting procedures for foreign shareholders; (iv) restrict trading securities that are subject to proxy votes (share-blocking periods); (v) arrange for a proxy to vote locally in person; and (vi) charged fees by custody banks for providing certain services with regard to voting proxies. As a result, were an Advisor to refrain from voting proxies, it would be more likely to do so for votes for matters related to non-U.S. issuers rather than U.S. issuers. The Advisors consider updates on proxy voting costs and voting impediments and its overall cost-benefit analysis for each account and country periodically, no less frequently than annually.

In certain circumstances, for example, for client accounts with a relatively small amount of assets under management that invest significantly in non-U.S. issuers and have a large number of holdings, an Advisor's cost-benefit analysis may result in the Advisor refraining from voting all proxies for an account.

Notwithstanding the foregoing, in the event an Advisor is made aware of and believes that an issue to be voted is likely to materially affect the economic value of a portfolio, that its client's vote is reasonably likely to be determinative of the outcome of the contest, and that the expected benefits to the client of voting a particular proxy vote exceed the expected costs, the Advisor will seek to make reasonable efforts to vote that proxy.

For securities on loan and when the Advisor or an affiliate of the Advisor has agreed to monitor the securities lending program of the client account, the Advisor will balance the revenue-producing value of loans against the difficult-to-assess value of casting votes. It is generally the Advisors' belief that the expected value of casting a vote generally will be less than the securities lending income, either because the votes will not have significant economic consequences or because the outcome of the vote would not be affected by an Advisor recalling loaned securities for voting. In certain countries, including the United States, the specific terms of the proposals to be voted on by shareholders will generally not be known until after the record date, which determines the shares eligible to be voted. In this situation, the Advisor may not be aware of the subject of a proxy in time to make a decision as to whether the materiality of the voting proposals warrants recalling a security on loan to vote. In addition, because specific record dates may not be known, if the Advisor were to seek to recall securities on loan, the Advisor would need to estimate the record date which would result in the securities being recalled for a longer period of time than otherwise required and may create a greater potential loss of income. Each Advisor does intend to recall securities on loan if, based upon information in the Advisor's possession, it determines that voting the securities is likely to materially affect the value of a client's investment and that it is in the client's best interests to do so.

In cases where an Advisor does not receive a solicitation or enough information within a sufficient time (as reasonably determined by the Advisor) prior to the proxy-voting deadline, the Advisor or its service provider may be unable to vote and this may also inform an Advisor's voting decision. As part of the vote execution services provided to the Advisors, a Proxy Advisory Firm pre-populates votes in accordance with

<sup>2</sup> If a client does not share with its Advisor information regarding the cost of voting proxies so that the Advisor can perform a cost-benefit analysis, the Advisor will decide whether to vote proxies considering only the information available to it on such costs, as well as the preferences expressed by the client or its representative(s). 

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the Policy and Guidelines. Such votes are automatically submitted unless modified by an Authorized Person prior to submission. The Advisors conduct sampling of select pre-populated votes prior to the final vote submission. For votes on certain issues, the Advisors conduct additional reviews as part of the voting process. If an Advisor becomes aware that a portfolio company or shareholder proponent of a proposal has filed or intends to file additional soliciting material after a Proxy Advisory Firm has pre-populated votes, and the company or proponent makes this material available within a sufficient time (as reasonably determined by the Advisor) prior to the proxy-voting deadline, the Advisor will assess whether the material could reasonably be expected to impact the Advisor's vote determination and will seek to review and consider any impactful material prior to the proxy-voting deadline.

The Advisors from time to time discuss governance matters with portfolio companies to represent client interests; however, regardless of such conversations, the Advisors acquire securities on behalf of their clients solely for the purpose of investment and not with the purpose or intended effect of changing or influencing the control of any portfolio company. The Advisors do not intend to engage in shareholder activism with respect to a pending vote or matter that an Advisor reasonably expects to be the subject of a shareholder vote in the foreseeable future. If an issuer's management, shareholders or proxy solicitors contact an Advisor with respect to a pending vote, a member of the Investment Stewardship Committee (or its delegee) may listen to such party and discuss this Policy with such party.

#### Fixed Income Securities
Holders of fixed income securities are generally not entitled to an annual vote and therefore do not have such a mechanism to influence an issuer's governance. From time-to-time holders of fixed income securities can receive proxy ballots or corporate action-consents at the discretion of the issuer/custodian. When processed as proxy ballots, Proxy Advisory Firms generally do not provide a voting recommendation on such matters and the service provider's role is limited to election processing and recordkeeping. In such circumstances the Advisor's fixed income portfolio management team is generally responsible for providing recommendations on how to vote proxy ballots and corporation action-consents and they may consult with members of the Investment Stewardship Group, with the aim of applying the same general principles as are set out in the Guidelines.

#### Conflicts of Interest
Occasions may arise where an Authorized Person, one or more members of the Investment Stewardship Committee, an Advisor, or an affiliated person of an Advisor has a potential conflict of interest in connection with the proxy voting process or engagement with portfolio companies. A conflict of interest may exist, for example, if an Advisor is actively soliciting investment advisory business from the company soliciting the proxy. Proxies that the Advisors receive on behalf of their clients generally will be voted in accordance with predetermined guidelines or procedures (or a client's predetermined custom guidelines or procedures), and when proxies are voted consistently with such guidelines or procedures, the Advisors consider such votes not to be affected by any conflicts of interest.

In the limited instances where (i) an Authorized Person is considering voting a proxy contrary to predetermined guidelines or procedures (or in cases for which the guidelines or procedures do not prescribe a particular vote and the proposed vote is contrary to the recommendation of the Proxy Advisory Firm primarily used by the Advisors to provide voting recommendations), and (ii) the Authorized Person or any member of the Investment Stewardship Committee believes a potential conflict of interest exists, the

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Authorized Person will disclose the potential conflict to a member of the Investment Stewardship Committee or, in the case of a member of the Investment Stewardship Committee who believes a potential conflict of interest exists, the member will disclose the conflict to the Investment Stewardship Committee. Such disclosure will describe the proposal to be voted upon and disclose any potential conflict of interest including but not limited to any potential personal conflict of interest (e.g., familial relationship with company management) the Authorized Person may have relating to the proxy vote, in which case the Authorized Person will remove himself or herself from the proxy voting process.

If the Investment Stewardship Committee member has actual knowledge of a conflict of interest and recommends a vote contrary to predetermined guidelines or procedures (or in the case where the guidelines or procedures do not prescribe a particular vote and the proposed vote is contrary to the recommendation of the Proxy Advisory Firm), the Investment Stewardship Committee member will bring the vote to the Investment Stewardship Committee, which will (a) determine how the vote should be cast, keeping in mind the principle of preserving shareholder value or (b) determine to abstain from voting, unless abstaining would be materially adverse to the client's interest.

The Advisors may face a conflict of interest in determining whether to vote or refrain from voting proxies for funds where the Advisor has agreed to assume the costs of a fund's voting expenses because, for such client accounts, the costs of voting proxies are effectively paid by the Advisor. The Advisors believe such conflicts of interest are addressed by applying the same cost-benefit analysis across all of their clients, without regard to whether the Advisor has a conflict, such as by assuming the costs of voting on behalf of a client.

To the extent a conflict arises in connection with a proposed engagement with a portfolio company, the proposed engagement will be brought to the Investment Stewardship Committee for consideration of how to proceed.

To the extent the Investment Stewardship Committee makes a determination regarding how to vote or to abstain for a proxy on behalf of a Dimensional Investment Company in the circumstances described in this paragraph, Dimensional will report annually on such determinations to the respective Board of Directors/Trustees of the Dimensional Investment Company. The Advisors will also consider, where appropriate, other disclosure to clients regarding potential conflicts of interest, dependent upon the agreement with the client.

Voting by Dimensional Funds that hold shares of other Dimensional Funds. To avoid certain potential conflicts of interest, Dimensional generally will employ mirror voting, if possible, when a Dimensional Fund invests in another Dimensional Fund in reliance on any one of Sections 12(d)(1)(E), 12(d)(1)(F) or 12(d)(1)(G) of the Investment Company Act of 1940, as amended, ("1940 Act"), related rules thereunder (including Rule 12d1-1 or Rule 12d1-4 under the 1940 Act), or pursuant to an SEC exemptive order thereunder, unless otherwise required by applicable law or regulation. Mirror voting means that Dimensional will vote the shares in the same proportion as the vote of all of the other holders of the Dimensional Fund's shares. With respect to instances when a Dimensional Fund invests in an underlying Dimensional Fund in reliance on Section 12(d)(1)(G) of the 1940 Act, related rules thereunder (including Rule 12d1-1 or Rule 12d1-4), or pursuant to an SEC exemptive order thereunder, and there are no other unaffiliated shareholders also invested in the underlying Dimensional Fund, Dimensional will vote in accordance with the recommendation of such Dimensional Investment Company's board of trustees or

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directors, unless otherwise required by applicable law or regulation. With respect to instances when a Dimensional Fund invests in an underlying Dimensional Fund in reliance on Sections 12(d)(1)(E) or 12(d)(1)(F) of the 1940 Act and there are no other unaffiliated shareholders also invested in the underlying Dimensional Fund, Dimensional will employ pass-through voting, unless otherwise required by applicable law or regulation. In "pass-through voting," the investing Dimensional Fund will solicit voting instructions from its shareholders as to how to vote on the underlying Dimensional Fund's proposals.

#### Availability of Proxy Voting Information and Recordkeeping
Each Advisor will inform those clients for which it has voting authority how to obtain information from the Advisor about how it voted with respect to client securities. The Advisor will provide those clients with a summary of its proxy voting guidelines, process and policies and will inform the clients how they can obtain a copy of the complete Policy upon request. If an Advisor is registered under the Advisers Act, the Advisor will also: (i) include such information described in the preceding two sentences in Part 2A of its Form ADV and (ii) if and as required, seek to file on Form N-PX its proxy voting record in respect of certain votes no later than August 31 of each year, for the twelve-month period ending June 30 of the current year.

#### Recordkeeping
The Advisors will also keep records of the following items: (i) their proxy voting guidelines, policies and procedures and documentation of their annual reviews of such guidelines, policies and procedures; (ii) proxy statements received regarding client securities (unless such statements are available on the SEC's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system); (iii) records of votes they cast on behalf of clients, which may be maintained by a Proxy Advisory Firm if it undertakes to provide copies of those records promptly upon request; (iv) records of written client requests for proxy voting information and an Advisor's responses (whether a client's request was oral or in writing); (v) any documents prepared by an Advisor that were material to making a decision how to vote, or that memorialized the basis for the decision; (vi) a record of any testing conducted on any Proxy Advisory Firm's votes; and (vii) a copy of each version of the Proxy Advisory Firm's policies and procedures provided to the Advisors. The Advisors will maintain these records in an easily accessible place for at least *six years* from the end of the fiscal year during which the last entry was made on such records. For the first two years, each Advisor will store such records at one of its principal offices.

#### Disclosure by the Dimensional Investment Companies
Dimensional shall disclose in the statements of additional information of the Dimensional Investment Companies a summary of procedures which Dimensional uses to determine how to vote proxies relating to portfolio securities of the Dimensional Investment Companies. The disclosure will include a description of the procedures used when a vote presents a conflict of interest between shareholders and Dimensional, DFA Securities LLC ("DFAS") or an affiliate of Dimensional or DFAS.

The semi-annual reports of the Dimensional Investment Companies shall indicate that a description of the policies and procedures that the Dimensional Investment Companies use in voting proxies of portfolio securities is available: (i) without charge, upon request, by calling Dimensional collect; or (ii) on the SEC's website. Any requested description must be sent within three business days by a prompt method of delivery.

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Dimensional, on behalf of each Dimensional Investment Company it advises, each applicable Advisor, and as otherwise as required, shall file its proxy voting record with the SEC on Form N-PX no later than August 31 of each year, for the twelve-month period ending June 30 of the current year. Such filings shall contain all information required to be disclosed on Form N-PX by each Dimensional Investment Company and each Advisor, as applicable.

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#### Exhibit A

#### Summary of Proxy Voting Guidelines

#### General Approach to Corporate Governance and Proxy Voting
When voting (or refraining from voting) proxies, Dimensional<sup>3</sup> seeks to act in the best interests of the funds and accounts Dimensional manages and consistent with applicable legal and fiduciary standards. Dimensional seeks to maximize shareholder value subject to the standards of legal and regulatory regimes (applicable to the Advisor or the client), listing requirements, corporate governance and stewardship codes, and the investment or voting guidelines of the fund or account. <sup>4</sup>

Dimensional expects the members of a portfolio company's board to act in the interests of their shareholders. Each portfolio company's board should implement policies and adopt practices that align the interests of the board and management with those of its shareholders. Since a board's main responsibility is to oversee management and to manage and mitigate risk, it is important that board members have the experience and skills to carry out that responsibility.

This summary outlines Dimensional's global approach to key proxy voting issues and highlights particular considerations in specific markets.

#### Global Evaluation Framework
Dimensional's Global Evaluation Framework sets out Dimensional's general expectations for all portfolio companies. When implementing the principles contained in Dimensional's Global Evaluation Framework in a given market, in addition to the relevant legal and regulatory requirements, Dimensional will consider local market practices. Additionally, for portfolio companies in the United States, Europe, the Middle East, Africa, Japan, Australia and other select Asia markets, Dimensional will apply the market-specific considerations contained in the relevant subsection in these Guidelines.

#### Uncontested Director Elections
Dimensional may vote against individual directors, committee members, or the full board of a portfolio company, such as in the following situations:

1. There are problematic audit-related practices;

2. There are problematic compensation practices or persistent pay for performance misalignment;

3. There are problematic anti-takeover provisions;

4. There have been material failures of governance, risk oversight, or fiduciary responsibilities;

5. The board has failed to adequately respond to shareholder concerns;

6. The board has demonstrated a lack of accountability to shareholders;

7. There is an ineffective board refreshment process<sup>5</sup>;

<sup>3</sup> "Dimensional" refers to any of Dimensional Fund Advisors LP, Dimensional Fund Advisors Ltd., DFA Australia Limited, Dimensional Ireland Limited, Dimensional Fund Advisors Pte. Ltd. or Dimensional Japan Ltd.

<sup>4</sup> For considerations in connection with ERISA-covered clients, see the Policy and its references to requirements under ERISA.

<sup>5</sup> As used in these guidelines "board refreshment process" means the method for reviewing and establishing the composition of the board of the portfolio company (e.g., assessments or self-evaluation, succession planning, approach for searches for board members, criteria for qualification of board members). 

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If a director is a member of multiple boards of various portfolio companies, and one of those boards has one of the issues listed in 1-7 above, Dimensional may vote against that director with respect to the board of the portfolio company with the issue as well as any other portfolio company boards.

Dimensional also considers the following when voting on directors of portfolio companies:

1. Board and committee independence;

2. Director attendance: Dimensional generally expects directors to attend at least 75% of board and committee meetings;

3. Director capacity to serve;

4. Board composition.

#### Board Refreshment
An effective board refreshment process for a portfolio company can include the alignment of directors' skills with business needs, assessment of individual director performance and feedback, and a search process for new directors that appropriately incorporates qualification criteria. Dimensional believes information about a portfolio company's assessment and refreshment process should be disclosed and should generally include:

• The processes and procedures by which the portfolio company identifies the key competencies that directors should possess in order to ensure the board is able to appropriately oversee the risks and opportunities associated with the portfolio company's strategy and operations;

• How the performance of individual directors and the board as a whole is assessed;

• The alignment between the skills and expertise of each board member and the key competencies identified in the board assessment process;

• Board refreshment mechanisms;

• Director recruitment policies and procedures; and

• The extent to which diversity considerations are incorporated into board assessment and refreshment practices and director recruitment policies.

In evaluating a portfolio company's refreshment process, Dimensional may consider, among other information:

• Whether the portfolio company's board assessment process meets market best practices in terms of objectiveness, rigor, disclosure, and other criteria;

• Whether the portfolio company complies with market best practice with regards to refreshment mechanisms, including tenure limits; and

• Whether the portfolio company has board entrenchment devices, such as a classified board or plurality vote standard.

Dimensional may consider a board's diversity when evaluating the effectiveness of a portfolio company's board refreshment process. Dimensional may consider whether a portfolio company seeks to follow market best practices as the portfolio company nominates new directors and assesses the performance of existing directors who have the diversity of backgrounds, experiences, and skill-sets needed to effectively oversee management and manage risk.

If Dimensional believes that a portfolio company's board assessment and refreshment process is not sufficiently rigorous, or if the portfolio company fails to disclose adequate information for Dimensional to assess the rigor of the process, Dimensional may vote against members of the Nominating Committee, or other relevant directors.

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#### Bundled/Slate Director Elections
Dimensional generally opposes bundled director elections at portfolio companies; however, in markets where individual director elections are not an established practice, bundled elections are acceptable as long as the full list of candidates is disclosed in a timely manner.

#### Contested Director Elections
In the case of contested board elections at portfolio companies, Dimensional takes a case-by-case approach. With the goal of maximizing shareholder value, Dimensional considers the qualifications of the nominees, the likelihood that each side can accomplish their stated plans, the portfolio company's corporate governance practices, and the incumbent board's history of responsiveness to shareholders.

#### Board Size
Dimensional believes that portfolio company boards are responsible for determining an appropriate size of the board of directors within the confines of relevant corporate governance codes and best practice standards. However, Dimensional will generally oppose proposals to alter board structure or size in the context of a fight for control of the portfolio company or the board.

#### Auditors
Dimensional will typically support the ratification of auditors unless there are concerns with the auditor's independence, the accuracy of the auditor's report, the level of non-audit fees, or if lack of disclosure makes it difficult for us to assess these factors.

In addition to voting against the ratification of the auditors, Dimensional may also vote against or withhold votes from audit committee members at portfolio companies in instances of fraud, material weakness, or significant financial restatements.

#### Anti-Takeover Provisions
Dimensional believes that the market for corporate control, which often results in acquisitions which increase shareholder value, should be able to function without undue restrictions. Takeover defenses such as shareholder rights plans (poison pills) can lead to entrenchment of management and reduced accountability at the board level. Dimensional will generally vote against the adoption of anti-takeover provisions. Dimensional may vote against directors at portfolio companies that adopt or maintain anti-takeover provisions without shareholder approval post- initial public offering ("IPO") or adopted such structures prior to, or in connection with, an IPO. Dimensional may vote against such directors not just at the portfolio company that adopted the anti-takeover provision, but at all other portfolio company boards they serve on.

#### Related-Party Transactions
Dimensional believes portfolio company related-party transactions should be minimized. When such transactions are determined to be fair to the portfolio company and its shareholders in accordance with the portfolio company's policies and governing law, they should be thoroughly disclosed in public filings.

#### Amendments to Articles of Association/Incorporation
Dimensional expects the details of proposed amendments to articles of association or incorporation, or similar portfolio company documents, to be clearly disclosed. Dimensional will typically support such amendments that are routine in nature or are required or prompted by regulatory changes. Dimensional may vote against amendments that negatively impact shareholder rights or diminish board oversight.

#### Equity Based Remuneration
Dimensional supports the adoption of equity plans that align the interests of the portfolio company board, management, and portfolio company employees with those of shareholders.

Dimensional will evaluate equity plans on a case-by-case basis, taking into account the potential dilution to shareholders, the portfolio company's historical use of equity, and the particular plan features.

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#### Executive Remuneration
Dimensional supports remuneration for executives that is clearly linked to the portfolio company's performance. Remuneration should be designed to attract, retain and appropriately motivate and serve as a means to align the interests of executives with those of shareholders.

Dimensional expects portfolio companies to structure executive compensation in a manner that does not insulate management from the consequences of failures of risk oversight and management. Dimensional typically supports clawback provisions in executive compensation plans as a way to mitigate risk of excessive risk taking by executives at portfolio companies.

Dimensional supports remuneration plan metrics that are quantifiable and clearly tied to company strategy and the creation of shareholder value. The use of standard financial metrics, for example, metrics based on generally accepted accounting principles ("GAAP") or international financial reporting standards, when determining executive pay is generally considered by Dimensional to be preferable. The use of non-standard metrics, including those involving large non-GAAP adjustments, result in less transparency for investors and may lead to artificially high executive pay. In evaluating a portfolio company's executive compensation, Dimensional considers whether the portfolio company is disclosing what each metric is intended to capture, how performance is measured, what targets have been set, and performance against those targets. While environmental and social (E&S) issues may be material for shareholder value, Dimensional believes linking E&S metrics to executive pay in a quantifiable and transparent manner can present particular challenges. Dimensional will seek to focus on the rigor of E&S metrics and will seek to scrutinize payouts made under these metrics, particularly when there has been underperformance against other metrics tied to financial performance or shareholder value.

To the extent that remuneration is clearly excessive and not aligned with the portfolio company's performance or other factors, Dimensional would not support such remuneration. Additionally, Dimensional expects portfolio companies to strive to follow local market practices with regards to the specific elements of remuneration and the overall structure of the remuneration plan.

Therefore, Dimensional reviews proposals seeking approval of a portfolio company's executive remuneration plan closely, taking into account the quantum of pay, portfolio company performance, and the structure of the plan.

In markets where components of executive remuneration, such as performance rights or options, are required to be subject to a separate shareholder vote, Dimensional will consider these proposals in line with the principles above.

#### Director Remuneration
Dimensional will generally support director remuneration at portfolio companies that is reasonable in both size and composition relative to industry and market norms.

#### Mergers & Acquisitions (M&A)
Dimensional's primary consideration in evaluating mergers and acquisitions is maximizing shareholder value. Given that Dimensional believes market prices reflect future expected cash flows, an important consideration is the price reaction to the announcement, and the extent to which the deal represents a premium to the pre-announcement price. Dimensional will also consider the strategic rationale, potential conflicts of interest, and the possibility of competing offers.

Dimensional may vote against deals where there are concerns with the acquisition process or where there appear to be significant conflicts of interest.

#### Capitalization
Dimensional will vote case-by-case on proposals related to portfolio company share issuances, taking into account the purpose for which the shares will be used, the risk to shareholders of not approving the request, and the dilution to existing shareholders.

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#### Unequal Voting Rights
Dimensional opposes the creation of share structures that provide for unequal voting rights, including dual class stock with unequal voting rights or mechanisms such as loyalty shares that may skew economic ownership and voting rights within the same class of shares, and will generally vote against proposals to create or continue such structures. On a case-by-case basis, Dimensional may also vote against directors at portfolio companies that adoptor maintain such structures without shareholder approval post-IPO or adopted such structures prior to, or in connection with, an IPO.

#### Say on Climate
Dimensional will generally vote against management and shareholder proposals to introduce say on climate votes, which propose that companies' climate-risk management plans are put to a recurring advisory shareholder vote. Dimensional believes that strategic planning, including mitigation of climate-related risks and oversight of opportunities presented by potential climate change is the responsibility of the portfolio company board and should not be delegated or transferred to shareholders. If a portfolio company's climate-risk management plan is put to a shareholder vote then Dimensional will generally vote against the plan, regardless of the level of detail contained in the plan, to indicate our opposition to the delegation of oversight implied by such votes If Dimensional observes that a portfolio company board is failing to adequately guard shareholder value through strategic planning, Dimensional may vote against directors.

#### Shareholder Proposals
Dimensional's goal when voting on portfolio company shareholder proposals is to support those proposals that protect or enhance shareholder value through improved board accountability, improved policies and procedures, or improved disclosure.

Dimensional will typically vote with management on environmental and social (E&S) shareholder proposals. In certain circumstances, including if the E&S matter may have a material impact on the portfolio company, Dimensional may determine a case-by-case analysis is warranted, in which case we will consider if supporting the proposal is likely to provide shareholders with meaningful information about a portfolio company's handling of environmental or social risk through improved board accountability, improved policies or procedures, or improved disclosures.

#### Virtual Meetings
Dimensional does not oppose the use of virtual-only meetings if shareholders are provided with the same rights and opportunities as available during a physical meeting, including:

• The ability to see and hear portfolio company representatives;

• The ability to ask questions of portfolio company representatives; and

• The ability to see or hear questions submitted to portfolio company representatives by other shareholders, including those questions not answered by portfolio company representatives.

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#### Disclosure of Vote Results
Dimensional expects detailed disclosure of voting results. In cases where vote results have not been disclosed within a reasonable time frame, Dimensional may vote against individual directors, committee members, or the full board of a portfolio company.

#### Disclosure of Meeting Materials
Dimensional expects timely disclosure of meeting notice and materials. Dimensional may vote against individual directors or committee members if disclosure is not made with sufficient time for shareholders to consider the materials prior to the shareholder meeting.

#### Voting Guidelines for Environmental and Social Matters
Dimensional believes that portfolio company boards are responsible for addressing material environmental and social risks within their duties. If a portfolio company is unresponsive to environmental or social risks that may have material economic ramifications for shareholders, Dimensional may vote against directors individually, committee members, or the entire board, or may vote in favor of related shareholder proposals consistent with Dimensional's general approach to such E&S proposals. Dimensional may communicate with portfolio companies to better understand the alignment of the interests of boards and management with those of shareholders on these topics.

#### Evaluating Disclosure of Material Environmental or Social Risks
Dimensional generally believes that information about the oversight and mitigation of material environmental or social risks should be disclosed by portfolio companies. Dimensional generally expects the disclosure regarding oversight and mitigation to include:

• A description of material risks.

• A description of the process for identifying and prioritizing such risks and how frequently it occurs.

• The policies and procedures governing the handling of each material risk.

• A description of the management-level roles/groups involved in oversight and mitigation of each material risk.

• A description of the metrics used to assess the effectiveness of mitigating each material risk, and the frequency at which performance against these metrics is assessed.

• A description of how the board is informed of material risks and the progress against relevant metrics.

In certain instances where Dimensional determines that disclosure by a portfolio company is insufficient for a shareholder to be able to adequately assess the relevant risks facing a portfolio company, or where a portfolio company has faced a material controversy in relation to the issue, Dimensional may, on a case-by-case basis, vote against individual directors, committee members, or the entire board, or may vote in favor of related shareholder proposals consistent with Dimensional's general approach to such proposals.

#### Political and Lobbying Activities
Dimensional expects boards of portfolio companies to exercise oversight of political and lobbying-related expenditures and ensure that such spending is in line with shareholder interests.

In evaluating a portfolio company's policies related to political and lobbying expenditure, Dimensional expects the following practices:

• The board to adopt policies and procedures to oversee political and lobbying expenditures;

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• The details of the board oversight, including the policies and procedures governing such expenditures, to be disclosed publicly; and

• That board oversight of political and lobbying activities, such as spending, should include ensuring that the portfolio company's publicly stated positions are in alignment with its related activities and spending.

#### Human Capital Management
Dimensional expects boards of portfolio companies to exercise oversight of human capital management issues. Dimensional expects portfolio companies to disclose sufficient information for shareholders to understand the policies, procedures, and personnel a portfolio company has in place to address issues related to human capital management. This disclosure should include the portfolio company's human capital management goals in key areas, such as compensation, employee health and wellness, employee training and development, and workforce composition, as well as the metrics by which the portfolio company assesses performance against these goals.

#### Climate-Related Risks
Dimensional expects boards of portfolio companies to exercise oversight of climate-related risks that may have a material impact on the portfolio company. Climate-related risks may include physical risks from changing weather patterns and/or transitional risks from changes in regulation or consumer preferences. Dimensional expects portfolio companies to disclose information on their handling of these risks, to the extent those risks may have a material impact on the portfolio company. Disclosure should include:

• The specific risks identified.

• The potential impact these risks could have on the portfolio company's business, operations, or strategy.

• Whether the risks are overseen by a specific committee or the full board.

• The frequency with which the board or responsible board committee receives updates on the risks and the types of information reviewed.

• The management-level roles/groups responsible for managing these risks.

• The metrics used to assess the handling of these risks, how they are calculated, and the reason for their selection, particularly when the metrics recommended by a recognized third-party framework, such as Task Force for Climate-related Financial Disclosures (TCFD), International Sustainability Standards Board (ISSB), or Sustainability Accounting Standards Board (SASB) Standards, are not being used.

• Targets used by the portfolio company to manage climate-related risks and performance against those targets.

#### Human Rights
Dimensional expects portfolio company boards to exercise oversight of human rights issues that could pose a material risk to the business, including forced labor, child labor, privacy, freedom of expression, and land and water rights. Dimensional expects portfolio companies to disclose information on their handling of these risks, to the extent those risks may have a material impact on the portfolio company. Disclosure should include:

• The specific risks identified

• The potential impact these risks could have on the portfolio company's business, operations, or strategy

• Whether the risks are overseen by a specific committee or the full board

• The frequency with which the board or responsible board committee receives updates on the risks and the types of information reviewed

• Details on how the portfolio company monitors human rights throughout the organization and supply chain, including the scope and frequency of audits and how instances of non-compliance are resolved

• The policies governing human rights throughout the organization and supply chain and the extent to which the policy aligns with recognized global frameworks such as the UN's Guiding Principles on Human Rights and the OECD's Guidelines for Multinational Enterprises

• Details of violations of the policy and corrective action taken

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#### Technology
Dimensional expects portfolio company boards to exercise oversight of the use of technology, including artificial intelligence (AI), throughout the business and disclose information of their handling of any associated risks, to the extent such risks could be material to the business. With respect to cybersecurity risks in particular, disclosure should include:

• Policies and procedures to manage cybersecurity risk and identify cybersecurity incidents

• The role of management in implementing cybersecurity policies and procedures

• The role of the board in overseeing cybersecurity risk and the process by which the board is informed of incidents.

• Material cybersecurity incidents and remedial actions taken.

#### Evaluation Framework for U.S. Listed Companies

#### Director Elections:

#### Uncontested Director Elections
Shareholders elect the board of a portfolio company to represent their interests and oversee management and expect boards to adopt policies and practices that align the interests of the board and management with those of shareholders and limit the potential for conflicts of interest.

One of the most important measures aimed at ensuring that portfolio company shareholders' interests are represented is an independent board of directors, made up of individuals with the diversity of backgrounds, experiences, and skill-sets needed to effectively oversee management and manage risk. Dimensional expects portfolio company boards to be majority independent and key committees to be fully independent.

Dimensional believes shareholders should have a say in who represents their interests and portfolio companies should be responsive to shareholder concerns. Dimensional may vote against or withhold votes from individual directors, committee members, or the full board, and may also vote against such directors when they serve on other portfolio company boards, in the following situations:

• The continued service of directors who failed to receive the support of a majority of shareholders (regardless of whether the portfolio company uses a majority or plurality vote standard).

• Failure to adequately respond to majority-supported shareholder proposals.

#### Contested Director Elections
In the case of contested board elections at portfolio companies, Dimensional takes a case-by-case approach. With the goal of maximizing shareholder value, Dimensional considers the qualifications of the nominees, the likelihood that each side can accomplish their stated plans, the portfolio company's corporate governance practices, the incumbent board's history of responsiveness to shareholders, and the market's reaction to the contest.

#### Board Structure and Composition:

#### Age and Term Limits
Dimensional believes it is the responsibility of a portfolio company's nominating committee to ensure that the portfolio company's board of directors is composed of individuals with the skills needed to effectively oversee management and will generally oppose proposals seeking to impose age or term limits for directors.

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That said, portfolio companies should clearly disclose their director evaluation and board refreshment policies in their proxy. Lack of healthy turnover on the board of a portfolio company or lack of observable diversity on a portfolio company board may lead Dimensional to scrutinize the rigor of a portfolio company's board refreshment process.

#### CEO/Chair
Dimensional believes that the portfolio company boards are responsible for determining whether the separation of roles is appropriate and adequately protects the interests of shareholders.

At portfolio companies with a combined CEO/Chair, Dimensional expects the board to appoint a lead independent director with specific responsibilities, including the setting of meeting agendas, to seek to ensure the board is able to act independently.

Recent environmental, social, and governance controversies resulting from inadequate board oversight may be taken into account when voting on shareholder proposals seeking the separation of the roles of CEO and Chair at a portfolio company.

#### Governance Practices:

#### Classified Boards
Dimensional believes director votes are an important mechanism to increase board accountability to shareholders. Dimensional therefore advocates for boards at portfolio companies to give shareholders the right to vote on the entire slate of directors on an annual basis.

Dimensional will generally support proposals to declassify existing boards at portfolio companies and will generally oppose efforts by portfolio companies to adopt classified board structures, in which only part of the board is elected each year.

Dimensional will generally vote against or withhold votes from incumbent directors at portfolio companies that adopt a classified board without shareholder approval. Dimensional may also vote against or withhold votes from directors at portfolio companies that adopt classified boards prior to or in connection with an IPO, unless accompanied by a reasonable sunset provision.

#### Dual Classes of Stock
Dual class share structures are generally seen as detrimental to shareholder rights, as they are accompanied by unequal voting rights. Dimensional believes in the principle of one share, one vote.

Dimensional opposes the creation of dual-class share structures with unequal voting rights at portfolio companies and will generally vote against proposals to create or continue dual-class capital structures.

Dimensional will generally vote against or withhold votes from directors at portfolio companies that adopt a dual- class structure without shareholder approval after the portfolio company's IPO. Dimensional will generally vote against or withhold votes from directors for implementation of a dual-class structure prior to or in connection with an IPO, unless accompanied by a reasonable sunset provision.

#### Supermajority Vote Requirements
Dimensional believes that the affirmative vote of a majority of shareholders of a portfolio company should be sufficient to approve items such as bylaw amendments and mergers. Dimensional will generally vote against proposals seeking to implement a supermajority vote requirement and for shareholder proposals seeking the adoption of a majority vote standard.

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Dimensional will generally vote against or withhold votes from incumbent directors at portfolio companies that adopt a supermajority vote requirement without shareholder approval. Dimensional may also vote against or withhold votes from directors at portfolio companies that adopt supermajority vote requirements prior to or in connection with an IPO, unless accompanied by a reasonable sunset provision.

#### Shareholder Rights Plans (Poison Pills)
Dimensional generally opposes poison pills. As a result, Dimensional may vote against the adoption of a pill and all directors at a portfolio company that put a pill in place without first obtaining shareholder approval. Votes against (or withheld votes from) directors may extend beyond the portfolio company that adopted the pill, to all boards the directors serve on.

#### Cumulative Voting
Under cumulative voting, each shareholder is entitled to the number of his or her shares multiplied by the number of directors to be elected. Shareholders have the flexibility to allocate their votes among directors in the proportion they see fit, including casting all their votes for one director. This is particularly impactful in the election of dissident candidates to the board in the event of a proxy contest.

Dimensional will typically support proposals that provide for cumulative voting and against proposals to eliminate cumulative voting unless the portfolio company has demonstrated that there are adequate safeguards in place, such as proxy access and majority voting.

#### Majority Voting
For the election of directors, portfolio companies may adopt either a majority or plurality vote standard. In a plurality vote standard, the directors with the most votes are elected. If the number of directors up for election is equal to the number of board seats, each director only needs to receive one vote in order to be elected. In a majority vote standard, in order to be elected, a director must receive the support of a majority of shares voted or present at the meeting.

Dimensional supports a majority (rather than plurality) voting standard for uncontested director elections at portfolio companies. The majority vote standard should be accompanied by a director resignation policy to address failed elections.

To account for contested director elections, portfolio companies with a majority vote standard should include a carve-out for plurality voting in situations where there are more nominees than seats.

#### Right to Call Meetings and Act by Written Consent
Dimensional will generally support the right of shareholders to call special meetings of a portfolio company board (if they own 25% of shares outstanding) and take action by written consent.

#### Proxy Access
Dimensional will typically support management and shareholder proposals for proxy access that allow a shareholder (or group of shareholders) holding three percent of voting power for three years to nominate up to 25 percent of a portfolio company board. Dimensional will typically vote against proposals that are more restrictive than these guidelines.

#### Amend Bylaws/Charters
Dimensional believes that shareholders should have the right to amend a portfolio company's bylaws. Dimensional will generally vote against or withhold votes from incumbent directors at portfolio companies that place substantial restrictions on shareholders' ability to amend bylaws through excessive ownership requirements for submitting proposals or restrictions on the types of issues that can be amended.

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#### Exclusive Forum
Dimensional is generally supportive of management proposals at portfolio companies to adopt an exclusive forum for shareholder litigation.

#### Indemnification and Exculpation of Directors and Officers
Dimensional intends to evaluate proposals seeking to enact or expand indemnification or exculpation provisions on a case-by-case basis considering board rationale and specific provisions being proposed.

#### Advance Notice Provisions
Portfolio company bylaw amendments known as "advance notice provisions" set out the steps shareholders must follow when submitting an item for inclusion on the agenda of a shareholder meeting. These provisions may serve as an entrenchment device that can result in reduced accountability at the board level in cases where they impose onerous requirements on shareholders wishing to submit a nominee for the board of directors. When evaluating advanced notice provisions, whether for the submission of a shareholder candidate or the submission of other permissible proposals, Dimensional generally does not support provisions that:

• Require shareholder-nominated candidates to disclose information that is not required for new board- nominated candidates

• Impose unduly burdensome disclosure requirements on shareholder proponents

• Significantly limit the time period shareholders have to submit proposals or nominees

Dimensional may vote against or withhold votes from directors who adopt such provisions without shareholder approval.

#### Executive and Director Compensation:

#### Equity-Based Compensation
Dimensional supports the adoption of equity plans that align the interests of portfolio company board, management, and portfolio company employees with those of shareholders.

Dimensional will evaluate equity plans on a case-by-case basis, taking into account the potential dilution to shareholders, the portfolio company's historical use of equity, and the particular plan features.

Dimensional will typically vote against plans that have features that have a negative impact on shareholders of portfolio companies. Such features include single-trigger or discretionary vesting, an overly broad definition of change in control, a lack of minimum vesting periods for grants, evergreen provisions, and the ability to reprice shares without shareholder approval.

Dimensional may also vote against equity plans if problematic equity grant practices have contributed to a pay for performance misalignment at the portfolio company.

#### Employee Stock Purchase Plans
Dimensional will generally support qualified employee stock purchase plans (as defined by Section 423 of the Internal Revenue Code), provided that the purchase price is no less than 85 percent of market value, the number of shares reserved for the plan is no more than ten percent of outstanding shares, and the offering period is no more than 27 months.

#### Advisory Votes on Executive Compensation (Say on Pay)
Dimensional supports reasonable compensation for executives that is clearly linked to the portfolio company's performance. Compensation should serve as a means to align the interests of executives with those of shareholders. To the extent that compensation is excessive, it represents a transfer to management of shareholder wealth.

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Therefore, Dimensional reviews proposals seeking approval of a portfolio company's executive compensation plan closely, taking into account the quantum of pay, portfolio company performance, and the structure of the plan.

Certain practices, such as:

• multi-year guaranteed bonuses

• excessive severance agreements (particularly those that vest without involuntary job loss or diminution of duties or those with excise-tax gross-ups)

• single, or the same, metrics used for both short-term and long-term executive compensation plans

may encourage excessive risk-taking by executives at portfolio companies and are generally opposed by Dimensional.

At portfolio companies that have a history of problematic pay practices or excessive compensation, Dimensional will consider the portfolio company's responsiveness to shareholders' concerns and may vote against or withhold votes from members of the Compensation Committee if these concerns have not been addressed.

#### Frequency of Say on Pay
Executive compensation in the United States is typically composed of three parts: 1) base salary; 2) cash bonuses based on annual performance (short-term incentive awards); 3) and equity awards based on performance over a multi-year period (long-term incentive awards).

Dimensional supports triennial say on pay because it allows for a longer-term assessment of whether compensation was adequately linked to portfolio company performance. This is particularly important in situations where a portfolio company makes significant changes to their long-term incentive awards, as the effectiveness of such changes in aligning pay and performance cannot be determined in a single year.

If there are serious concerns about a portfolio company's compensation plan in a year where the plan is not on the ballot, Dimensional may vote against or withhold votes from members of the Compensation Committee.

#### Executive Severance Agreements (Golden Parachutes)
Dimensional analyzes golden parachute proposals on a case-by-case basis.

Dimensional expects payments to be reasonable on both an absolute basis and relative to the value of the transaction. Dimensional will typically vote against agreements with cash severance of more than 3x salary and bonus.

Dimensional expects vesting of equity to be contingent on both a change in control and a subsequent involuntary termination of the employee ("double-trigger change in control").

#### Corporate Actions:

#### Reincorporation
Dimensional will evaluate reincorporation proposals on a case-by-case basis.

Dimensional may vote against reincorporations if the move would result in a substantial diminution of shareholder rights at the portfolio company.

#### Capitalization:

#### Increase Authorized Shares
Dimensional will vote case-by-case on proposals seeking to increase common or preferred stock of a portfolio company, taking into account the purpose for which the shares will be used and the risk to shareholders of not approving the request.

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Dimensional will typically vote against requests for common or preferred stock issuances that are excessively dilutive relative to common market practice.

Dimensional will typically vote against proposals at portfolio companies with multiple share classes to increase the number of shares of the class with superior voting rights.

#### Blank Check Preferred Stock
Blank check preferred stock is stock that can be issued at the discretion of the board, with the voting, conversion, distribution, and other rights determined by the board at the time of issue. Therefore, blank check preferred stock can potentially serve as means to entrench management and prevent takeovers at portfolio companies.

To mitigate concerns regarding what Dimensional believes is the inappropriate use of blank check preferred stock, Dimensional expects portfolio companies seeking approval for blank preferred stock to clearly state that the shares will not be used for anti-takeover purposes.

#### Share Repurchases
Dimensional will generally support open-market share repurchase plans that allow all shareholders to participate on equal terms. Portfolio companies that use metrics such as earnings per share (EPS) in their executive compensation plans should ensure that the impact of such repurchases are taken into account when determining payouts.

#### Shareholder Proposals:
In instances where a shareholder proposal is excluded from the meeting agenda, Dimensional expects the portfolio company to provide shareholders with substantive disclosure concerning this exclusion. In certain instances, Dimensional may vote against or withhold votes from certain directors on a case-by-case basis if such disclosure is lacking.

#### Evaluation Framework for Europe, the Middle East, and Africa (EMEA) Listed Companies

#### Continental Europe:

#### Director Election Guidelines
• Portfolio company boards should be majority independent (excluding shareholder or employee representatives as provided by law); however, lower levels of board independence may be acceptable in controlled companies and in those markets where local best practice indicates that at least one-third of the board be independent.

• A majority of audit and remuneration committee members (excluding shareholder or employee representatives as provided by law) should be independent; the committees overall should be at least one- third independent.

• Executives should generally not serve on audit and remuneration committees.

• The CEO and board chair roles should generally be separate.

• Portfolio companies should comply with Directive (EU) 2022/2381 (Gender Balance on Boards of Certain Companies) Regulations 2025 to the extent transposed into national law, relevant listing rules, corporate governance codes, and market best practices with regards to board composition.

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#### Remuneration Guidelines
Dimensional expects annual remuneration reports published by portfolio companies pursuant to the Shareholder Rights Directive II to disclose, at a minimum:

• The amount paid to executives;

• Alignment between pay and performance;

• The targets used for variable incentive plans and the ex-post levels achieved; and

• The rationale for any discretion applied.

#### Other Market Specific Guidelines for Continental Europe
• In Austria, Germany, and the Netherlands, Dimensional will generally vote against the appointment of a former CEO as chairman of the board of directors or supervisory board of a portfolio company.

#### United Kingdom:
Dimensional expects portfolio companies to follow the applicable requirements of the FCA Listing Rules, the UK Corporate Governance Code, and market best practice with regards to board and committee composition. When evaluating portfolio company boards Dimensional will also consider the recommendations of the FTSE Women Leaders and Parker Reviews with regards to board composition.

Dimensional expects companies to align their remuneration with the requirements of the UK Corporate Governance Code and to consider best practices such as those set forth in the Investment Association Principles of Remuneration.

With respect to capital structure, Dimensional will consider expectations set forth in the Investment Association's Share Capital Management Guidelines and the Pre-Emption Group Statement of Principles and the Pensions and Lifetime Savings Association Guidelines.

#### Ireland:
Dimensional expects Irish-incorporated portfolio companies with their primary listing on Euronext Dublin to follow the requirements of the Irish Corporate Governance Code.

Dimensional expects Irish-incorporated companies to follow the requirements of S.I. No. 215/2015 – European Union (Gender Balance on Boards of Certain Companies) Regulations 2025 with respect to evaluating board composition.

#### South Africa:
Dimensional expects portfolio companies to follow the recommendations of the King Report on Corporate Governance (King Code IV) with regards to board and committee composition.

#### Framework for Evaluating Australia and New Zealand-Listed Companies

#### Uncontested Director Elections
Shareholders elect the board of a portfolio company to represent their interests and oversee management and expect portfolio company boards to adopt policies and practices that align the interests of the board and management with those of shareholders and limit the potential for conflicts of interest.

One of the most important measures aimed at ensuring that portfolio company shareholders' interests are represented is an independent board of directors, made up of individuals with the diversity of backgrounds, experiences, and skill-sets needed to effectively oversee management and manage risk. Dimensional expects portfolio company boards to be majority independent.

Dimensional believes that key audit and remuneration committees should be composed of independent directors. Dimensional will generally vote against executive directors of the portfolio company who serve on the audit committee or who serve on the remuneration committee if the remuneration committee is not majority independent.

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When evaluating portfolio company boards, Dimensional will consider the ASX Corporate Governance Council Principles and Recommendations and the NZX Corporate Governance Code, respectively, with respect to board composition. Additionally, Dimensional will generally vote against individual directors or committee members at portfolio companies with no female representation on the board. At companies listed on the S&P/NZX 20, Dimensional generally expects at least 30 percent board female representation.

#### CEO/Chair
Dimensional expects Australian and New Zealand portfolio companies to separate the CEO and board chair roles, with the board chair being an independent director, in line with the expectations set forth in the ASX Corporate Governance Council Principles and Recommendations and the NZX Corporate Governance Code, respectively.

#### Auditors
Neither Australian nor New Zealand law requires the annual ratification of auditors; therefore, concerns with a portfolio company's audit practices will be reflected in votes against members of the audit committee in both markets.

Dimensional may vote against audit committee members at a portfolio company if there are concerns with the auditor's independence, the accuracy of the auditor's report, the level of non-audit fees, or if lack of disclosure makes it difficult to assess these factors.

Dimensional may also vote against audit committee members in instances of fraud or material failures in oversight of audit functions.

#### Share Issuances
Dimensional will evaluate requests for share issuances on a case-by-case basis, taking into account factors such as the impact on current shareholders and the rationale for the request.

When voting on approval of prior share distributions, at Australian and New Zealand portfolio companies, Dimensional will generally support prior issuances that conform to the dilution guidelines set out in ASX Listing Rule 7.1 and NZX Listing Rule 4, respectively.

#### Share Repurchase
Dimensional will evaluate requests for share repurchases on a case-by-case basis, taking into account factors such as the impact on current shareholders, the rationale for the request, and the portfolio company's history of repurchases. Dimensional expects repurchases to be made in arms-length transactions using independent third parties.

Dimensional may vote against portfolio company plans that do not include limitations on the portfolio company's ability to use the plan to repurchase shares from third parties at a premium and limitations on the use of share purchases as an anti-takeover device.

#### Constitution Amendments
Dimensional will evaluate requests for amendments to a portfolio company's constitution on a case-by-case basis. The primary consideration will be the impact on the rights of shareholders.

#### Non-Executive Director Remuneration
Dimensional will support non-executive director remuneration at portfolio companies that is reasonable in both size and composition relative to industry and market norms.

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Dimensional will generally vote against components of non-executive director remuneration that are likely to impair a director's independence, such as options or performance-based remuneration.

#### Equity-Based Remuneration
Dimensional supports the adoption of equity plans that align the interests of the portfolio company board, management, and portfolio company employees with those of shareholders.

Companies should clearly disclose components of the plan, including vesting periods and performance hurdles.

Dimensional may vote against plans that are exceedingly dilutive to existing shareholders. Plans that permit retesting or repricing will generally be viewed unfavorably.

Dimensional may vote against the granting of equity-based awards, such as performance rights, stock options, and stock appreciation rights, to specific executives, including CEOs and Managing Directors, if also voting against the portfolio company's remuneration report under the analysis set for the in the Executive Remuneration section of the Global Framework.

#### Framework for Evaluating Japan-Listed Securities

#### Uncontested Director Elections
Shareholders elect the board of a portfolio company to represent their interests and oversee management and expect portfolio company boards to adopt policies and practices that align the interests of the board and management with those of shareholders and limit the potential for conflicts of interest.

One of the most important measures aimed at ensuring that portfolio company shareholders' interests are represented is an independent board of directors, made up of individuals with the diversity of backgrounds, experiences, and skill sets needed to effectively oversee management and manage risk. With respect to board composition, Dimensional may consider local market practice, including requirements under the Japan Corporate Governance Code, and may vote against directors if the board does not meet established market norms.

At portfolio companies with a three-committee structure, Dimensional expects at least one-third of the board to be outsiders. Ideally, the board should be majority independent. At portfolio companies with a three-committee structure that have a controlling shareholder, at least two directors and at least one-third of the board should be independent outsiders.

At portfolio companies with an audit committee structure, Dimensional expects at least one-third of the board to be outsiders. Ideally, the audit committee should be entirely independent; at minimum, any outside directors who serve on the committee should be independent. At portfolio companies with an audit committee structure that have a controlling shareholder, at least two directors and at least one-third of the board should be independent outsiders.

At portfolio companies with a statutory auditor structure, Dimensional expects at least two directors and at least one-third of the board to be outsiders. At portfolio companies with a statutory auditor structure that have a controlling shareholder, the board should be majority independent.

#### Statutory Auditors
Statutory auditors are responsible for effectively overseeing management and ensuring that decisions made are in the best interest of shareholders. Dimensional may vote against statutory auditors who are remiss in their responsibilities.

When voting on outside statutory auditors, Dimensional expects nominees to be independent and to have the capacity to fulfill the requirements of their role as evidenced by attendance at meetings of the board of directors or board of statutory auditors.

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#### Director and Statutory Auditor Compensation
Dimensional will support compensation for portfolio company directors and statutory auditors that is reasonable in both size and composition relative to industry and market norms.

When requesting an increase to the level of director fees, Dimensional expects portfolio companies to provide a specific reason for the increase. Dimensional will generally support an increase of director fees if it is in conjunction with the introduction of performance-based compensation, or where the ceiling for performance-based compensation is being increased. Dimensional will generally not support an increase in director fees if there is evidence that the directors have been remiss in effectively overseeing management or ensuring that decisions made are in the best interest of shareholders.

Dimensional will typically support an increase to the statutory auditor compensation ceiling unless there is evidence that the statutory auditors have been remiss in effectively overseeing management or ensuring that decisions made are in the best interest of shareholders.

Dimensional will generally support the granting of annual bonuses to portfolio company directors and statutory auditors unless there is evidence the board or the statutory auditors have been remiss in effectively overseeing management or ensuring that decisions made are in the best interest of shareholders.

Dimensional generally supports the granting of retirement benefits to portfolio company insiders, so long as the individual payments, and aggregate amount of such payments, is disclosed.

Dimensional will generally vote against the granting of retirement bonuses if there is evidence the portfolio company board or statutory auditors have been remiss in effectively overseeing management or ensuring that decisions made are in the best interest of shareholders.

#### Equity Based Compensation
Dimensional supports the adoption of equity plans that align the interests of the portfolio company board, management, and portfolio company employees with those of shareholders.

Dimensional will typically support stock option plans to portfolio company executives and employees if total dilution from the proposed plans and previous plans does not exceed 5 percent for mature companies or 10 percent for growth companies.

Dimensional will generally vote against stock plans if upper limit of options that can be issued per year is not disclosed.

For deep-discounted stock option plans, Dimensional typically expects portfolio companies to disclose specific performance hurdles.

#### Capital Allocation
Dimensional will typically support well-justified dividend payouts that do not negatively impact the portfolio company's overall financial health.

#### Share Repurchase
Dimensional is typically supportive of portfolio company boards having discretion over share repurchases absent concerns with the portfolio company's balance sheet management, capital efficiency, buyback and dividend payout history, board composition, or shareholding structure.

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Dimensional will typically support proposed repurchases that do not have a negative impact on shareholder value.

For repurchases of more than 10 percent of issue share capital, Dimensional expects the portfolio company to provide a robust explanation for the request.

#### Cross-Shareholding
Dimensional generally believes that portfolio companies should not allocate significant portions of their net assets to investments in companies for non-investment purposes. For example, in order to strengthen relationships with customers, suppliers, or borrowers. Such cross-shareholding, whether unilateral or reciprocal, can compromise director independence, entrench management, and reduce director accountability to uninterested shareholders. Dimensional may vote against certain directors at companies with excessive cross-shareholdings.

#### Shareholder Rights Plans (Poison Pills)
Dimensional believes the market for corporate control, which can result in acquisitions that are accretive to shareholders, should be able to function without undue restrictions. Takeover defenses such as poison pills can lead to entrenchment and reduced accountability at the board level.

#### Indemnification and Limitations on Liability
Dimensional generally supports limitations on liability for directors and statutory auditors in ordinary circumstances.

#### Limit Legal Liability of External Auditors
Dimensional generally opposes limitations on the liability of external auditors.

#### Increase in Authorized Capital
Dimensional will typically support requests for increases of less than 100 percent of currently authorized capital, so long as the increase does not leave the portfolio company with less than 30 percent of the proposed authorized capital outstanding.

For increases that exceed these guidelines, Dimensional expects portfolio companies to provide a robust explanation for the increase.

Dimensional will generally not support requests for increases that will be used as an anti-takeover device.

#### Expansion of Business Activities
For well performing portfolio companies seeking to expand their business into enterprises related to their core business, Dimensional will typically support management requests to amend the portfolio company's articles to expand the portfolio company's business activities.

#### Framework for Evaluating Securities in Other Select Asian Markets

#### Uncontested Director Elections
Dimensional expects portfolio companies to disclose biographical information about director candidates sufficient for shareholders to assess the candidate's independence and suitability for board service.

Dimensional expects that portfolio companies will at a minimum meet mandated regulatory or listing standards levels for board independence but should work towards meeting the applicable requirements of the relevant Corporate Governance code.

Dimensional maintains the following expectations for board independence at portfolio companies. The calculation of the level of independence will generally exclude shareholder or employee representatives as provided by law.

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• All boards of directors of Malaysian portfolio companies should be at least 33% independent. Boards of directors of Malaysian "Large Companies" as defined by the Securities Commission Malaysia should be majority independent.

• Boards of directors of Indian and Singaporean portfolio companies should be at least 50% independent if the board chair is not independent. If the board chair is independent, the board of directors should be at least 33% independent.

• Boards of directors of Thai, Filipino, Hong Kong, Taiwanese and mainland China portfolio companies should be at least 33% independent.

• Boards of Commissioners of Indonesian portfolio companies should be at least 30% independent, except for banks, insurance companies, and financial institutions which should be 50% independent.

• Boards of directors of South Korean portfolio companies should be at least 25% independent. The board of directors of Large Companies, as defined by the Commercial Act of South Korea, should be majority independent.

Dimensional expects portfolio companies to follow applicable corporate governance codes, listing standards, and local market best practices with respect to board composition.

#### Director Remuneration
In most Asian markets, director remuneration generally consists of both fees and bonuses.

Dimensional will generally support the payment of fees for serving as a director, fees for attending meetings, and other market-permitted remuneration if the size of such fees and other director remuneration is reasonable relative to industry and market norms.

In the absence of specific proposals to approve director remuneration (including fees and bonuses), Dimensional may vote against the directors who receive such remuneration if concerns are identified.

#### Equity Based Remuneration
In most Asian markets, equity plans are developed and presented for shareholder approval as part of employee remuneration. Equity plans may consist of stock options, restricted shares, or performance shares.

When voting on stock-option plans, restricted share plans, and performance share plans, Dimensional will consider the extent to which the plan is performance based, the length of performance and vesting periods, and the treatment of equity upon a change in control.

For stock-option plans, if the plan provides for a discount to the market price, Dimensional will consider the reasonableness and rationale for such a discount in light of local market standards.

In instances where Dimensional has identified concerns with a portfolio company's equity plan or equity granting practices, Dimensional will generally oppose the extension of the plan to subsidiary or associate companies.

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| **March 2025** |
| **Global Proxy Voting and Engagement Policy** |
| State Street Global Advisors is the investment management arm of State Street Corporation, a leading provider of financial services to institutional investors. As an asset manager, State Street Global Advisors votes its clients' proxies where the client has delegated proxy voting authority to it, and State Street Global Advisors votes these proxies and engages with companies in the manner that we believe will most likely protect and promote the long-term economic value of client investments, as described in this document.<sup>1</sup> |
| When engaging with and voting proxies with respect to the portfolio companies in which we invest our clients' assets, we do so on behalf of and in the best interests of the client accounts we manage and do not seek to change or influence control of any such portfolio companies. The State Street Global Advisors Global Proxy Voting and Engagement Policy (the "Policy") contains certain policies that State Street Global Advisors will only apply in jurisdictions where permitted by local law and regulations. State Street Global Advisors will not apply any policies contained herein in any jurisdictions where State Street Global Advisors believes that implementing or following such policies would be deemed to constitute seeking to change or influence control of a portfolio company. |

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1 This Policy is applicable to SSGA Funds Management, Inc., State Street Global Advisors Trust Company, and other investment advisory affiliates of State Street Corporation.

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| ![LOGO](g466944dsp44.jpg) | 2.0 |

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| **Introduction** | At State Street Global Advisors, we take our fiduciary duties as an asset manager very seriously. Our primary fiduciary obligation to our clients is to maximize the long-term value of their investments. State Street Global Advisors focuses on risks and opportunities that may impact long-term value creation for our clients. We rely on the elected representatives of the companies in which we invest — the board of directors — to oversee these firms' strategies. We expect effective independent board oversight of the material risks and opportunities to a firm's business and operations. We believe that appropriate consideration of these risks and opportunities is an essential component of a firm's long-term business strategy, and expect boards to actively oversee the management of this strategy. |
| Our Asset Stewardship Program | State Street Global Advisors' Asset Stewardship Team is responsible for developing and implementing this Policy, the implementation of third-party proxy voting guidelines where applicable, case-by-case voting items, issuer engagement activities, and research and analysis of corporate governance issues and proxy voting items. The Asset Stewardship Team's activities are overseen by our internal governance body, State Street Global Advisors' Global Fiduciary and Conduct Committee ("GFCC"). The GFCC is responsible for reviewing State Street Global Advisors' stewardship strategy, engagement priorities, the Policy, and for monitoring the delivery of voting objectives. |
|  | In order to facilitate the execution of our proxy votes, we retain Institutional Shareholder Services Inc. ("ISS"). We utilize ISS to: (1) act as our proxy voting agent (providing State Street Global Advisors with vote execution and administration services), (2) assist in applying the Policy, and (3) provide research and analysis relating to general corporate governance issues and specific proxy items. State Street Global Advisors does not follow the voting recommendations of any policy offered by ISS or any other proxy voting policy provider in implementing the Policy. |
|  | All voting decisions and engagement activities for which State Street Global Advisors has been given voting discretion are undertaken in accordance with this Policy, ensuring that the interests of our clients remain the sole consideration when discharging our stewardship responsibilities. Exceptions to this policy include the use of an independent third party to vote on State Street Corporation ("State Street") stock and the stock of other State Street affiliated entities, to mitigate a conflict of interest of voting on our parent company or affiliated entities, and other situations where we believe we may be conflicted from voting (for example, stock of a public company for which a State Street director also serves as a director, or due to an outside business interest). In such cases, delegated third parties exercise vote decisions based on their independent voting policy. |
|  | We aim to vote at all shareholder meetings where our clients have given us the authority to vote their shares and where it is feasible to do so. However, when we deem appropriate, we may refrain from voting at meetings in cases where: |
|  | • Power of attorney documentation is required. |
|  | • Voting would have a material impact on our ability to trade the security. |
|  | • Voting is not permissible due to sanctions affecting a company or individual. |
|  | • Issuer-specific special documentation is required or various market or issuer certifications are required. |
|  | • Certain market limitations would prohibit voting (e.g., partial/split voting prohibitions or residency restrictions). |
|  | • Unless a client directs otherwise in so-called "share blocking" markets (markets where proxy voters have their securities blocked from trading during the period of the annual meeting). |

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|  | Additionally, we are unable to vote proxies when certain custodians used by our clients do not offer proxy voting in a jurisdiction or when they charge a meeting-specific fee in excess of the typical custody service agreement. |
|  | Voting authority attached to certain securities held by State Street Global Advisors pooled funds may be delegated to an independent third party as required by regulatory or other requirements. Under such arrangements, voting will be conducted by the independent third party pursuant to its proxy voting policy and not pursuant to this Policy. |
| The State Street Global Advisors Proxy Voting Choice Program | In addition to the option of delegating proxy voting authority to State Street Global Advisors pursuant to this Policy, clients may alternatively choose to participate in the State Street Global Advisors Proxy Voting Choice Program (the "Proxy Voting Choice Program"), which empowers clients to direct the proxy voting of shares held by the eligible fund or segregated account they own. Clients that participate in the Proxy Voting Choice Program have the option of selecting a third-party proxy voting guideline from the policies included in the Proxy Voting Choice Program to apply to the vote of the client's pro rata share of the securities held by the eligible fund or segregated account they own. This Policy does not apply to shares voted under the Proxy Voting Choice Program. |
| Securities Not Voted Pursuant to the Policy | Where clients have asked State Street Global Advisors to vote the client's shares on their behalf, including where a pooled fund fiduciary has delegated the responsibility to vote the fund's securities to State Street Global Advisors, State Street Global Advisors votes those securities in a unified manner, consistent with the principles described in this Policy. Exceptions to this unified voting policy are: (1) where State Street Global Advisors has made its Proxy Voting Choice Program available to its separately managed account clients and investors within a fund managed by State Street Global Advisors, in which case a pro rata portion of shares held by the fund or segregated account attributable to clients who choose to participate in the Proxy Voting Choice Program will be voted consistent with the third-party proxy voting guidelines selected by the clients, (2) where a pooled investment vehicle managed by State Street Global Advisors utilizes a third party proxy voting guideline as set forth in that fund's organizational and/or offering documents, and (3) where voting authority with respect to certain securities held by State Street Global Advisors pooled funds may be delegated to an independent third party as required by regulatory or other requirements. With respect to such funds and separately managed accounts utilizing third-party proxy voting guidelines, the terms of the applicable third-party proxy voting guidelines shall apply in place of the Policy described herein and the proxy votes implemented with respect to such a fund or account may differ from and be contrary to the votes implemented for other portfolios managed by State Street Global Advisors pursuant to this Policy. |
| Regional Nuances | When voting and engaging with companies, we may consider market-specific nuances that may be relevant to that company. We expect companies to observe the relevant laws and regulations of their respective markets, as well as country-specific best practice guidelines and corporate governance codes, and to publicly disclose their level of compliance with the applicable provisions and requirements. Except where specified, this Policy applies globally. |

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| Our Proxy Voting and Engagement Principles | State Street Global Advisors' proxy voting and engagement program focuses on three broad principles: |
|  | 1. **Effective Board Oversight:** We believe that well-governed companies can protect and pursue shareholder interests better and withstand the challenges of an uncertain economic environment. Principally, a board acts on behalf of shareholders by protecting their interests and preserving their rights. In order to carry out their primary responsibilities, directors undertake activities that include setting strategy and providing guidance on strategic matters, selecting the CEO and other senior executives, overseeing executive management, creating a succession plan for the board and management, and providing effective oversight of material risks and opportunities relevant to their business. Further, good corporate governance necessitates the existence of effective internal controls and risk management systems, which should be governed by the board. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We view board quality as a measure of director independence, director succession planning, board diversity, evaluations and refreshment, and company governance practices. We believe independent directors are crucial to good corporate governance; they help management establish sound corporate governance policies and practices. We believe a sufficiently independent board is key to effectively monitoring management, maintaining appropriate governance practices, and performing oversight functions necessary to protect shareholder interests. We also believe the right mix of skills, independence, diversity, and qualifications among directors provides boards with the knowledge and experience to manage risks and operating structures that are often complex and industry-specific. |
|  | 2. **Disclosure:** It is important for shareholders to receive timely and accurate reporting of a company's financial performance and strategy so that they are able to assess both the value and risk of their investment. In addition to information related to strategy and performance, companies should also provide disclosure relating to their approach to corporate governance and shareholder rights. Such information allows investors to determine whether their economic interests have been safeguarded by the board and provides insights into the quality of the board's oversight of management. Ultimately, the board of directors is accountable for the oversight and disclosure of the material risks and opportunities faced by the company. |
|  | 3. **Shareholder Protection:** State Street Global Advisors believes it is in the best interest of shareholders for companies to have appropriate shareholder rights and accountability mechanisms in place. As a starting place for voting rights, it is necessary for ownership rights to reflect one vote for one share to ensure that economic interests and proxy voting power are aligned. This share structure best supports the shareholders' right to exercise their proxy vote on matters that are important to the protection of their investment, such as share issuances and other dilutive events, authorization of strategic transactions, approval of a shareholder rights plan, and changes to the corporate bylaws or charter, among others. In terms of accountability to shareholders and appropriate checks and balances, we believe there should be annual elections of the full board of directors. |
| Application of Principles | These three principles of effective board oversight, disclosure and shareholder protection apply across all of State Street Global Advisors' proxy voting decisions. When voting at portfolio companies in different markets, State Street Global Advisors may apply the principles in ways that are specific to a given market based on factors such as availability of data, resources, disclosure practices, and size of holdings in our clients' accounts. |

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| Shareholder Proposals | When voting our clients' proxies, we may be presented with shareholder proposals at portfolio companies that must be evaluated on a case-by-case basis and in accordance with the principles set forth above. For proposals related to commonly requested disclosure topics, we have developed the criteria found in Appendix A to assess the effectiveness of disclosure on such topics in connection with these types of proposals. |
| Engagement | We conduct engagements with individual issuers to communicate the principles set forth in this Policy and to learn more about companies' strategy, board oversight and disclosure practices. We do not seek to change or influence control of any portfolio company through these engagements. In addition, we encourage issuers to increase the amount of direct communication board members have with shareholders. We believe direct communication with executive board members and independent non- executive directors is critical to helping companies understand shareholder concerns. |
| **Section I.**<br> **Effective Board Oversight**<br> Director Independence | We believe independent directors are crucial to good corporate governance; they help management establish sound corporate governance policies and practices. We have developed criteria for determining director independence, which vary by region and/or local jurisdiction. These criteria generally follow relevant listing standards, local regulatory requirements and/or local market practice standards. Such criteria may include: |
|  | • Participation in related-party transactions or other material business relations with the company |
|  | • Employment history with the company |
|  | • Status as founder or member of the founding family |
|  | • Government representative |
|  | • Excessive tenure and preponderance of long-tenured directors |
|  | • Relations with significant shareholders |
|  | • Close family ties with any of the company's advisers, directors or senior employees |
|  | • Cross-directorships |
|  | • Receipt of non-board related compensation from the issuer, its auditors or advisors |
|  | • Company's own classification of a director as non-independent |
|  | In some cases, State Street Global Advisors' criteria may be more rigorous than applicable local or listing requirements. |
| Majority Independent Board | We believe a sufficiently independent board is key to effectively monitoring management, maintaining appropriate governance practices, and performing oversight functions necessary to protect shareholder interests. |

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| Separation of Chair/CEO | Our primary focus is to ensure there is strong independent leadership of the board, in accordance with the principles discussed above. We generally believe the board is best placed to choose the governance structure that is most appropriate for that company. |
| Board Committees | We believe that board committees are crucial to robust corporate governance and should be composed of a sufficient number of independent directors. We use the same criteria for determining committee independence as we do for determining director independence, which varies by region and/or local jurisdiction. Although we recognize that board structures may vary by jurisdiction, where a board has established an audit committee and/or compensation/remuneration committee, we generally expect the committee to be primarily, and in some cases, fully independent. |
| Refreshment and Tenure | We believe that average board tenure should generally align with the length of the business cycle of the respective industry in which a company operates. In assessing excessive tenure, we consider factors such as the preponderance of long tenured directors, board refreshment practices, classified board structures and the business cycle for the industry in which a company operates. |
| Director Time Commitments | We believe a company's nominating committee is best placed to determine appropriate time commitments for the company's directors. We consider if a company publicly discloses its director time commitment policy (e.g., within corporate governance guidelines, proxy statement, annual report, company website, etc.) and if this policy or associated disclosure outlines the factors that the nominating committee considers to assess director time commitments during the annual policy review process. |
| Board Composition | We believe effective board oversight of a company's long-term business strategy necessitates a diversity of backgrounds, experiences, and perspectives, which may include a range of characteristics such as skills, gender, race, ethnicity, and age. By having a critical mass of diverse perspectives, boards could experience the benefits that may lead to innovative ideas and foster more robust conversations about a company's strategy. |
|  | We recognize that many factors may influence board composition, including board size, geographic location, and local regulations, among others. Further, we believe that a robust nominating and governance process is essential to achieving a board composition that is designed to facilitate effective, independent oversight of a company's long-term strategy. We believe nominating committees are best placed to determining the most effective board composition and we encourage companies to ensure that there are sufficient levels of diverse experiences and perspectives represented in the boardroom. |
| Board Expertise | We believe board members should have adequate skills to provide effective oversight of corporate strategy, operations, and risks, including sustainability-related issues. Boards should also have a regular evaluation process in place to assess the effectiveness of the board and the skills of board members to address issues, such as emerging risks, changes to corporate strategy, and diversification of operations and geographic footprint. We believe nominating committees are best positioned to evaluate the skillset and expertise of both existing and prospective board members. However, we may take such considerations into account in certain circumstances. |

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| Board Accountability | **Oversight of Strategy and Risk** |
|  | We believe that risk management is a key function of the board, which is responsible for setting the overall risk appetite of a company and for providing oversight on the risk management process established by senior executives at a company. We allow boards to have discretion regarding the ways in which they provide oversight in this area. However, we expect companies to disclose how the board provides oversight of its risk management system and risk identification. Boards should also review existing and emerging risks that evolve in tandem with the changing political and economic landscape or as companies diversify or expand their operations into new areas. |
|  | As responsible stewards, we believe in the importance of effective risk management and oversight of issues that are material to a company. To effectively manage and assess the risk of our clients' portfolios, we expect our portfolio companies to manage risks and opportunities that are material and industry-specific and that have a demonstrated link to long-term value creation, and to provide high-quality disclosure of this process to shareholders. |
|  | When evaluating a board's oversight of risks and opportunities, we assess the following factors, based on disclosures by, and engagements with, portfolio companies: |
|  | 1. Oversees Long-term Strategy |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Articulates the material risks and opportunities and how those risks and opportunities fit into the firm's long-term business strategy |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Regularly assesses the effectiveness of the company's long-term strategy, and management's execution of this strategy |
|  | 2. Demonstrates an Effective Oversight Process |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Describes which committee(s) have oversight over specific risks and opportunities, as well as which topics are overseen and/or discussed at the full-board level |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Includes risks and opportunities in board and/or committee agendas, and articulates how often specific topics are discussed at the committee and/or full- board level |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Utilizes KPIs or metrics to assess the effectiveness of risk management processes |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engages with key stakeholders including employees and investors |
|  | 3. Ensures Effective Leadership |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Holds management accountable for progress on relevant metrics and targets |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Integrates necessary skills and perspectives into the board nominating and executive hiring processes, and provides training to directors and executives on topics material to the company's business or operations |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conducts a periodic effectiveness review |
|  | 4. Ensures Disclosures of Material Information |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ensures publication of relevant disclosures, including those regarding material topics |

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| **Compliance with Corporate Governance Principles** |
| Our minimum expectation is that companies will comply with their respective market governance codes and/or stewardship principles. Issuers are encouraged to provide explanations of their level of compliance with their local market code and why their preferred governance structure (if not compliant with the code) serves shareholders' long-term interests. |
| We will review governance practices at companies in selected indexes for their adherence to market governance codes and/or stewardship principles. |
| **Proxy Contests** |
| We believe nominating committees that are comprised of independent directors are best placed to assess which individuals are adequately equipped with the skills and expertise to fulfill the duties of board members, and to act as effective fiduciaries. While our default position is to support the committees' judgement, we consider the following factors when evaluating dissident nominees: |
| • Strategy presented by dissident nominees versus that of current management, as overseen by the incumbent board |
| • Effectiveness, quality, and experience of the management slate |
| • Material governance failures and the level of responsiveness to shareholder concerns and market signals by the incumbent board |
| • Quality of disclosure and engagement practices to support changes to shareholder rights, capital allocation and/or governance structure |
| • Company performance and, if applicable, the merit of a recovery plan |
| • Expertise of board members with respect to company industry and strategy |
| **Board Oversight of Geopolitical Risk** |
| As stewards of our clients' assets, we are aware of the financial risks associated with geopolitical risk, including risks arising from unexpected conflict between or among nations. We expect portfolio companies that may be impacted by geopolitical risk to: |
| • Manage and mitigate risks related to operating in impacted markets, which may include financial, sanctions-related, regulatory, and/or reputational risks, among others; |
| • Strengthen board oversight of these efforts; and |
| • Describe these efforts in public disclosures. |
| **Compensation and Remuneration** |
| We consider it the board's responsibility to determine the appropriate level of executive compensation. Despite the differences among the possible types of plans and awards, there is a simple underlying philosophy that guides our analysis of executive compensation: we believe that there should be a direct relationship between executive compensation and company performance over the long term. |
| Shareholders should have the opportunity to assess whether pay structures and levels are aligned with business performance. When assessing remuneration reports, we consider factors such as adequate disclosure of various remuneration elements, absolute and relative pay levels, peer selection and benchmarking, the mix of long- term and short-term incentives, alignment of pay structures with shareholder interests, as well as with corporate strategy and performance. |

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| ![LOGO](g466944dsp44.jpg) | 9.0 |

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|  | For example, criteria we may consider include the following: |
|  | • Overall quantum relative to company performance |
|  | • Vesting periods and length of performance targets |
|  | • Mix of performance, time and options-based stock units |
|  | • Use of special grants and one-time awards |
|  | • Retesting and repricing features |
|  | • Disclosure and transparency |
|  | **Board Meeting Attendance** |
|  | We expect directors to attend at least 75 percent of board meetings in the last financial year or provide an appropriate explanation for why they were unable to meet this attendance threshold. |
| **Section II.**<br> **Disclosure** | It is important for shareholders to receive timely and accurate reporting of a company's financial performance and strategy so that they are able to assess both the value and risk of their investment. In addition to information related to strategy and performance, companies should provide disclosure relating to their approach to corporate governance and shareholder rights. Such information allows investors to determine whether their financial interests have been protected by the board and provides insights into the board's oversight of management. Ultimately, the board of directors is accountable for the oversight and disclosure of the material risks and opportunities faced by the company. |
| Reporting | **Financial Statements** |
|  | We believe the disclosure and availability of reliable financial statements in a timely manner is imperative for investment analysis. We expect external auditors to provide assurance of a company's financial condition. |
|  | **Sustainability-related Disclosures** |
|  | We believe in the importance of effective risk management and governance of issues that are material to a company. This may include sustainability-related risks and opportunities where a company has identified such risks and opportunities as material to its business. Such disclosure allows shareholders to effectively assess companies' oversight, strategy, and business practices related to these sustainability issues identified as material. |
|  | We look to companies to provide disclosure on sustainability-related risks and opportunities relevant to their businesses in line with applicable local regulatory requirements and any voluntary standards and frameworks adopted by the company. |
|  | **Climate-related Disclosures** |
|  | We believe that managing climate-related risks and opportunities is a key element in maximizing long-term risk-adjusted returns for our clients. As a result, we have a longstanding commitment to enhancing investor-useful disclosure related to this topic. |
|  | For companies that have identified climate risk as material to their business, we expect the company to provide disclosure on climate-related risks and opportunities relevant to their businesses in line with applicable local regulatory requirements and any voluntary standards and frameworks adopted by the company. |

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| ![LOGO](g466944dsp44.jpg) | 10.0 |

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|  | • We encourage the disclosure of Scope 1 and Scope 2 emissions and related targets. However, State Street Global Advisors is not prescriptive in how a company sets its targets. We expect companies that have adopted net zero ambitions to disclose interim climate targets. In each case, if a company chooses not to disclose any climate targets, we expect the company to provide an explanation of how the company measures and monitors progress on managing climate-related risks and opportunities. |
|  | • We do not expect any company to set Scope 3 targets. We encourage companies to identify and disclose the most relevant categories of Scope 3 emissions. However, we recognize that Scope 3 emissions estimates have a high degree of uncertainty. Therefore, if a company determines that categories of Scope 3 emissions are impracticable to estimate, we encourage the company to explain the relevant limitations. We also encourage companies to explain any efforts to address Scope 3 emissions, such as engagement with suppliers, customers, or other stakeholders across the value chain, where relevant. |
|  | **Say-on-Climate Proposals** |
|  | While we generally believe in the importance of effective disclosure of climate-related risks a company has deemed material to its business, we do not endorse annual advisory climate votes. Where management chooses to include a Say-on-Climate vote, we assess the company's climate-related disclosure in accordance with the criteria listed in Appendix A. |
|  | **Board and Workforce Demographics** |
|  | We expect disclosure on the composition of both the board and workforce. |
| **Section III.** | **Share Capital Structure** |
| **Shareholder Protection** Capital | The ability to raise capital is critical for companies to carry out strategy, to grow, and to achieve returns above their cost of capital. The approval of capital raising activities is fundamental to a shareholder's ability to monitor the amounts of proceeds and to ensure capital is deployed efficiently. Altering the capital structure of a company is a critical decision for boards. When making such a decision, we believe the company should disclose a comprehensive business rationale that is consistent with corporate strategy and not overly dilutive to its shareholders. |
|  | Our approach to share capital structure matters may vary by local market and jurisdiction, due to regional nuances. Such proposals may include: |
|  | • Increase in Authorized Common Shares |
|  | • Increase in Authorized Preferred Shares |
|  | • Unequal Voting Rights |
|  | • Share Repurchase Programs |
|  | **Dividend Payouts (Japan Only)** |
|  | For Japanese issuers, we are generally supportive of dividend payouts that constitute 30 percent or more of net income; however we consider whether the payment may damage the company's long-term financial health. |

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| ![LOGO](g466944dsp44.jpg) | 11.0 |

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|  | **Reorganization, Mergers and Acquisitions** |
|  | The reorganization of the structure of a company or mergers often involve proposals relating to reincorporation, restructurings, liquidations, and other major changes to the corporation. |
|  | We expect proposals to be in the best interests of shareholders, demonstrated by enhancing share value or improving the effectiveness of the company's operations. |
|  | We evaluate mergers and structural reorganizations on a case-by-case basis and expect transactions to maximize shareholder value. Some of the considerations include the following: |
|  | • Offer premium |
|  | • Strategic rationale |
|  | • Board oversight of the process for the recommended transaction, including director and/or management conflicts of interest |
|  | • Offers made at a premium and where there are no other higher bidders |
|  | • Offers in which the secondary market price is substantially lower than the net asset value |
|  | We also consider the following: |
|  | • Offers with potentially damaging consequences for minority shareholders because of illiquid stock |
|  | • Offers where we believe there is a reasonable prospect for an enhanced bid or other bidders |
|  | • The current market price of the security exceeds the bid price at the time of voting |
|  | **Related-Party Transactions** |
|  | Some companies have a controlled ownership structure and complex cross- shareholdings between subsidiaries and parent companies ("related companies"). Such structures may result in the prevalence of related-party transactions between the company and its various stakeholders, such as directors and management, subsidiaries and shareholders. In markets where shareholders are required to approve such transactions, we expect companies to disclose details of the transaction, such as the nature, the value and the purpose of such a transaction. We also believe independent directors should ratify such transactions. Further, we believe companies should describe the level of independent board oversight and the approval process, including details of any independent valuations provided by financial advisors on related-party transactions. |
|  | **Cross-Shareholdings (Japan Only)** |
|  | "Cross-shareholdings" are a long-standing feature of the balance sheets of many Japanese companies, but, in our view, can be detrimental for corporate governance practices and ultimately shareholder returns. |
| Shareholder Rights | **Proxy Access** |
|  | In general, we believe that proxy access is a fundamental right and an accountability mechanism for all long-term shareholders. We consider proposals relating to proxy access on a case-by-case basis and consider a balance between providing long-term shareholders accountability while preserving flexibility for management to design a process that is appropriate for the company's circumstances. |

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| ![LOGO](g466944dsp44.jpg) | 12.0 |

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|  | **Vote Standards** |
|  | • **Annual Elections:** We believe the establishment of annual elections of the board of directors is appropriate. We also consider the overall level of board independence and the independence of the key committees, as well as the existence of a shareholder rights plan. |
|  | • **Majority Voting:** We believe a majority vote standard based on votes cast for the election of directors is appropriate. |
|  | **Shareholder Meetings** |
|  | • **Special Meetings and Written Consent:** We believe the ability for shareholders to call special meetings, as well as act by written consent is appropriate. We believe an appropriate threshold for both calling a special meeting and acting by written consent can be 25% of outstanding shares or less. |
|  | • **Notice Period to Convene a General Meeting:** We expect companies to give as much notice as is practicable when calling a general meeting, generally at least 14 days. |
|  | • **Virtual/Hybrid Shareholder Meetings:** We believe the right to hold shareholder meetings in a virtual or hybrid format is appropriate with the following best practices: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Afford virtual attendee shareholders the same rights as would normally be granted to in-person attendee shareholders |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commit to time-bound renewal (five years or less) of meeting format authorization by shareholders |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provide a written record of all questions posed during the meeting, and |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comply with local market laws and regulations relating to virtual and hybrid shareholder meeting practices |
|  | In evaluating these proposals we also consider the operating environment of the company, including local regulatory developments and specific market circumstances impacting virtual meeting practices. |
| Governance Documents | **Article Amendments** |
| & Miscellaneous Items |  |
|  | We believe amendments to company bylaws that may negatively impact shareholder rights (such as fee-shifting, forum selection, and exclusion service bylaws) should be put to a shareholder vote. |
|  | We believe a majority voting standard is generally appropriate. |
|  | We generally believe companies should have a fixed board size, or designate a range for the board size. |
|  | **Anti-Takeover Issues** |
|  | Occasionally, companies add anti-takeover provisions that reduce the chances of a potential acquirer to make an offer, or to reduce the likelihood of a successful offer. We generally believe shareholders should have the right to vote on reasonable offers. Our approach to anti-takeover issues may vary by local market and jurisdiction, due to regional nuances. |

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| ![LOGO](g466944dsp44.jpg) | 13.0 |

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|  | **Accounting and Audit-Related Issues** |
|  | Companies should have robust internal audit and internal control systems designed for effective management of any potential and emerging risks to company operations and strategy. The responsibility of setting out an internal audit function lies with the audit committee, which should have independent non-executive directors designated as members. |
|  | We believe the disclosure and availability of reliable financial statements in a timely manner is imperative for investment analysis. As a result, board oversight of the internal controls and the independence of the audit process are essential if investors are to rely upon financial statements. It is important for the audit committee to appoint external auditors who are independent from management as we expect auditors to provide assurance of a company's financial condition. |
|  | State Street Global Advisors believes that a company's external auditor is an essential feature of an effective and transparent system of external independent assurance. Shareholders should be given the opportunity to vote on their (re-)appointment at the annual meeting. When appointing external auditors and approving audit fees, we will take into consideration the level of detail in company disclosures. |
|  | In circumstances where "other" fees include fees related to initial public offerings, bankruptcy emergence, and spin-offs, and the company makes public disclosure of the amount and nature of those fees which are determined to be an exception to the standard "non-audit fee" category, then such fees may be excluded from the non-audit fees considered in determining the ratio of non-audit to audit/audit-related fees/tax compliance and preparation for purposes of determining whether non-audit fees are excessive. |
|  | We believe a company should be able to discharge its auditors in the absence of pending litigation, governmental investigation, charges or fraud or other indication of significant concern. Further, we believe that auditors should attend the annual meeting of shareholders. |
|  | **Indemnification and Liability** |
|  | Generally, we believe directors should be able to limit their liability and/or expand indemnification and liability protection if a director has not acted in bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office. |
| **Section IV. Shareholder Proposals** | We believe that company boards do right by investors and are responsible for overseeing strategy and company management. Towards that end, we generally do not support shareholder proposals that appear to impose changes to business strategy or operations, such as increasing or decreasing investment in certain products or businesses or phasing out a product or business line or if it is not a topic that the company has deemed to be material in their public disclosure documents. |
|  | When assessing shareholder proposals, we fundamentally consider whether the adoption of the resolution would promote long-term shareholder value in the context of our core governance principles: |
|  | 1. Effective board oversight |
|  | 2. Quality disclosure |
|  | 3. Shareholder protection |

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| ![LOGO](g466944dsp44.jpg) | 14.0 |

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|  | We will consider supporting a shareholder proposal if: |
|  | • the request is focused on enhanced disclosure of the company's governance and/or risk oversight |
|  | • the adoption of the request would protect our clients' interests as minority shareholders; or |
|  | • for common proposal topics for which we have developed assessment criteria, the extent to which the request satisfies the criteria found in Appendix B. |
| **Section V. Engagement** | As a fiduciary, State Street Global Advisors takes a comprehensive approach to engaging with portfolio companies. Our stewardship prioritization process allows us to proactively identify companies for engagement and voting in order to mitigate risks in our client's portfolios. Through engagement, we aim to build long-term relationships with the issuers in which we invest on behalf of our clients and to address a broad range of topics relating to the promotion of long-term shareholder value creation. We do not seek to change or influence control of any portfolio company through engagement. |
| Equity Engagements | In general, there are three types of engagements that State Street Global Advisors may hold on behalf of equity holders: |
|  | 1. **Engagements with Portfolio Companies in Connection with a Ballot Item or Other Topic In** our Policy: Engagements held with portfolio companies to discuss a ballot item, event or other established topic found in our Policy. Such engagements generally, but not necessarily, occur during "proxy season." They may be held at the request of State Street Global Advisors or the portfolio company. |
|  | 2. **Off-Season Engagement at the Request of a Portfolio Company:** From time- to-time, portfolio companies may seek to engage with State Street Global Advisors in the 'off-season' to discuss a particular topic. |
|  | 3. **Off-Season Proactive Engagement Campaigns:** Each year, State Street Global Advisors will identify thematic engagement campaigns on important topics for which we are seeking more information to potentially inform our future voting positions. |
| Fixed Income Engagements | From time-to-time, certain corporate action election events, reclassifications or other changes to the investment terms of debt holdings may occur or an issuer may seek to engage with State Street Global Advisors to discuss matters pertaining to the debt instruments that State Street Global Advisors holds on behalf of its clients. In such instances, State Street Global Advisors may engage with the issuer to obtain further information about the matter for purposes of its investment decision making. Such engagements are the responsibility of the Fixed Income portfolio management team, but may be supported by State Street Global Advisors' Asset Stewardship Team. All election decisions are the responsibility of the relevant portfolio management team. |
|  | In addition, State Street Global Advisors may identify themes for engagement campaigns with issuers on topics that it believes may affect value of its clients' debt investments. State Street Global Advisors may proactively engage with portfolio companies and other issuers on these topics to help inform our views on the subject. |

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| ![LOGO](g466944dsp44.jpg) | 15.0 |

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|  | Where such themes align with those relating to equities, such engagements may be carried out jointly on behalf of both equity and fixed income holdings where there is mutual benefit for both asset classes. Such engagements are led by the State Street Global Advisors Asset Stewardship Team, but may also be attended by the relevant portfolio management teams. |
| Engaging with Other Investors Soliciting State Street Global Advisors' Votes in Connection with Contested Shareholder Meetings, Vote-No Campaigns, or Shareholder Proposals | While it may be helpful to speak to other investors that are running proxy contests, putting forth vote-no campaigns, or proposing shareholder proposals at investee companies, we limit such discussions to investors who have filed necessary documentation with regulators and engage in these discussions at our own discretion.<br>Our primary purpose of engaging with investors is:<br>1. To gain a better understanding of their position or concerns at investee companies.<br>2. In proxy contest situations:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To assess possible director candidates where investors are seeking board representation in proxy contest situations<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To understand the investor's proposed strategy for the company and investment time horizon to assess their alignment with State Street Global Advisors' views and interests as a long-term shareholder |
|  | Any information about our vote decisions are available in this document and on our website. All requests for engagement should be sent to <u>GovernanceTeam@ssga.com</u>. |
| **Section VI. Other Matters**<br> Securities on Loan | As a responsible investor and fiduciary, we recognize the importance of balancing the benefits of voting shares and the incremental lending revenue for the pooled funds that participate in State Street Global Advisors' securities lending program (the "Funds"). Our objective is to recall securities on loan and restrict future lending until after the record date for the respective vote in instances where we believe that a particular vote could have a material impact on the Funds' long-term financial performance and the benefit of voting shares will outweigh the forgone lending income. |
|  | Accordingly, we have set systematic recall and lending restriction criteria for shareholder meetings involving situations with the highest potential financial implications (such as proxy contests and strategic transactions including mergers and acquisitions, going dark transactions, change of corporate form, or bankruptcy and liquidation). Generally, these criteria for recall and restriction for lending only apply to certain large cap indices in developed markets. |
|  | State Street Global Advisors monitors the forgone lending revenue associated with each recall to determine if the impact on the Funds' long-term financial performance and the benefit of voting shares will outweigh the forgone lending income. |
|  | Although our objective is to systematically recall securities based on the aforementioned criteria, we must receive notice of the vote in sufficient time to recall the shares on or before the record date. When we do not receive timely notice, we may be unable to recall the shares on or before the record date. |

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| ![LOGO](g466944dsp44.jpg) | 16.0 |

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| Reporting | We provide transparency for our stewardship activities through our regular client reports and relevant information reported online. We publish an annual stewardship report that provides details of our stewardship approach, engagement and voting policies, and activities during the year. The annual stewardship report is complemented by quarterly stewardship activity reports as well as the publication of thought leadership on governance and sustainability on our website. Our voting record information is available on Vote View, an interactive platform that provides relevant company details, proposal types, resolution descriptions, and records of our votes cast. |
| **Appendix A: Assessment Criteria for Common Disclosure Topics** | As outlined above, the pillars of our Asset Stewardship Program rest on effective board oversight, quality disclosure and shareholder protection. We are frequently asked to evaluate proposals on various topics, including requests for enhanced disclosure. Where a company receives a proposal on a topic that the company has determined is material to its business, we will assess the proposal in accordance with the below criteria that we believe represent quality disclosure on commonly requested disclosure topics. In each case, in assessing the proposal against the applicable criteria, we may review the company's relevant disclosures against industry and market practice (e.g., peer disclosure, relevant frameworks, relevant industry guidance). |
| Climate Disclosure Criteria | For companies that have identified climate-related risks or opportunities as material to their business, we expect the company to provide disclosure on climate-related risks and opportunities relevant to their businesses in line with applicable local regulatory requirements and any voluntary standards and frameworks adopted by the company, as described in the section related to Climate-Related Disclosures above. |
|  | Additionally, where a company is among the highest emitters, we consider whether the company discloses: |
|  | • Scenario-planning on relevant risk assessment and strategic planning processes; |
|  | • The company's plans to achieve stated climate-related targets, if any, including information on timelines and expected emissions reductions; and |
|  | • Incorporation of relevant climate considerations in financial planning and/or capital allocation decisions. |
| Climate Transition Plan Disclosure Criteria for Companies that have Adopted a Climate Transition Plan | We do not expect or require companies to adopt net zero ambitions or join relevant industry initiatives. For companies that have adopted a net zero ambition and/or climate transition plan and that receive a related proposal, we assess the proposal against the disclosure criteria set out below. Given that climate related risks present differently across industries, our assessment of the below criteria may vary to account for best practices in specific industries. |
|  | **General Climate-related Disclosures** |
|  | • Description of approach to identifying and assessing climate-related risks and opportunities |
|  | • Disclosure of resilience of the company's strategy taking into consideration a range of climate-related scenarios |
|  | • Disclosure of Scope 1, Scope 2, and relevant categories of Scope 3 emissions and any assurance |

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| ![LOGO](g466944dsp44.jpg) | 17.0 |

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|  | **Ambition** |
|  | • Disclosure of long-term climate ambitions |
|  | **Targets** |
|  | • Disclosure of short- and/or medium-term interim climate targets |
|  | • Disclosure of alignment of climate targets with relevant jurisdictional commitments, specific temperature pathways, and/or sectoral decarbonization approaches |
|  | **Decarbonization Strategy** |
|  | • Disclosure of plans and actions to support stated climate targets and ambitions |
|  | • Disclosure of emissions management efforts within the company's operations and, as applicable, across the value chain |
|  | • Disclosure of carbon offsets utilization, if any |
|  | • Disclosure of the role of climate solutions (e.g., carbon capture and storage) |
|  | • Disclosure of potential social risks and opportunities related to climate transition plan, if any |
|  | **Capital Allocation** |
|  | • Disclosure integration of relevant climate considerations in financial planning |
|  | • Disclosure of total actual and planned capital deployed toward climate transition plan |
|  | • Disclosure of approach to assessing and prioritizing investments toward climate transition plan (e.g. marginal abatement cost curves, internal carbon pricing, if any) |
|  | **Climate Policy Engagement** |
|  | • Disclosure of position on climate-related topics relevant to the company's decarbonization strategy |
|  | • Disclosure of assessment of stated positions on relevant climate-related topics versus those of associations and other relevant policy-influencing entities, such as trade associations, industry bodies, or coalitions, to which the company belongs, and any efforts taken as a result of this review to address potential misalignment. |
|  | **Climate Governance** |
|  | • Disclosure of the board's role in overseeing climate transition plan |
|  | • Disclosure of management's role in overseeing climate transition plan |
|  | **Physical Risk** |
|  | • Disclosure of assessment of climate-related physical risks |
|  | • Disclosure of approach to managing identified climate-related physical risks |
|  | **Stakeholder Engagement** |
|  | • Disclosure of engagement with relevant internal stakeholders related to climate transition plan (e.g., workforce training, cross-functional collaboration) |
|  | • Disclosure of engagement with relevant external stakeholders related to climate transition plan (e.g., industry collaboration, customer engagement) |
| Methane Disclosure Criteria | Where a company has determined that methane emissions-related risks or opportunities are material to its business and has received a related shareholder proposal, we will assess the proposal in accordance with the following disclosure criteria: |

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| ![LOGO](g466944dsp44.jpg) | 18.0 |

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|  | • Disclosure of methane emissions detection and monitoring efforts |
|  | • An explanation of efforts to enhance measurement, reporting, and verification |
|  | • A description of the company's strategy to manage methane emissions |
|  | • Disclosure of any methane-related metrics and targets utilized |
| Nature-Related Disclosures: Biodiversity, Deforestation and other Land-Use, Water Management, Pollution and Waste | Where a company has determined that one or more nature-related risks and opportunities are material to its business and has received a related shareholder proposal, we will assess the proposal in accordance with the following disclosure criteria:<br>• **Governance:** Board oversight of the material nature-related risks and opportunities<br>• **Risk Management:** Approach to identifying, assessing, monitoring, and mitigating the material nature-related risks and opportunities<br>• **Strategy:** Consideration of material nature-related risks and opportunities in business strategy, resiliency, and planning<br>• **Metrics and Targets (when relevant):** Metrics used to assess, monitor, and manage nature-related risks and opportunities |
| Human Capital Management Disclosure Criteria | Where a company has determined that human capital management-related risks or opportunities are material to its business and has received a related shareholder proposal, we will assess the proposal in accordance with the following disclosure criteria:<br>• **Board Oversight:** Methods outlining how the board oversees human capital- related risks and opportunities;<br>• **Strategy:** Approaches to human capital management and how these advance the long-term business strategy;<br>• **Compensation:** Strategies throughout the organization that aim to attract and retain employees, and incentivize contribution to an effective human capital strategy;<br>• **Voice:** Channels to ensure the concerns and ideas from workers are solicited and acted upon, and how the workforce is engaged and empowered in the organization; and<br>• **Workforce Demographics:** Role of the board in overseeing workforce demographics efforts |
| Diversity Equity and Inclusion Disclosure Criteria | Where a company has determined that diversity, equity and inclusion-related risks or opportunities are material to its business and has received a related shareholder proposal, we will assess the proposal in accordance with the following disclosure criteria:<br>• **Board Oversight:** Describe how the board executes its oversight role in risks and opportunities related to diversity, equity and inclusion<br>• **Strategy:** Articulate the role that diversity, equity, and inclusion plays in the company's broader human capital management practices and long-term strategy, as well as how the company intends to implement that strategy<br>• **Metrics:** Provide disclosure on the company's global employee base and board demographics, where permitted<br>• **Board Composition:** Articulate the role of diversity of skills, backgrounds, experiences, and perspectives in the board's nominating process |

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| ![LOGO](g466944dsp44.jpg) | 19.0 |

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| Pay Equity Disclosure Criteria (United States and United Kingdom Only) | Where a company has determined that pay equity-related risks or opportunities are material to its business and has received a related shareholder proposal, we will assess the proposal in accordance with the following disclosure criteria:<br>• Disclosure of adjusted pay gaps related to race and gender within the company (disclosure of the unadjusted pay gap is also encouraged, but not expected outside of the United Kingdom market at this time);<br>• Disclosure of strategy to achieve and maintain pay equity; and<br>• Disclosure of the role of the board in overseeing pay strategies as well as diversity-related efforts |
| Civil Rights Disclosure Criteria (United States Only) | Where a company has determined that civil rights-related risks or opportunities are material to its business and has received a related shareholder proposal, we will assess the proposal in accordance with the following disclosure criteria:<br>• Disclosure of risk related to civil rights, including risks associated with products, practices, and services;<br>• Disclosure of plans to manage and mitigate these risks; and<br>• Disclosure of processes at the board for overseeing such risks (e.g., committee responsible, frequency of discussions, etc.). |
| Human Rights Disclosure Criteria | Where a company has determined that human rights-related risks or opportunities are material to its business and has received a related shareholder proposal, we will assess the proposal in accordance with the following disclosure criteria:<br>• Human rights-related risks the company considers more relevant;<br>• Plans to manage and mitigate these risks;<br>• Board oversight of these risks; and<br>• Assessment of the effectiveness of the human rights risk management program. |
| Political Contributions Disclosure Criteria (United States Only) | For all companies that receive a shareholder proposal related to political contributions, we will assess the proposal in accordance with the following disclosure criteria:<br>• Disclosure of all contributions, no matter the dollar value, made by the company, its subsidiaries, and/ or affiliated Political Action Committees (PACs) to individual candidates, PACs, and other political organizations at the state and federal levels in the US; and<br>• Disclosure of the role of the board in oversight of political contributions. |
| Lobbying Disclosure Criteria (United States Only) | For all companies that receive a shareholder proposal related to lobbying disclosure, we will assess the proposal in accordance with the following disclosure criteria:<br>• Disclosure of membership in United States trade associations (to which payments are above $50,000 per year) and<br>• Disclosure of the role of the board in overseeing lobbying activities. |

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| ![LOGO](g466944dsp44.jpg) | 20.0 |

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| Trade Association Alignment Disclosure Criteria | For all companies that receive a shareholder proposal related to trade association alignment, we will assess the proposal in accordance with the following disclosure criteria:<br>• Disclosure of the board's role in overseeing the company's participation in the political process, including membership in trade associations or other policy- influencing entities; and<br>• Whether the company regularly performs a gap analysis of its stated positions on relevant issues versus those of the trade associations or other policy-influencing organizations of which it is a member, and<br>• Whether the company disclosed a list of its trade association memberships<br>Note: We believe that management is best suited to take positions on the matters related to their company and therefore we do not recommend any specific position. Our support of these types of shareholder proposals, if any, solely reflect our support for enhanced disclosure on assessing alignment between stated company positions and the positions of associations and other relevant policy-influencing entities to which the company belongs in line with market expectations and effective risk management. |
| About State Street Global Advisors | For over four decades, State Street Global Advisors has served the world's governments, institutions, and financial advisors. With a rigorous, risk-aware approach built on research, analysis, and market-tested experience, and as pioneers in index and ETF investing, we are always inventing new ways to invest. As a result, we have become the world's fourth-largest asset manager\* with US $4.72 trillion<sup>†</sup> under our care. |
|  | \* Pensions & Investments Research Center, as of December 31, 2023. |
|  | † This figure is presented as of December 31, 2024 and includes ETF AUM of $1,577.74 billion USD of which approximately $82.19 billion USD in gold assets with respect to SPDR products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated. Please note all AUM is unaudited. |

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| **ssga.com** | <sup>©</sup> 2025 State Street Corporation. | ID2658960 |
|  | All Rights Reserved. | Exp. Date: 03/31/2026 |

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T. ROWE PRICE ASSOCIATES, INC. AND CERTAIN OF ITS

#### INVESTMENT ADVISER AFFILIATES

#### PROXY VOTING POLICIES AND PROCEDURES

#### RESPONSIBILITY TO VOTE PROXIES
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Associates, Inc. and certain of its investment adviser affiliates<sup>1</sup> (collectively, **"T. Rowe Price"**) have adopted these Proxy Voting Policies and Procedures ("**Policies and Procedures"**) for the purpose of establishing formal policies and procedures for performing and documenting their fiduciary duty with regard to the voting of client proxies. This document is reviewed at least annually and updated as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price recognizes and adheres to the principle that one of the privileges of owning stock in a company is the right to vote in the election of the company's directors and on matters affecting certain important aspects of the company's structure and operations that are submitted to shareholder vote. The U.S.-registered investment companies which T. Rowe Price sponsors and serves as investment adviser (the **"Price Funds"**) as well as other investment advisory clients have delegated to T. Rowe Price certain proxy voting powers. As an investment adviser, T. Rowe Price has a fiduciary responsibility to such clients when exercising its voting authority with respect to securities held in their portfolios. T. Rowe Price reserves the right to decline to vote proxies in accordance with client-specific voting guidelines.

**Fiduciary Considerations**. It is the policy of T. Rowe Price that decisions with respect to proxy issues will be made in light of the anticipated impact of the issue on the desirability of investing in the portfolio company from the viewpoint of the particular advisory client or Price Fund. Proxies are voted solely in the interests of the client, Price Fund shareholders or, where employee benefit plan assets are involved, in the interests of plan participants and beneficiaries. Our intent has always been to vote proxies, where possible to do so, in a manner consistent with our fiduciary obligations and responsibilities.

One of the primary factors T. Rowe Price considers when determining the desirability of investing in a particular company is the quality and depth of its management. We recognize that a company's management is entrusted with the day-to-day operations of the company, as well as its long-term direction and strategic planning, subject to the oversight of the company's board of directors. Accordingly, our proxy voting guidelines are not intended to substitute our judgment for management's with respect to the company's day-to-day operations. Rather, our proxy voting guidelines are designed to promote accountability of a company's management and board of directors to its shareholders; to align the interests of management with those of shareholders; and to encourage companies to adopt best practices in terms of their corporate governance and

<sup>1</sup> This document is not applicable to T. Rowe Price Investment Management, Inc. ("TRPIM"). TRPIM votes proxies independently from the other T. Rowe Price-related investment advisers and has adopted its own proxy voting policy. 

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disclosure. In addition to our proxy voting guidelines, we rely on a company's public filings, its board recommendations, its track record, country-specific best practices codes, our research providers and – most importantly – our investment professionals' views in making voting decisions. T. Rowe Price investment personnel do not coordinate with investment personnel of its affiliated investment adviser, TRPIM, with respect to proxy voting decisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price seeks to vote all of its clients' proxies. In certain circumstances, T. Rowe Price may determine that refraining from voting a proxy is in a client's best interest, such as when the cost of voting outweighs the expected benefit to the client. For example, the practicalities and costs involved with international investing may make it impossible at times, and at other times disadvantageous, to vote proxies in every instance.

#### ADMINISTRATION OF POLICIES AND PROCEDURES
**Environmental, Social and Governance Investing Committee**. T. Rowe Price's Environmental, Social and Governance Investing Committee **("TRPA ESG Investing Committee"** or the **"Committee"**) is responsible for establishing positions with respect to corporate governance and other proxy issues. Certain delegated members of the Committee also review questions and respond to inquiries from clients and mutual fund shareholders pertaining to proxy issues. While the Committee sets voting guidelines and serves as a resource for T. Rowe Price portfolio management, it does not have proxy voting authority for any Price Fund or advisory client. Rather, voting authority and responsibility is held by the Chairperson of the Price Fund's Investment Advisory Committee or the advisory client's portfolio manager. The Committee is also responsible for the oversight of third-party proxy services firms that T. Rowe Price engages to facilitate the proxy voting process.

**Global Proxy Operations Team.** The Global Proxy Operations team is responsible for administering the proxy voting process as set forth in the Policies and Procedures.

**Governance Team.** Our Governance team is responsible for reviewing the proxy agendas for all upcoming meetings and making company-specific recommendations to our global industry analysts and portfolio managers with regard to the voting decisions in their portfolios.

**Responsible Investment Team**. Our Responsible Investment team oversees the integration of environmental and social factors into our investment processes across asset classes. In formulating vote recommendations for matters of an environmental or social nature, the Governance team consults with the appropriate sector analyst from the Responsible Investment team, as appropriate.

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#### HOW PROXIES ARE REVIEWED, PROCESSED AND VOTED
In order to facilitate the proxy voting process, T. Rowe Price has retained Institutional Shareholder Services (**"ISS"**) as an expert in the proxy voting and corporate governance area. ISS specializes in providing a variety of fiduciary-level proxy advisory and voting services. These services include custom vote recommendations, research, vote execution, and reporting. Services provided by ISS do not include automated processing of votes on our behalf using the ISS Benchmark Policy recommendations. Instead, in order to reflect T. Rowe Price's issue-by-issue voting guidelines as approved each year by the TRPA ESG Investing Committee, ISS maintains and implements custom voting policies for the Price Funds and other advisory client accounts.

#### Meeting Notification
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price utilizes ISS' voting agent services to notify us of upcoming shareholder meetings for portfolio companies held in client accounts and to transmit votes to the various custodian banks of our clients. ISS tracks and reconciles our clients' holdings against incoming proxy ballots. If ballots do not arrive on time, ISS procures them from the appropriate custodian or proxy distribution agent. Meeting and record date information is updated daily and transmitted to T. Rowe Price through ProxyExchange, an ISS application.

#### Vote Determination
Each day, ISS delivers into T. Rowe Price's customized ProxyExchange environment a comprehensive summary of upcoming meetings, proxy proposals, publications discussing key proxy voting issues, and custom vote recommendations to assist us with proxy research and processing. For meetings with complex ballot items in certain international markets, research may be consulted from local domestic proxy research providers. The final authority and responsibility for proxy voting decisions remains with T. Rowe Price. Decisions with respect to proxy matters are made primarily in light of the anticipated impact of the issue on the desirability of investing in the company from the perspective of our clients.

Portfolio managers execute their responsibility to vote proxies in different ways. Some have decided to vote their proxies generally in line with the guidelines as set by the TRPA ESG Investing Committee. Others review the customized vote recommendations and approve them before the votes are cast. Portfolio managers have access to current reports summarizing all proxy votes in their client accounts. Portfolio managers who vote their proxies inconsistent with T. Rowe Price guidelines are required to document the rationale for their votes. The Global Proxy Operations team is responsible for maintaining this documentation and assuring that it adequately reflects the basis for any vote which is contrary to our proxy voting guidelines.

T. Rowe Price Voting Guidelines

Specific proxy voting guidelines have been adopted by the TRPA ESG Investing Committee for all regularly occurring categories of management and shareholder proposals. The guidelines include regional voting guidelines as well as the guidelines for investment strategies with objectives other than purely financial returns, such as Impact and Net Zero. A detailed set of proxy voting guidelines is available on the T. Rowe Price website, <u>www.troweprice.com/esg</u> or click <u>here</u>.

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#### Global Portfolio Companies
The TRPA ESG Investing Committee has developed custom international proxy voting guidelines based on our proxy advisor's general global policies, regional codes of corporate governance, and our own views as investors in these markets. We apply a two-tier approach to determining and applying global proxy voting policies. The first tier establishes baseline policy guidelines for the most fundamental issues, which span the corporate governance spectrum without regard to a company's domicile. The second tier takes into account various idiosyncrasies of different countries, making allowances for standard market practices, as long as they do not violate the fundamental goals of good corporate governance. The goal is to enhance shareholder value through effective use of the shareholder franchise, recognizing that application of a single set of policies is not appropriate for all markets.

#### Fixed Income and Passively Managed Strategies
Proxy voting for our fixed income and indexed portfolios is administered by the Global Proxy Operations team using T. Rowe Price's guidelines as set by the TRPA ESG Investing Committee. Indexed strategies generally vote in line with the T. Rowe Price guidelines. Fixed income strategies generally follow the proxy vote determinations on security holdings held by our equity accounts unless the matter is specific to a particular fixed income security such as consents, restructurings, or reorganization proposals.

#### Shareblocking
Shareblocking is the practice in certain countries of "freezing" shares for trading purposes in order to vote proxies relating to those shares. In markets where shareblocking applies, the custodian or sub-custodian automatically freezes shares prior to a shareholder meeting once a proxy has been voted. T. Rowe Price's policy is generally to refrain from voting shares in shareblocking countries unless the matter has compelling economic consequences that outweigh the temporary loss of liquidity in the blocked shares.

#### Securities on Loan
The Price Funds and our institutional clients may participate in securities lending programs to generate income for their portfolios. Generally, the voting rights pass with the securities on loan; however, lending agreements give the lender the right to terminate the loan and pull back the loaned shares provided sufficient notice is given to the custodian bank in advance of the applicable deadline. T. Rowe Price's policy is generally not to vote securities on loan unless we determine there is a material voting event that could affect the value of the loaned securities. In this event, we have the discretion to pull back the loaned securities for the Price Funds in order to cast a vote at an upcoming shareholder meeting. A monthly monitoring process is in place to review securities on loan for the Price Funds and how they may affect proxy voting.

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#### Monitoring and Resolving Conflicts of Interest
The TRPA ESG Investing Committee is also responsible for monitoring and resolving potential material conflicts between the interests of T. Rowe Price and those of its clients with respect to proxy voting. We have adopted safeguards to ensure that our proxy voting is not influenced by interests other than those of our fund shareholders and other investment advisory clients. While membership on the Committee is diverse, it does not include individuals whose primary duties relate to client relationship management, marketing, or sales. Since T. Rowe Price's voting guidelines are predetermined by the Committee, application of the guidelines by portfolio managers to vote client proxies should in most instances adequately address any potential conflicts of interest. However, consistent with the terms of the Policies and Procedures, which allow portfolio managers to vote proxies opposite our general voting guidelines, the Committee regularly reviews all such proxy votes that are inconsistent with the proxy voting guidelines to determine whether the portfolio manager's voting rationale appears reasonable. The Committee also assesses whether any business or other material relationships between T. Rowe Price and a portfolio company (unrelated to the ownership of the portfolio company's securities) could have influenced an inconsistent vote on that company's proxy. Issues raising potential conflicts of interest are referred to designated members of the Committee for immediate resolution prior to the time T. Rowe Price casts its vote.

With respect to personal conflicts of interest, T. Rowe Price's Global Code of Conduct requires all employees to avoid placing themselves in a "compromising position" in which their interests may conflict with those of our clients and restrict their ability to engage in certain outside business activities. Portfolio managers or Committee members with a personal conflict of interest regarding a particular proxy vote must recuse themselves and not participate in the voting decisions with respect to that proxy.

**Specific Conflict of Interest Situations** 

Voting of T. Rowe Price Group, Inc. common stock (sym: TROW) by certain T. Rowe Price Index Funds will be done in all instances in accordance with T. Rowe Price voting guidelines and votes inconsistent with the guidelines will not be permitted. In the event that there is no previously established guideline for a specific voting issue appearing on the T. Rowe Price Group proxy, the Price Funds will abstain on that voting item.

In addition, T. Rowe Price has voting authority for proxies of the holdings of certain Price Funds that invest in other Price Funds. Shares of the Price Funds that are held by other Price Funds will generally be voted in the same proportion as shares for which voting instructions from other shareholders are timely received. If voting instructions from other shareholders are not received, or if a T. Rowe Price Fund is only held by other T. Rowe Price Funds or other accounts for which T. Rowe Price has proxy voting authority, the fund will vote in accordance with its Board's instruction.

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For shares of the Price Funds that are series of T. Rowe Price Equity Series, Inc., T. Rowe Price Fixed Income Series, Inc., and T. Rowe Price International Series, Inc. (collectively, the "Variable Insurance Portfolios") held by insurance company separate accounts for which the insurance company has not received timely voting instructions, as well as shares the insurance company owns, those shares shall be voted in the same proportion as shares for which voting instructions from contract holders are timely received.

#### Limitations on Voting Proxies of Banks
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price has obtained relief from the U.S. Federal Reserve Board (the **"FRB Relief"**) which permits, subject to a number of conditions, T. Rowe Price to acquire in the aggregate on behalf of its clients, 10% or more of the total voting stock of a bank, bank holding company, savings and loan holding company or savings association (each a **"Bank"**), not to exceed a 15% aggregate beneficial ownership maximum in such Bank. One such condition affects the manner in which T. Rowe Price will vote its clients' shares of a Bank in excess of 10% of the Bank's total voting stock (**"Excess Shares"**). The FRB Relief requires that T. Rowe Price use its best efforts to vote the Excess Shares in the same proportion as all other shares voted, a practice generally referred to as "mirror voting," or in the event that such efforts to mirror vote are unsuccessful, Excess Shares will not be voted. With respect to a shareholder vote for a Bank of which T. Rowe Price has aggregate beneficial ownership of greater than 10% on behalf of its clients, T. Rowe Price will determine which of its clients' shares are Excess Shares on a pro rata basis across all of its clients' portfolios for which T. Rowe Price has the power to vote proxies.<sup>2</sup>

#### REPORTING, RECORD RETENTION AND OVERSIGHT
The TRPA ESG Investing Committee, and certain personnel under the direction of the Committee, perform the following oversight and assurance functions, among others, over T. Rowe Price's proxy voting: (1) periodically samples proxy votes to ensure that they were cast in compliance with T. Rowe Price's proxy voting guidelines; (2) reviews, no less frequently than annually, the adequacy of the Policies and Procedures to make sure that they have been implemented effectively, including whether they continue to be reasonably designed to ensure that proxies are voted in the best interests of our clients; (3) performs due diligence on whether a retained proxy advisory firm has the capacity and competency to adequately analyze proxy issues, including the adequacy and quality of the proxy advisory firm's staffing and personnel and its policies; and (4) oversees any retained proxy advisory firms and their procedures regarding their capabilities to (i) produce proxy research that is based on current and accurate information and (ii) identify and address any conflicts of interest and any other considerations that we believe would be appropriate in considering the nature and quality of the services provided by the proxy advisory firm.

<sup>2</sup> The FRB Relief and the process for voting of Excess Shares described herein apply to the aggregate beneficial ownership of T. Rowe Price and TRPIM.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price will furnish Vote Summary Reports, upon request, to its institutional clients that have delegated proxy voting authority. The report specifies the portfolio companies, meeting dates, proxy proposals, and votes which have been cast for the client during the period and the position taken with respect to each issue. Reports normally cover quarterly or annual periods and are provided to such clients upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price retains proxy solicitation materials, memoranda regarding votes cast in opposition to the position of a company's management, and documentation on shares voted differently. In addition, any document which is material to a proxy voting decision such as the T. Rowe Price proxy voting guidelines, Committee meeting materials, and other internal research relating to voting decisions are maintained in accordance with applicable requirements.

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| WELLINGTON MANAGEMENT COMPANY<br>Wellington Management<br> 2025 Global Proxy Voting Guidelines | ![LOGO](g466944g0328143444044.jpg) |

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WELLINGTON'S PHILOSOPHY

Wellington Management is a long-term steward of our clients' assets and aims to vote proxies for which we have voting authority in the best financial interest of clients.

These guidelines are based on Wellington Management's fiduciary obligation to act in the best financial interest of its clients as shareholders and while written to apply globally, we consider jurisdictional differences to make informed decisions. Enumerated below are issues specific to the Japanese market given we have formulated more detailed expectations for this region.

Wellington Management votes proxies for each client for which it has voting authority based on Wellington Management's evaluation of the best long-term economic interests of shareholders, in the exercise of its independent business judgment, and without regard to the relationship of the issuer of the proxy to the client, Wellington Management, or Wellington Management's affiliates.

It should be noted that the following are guidelines, not rigid rules, and Wellington Management reserves the right in all cases to deviate from the general direction set out below, where doing so is in the best interest of its clients.

OUR APPROACH TO STEWARDSHIP

The goal of our stewardship activities is to support decisions that we believe will maximize investment returns for our clients over the long term.

The mechanisms we use to implement our stewardship activities vary by asset class. Engagement applies to all our investments across equity and credit, in both private and public markets. Proxy voting applies mostly to public equities.

Stewardship extends to any area that may affect the long-term sustainable financial return of an investment. Stewardship can be accomplished through research and constructive dialogue with company management and boards, by monitoring company behavior through informed active ownership, and by emphasizing management accountability for important issues via our proxy votes, which have long been part of Wellington's investment ethos. Please refer to our Engagement Policy for more information on how engagement is conducted at Wellington.

OUR APPROACH TO VOTING

We vote proxies in what we consider to be the best financial interests of our clients. Our approach to voting is investment-led and serves as an influential component of our engagement and escalation strategy. The Investment Stewardship Committee, a cross-functional group of experienced professionals, oversees Wellington Management's stewardship activities with regards to proxy voting and engagement practices.

Generally, routine issues which can be addressed by the proxy voting guidance below are voted by means of standing instructions communicated to our primary voting agent. Some votes warrant analysis of specific facts and circumstances and therefore are reviewed individually. We examine such proposals on their merits and take voting action in a manner that best serves the financial interests of our clients. When forming our voting decisions, we may leverage sources including internal research notes, third-party voting research and company engagement. While manual votes are often resolved by investment research teams, each portfolio manager is empowered to make a final decision for their relevant client portfolio(s), absent a material conflict of interest. Proactive portfolio manager input is sought under certain circumstances, which may include consideration of position size and proposal subject matter and nature. Where portfolio manager input is proactively sought, deliberation across the firm may occur. This

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collaboration does not prioritize consensus across the firm above all other interests but rather seeks to inform portfolio managers' decisions by allowing them to consider multiple perspectives. Consistent with our community-of-boutiques model, portfolio managers may occasionally arrive at different voting conclusions for their clients, resulting in different decisions for the same vote. Robust voting procedures and the deliberation that occurs before a vote decision are aligned with our role as active owners and fiduciaries for our clients.

We generally support shareholder proposals if we determine that their adoption would promote long-term shareholder value. In making this determination, we consider numerous factors, including but not limited to the anticipated benefits of the proposal to the company; whether the proposal addresses the general interests of the company's shareholders and not just those of the shareholder proponents; whether the company is currently addressing the issue motivating the proposal or has engaged with the shareholder proponents; whether the company can implement the proposal effectively; and whether the proposal's adoption would impose material costs on the company or result in unintended consequences.

In addition, because proxy voting provides only limited means (i.e., voting ''for'' or ''against'') to express our views on a particular issue, we may support shareholder proposals in cases where we do not support every recommended action or where the proposal is accompanied by a supporting statement that we do not support so long as we are directionally aligned with the issue motivating the proposal. In these cases, we aim to engage directly with the company to clarify the nuanced view our vote represents.

Please refer to our Global Proxy Policy and Procedures for further background on the process and governance of our voting approach.

Detailed below are the principles which we consider when deciding how to vote.

VOTING GUIDELINES

#### BOARD COMPOSITION AND ROLE OF DIRECTORS
Effective boards should act in shareholders' best economic interests and possess the relevant skills to implement the company's strategy.

We consider shareholders' ability to elect directors annually an important right and, accordingly, generally support proposals to enable annual director elections and declassify boards.

We may withhold votes from directors for being unresponsive to shareholders or for failing to make progress on issues material to maximizing investment returns. We may also withhold votes from directors who fail to implement shareholder proposals that if adopted would promote long-term shareholder value and have received majority support. We may also withhold our support for directors who have implemented poison pills without shareholder approval.

Time commitments

We expect directors to have the time and energy to fully commit to their board-related responsibilities and not be over-stretched with an excessive number of external directorships. We may vote against directors when serving on five or more public company boards; and public company executives when serving on three or more public company boards, including their own.

We consider the roles of board chair and chair of the audit committee as particularly time-intensive, and we apply an additional weighting accordingly when evaluating the overboarding matrix for non-executives. We may take into consideration that certain directorships, such as Special Purpose Acquisition Companies (SPACs) and investment companies, are usually less demanding.

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Directors should also attend at least 75% of scheduled board meetings. If they fail to do so, we may vote against their re-election.

Succession planning and board refreshment

We do not have specific voting policies relating to director age or tenure. We prefer to take a holistic view, evaluating whether the company is balancing the perspectives of new directors with the institutional knowledge of longer-serving board members. Succession planning is a key topic during many of our board engagements.

We generally expect companies to refresh their board membership every five years and may vote against the chair of the nominating committee for failure to implement such a refresh. We believe a degree of director turnover allows companies to bring fresh perspectives and add new skillsets to the board to enhance their oversight and adapt to evolving strategies.

Boards should offer transparency around their process to evaluate director performance and independence, conducting a rigorous regular evaluation of the board, key committees as well as individual directors, which is responsive to shareholder input. We believe externally facilitated board evaluations may contribute to companies retaining an appropriate mix of skills, experience and diversity on their boards over time.

In certain markets companies are governed by multi-tiered boards, with each tier having different responsibilities. We hold supervisory board members to similar standards, subject to prevailing local governance best practices.

Board independence

In our view, boards perform best when composed of an appropriate combination of executive and non-executive (in particular independent non-executive) directors to challenge and counsel management.

To determine appropriate minimum levels of board independence, we look to prevailing market best practices; two-thirds in the US, for example, and majority in the UK and France. In addition to the overall independence at the board level, we also consider the independence of audit, compensation, and nominating committees. Where independence falls short of our expectations, we may withhold approval for non-independent directors or those responsible for the board composition. We typically vote in support of shareholder proposals calling for improved independence.

We believe that having an independent chair is the preferred structure for board leadership. Having an independent chair avoids the inherent conflict of self-oversight and helps ensure robust debate and diversity of thought in the boardroom. We will generally support proposals to separate the chair and CEO or establish a lead director but may support the involvement of an outgoing CEO as executive chair for a limited period to ensure a smooth transition to new management.

Board diversity

We believe boards which reflect a wide range of perspectives are best positioned to create shareholder value. By setting a leadership example, boardrooms with a wide range of experiences, expertise, and perspectives encourage an organizational culture that promotes diverse thinkers, enabling better strategic decisions and the navigation of increasingly complex issues facing companies today.

We think it is not in shareholders' best interests for the full board to be comprised of directors who all share the same background, experience, and personal characteristics (e.g., gender, race, ethnicity, and age). We expect our portfolio companies to be thoughtful and intentional in considering the widest possible pool of skilled candidates who bring diverse perspectives into the boardroom. We encourage companies to disclose the composition and qualifications of their board and to communicate their approach to creating and fostering a diverse board.

We reserve the right to vote against the re-election of the Nominating/Governance Committee Chair when the board is not meeting local market standards from a diversity perspective. We expect a minimum of 20% gender diversity at major indices such as the S&P 500 and encourage boards to strive for 30% gender diversity. From 2025, we may vote against the re-election of the Nominating/Governance Committee Chair at major indices not meeting this 30% goal.

Outside of the above major indices and absent a market-defined standard, we may vote against the reelection of the Nominating/Governance Committee Chair where no gender-diverse directors are represented on a board.

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We reserve the right to vote against the reelection of the Nominating/Governance Committee Chair at US large cap and FTSE 100 companies that do not have at least one director from a minority ethnic group and have not provided a clear and compelling reason for being unable to do so.

Majority vote on election of directors

Because we believe the election of directors by a majority of votes cast is the appropriate standard, we will generally support proposals that seek to adopt such a standard. Our support will typically extend to situations where the relevant company has an existing resignation policy for directors that receive a majority of ''withhold'' votes. We believe majority voting should be defined in the company's charter and not simply in its corporate governance policy.

Generally, we oppose proposals that fail to provide for the exceptional use of a plurality standard in the case of contested elections. Further, we will not support proposals that seek to adopt a standard of majority of votes outstanding (total votes eligible as opposed to votes cast). We likely will support shareholder and management proposals to remove existing supermajority vote requirements.

Contested director elections

We approach contested director elections on a case-by-case basis, considering the specific circumstances of each situation to determine what we believe to be in the best financial interest of our clients. In each case, we welcome the opportunity to engage with both the company and the proponent to ensure that we understand both perspectives and are making an informed decision on our clients' behalf.

#### COMPENSATION
Executive compensation plans establish the incentive structure that plays a role in strategy-setting, decision-making, and risk management. While design and structure vary widely, we believe the most effective compensation plans attract and retain high-caliber executives, foster a culture of performance and accountability, and align management's interests with those of long-term shareholders.

Due to each company's unique circumstances and wide range of plan structures, Wellington determines support for a compensation plan on a case-by-case basis. We support plans that we believe lead to long-term value creation for our clients and the right to vote on compensation plans annually.

In evaluating compensation plans, we consider the following attributes in the context of the company's business, size, industry, and geographic location:

<u>Alignment</u> — We believe in pay-for-performance and encourage plan structures that align executive compensation with shareholder experience. We compare total compensation to performance metrics on an absolute and relative basis over various timeframes, and we look for a strong positive correlation. To ensure shareholder alignment, executives should maintain meaningful equity ownership in the company while they are employed, and for a period thereafter.

<u>Transparency</u> — We expect compensation committees to articulate the decision-making process and rationale behind the plan structure, and to provide adequate disclosure so shareholders can evaluate actual compensation relative to the committee's intentions. Disclosure should include how metrics, targets, and timeframes are chosen, and detail desired outcomes. We also seek to understand how the compensation committee determines the target level of compensation and constructs the peer group for benchmarking purposes.

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<u>Structure</u> — The plan should be clear and comprehensible. We look for a mix of cash versus equity, fixed versus variable, and short- versus long-term pay that incentivizes appropriate risk-taking and aligns with industry practice. Performance targets should be achievable but rigorous, and equity awards should be subject to performance and/or vesting periods of at least three years, to discourage executives from managing the business with a near-term focus. Unless otherwise specified by local market regulators, performance-based compensation should be based on metrics that are objective, rigorous, and tied to shareholder value creation. Qualitative goals, including material environmental and social considerations material to financial performance, may be acceptable if a compensation committee has demonstrated a fair and consistent approach to evaluating qualitative performance and applying discretion over time.

<u>Accountability</u> — Compensation committees should be able to use discretion, positive and negative, to ensure compensation aligns with performance and provide a cogent explanation to shareholders. We generally oppose one-time awards aimed at retention or achieving a pre-determined goal. Barring an extenuating circumstance, we view retesting provisions unfavorably.

Approving equity incentive plans

A well-designed equity incentive plan facilitates the alignment of interests of long-term shareholders, management, employees, and directors. We evaluate equity-based compensation plans on a case-by-case basis, considering projected plan costs, plan features, and grant practices. We will reconsider our support for a plan if we believe these factors, on balance, are not in the best financial interest of shareholders. Specific items of concern may include excessive cost or dilution, unfavorable change-in-control features, insufficient performance conditions, holding/vesting periods, or stock ownership requirements, repricing stock options/stock appreciation rights (SARs) without prior shareholder approval, or automatic share replenishment (an ''evergreen'' feature).

Employee stock purchase plans

We generally support employee stock purchase plans, as they may align employees' interests with those of shareholders. That said, we typically vote against plans that do not offer shares to a broad group of employees (e.g., if only executives can participate) or plans that offer shares at a significant discount.

Non-executive director compensation

We expect companies to disclose non-executive director compensation and we prefer the use of an annual retainer or fee, delivered as cash, equity, or a combination. We do not believe non-executive directors should receive performance-based compensation, as this creates a potential conflict of interest. Non-executive directors oversee executive compensation plans; their objectivity is compromised if they design a plan that they also participate in.

Severance arrangements

We are mindful of the board's need for flexibility in recruitment and retention but will oppose excessively generous arrangements unless agreements encourage management to negotiate in shareholders' best financial interest. We generally support proposals calling for shareholder ratification of severance arrangements.

Claw-back policies

We believe companies should be able to recoup incentive compensation from members of management who received awards based on fraudulent activities, accounting misstatements, or breaches in standards of conduct that lead to corporate reputational damage. We generally support shareholder proposals requesting that a company establish a robust claw-back provision if existing policies do not cover these circumstances. We also support proposals seeking greater transparency about the application of claw back policies.

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2025 Wellington Global Proxy Voting Guidelines

Audit quality and oversight

Scrutiny of auditors, particularly audit quality and oversight, has been increasing. When we assess financial statement reporting and audit quality, we will generally support management's choice of auditors, unless the auditors have demonstrated failure to act in shareholders' best economic interest. We also pay close attention to the non-audit services provided by auditors and consider the potential for the revenue from those services to create conflicts of interest that could compromise the integrity of financial statement audits.

#### SHAREHOLDER RIGHTS
Shareholder rights plans

Also known as poison pills, these plans can enable boards of directors to negotiate higher takeover prices on behalf of shareholders. Such plans also may be misused, however, as a means of entrenching management. Consequently, we may support plans that include a shareholder approval requirement, a sunset provision, or a permitted bid feature (e.g., bids that are made for all shares and demonstrate evidence of financing must be submitted to a shareholder vote).

Because boards generally have the authority to adopt shareholder rights plans without shareholder approval, we are equally vigilant in our assessment of requests for authorization of blank-check preferred shares.

Multiple voting rights

We generally support one share, one vote structures. The growing practice of going public with a dual-class share structure can raise governance and performance concerns. In our view, dual-class shares can create misalignment between shareholders' economic stake and their voting power and can grant control to a small number of insiders who may make decisions that are not in the interests of all shareholders.

We generally prefer that companies dispense with dual-class share structures but we recognize that newly listed companies may benefit from a premium by building in some protection for founders for a limited time after their IPO. The Council of Institutional Investors, a nonprofit association of pension funds, endowments, and foundations, recommends that newly public companies that adopt structures with unequal voting rights do away with the structure within seven years of going public. We believe such sunset clauses are a reasonable compromise between founders seeking to defend against takeover attempts in pivotal early years, and shareholders demanding a mechanism for holding management accountable, especially in the event of leadership changes.

Similarly, we generally do not support the introduction of loyalty shares, which grant increased voting rights to investors who hold shares over multiple years.

Proxy access

We believe shareholders should have the right to nominate director candidates on the management's proxy card. We will generally support shareholder proposals seeking proxy access unless the existing policy is already in-line with market norms.

Special meeting rights

We believe the right to call a special meeting is an important shareholder right, and we will generally support such proposals to establish this right at companies that lack this facility. We will generally support a proposal lowering thresholds where the current level exceeds 15% and the proposal calls for a 10%+ threshold, taking into consideration the make-up of the existing shareholder base and the company's general responsiveness to shareholders. If shareholders are granted the right to call special meetings, we generally do not support written consent.

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2025 Wellington Global Proxy Voting Guidelines

Virtual meetings

Many companies established virtual-only shareholder meetings over the course of the recent Covid-19 pandemic. Virtual attendance allows investors to participate in more meetings and reduces the need for travel. We generally prefer shareholder meetings to take place in a hybrid format (virtual and in-person) where possible, allowing all shareholders, whether they attend in person or virtually, to ask questions. We expect companies hosting virtual-only shareholder meetings to provide a clear rationale underpinning their decision to do so, provide a live video stream of proceedings and offer transparency on how questions may be submitted and are selected for discussion.

We may oppose amendments to articles of association permitting virtual-only meetings where we perceive shareholder rights to be at risk. We may also support relevant shareholder proposals requesting companies to facilitate the ability to attend in-person.

#### CAPITAL STRUCTURE AND CAPITAL ALLOCATION
Mergers and acquisitions

We approach votes to approve mergers and acquisitions on a case-by-case basis, considering the specific circumstances of each proposal to determine what we believe to be in the best financial interest of our clients.

Increases in authorized common stock

We generally support requests for increases up to 100% of the shares with preemption rights. Exceptions will be made when the company has clearly articulated a reasonable need for a greater increase. Conversely, at companies trading in less liquid markets, we may impose a lower threshold. When companies seek to issue shares without preemptive rights, we consider potential dilution and generally support requests when dilution is below 20%. For issuance with preemptive rights, we review on a case-by-case basis, considering the size of issuance relative to peers.

#### ENVIRONMENTAL TOPICS
We assess portfolio companies' performance on environmental issues we deem to be material to long-term financial performance.

Climate change

As an asset manager entrusted with investing on our clients' behalf, we aim to assess, monitor, and manage the potential effects of climate change on our investee companies and financial returns of client portfolios. Proxy voting is a tool we use for managing climate-related investment risks, where appropriate, as part of our overall stewardship process.

In general, we expect companies facing material climate risks to communicate credible transition plans consistent with the recommended disclosures published by the Task Force on Climate-Related Financial Disclosures (TCFD), which are also integrated into the IFRS S2 Climate-related Disclosures issued by the International Sustainability Standards Board (ISSB). Appropriate reporting on climate readiness assists our investment professionals in understanding a company's strategy to adapt to or mitigate material climate-related risks. In addition, we may vote against directors at companies facing material climate risks where the disclosure of transition plans meaningfully lag our expectations.

*Emissions disclosure* 

We generally encourage companies to disclose material Scope 1, 2, and 3 emissions. While we recognize the challenges associated with collecting Scope 3 emissions data, disclosure of material Scope 3 emissions has the potential to assist us with the assessment of the transition risks applicable to an issuer. Disclosure of both overall categories of Scope 3 emissions — upstream and downstream — with context and granularity from companies with significant Scope 3 sources enhances our ability to evaluate investment risks and opportunities. We generally encourage companies to adopt emerging global standards for measurement and disclosure of emissions such as ISSB's IFRS S2.

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2025 Wellington Global Proxy Voting Guidelines

We view disclosure of material Scope 1 and 2 emissions as a baseline expectation where measurement practices are well-defined and attainable. We will generally vote against the re-election of the Chair of MSCI World companies and large cap companies in Emerging Markets which do not disclose material Scope 1 and 2 emissions, have not made a commitment to do so and where emissions intensity is material to financial performance.

*Net-zero targets* 

We encourage companies with material emissions to set a credible, science-based decarbonization glidepath, with an interim and long-term target, that comprises all categories of material emissions and is consistent with the ambition to achieve net zero emissions by 2050 or sooner.

We generally support shareholder proposals that promote long-term shareholder value and ask companies facing material climate risks for improved disclosure on climate risk management or alignment of business strategies with the Paris Agreement or similar language, where companies have not already done so. Companies may find value in aligning transition plans with best practice frameworks relevant to their industry and business model such as the Science Based Targets initiative (SBTi).

*Accountability for transition plans* 

For certain companies with material emissions, we may vote against the company chair where quantitative emission reduction targets have not been reasonably defined. If we find evidence of substantial failings in oversight of material climate-related risks, we may take appropriate voting action by withholding support from directors.

So-called 'say-on-climate' votes are management proposals which solicit shareholder approval of companies' climate strategies on a standalone basis. We prefer climate strategy to be fully integrated with broader company strategy, and believe a separate vote has the potential to dilute accountability of the board by putting the onus on shareholders to evaluate climate strategy. We therefore critically consider shareholder proposals calling for management to adopt a say-on-climate vote and may abstain on the say-on-climate proposals themselves to evidence our principle-based view.

Biodiversity

Many companies are dependent on natural capital and biodiversity as key inputs either through direct resource extraction or their supply chain. Business activities may also impact the capacity of nature to provide social and economic functions. We recognize that biodiversity impact and loss can be challenging to quantify and measure, but we believe companies should assess environmental inputs and outputs. We encourage companies to report on financially material impacts and dependencies on natural capital relevant to their business.

Other environmental shareholder proposals

For other environmental proposals covering themes including biodiversity, natural capital, deforestation, water usage, (plastic) packaging as well as palm oil, we take a case-by-case approach and will generally support proposals calling for companies to provide disclosure where this is additive to the company's existing efforts, the proposed information pertains to a material financial impact and in our view is of economic benefit to investors.

#### SOCIAL TOPICS
Corporate culture, human capital, and diversity, equity, & inclusion

Through engagement we emphasize to management the importance of how they invest in and cultivate their human capital to perpetuate a strong culture. We assess culture holistically from an alignment of management incentives, responsiveness to employee feedback, evidence of an equitable and sound talent management strategy and commitment to diversity, equity, and inclusion practices that promote shareholder value. We value transparency and use of key performance indicators.

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2025 Wellington Global Proxy Voting Guidelines

A well-articulated culture statement and talent attraction, retention and development strategy suggest that a company appreciates culture and talent as competitive advantages that can drive long-term value creation. It also sends a strong message when management compensation is linked, when appropriate, to employee satisfaction. If the company conducts regular employee engagement surveys, we look for leadership to disclose the results-both positive and negative — so we can monitor patterns and assess whether they are implementing changes based on the feedback they receive.

We maintain that a human capital management strategy should foster a collaborative, productive workplace in which all talent can thrive. A key factor that pertains to human capital management is diversity, equity, and inclusion (DEI). We believe that DEI practices can positively contribute to long-term financial performance. As fiduciaries, we seek to understand how a company's diversity approach aligns with talent management. This is significantly aided when there is consistent, robust disclosure in place. We look for strategies that align with improvement of shareholder value over time and expect companies in the US to publicly disclose their EEO-1 reporting.

Gender and racial pay equity are important parts of our assessment of a company's overall diversity efforts. Pay inequity can impact shareholder value by exposing a company to challenges with recruiting & retaining talent, job dissatisfaction, workforce turnover, and costly lawsuits. Consequently, we may support proposals asking for improved transparency on a company's gender and/or racial pay gap if existing disclosures are lagging best practice and if the company has not articulated its efforts to promote equal opportunities to advance to senior roles.

Stakeholders and risk management

In recent years, discourse on opioids, firearms, and sexual harassment has brought the potential for social externalities — the negative effects that companies can have on society through their products, cultures, or policies — into sharp focus. These nuanced, often misunderstood issues can affect the value of corporate securities.

We encourage companies facing these risks to disclose related risk management strategies. When a company faces litigation or negative press, we inquire about lessons learned and request evidence of substantive changes that aim to prevent recurrence and mitigate downside risk. In these cases, we may also support shareholder proposals requesting enhanced disclosure on actions taken by management.

Human rights

Following the 2015 passage of the UK's Modern Slavery Act, a handful of countries have passed laws requiring companies to report on how they are addressing risks related to human rights abuses in their global supply chains. While human rights have been a part of our research and engagement in this context, we seek to assess companies' exposures to these risks, determine the sectors for which this risk is most material (highest possibility of supply-chain exposure), enhance our own engagement questions, and potentially work with external data providers to gain insights on specific companies or industries. To help us assess company practices and drive more substantive engagement with companies on this issue, we may support proposals requesting enhanced disclosure on companies' approach to mitigating the risk of human rights violations in their business.

Cybersecurity

Robust cybersecurity practices are imperative for maintaining customer trust, preserving brand strength, and mitigating regulatory risk. Companies that fail to strengthen their cybersecurity platforms may end up bearing large costs. Through engagement, we aim to compare companies' approaches to cyber threats, regardless of region or sector, to distinguish businesses that lag from those that are better prepared.

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2025 Wellington Global Proxy Voting Guidelines

Political contributions and lobbying

We generally support shareholder proposals asking for enhanced disclosure and board oversight of a company's political and lobbying activities where existing disclosure and board oversight are inadequate. This is because sufficient disclosure and board oversight are necessary to evaluate whether and ensure that these activities align with the company's stated strategy and promote shareholder value.

#### JAPAN-SPECIFIC TOPICS
Capital allocation

We hold board chairs accountable for persistently low returns on equity (ROE) in Japan, using a five-year average ROE of below 5% as a guide. Our assessment of a company's capital stewardship complements our assessment of board effectiveness without dictating specific capital allocation decisions. We may make exceptions where ROE is improving, where a long-cycle business warrants a different standard, or where new management is in place, and we feel they should not be punished for the past CEO/Chair's record.

Cross-shareholdings

Cross-shareholdings reduce management accountability by creating a cushion of cross-over investor support. We may vote against the highest-ranking director up for re-election for companies where management has allocated a significant portion (20% or more) of net assets to cross-shareholdings. When considering this issue, we will take into account a company's trajectory in reducing cross-shareholdings over time as well as legitimate business reasons given to retain specific shareholdings.

Retirement bonuses

Misaligned compensation which is based on tenure and seniority may compromise director independence. We generally vote against directors and statutory auditors if retirement bonuses are given to outgoing directors.

Board diversity

We look for boards on the Japanese Prime Market to have a minimum 10% gender diversity, not inclusive of statutory auditors. For companies on the Non-Prime Market, we will also look for boards to have a minimum 10% gender diversity, inclusive of statutory auditors as applicable. We may vote against the chair of the board (or CEO in the absence of a board chair) where the board fails to meet this level. We expect to be able to support directors where a credible plan has been adopted to increase gender diversity ahead of the next meeting.

Board independence

We reserve the right to vote against the chair of the board or the most senior executive up for election at Japanese companies if the board of directors fails to meet the following independence expectations:

• For companies on the Prime Market without a controlling shareholder, we expect the board to be comprised of at least one-third independent directors.

• For companies on the Prime Market with a controlling shareholder, we expect the board to be majority independent.

• For companies on the Non-Prime Market with a controlling shareholder, we expect the board to be comprised of at least one-third independent directors.

• For companies on the Non-Prime Market without a controlling shareholder and a two-tiered board, we expect combined one-third independence of the board of directors and the board of statutory auditors, and at least two independent outside directors.

• For companies on the Non-Prime Market without a controlling shareholder and a one-tiered board (with either one or three committees), we expect one-third independence.

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2025 Wellington Global Proxy Voting Guidelines

We continue to require a majority of the board of statutory auditors to be independent, regardless of the market segments. We further encourage Japanese companies to establish nomination/compensation committees, and to clearly describe the role of the board chair in terms of setting the board agenda and driving accountability.

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2025 Wellington Global Proxy Voting Guidelines

Important Information

Wellington Management Company LLP (WMC) is an independently owned investment adviser registered with the US Securities and Exchange Commission (SEC). WMC is also registered with the US Commodity Futures Trading Commission (CFTC) as a commodity trading advisor (CTA) and commodity pool operator (CPO). WMC serves as a CTA to certain clients including commodity pools operated by registered commodity pool operators. WMC provides commodity trading advice to all other clients in reliance on exemptions from CTA registration. WMC serves as a CPO to certain Wellington sponsored pooled vehicles. WMC, along with its affiliates (collectively, Wellington Management), provides investment management and investment advisory services to institutions around the world. Wellington Management Group LLP (WMG), a Massachusetts limited liability partnership, serves as the ultimate parent holding company of the Wellington Management global organization. All of the partners are full-time professional members of Wellington Management. Located in Boston, Massachusetts, Wellington Management also has offices in Chicago, Illinois; New York, New York; Radnor, Pennsylvania; San Francisco, California; DIFC, Dubai; Frankfurt; Hong Kong; London; Luxembourg; Madrid; Milan; Shanghai; Singapore; Sydney; Tokyo; Toronto; and Zurich.

This material is prepared for, and authorized for internal use by, designated institutional and professional investors and their consultants or for such other use as may be authorized by Wellington Management. This material and/or its contents are current at the time of writing and may not be reproduced or distributed in whole or in part, for any purpose, without the express written consent of Wellington Management. This material is not intended to constitute investment advice or an offer to sell, or the solicitation of an offer to purchase shares or other securities. Investors should always obtain and read an up-to-date investment services description or prospectus before deciding whether to appoint an investment manager or to invest in a fund. Any views expressed herein are those of the author(s), are based on available information, and are subject to change without notice. Individual portfolio management teams may hold different views and may make different investment decisions for different clients. While any third-party data used is considered reliable, its accuracy is not guaranteed. Forward-looking statements should not be considered as guarantees or predictions of future events. Past results are not a reliable indicator of future results. Wellington assumes no duty to update any information in this material in the event that such information changes.

In Canada, this material is provided by Wellington Management Canada ULC, a British Columbia unlimited liability company registered in the provinces of Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Prince Edward Island, Quebec, and Saskatchewan in the categories of Portfolio Manager and Exempt Market Dealer.

In Europe (excluding the United Kingdom and Switzerland), this material is provided by the marketing entity Wellington Management Europe GmbH (WME) which is authorized and regulated by the German Federal Financial Supervisory Authority (*Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin*). This material may only be used in countries where WME is duly authorized to operate and is only directed at eligible counterparties or professional clients as defined under the German Securities Trading Act. This material does not constitute investment advice, a solicitation to invest in financial instruments or information recommending or suggesting an investment strategy within the meaning of Section 85 of the German Securities Trading Act (*Wertpapierhandelsgesetz).*

In the United Kingdom, this material is provided by Wellington Management International Limited (WMIL), a firm authorized and regulated by the Financial Conduct Authority (FCA) in the UK (Reference number: 208573). This material is directed only at eligible counterparties or professional clients as defined under the rules of the FCA.

In Switzerland, this material is provided by Wellington Management Switzerland GmbH, a firm registered at the commercial register of the canton of Zurich with number CH-020.4.050.857-7. This material is directed only at Qualified Investors as defined in the Swiss Collective Investment Schemes Act and its implementing ordinance.

In Dubai, this material is provided by Wellington Management (DIFC) Limited (WM DIFC), a firm registered in the DIFC with number 7181 and regulated by the Dubai Financial Services Authority ("DFSA"). To the extent this document relates to a financial product, such financial product is not subject to any form of regulation or approval by the DFSA. The DFSA has no responsibility for reviewing or verifying any prospectus or other documents in connection with any financial product to which this document may relate. The DFSA has not approved this document or any other associated documents nor taken any steps to verify the information set out in this document, and has no responsibility for it. Any financial product to which this document relates may be illiquid and/or subject to restrictions on its resale. Prospective purchasers should conduct their own due diligence on any such financial product. If you do not understand the contents of this document you should consult an authorised financial adviser. This document is provided on the basis that you are a Professional Client and that you will not copy, distribute or otherwise make this material available to any person.

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2025 Wellington Global Proxy Voting Guidelines

In Hong Kong, this material is provided to you by Wellington Management Hong Kong Limited (WM Hong Kong), a corporation licensed by the Securities and Futures Commission to conduct Type 1 (dealing in securities), Type 2 (dealing in futures contracts), Type 4 (advising on securities), and Type 9 (asset management) regulated activities. By accepting this material you acknowledge and agree that this material is provided for your use only and that you will not distribute or otherwise make this material available to any person.

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In Singapore, this material is provided for your use only by Wellington Management Singapore Pte Ltd (WM Singapore) (Registration Number 201415544E). WM Singapore is regulated by the Monetary Authority of Singapore under a Capital Markets Services Licence to conduct fund management activities and deal in capital markets products, and is an exempt financial adviser. By accepting this material you represent that you are a non-retail investor and that you will not copy, distribute or otherwise make this material available to any person.

In Australia, Wellington Management Australia Pty Ltd (WM Australia) (ABN 19 167 091 090) has authorized the issue of this material for use solely by wholesale clients (as defined in the Corporations Act 2001). By accepting this material, you acknowledge and agree that this material is provided for your use only and that you will not distribute or otherwise make this material available to any person.

In Japan, Wellington Management Japan Pte Ltd (WM Japan) (Registration Number 199504987R) has been registered as a Financial Instruments Firm with registered number: Director General of Kanto Local Finance Bureau (Kin-Sho) Number 428. WM Japan is a member of the Japan Investment Advisers Association (JIAA), the Investment Trusts Association, Japan (ITA) and the Type II Financial Instruments Firms Association (T2FIFA).

WM Hong Kong and WM Japan are also registered as investment advisers with the SEC; however, they will comply with the substantive provisions of the US Investment Advisers Act only with respect to their US clients.

<sup>©</sup>2025 Wellington Management Company LLP. All rights reserved.

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![](g254743img5b86e4331.jpg)

**Statement of Additional Information**

John Hancock Variable Insurance Trust

April 27, 2026

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| | | | |
|:---|:---|:---|:---|
|  | **Series I** | **Series II** | **Series III** |
| American Asset Allocation Trust | JAHZX | JAIFX | JAIDX |
| American Global Growth Trust | JAJQX | JAHWX | JAHVX |
| American Growth Trust | JAHJX | JAHKX | JAHGX |
| American Growth-Income Trust | JAHQX | JAHRX | JAHUX |

---

This Statement of Additional Information ("SAI") provides information about each fund listed above (each a "fund" and collectively, the "funds"). Each fund is a series of the Trust indicated above. The information in this SAI is in addition to the information that is contained in each fund's prospectus dated April 27, 2026, as amended and supplemented from time to time (collectively, the "Prospectus"). The funds may offer other share classes that are described in separate prospectuses and SAIs.

This SAI is not a prospectus. It should be read in conjunction with the Prospectus. This SAI incorporates by reference the financial statements of each fund for the period ended December 31, 2025, as well as the related opinion of the fund's independent registered public accounting firm, as included in the fund's most recent Form N-CSR filing. The financial statements of each fund for the fiscal period ended December 31, 2025 are available through the following link(s):

Form N-CSR filed March 5, 2026:

● [https://www.sec.gov/ix?doc=/Archives/edgar/data/756913/000075691326000008/8de7a0eecd56ac8.htm](https://www.sec.gov/ix?doc=/Archives/edgar/data/756913/000075691326000008/8de7a0eecd56ac8.htm)

A copy of a Prospectus, Form N-CSR, other information such as fund financial statements that the fund files on Form N-CSR, or an annual report to shareholders (each an "Annual Report") can be obtained free of charge by contacting:

John Hancock Variable Insurance Trust

200 Berkeley Street

Boston, MA 02116

johnhancock.com

John Hancock Variable Annuities: 800-344-1029

John Hancock Variable Life Insurance: 800-732-5543

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[Table of contents](#xx_c1bea85f-26e4-4667-919c-d62c2a5f9390__0)

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| | |
|:---|:---|
| [Glossary](#xx_02fcad0f-280b-45e8-9267-57a39d7a0873_1) | **2** |
| [Organization of the TRUST](#xx_b0124883-7f03-4b79-8f77-96011c1d1d36_1) | **5** |
| [Additional Investment Policies and Other Instruments](#xx_b0124883-7f03-4b79-8f77-96011c1d1d36_2) | **6** |
| [Investment Restrictions](#xx_b0124883-7f03-4b79-8f77-96011c1d1d36_4) | **8** |
| [Portfolio Turnover](#xx_b0124883-7f03-4b79-8f77-96011c1d1d36_6) | **10** |
| [Those Responsible for Management](#xx_b0124883-7f03-4b79-8f77-96011c1d1d36_6) | **10** |
| [Investment Management Arrangements and Other Services](#xx_b0124883-7f03-4b79-8f77-96011c1d1d36_15) | **19** |
| [Distribution Agreements](#xx_b0124883-7f03-4b79-8f77-96011c1d1d36_16) | **20** |
| [Net Asset Value](#xx_b0124883-7f03-4b79-8f77-96011c1d1d36_16) | **20** |
| [Policy Regarding Disclosure of Portfolio Holdings](#xx_b0124883-7f03-4b79-8f77-96011c1d1d36_16) | **20** |
| [Shareholders of JHVIT](#xx_b0124883-7f03-4b79-8f77-96011c1d1d36_17) | **21** |
| [Purchase and Redemption of Shares](#xx_b0124883-7f03-4b79-8f77-96011c1d1d36_17) | **21** |
| [Special Redemptions](#xx_b0124883-7f03-4b79-8f77-96011c1d1d36_18) | **22** |
| [Additional Information Concerning Taxes](#xx_b0124883-7f03-4b79-8f77-96011c1d1d36_18) | **22** |
| [Portfolio Brokerage](#xx_b0124883-7f03-4b79-8f77-96011c1d1d36_22) | **26** |
| [Legal and Regulatory Matters](#xx_b0124883-7f03-4b79-8f77-96011c1d1d36_22) | **26** |
| [Independent Registered Public Accounting Firm](#xx_b0124883-7f03-4b79-8f77-96011c1d1d36_22) | **26** |
| [Financial Statements](#xx_b0124883-7f03-4b79-8f77-96011c1d1d36_22) | **26** |
| [Custody of Portfolio Securities](#xx_b0124883-7f03-4b79-8f77-96011c1d1d36_22) | **26** |
| [Codes of Ethics](#xx_b0124883-7f03-4b79-8f77-96011c1d1d36_22) | **26** |
| [Management of Other Funds By The Advisor](#xx_b0124883-7f03-4b79-8f77-96011c1d1d36_22) | **26** |
| [Appendix](#xx_daf797fb-a1ce-430e-9624-6708ac9ed22a_1)[A – Description of Bond Ratings](#xx_daf797fb-a1ce-430e-9624-6708ac9ed22a_1) | **A-1** |
| [Appendix](#xx_77f54846-2b64-4fe6-86b3-66a24c10b4c9_1)[B – Portfolio Manager Information](#xx_77f54846-2b64-4fe6-86b3-66a24c10b4c9_1) | **B-1** |
| [Appendix](#xx_4dbc0a75-869b-4acc-abef-7290688b6c13_1)[C – Proxy Voting Policies and Procedures](#xx_4dbc0a75-869b-4acc-abef-7290688b6c13_1) | **C-1** |

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**1**

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**Glossary**

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| | |
|:---|:---|
| **Term** | **Definition** |
| "1933 Act" | the Securities Act of 1933, as amended |
| "1940 Act" | the Investment Company Act of 1940, as amended |
| "Advisers Act" | the Investment Advisers Act of 1940, as amended |
| "Advisor" | &nbsp;&nbsp;&nbsp;&nbsp; The JHVIT Feeder Funds do not have an advisor. Capital Research and Management Company, the Master Funds' <br> investment advisor ("CRMC") serves as each Master Fund's investment advisor. John Hancock Variable Trust <br> Advisers LLC, 200 Berkeley Street, Boston, Massachusetts 02116, is advisor to the JHVIT Funds<br>|
| "Advisory Agreement" | an investment advisory agreement or investment management contract between the Trust and the Advisor |
| "Affiliated Subadvisors" | Manulife Investment Management (US) LLC and CQS (US), LLC, as applicable |
| "affiliated underlying funds" | underlying funds that are advised by John Hancock's investment advisor or its affiliates |
| "BDCs" | business development companies |
| "Board" | Board of Trustees of the Trust |
| "CATS" | Certificates of Accrual on Treasury Securities |
| "CBOs" | Collateralized Bond Obligations |
| "CCO" | Chief Compliance Officer |
| "CDSC" | Contingent Deferred Sales Charge |
| "CEA" | the Commodity Exchange Act, as amended |
| "CIBM" | China interbank bond market |
| "CLOs" | Collateralized Loan Obligations |
| "CMOs" | Collateralized Mortgage Obligations |
| "Code" | the Internal Revenue Code of 1986, as amended |
| "COFI floaters" | Cost of Funds Index |
| "CPI" | Consumer Price Index |
| "CPI-U" | Consumer Price Index for Urban Consumers |
| "CPO" | Commodity Pool Operator |
| "CFTC" | Commodity Futures Trading Commission |
| "Citibank" | Citibank, N.A., 388 Greenwich Street, New York, NY 10013 |
| "Distributor" | John Hancock Distributors, LLC, 200 Berkeley Street, Boston, Massachusetts 02116 |
| "EMU" | Economic and Monetary Union |
| "ETFs" | Exchange-Traded Funds |
| "ETNs" | Exchange-Traded Notes |
| "EU" | European Union |
| "Fannie Mae" | Federal National Mortgage Association |
| "FATCA" | Foreign Account Tax Compliance Act |
| "Fed" | U.S. Federal Reserve |
| "FHFA" | Federal Housing Finance Agency |
| "FHLBs" | Federal Home Loan Banks |
| "FICBs" | Federal Intermediate Credit Banks |
| "Fitch" | Fitch Ratings |
| "Freddie Mac" | Federal Home Loan Mortgage Corporation |
| "funds" or "series" | The John Hancock funds within this SAI as noted on the front cover and as the context may require |
| "funds of funds" | &nbsp;&nbsp;&nbsp;&nbsp; funds that seek to achieve their investment objectives by investing in underlying funds, as permitted by <br> Section 12(d) of the 1940 Act and the rules thereunder<br>|
| "GNMA" | Government National Mortgage Association |
| "HKSCC" | Hong Kong Securities Clearing Company |
| "IOs" | Interest-Only |
| "IRA" | Individual Retirement Account |
| "IRS" | Internal Revenue Service |
| "JHCT" | John Hancock Collateral Trust |

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**2**

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| | |
|:---|:---|
| **Term** | **Definition** |
| "JH Distributors" | John Hancock Distributors, LLC |
| "JHLICO New York" | John Hancock Life Insurance Company of New York |
| "JHLICO U.S.A." | John Hancock Life Insurance Company (U.S.A.) |
| "LOI" | Letter of Intention |
| "MAAP" | Monthly Automatic Accumulation Program |
| "Manulife Financial" or "MFC" | Manulife Financial, a publicly traded company based in Toronto, Canada |
| "Manulife IM (US)" | Manulife Investment Management (US) LLC |
| "MiFID II" | Markets in Financial Instruments Directive |
| "Moody's" | Moody's Investors Service, Inc |
| "NAV" | Net Asset Value |
| "NRSRO" | Nationally Recognized Statistical Rating Organization |
| "NYSE" | New York Stock Exchange |
| "OID" | Original Issue Discount |
| "OTC" | Over-The-Counter |
| "PAC" | Planned Amortization Class |
| "PFS" | Personal Financial Services |
| "POs" | Principal-Only |
| "PRC" | People's Republic of China |
| "REITs" | Real Estate Investment Trusts |
| "RIC" | Regulated Investment Company |
| "RPS" | John Hancock Retirement Plan Services |
| "SARSEP" | Salary Reduction Simplified Employee Pension Plan |
| "SEC" | Securities and Exchange Commission |
| "SEP" | Simplified Employee Pension |
| "SIMPLE" | Savings Incentive Match Plan for Employees |
| "S&P" | S&P Global Ratings |
| "SLMA" | Student Loan Marketing Association |
| "SOFR" | Secured Overnight Financing Rate |
| "SPACs" | Special Purpose Acquisition Companies |
| "State Street" | State Street Bank and Trust Company, One Congress Street, Suite 1, Boston, MA 02114 |
| "subadvisor" | &nbsp;&nbsp;&nbsp;&nbsp; Any subadvisors employed by John Hancock within this SAI as noted in Appendix B and as the context may <br> require. The JHVIT Feeder Funds do not have a subadvisor. Capital Research and Management Company, the <br> Master Funds' investment advisor ("CRMC") serves as each Master Fund's investment advisor<br>|
| "TAC" | Target Amortization Class |
| "TIGRs" | Treasury Receipts, Treasury Investors Growth Receipts |
| "Trust" | &nbsp;&nbsp;&nbsp;&nbsp; John Hancock Bond Trust<br> John Hancock California Tax-Free Income Fund<br> John Hancock Capital Series<br> John Hancock Current Interest<br> John Hancock Exchange-Traded Fund Trust<br> John Hancock Funds II<br> John Hancock Funds III<br> John Hancock Investment Trust<br> John Hancock Investment Trust II<br> John Hancock Municipal Securities Trust<br> John Hancock Sovereign Bond Fund<br> John Hancock Strategic Series<br> John Hancock Variable Insurance Trust<br>|
| "TSA" | Tax-Sheltered Annuity |

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**3**

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| | |
|:---|:---|
| **Term** | **Definition** |
| "unaffiliated underlying funds" | underlying funds that are advised by an entity other than John Hancock's investment advisor or its affiliates |
| "underlying funds" | funds in which the funds of funds invest |
| "UK" | United Kingdom |

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**4**

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**Organization of the TRUST**

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The Trust is organized as a Massachusetts business trust under the laws of The Commonwealth of Massachusetts and is an open-end management investment company registered under the 1940 Act. Each fund is a diversified series of the Trust, as that term is used in the 1940 Act, and as interpreted or modified by regulatory authority having jurisdiction, from time to time. The following table sets forth the date the Trust was organized:

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| | |
|:---|:---|
| **Trust** | **Date of Organization** |
| John Hancock Variable Insurance Trust | September 29, 1988 |

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The Board and shareholders of the Trust have approved the conversion of the Trust into a Delaware limited liability company. The Trust may implement the conversion at such time as its management considers appropriate and does not expect that the conversion will have any adverse effect on the values of variable contracts that are determined by investment in the funds or any adverse federal income tax consequences for the owners of those contracts.

JHVIT was originally organized on August 3, 1984 as "NASL Series Fund, Inc." (the "NASL Fund"), a Maryland corporation. Effective December 31, 1988, the NASL Fund was reorganized as a Massachusetts business trust and renamed NASL Series Trust. Pursuant to such reorganization, NASL Series Trust assumed all the assets and liabilities of the NASL Fund and carried on its business and operations with the same investment management arrangements as were in effect for the NASL Fund at the time of the reorganization. The assets and liabilities of each of the NASL Fund's separate series were assumed by the corresponding series of NASL Series Trust. NASL Series Trust was subsequently renamed Manufacturers Investment Trust effective October 1, 1997; John Hancock Trust effective January 1, 2005; and JHVIT effective May 2, 2011.

**Classification.** JHVIT is a no-load, open-end management investment company registered with the SEC under the 1940 Act. Each of the funds described in this SAI is diversified for purposes of the 1940 Act.

**Powers of the Trustees of JHVIT.** Under Massachusetts law and JHVIT's Declaration of Trust and By-Laws, the management of the business and affairs of JHVIT is the responsibility of its Trustees.

The Declaration of Trust authorizes the Trustees of JHVIT without shareholder approval to do the following:

● Issue an unlimited number of full and fractional shares of beneficial interest having a par value of $.01 per share;

● Divide such shares into an unlimited number of series of shares and to designate the relative rights and preferences thereof;

● Issue additional series of shares or separate classes of existing series of shares;

● Approve mergers of series (to the extent consistent with applicable laws and regulations); and

● Designate a class of shares of a series as a separate series.

Effective January 22, 2016, the Board amended and restated in its entirety the Declaration of Trust. The amendments to the Declaration of Trust include, among other changes, provisions that: (i) clarify certain duties, responsibilities, and powers of the Trustees; (ii) clarify that, other than as provided under federal securities laws, the shareholders may only bring actions involving a fund derivatively; (iii) provide that any action brought by a shareholder related to a fund will be brought in Massachusetts state or federal court, and that, if a claim is brought in a different jurisdiction and subsequently changed to a Massachusetts venue, the shareholder will be required to reimburse the fund for such expenses; and (iv) clarify that shareholders are not intended to be third-party beneficiaries of fund contracts. The foregoing description of the Declaration of Trust is qualified in its entirety by the full text of the Declaration of Trust, effective as of January 22, 2016, which is available by writing to the Secretary of the Fund at 200 Berkeley Street, 11th Floor, Boston, Massachusetts 02116, and also on the SEC's and Secretary of the Commonwealth of Massachusetts' websites.

**Shares of JHVIT.** The shares of each fund, when issued and paid for, will be fully paid and non-assessable and will have no preemptive or conversion rights. Shares of each fund have equal rights with regard to redemptions, dividends, distributions and liquidations with respect to that fund. Holders of shares of any fund are entitled to redeem their shares as set forth under "Purchase and Redemption of Shares."

Each issued and outstanding share is entitled to participate equally in dividends and distributions declared by the respective fund and upon liquidation in the net assets of such fund remaining after satisfaction of outstanding liabilities. For these purposes and for purposes of determining the sale and redemption prices of shares, any assets that are not clearly allocable to a particular fund will be allocated in the manner determined by the Trustees. Accrued liabilities that are not clearly allocable to one or more funds will also be allocated among the funds in the manner determined by the Trustees.

**Shareholder Voting.** Shareholders of each fund of JHVIT are entitled to one vote for each full share held (and fractional votes for fractional shares held) irrespective of the relative net asset values of the shares of the fund. All shares entitled to vote are voted by series. However, when voting for the election of Trustees and when otherwise permitted by the 1940 Act, shares are voted in the aggregate and not by series. Only shares of a particular fund are entitled to vote on matters determined by the Trustees to affect only the interests of that fund. Pursuant to the 1940 Act and the rules and regulations thereunder, certain matters approved by a vote of a majority of all the shareholders of JHVIT may not be binding on a fund whose shareholders have not approved such matter. There will normally be no meetings of shareholders for the purpose of electing Trustees unless and until less than a majority of the Trustees holding office has been elected by shareholders, at which time the Trustees then in office will call a shareholders' meeting for the election of Trustees. Holders of not less than two-thirds of the outstanding shares of JHVIT may remove a Trustee by a vote cast in person or by proxy at a meeting called for such purpose. Shares of JHVIT do not have cumulative voting rights, which means that the holders of more than 50% of JHVIT's shares voting for the election of Trustees can elect all of the Trustees if they so choose. In such event, the holders of the remaining shares would not be able to elect any Trustees.

**5**

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**Shareholder Liability.** Under Massachusetts law, shareholders of JHVIT could, under certain circumstances, be held personally liable for the obligations of JHVIT. However, the Declaration of Trust contains an express disclaimer of shareholder liability for acts or obligations of JHVIT and requires that notice of such disclaimer be given in each agreement, obligation, or instrument entered into or executed by the Trustees or any officer of JHVIT. The Declaration of Trust also provides for indemnification out of the property of a JHVIT fund for all losses and expenses of any shareholder held personally liable for the obligations of such fund. In addition, the Declaration of Trust provides that JHVIT shall, upon request, assume the defense of any claim made against any shareholder for any act or obligation of JHVIT and satisfy any judgment thereon, but only out of the property of the affected fund. Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances in which a particular fund would be unable to meet its obligations.

**MASTER-FEEDER STRUCTURE** 

Each fund described in this John Hancock Variable Insurance Trust ("JHVIT") SAI operates as a "feeder fund" (each a "JHVIT Feeder Fund," "fund," or "portfolio," and collectively, the "JHVIT Feeder Funds," the "funds," or the "portfolios"), which means that the fund does not buy investment securities directly. Instead, it invests in Class 1 shares of a "master fund," which in turn purchases investment securities. Each JHVIT Feeder Fund has the same investment objective and limitations as its master fund. Each master fund is a series of American Funds Insurance Series® ("AFIS") (each a "Master Fund" and collectively the "Master Funds"). Each JHVIT Feeder Fund's Master Fund is listed below:

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| | |
|:---|:---|
| **JHVIT FEEDER FUND** | **MASTER FUND** |
| American Asset Allocation Trust | Asset Allocation Fund |
| American Global Growth Trust | Global Growth Fund |
| American Growth Trust | Growth Fund |
| American Growth-Income Trust | Growth-Income Fund |

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A JHVIT Feeder Fund may withdraw its entire investment from a Master Fund at any time the Board of Trustees of JHVIT (the "Board") decides it is in the best interest of the fund and its shareholders to do so.

The AFIS Board formulates the general policies of each Master Fund and meets periodically to review each Master Fund's performance, monitor investment activities and practices, and discuss other matters affecting each Master Fund.

THE SAI FOR THE MASTER FUNDS IS DELIVERED TOGETHER WITH THIS SAI.

A separate SAI describes the other series of JHVIT.

The following table sets forth each fund's inception date:

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| | |
|:---|:---|
| **Fund Name** | **Commencement of Operations** |
| American Asset Allocation Trust | May 1, 2007 |
| American Global Growth Trust | May 1, 2007 |
| American Growth Trust | May 6, 2003 |
| American Growth-Income Trust | May 6, 2003 |

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If a fund or share class has been in operation for a period that is shorter than the three-year fiscal period covered in this SAI, information is provided for the period the fund or share class, as applicable, was in operation.

**Additional Investment Policies and Other Instruments**

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The principal strategies and risks of investing in each fund are described in the applicable Prospectus. Unless otherwise stated in the applicable Prospectus or this SAI, the investment objective and policies of each fund may be changed without shareholder approval. Each fund may invest in the instruments below, and such instruments and investment policies apply to each fund, but only if and to the extent that such policies are consistent with and permitted by a fund's investment objective and policies. Each fund may also have indirect exposure to the instruments described below through derivative contracts, if applicable. By owning shares of the underlying funds, each fund of funds indirectly invests in the securities and instruments held by the underlying funds and bears the same risks of such underlying funds.

**Market Capitalization Weighted Approach**

A fund's structure may involve market capitalization weighting in determining individual security weights and, where applicable, country or region weights. Market capitalization weighting means each security is generally purchased based on the issuer's relative market capitalization. Market capitalization weighting may be adjusted by a subadvisor, for a variety of reasons. A fund may deviate from market capitalization weighting to limit or fix the exposure to a particular country or issuer to a maximum portion of the assets of the fund. Additionally, a subadvisor may consider such factors as free float, price momentum, short-run reversals, trading strategies, size, relative price, liquidity, profitability, investment characteristics and other factors determined to be appropriate by a subadvisor given market conditions. In assessing relative price, a subadvisor may consider additional factors such as price to cash flow or price to earnings ratios. In assessing profitability, a subadvisor may consider different ratios, such as that of earnings or

**6**

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profits from operations relative to book value or assets. The criteria a subadvisor uses for assessing relative price and profitability are subject to change from time to time. A subadvisor may exclude the eligible security of a company that meets applicable market capitalization criterion if it determines, in its judgment, that the purchase of such security is inappropriate in light of other conditions. These adjustments will result in a deviation from traditional market capitalization weighting. A further deviation may occur due to holdings in securities received in connection with corporate actions. A subadvisor may consider a small capitalization company's investment characteristics as compared to other eligible companies when making investment decisions and may exclude a small capitalization company with high asset growth. In assessing a company's investment characteristics, a subadvisor may consider ratios such as recent changes in assets divided by total assets. A fund will generally not exclude more than 5% of the eligible small capitalization company universe within each eligible country based on such investment characteristics. The criteria a subadvisor uses for assessing a company's investment characteristics is subject to change from time to time.

Adjustment for free float modifies market capitalization weighting to exclude the share capital of a company that is not freely available for trading in the public equity markets. For example, the following types of shares may be excluded: (i) those held by strategic investors (such as governments, controlling shareholders and management); (ii) treasury shares; or (iii) shares subject to foreign ownership restrictions.

Furthermore, a subadvisor may reduce the relative amount of any security held in order to retain sufficient portfolio liquidity. A portion, but generally not in excess of 20% of a fund's assets, may be invested in interest-bearing obligations, such as money market instruments, thereby causing further deviation from market capitalization weighting. A further deviation may occur due to holdings in securities received in connection with corporate actions.

Block purchases of eligible securities may be made at opportune prices, even though such purchases exceed the number of shares that, at the time of purchase, would be purchased under a market capitalization weighted approach. Generally, changes in the composition and relative ranking (in terms of market capitalization) of the stocks that are eligible for purchase take place with every trade when the securities markets are open for trading due, primarily, to price changes of such securities. On at least a semiannual basis, a subadvisor will identify companies whose stock is eligible for investment by the fund. Additional investments generally will not be made in securities that have changed in value sufficiently to be excluded from a subadvisor's then-current market capitalization requirement for eligible portfolio securities. This may result in further deviation from market capitalization weighting. Such deviation could be substantial if a significant amount of holdings of a fund change in value sufficiently to be excluded from the requirement for eligible securities but not by a sufficient amount to warrant their sale.

**Repurchase Agreements** 

Each of the portfolios may invest in repurchase agreements. The following information supplements the information in the Prospectus regarding repurchase agreements.

Repurchase agreements are arrangements involving the purchase of an obligation by a portfolio and the simultaneous agreement to resell the same obligation on demand or at a specified future date and at an agreed-upon price. A repurchase agreement can be viewed as a loan made by a portfolio to the seller of the obligation with such obligation serving as collateral for the seller's agreement to repay the amount borrowed with interest. Repurchase agreements provide a portfolio the opportunity to earn a return on cash that is only temporarily available. A portfolio may enter into a repurchase agreement with banks, brokers or dealers. However, a portfolio will enter into a repurchase agreement with a broker or dealer only if the broker or dealer agrees to deposit additional collateral should the value of the obligation purchased by the portfolio decrease below the resale price.

Generally, repurchase agreements are of a short duration, often less than one week but on occasion for longer periods. Securities subject to repurchase agreements will be valued every business day and additional collateral will be requested if necessary so that the value of the collateral is at least equal to the value of the repurchase obligation, including the interest accrued thereon.

The portfolios shall engage in a repurchase agreement transaction only with those banks or broker/dealers that meet the portfolios quantitative and qualitative criteria regarding creditworthiness, asset size and collateralization requirements. The counterparties to a repurchase agreement transaction are limited to a:

● Federal Reserve System member bank,

● primary government securities dealer reporting to the Federal Reserve Bank of New York's Market Reports Division, or

● broker/dealer that reports U.S. government securities positions to the Federal Reserve Board.

Each portfolio will continuously monitor repurchase agreement transactions to ensure that the collateral held with respect to a repurchase agreement equals or exceeds the amount of the obligation.

The risk to a portfolio in a repurchase agreement transaction is limited to the ability of the seller to pay the agreed-upon sum on the delivery date. In the event of bankruptcy or other default by the seller, the instrument purchased may decline in value, interest payable on the instrument may be lost and there may be possible difficulties and delays in obtaining collateral and delays and expense in liquidating the instrument. If an issuer of a repurchase agreement fails to repurchase the underlying obligation, the loss to the portfolio, if any, would be the difference between the repurchase price and the underlying obligation's market value. A portfolio also might incur certain costs in liquidating the underlying obligation. Moreover, if bankruptcy or other insolvency proceedings are commenced with respect to the seller, realization upon the underlying obligation by JHVIT might be delayed or limited.

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**Government Regulation of Derivatives**

The regulation of the U.S. and non-U.S. derivatives markets has undergone substantial change in recent years and such change may continue. In particular, on October 28, 2020, the SEC adopted new regulations governing the use of derivatives by registered investment companies ("Rule 18f-4" or the "Derivatives Rule"). Funds were required to implement and comply with Rule 18f-4 by August 19, 2022. Rule 18f-4 eliminates the asset segregation framework formerly used by funds to comply with Section 18 of the 1940 Act, as amended.

The Derivatives Rule mandates that a fund adopt and/or implement: (i) value-at-risk limitations ("VaR"); (ii) a written derivatives risk management program; (iii) new Board oversight responsibilities; and (iv) new reporting and recordkeeping requirements. In the event that a fund's derivative exposure is 10% or less of its net assets, excluding certain currency and interest rate hedging transactions, it can elect to be classified as a limited derivatives user ("Limited Derivatives User") under the Derivatives Rule, in which case the fund is not subject to the full requirements of the Derivatives Rule. Limited Derivatives Users are excepted from VaR testing, implementing a derivatives risk management program, and certain Board oversight and reporting requirements mandated by the Derivatives Rule. However, a Limited Derivatives User is still required to implement written compliance policies and procedures reasonably designed to manage its derivatives risks.

The Derivatives Rule also provides special treatment for reverse repurchase agreements, similar financing transactions and unfunded commitment agreements. Specifically, a fund may elect whether to treat reverse repurchase agreements and similar financing transactions as "derivatives transactions" subject to the requirements of the Derivatives Rule or as senior securities equivalent to bank borrowings for purposes of Section 18 of the 1940 Act. Repurchase agreements are not subject to the Derivatives Rule, but are still subject to other provisions of the 1940 Act. In addition, when-issued or forward settling securities transactions that physically settle within 35-days are deemed not to involve a senior security.

Furthermore, it is possible that additional government regulation of various types of derivative instruments may limit or prevent a fund from using such instruments as part of its investment strategy in the future, which could negatively impact the fund. New position limits imposed on a fund or its counterparty may also impact the fund's ability to invest in futures, options, and swaps in a manner that efficiently meets its investment objective.

Use of extensive hedging and other strategic transactions by a fund will require, among other things, that the fund post collateral with counterparties or clearinghouses, and/or are subject to the Derivatives Rule regulatory limitations as outlined above.

**Investment Restrictions**

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A fund's investment restrictions are subject to, and may be impacted and limited by, the federal securities laws, rules and regulations, including the 1940 Act and Rule 18f-4 thereunder.

There are two classes of investment restrictions to which a fund is subject in implementing its investment policies: (a) fundamental; and (b) non-fundamental. Fundamental restrictions may be changed only by a vote of the lesser of: (i) 67% or more of the shares represented at a meeting at which more than 50% of the outstanding shares are represented; or (ii) more than 50% of the outstanding shares. Non-fundamental restrictions are subject to change by the Board without shareholder approval.

When submitting an investment restriction change to the holders of a fund's outstanding voting securities, the matter shall be deemed to have been effectively acted upon with respect to the fund if a majority of the outstanding voting securities of the fund votes for the approval of the matter, notwithstanding: (1) that the matter has not been approved by the holders of a majority of the outstanding voting securities of any other series of the Trust affected by the matter; and (2) that the matter has not been approved by the vote of a majority of the outstanding voting securities of the Trust as a whole.

**Investment Restrictions of the Master Funds** 

As long as the portfolios continue to operate as feeder funds that invest in their corresponding Master Funds, the fundamental and non-fundamental investment restrictions of each portfolio will in effect be those of its Master Fund. Each portfolio has adopted the following non-fundamental investment restriction to enable it to invest in its Master Fund:

Notwithstanding any other investment policy of the portfolio, the portfolio may invest all of its net assets in an open-end management investment company having substantially the same investment objective and limitations as the portfolio.

A Master Fund may seek to change a fundamental restriction by submitting the proposed change to the vote of its shareholders, including the portfolio that invests in the Master Fund. If the change is approved by Master Fund shareholders, the change will become effective as to the Master Fund and, by virtue of the portfolio's non-fundamental restriction stated above, to the portfolio. If JHVIT, on behalf of the portfolio, determines that a change otherwise approved by Master Fund shareholders is not in the best interest of the portfolio, JHVIT may cause the portfolio to cease to invest all of its net assets in the Master Fund. In such event, the portfolio will then be subject to its own fundamental and non-fundamental investment restrictions, as set forth below.

The investment restrictions of the Master Funds are described in the statement of additional information for the Master Funds, which is delivered together with this SAI.

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**Investment Restrictions of the JHVIT Feeder Funds** 

Each portfolio has adopted fundamental and non-fundamental investment restrictions that are set forth below. As indicated above, as long as the portfolios continue to operate as feeder funds, these restrictions apply to the portfolios only to the extent that the restrictions are not inconsistent with such operations and with the fundamental and non-fundamental restrictions of the Master Funds. If a portfolio ceases to invest all of its net assets in its Master Fund, the portfolio's investment restrictions become fully applicable.

For each portfolio, restrictions 6, 9, 10, 11 and 12 are non-fundamental, and all other restrictions are fundamental. Fundamental restrictions may only be changed by a vote of a majority of the outstanding voting securities of a portfolio as described above. With such approval, an investment restriction change will be deemed to have been effectively acted upon for the portfolio, notwithstanding that the change has not been approved by (1) the holders of a majority of the outstanding voting securities of any other portfolio affected by the change, or (2) a majority of the outstanding voting securities of JHVIT.

**Investment Restrictions of the JHVIT Feeder Funds** 

Each fund may not:

**1.** Invest more than 5% of the value of its the total assets in the securities of any one issuer provided that this limitation shall apply only to 75% of the value of its total assets and, provided further, that the limitation shall not apply to obligations of the government of the U.S. under a general Act of Congress. The short-term obligations of commercial banks are excluded from this 5% limitation with respect to 25% of the fund's total assets.

**2.** As to 75% of its total assets, purchase more than 10% of the outstanding voting securities of an issuer.

**3.** Invest more than 25% of its total assets in the securities of issuers in the same industry. Obligations of the U.S. government, its agencies and instrumentalities, are not subject to this 25% limitation on industry concentration. In addition, a fund may, if deemed advisable, invest more than 25% of its assets in the obligations of domestic commercial banks.

**4.** Invest in real estate (including limited partnership interests but excluding securities of companies, such as real estate investment trusts, which deal in real estate or interests therein).

**5.** Purchase commodities or commodity contracts; except that the American Asset Allocation Trust may engage in transactions involving currencies (including forward or futures contracts and put and call options).

**6.** Invest in companies for the purpose of exercising control or management.

**7.** Make loans to others except for (a) the purchase of debt securities; (b) entering into repurchase agreements; (c) the loaning of its portfolio securities; and (d) entering into loan participations.

**8.** Borrow money, except from banks for temporary purposes, and then in an amount not in excess of 5% of the value of the fund's total assets. Moreover, in the event that the asset coverage for such borrowings falls below 300%, a fund will reduce, within three days, the amount of its borrowings in order to provide for 300% asset coverage.

**9.** Purchase securities on margin.

**10.** Sell securities short, except to the extent that a fund contemporaneously owns or has the right to acquire at no additional cost, securities identical to those sold short.

**11.** Invest in puts, calls, straddles, spreads or any combination thereof; except as described above in Fundamental Investment Restriction number 5.

**12.** Invest in securities of other investment companies, except as permitted by the 1940 Act.

**13.** Engage in underwriting of securities issued by others, except to the extent it may be deemed to be acting as an underwriter in the purchase or resale of portfolio securities.

**Additional Information Regarding Fundamental Restrictions**

*Concentration.* While the 1940 Act does not define what constitutes "concentration" in an industry, the staff of the SEC takes the position that any fund that invests more than 25% of its total assets in a particular industry (excluding the U.S. government, its agencies or instrumentalities) is deemed to be "concentrated" in that industry. With respect to a fund's investment in loan participations, if any, the fund treats both the borrower and the financial intermediary under a loan participation as issuers for purposes of determining whether the fund has concentrated in a particular industry.

*Borrowing.* The 1940 Act permits a fund to borrow money in amounts of up to one-third of its total assets, at the time of borrowing, from banks for any purpose (a fund's total assets include the amounts being borrowed). To limit the risks attendant to borrowing, the 1940 Act requires a fund to maintain at all times an "asset coverage" of at least 300% of the amount of its borrowings, not including borrowings for temporary purposes in an amount not exceeding 5% of the value of its total assets. "Asset coverage" means the ratio that the value of a fund's total assets (including amounts borrowed), minus liabilities other than borrowings, bears to the aggregate amount of all borrowings.

*Commodities.* Under the federal securities and commodities laws, certain financial instruments such as futures contracts and options thereon, including currency futures, stock index futures or interest rate futures, and certain swaps, including currency swaps, interest rate swaps, swaps on broad-based securities indices, and certain credit default swaps, may, under certain circumstances, also be considered to be commodities. Nevertheless, the 1940 Act does not prohibit investments in physical commodities or contracts related to physical commodities. Funds typically invest in futures contracts and related options on these and other types of commodity contracts for hedging purposes, to implement tax or cash management strategies, or to enhance returns.

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*Loans.* Although the 1940 Act does not prohibit a fund from making loans, SEC staff interpretations currently prohibit funds from lending more than one-third of their total assets, except through the purchase of debt obligations or the use of repurchase agreements. A repurchase agreement is an agreement to purchase a security, coupled with an agreement to sell that security back to the original seller on an agreed-upon date at a price that reflects current interest rates. The SEC frequently treats repurchase agreements as loans.

*Senior Securities.* "Senior securities" are defined as fund obligations that have a priority over a fund's shares with respect to the payment of dividends or the distribution of fund assets. The 1940 Act prohibits a fund from issuing any class of senior securities or selling any senior securities of which it is the issuer, except that the fund is permitted to borrow from a bank so long as, immediately after such borrowings, there is an asset coverage of at least 300% for all borrowings of the fund (not including borrowings for temporary purposes in an amount not exceeding 5% of the value of the fund's total assets). In the event that such asset coverage falls below this percentage, a fund must reduce the amount of its borrowings within three days (not including Sundays and holidays) so that the asset coverage is restored to at least 300%. The fundamental investment restriction regarding senior securities will be interpreted so as to permit collateral arrangements with respect to swaps, options, forward or futures contracts or other derivatives, or the posting of initial or variation margin. The Derivatives Rule provides an exemption to enter into certain transactions deemed to be senior securities subject to compliance with the limitations outlined in "Government Regulation of Derivatives."

**<u>Additional Non-Fundamental Restrictions</u>** 

The following non-fundamental restrictions of each JHVIT Feeder Fund may be changed without shareholder approval:

**1.** The portfolio may not invest more than 15% of its net assets in illiquid securities.

**2.** The portfolio may not issue senior securities, except as permitted by the 1940 Act.

Notwithstanding Investment Restriction number 12, the Master Funds may invest in securities of other managed investment companies if deemed advisable by their officers in connection with the administration of a deferred compensation plan adopted by the Master Funds' Trustees pursuant to an exemptive order granted by the SEC.

Notwithstanding Investment Restriction number 13, the portfolios may not engage in the business of underwriting securities of other issuers, except to the extent that the disposal of an investment position may technically constitute the portfolio as an underwriter as that term is defined under the Securities Act of 1933, as amended.

**Investment Policies that May Be Changed Only on 60 Days' Prior Written Notice to Shareholders**

Rule 35d-1 under the 1940 Act requires a registered investment company with a name that suggests that the fund focuses its investments in a particular type of investment or investments in a particular industry to invest at least 80% of its assets in the type of investment suggested by the fund's name. American Growth Trust, American Growth-Income Trust, American Global Growth Trust, and American Asset Allocation Trust are not subject to this requirement.

Fund Mergers. Immediately prior to a combination or merger of a fund (the "acquired fund") into another fund, the acquired fund may in certain situations not comply with its investment policies.

**Portfolio Turnover**

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The portfolio turnover of the Master Funds is described in the prospectus for the Master Funds, which is delivered together with the prospectus for the funds.

The portfolio turnover rates for the funds for the fiscal periods ended December 31, 2025 and December 31, 2024 were as follows:

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| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp; **2025**<br> **(%)**<br>| &nbsp;&nbsp; **2024**<br> **(%)**<br>|
| American Asset Allocation Trust | 10 | 7 |
| American Global Growth Trust | 16 | 6 |
| American Growth Trust | 11 | 5 |
| American Growth-Income Trust | 13 | 6 |

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**Those Responsible for Management**

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The business of the Trust, an open-end management investment company, is managed by the Board, including certain Trustees who are not "interested persons" (as defined in the 1940 Act) of the funds or the Trust (the "Independent Trustees"). The Trustees elect officers who are responsible for the day-to-day operations of the funds or the Trust and who execute policies formulated by the Trustees. Several of the Trustees and officers of the Trust also are officers or directors of the Distributor. Each Trustee oversees all of the funds and other funds in the John Hancock Fund Complex (as defined below).

The tables below present certain information regarding the Trustees and officers of the Trust, including their principal occupations which, unless specific dates are shown, are of at least five years' duration. In addition, the tables include information concerning other directorships held by each

**10**

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Trustee in other registered investment companies or publicly traded companies. Information is listed separately for each Trustee who is an "interested person" (as defined in the 1940 Act) of the Trust (each a "Non-Independent Trustee") and the Independent Trustees. As of December 31, 2025, the "John Hancock Fund Complex" consisted of 179 funds (including separate series of series mutual funds). Each Trustee has been elected to serve on the Board. Each of Grace K. Fey, Deborah C. Jackson, and Hassell H. McClellan was most recently elected to serve on the Board at a shareholder meeting held on November 15, 2012. Each of Andrew G. Arnott, James R. Boyle, Noni Ellison McKee, Dean C. Garfield, and Frances G. Rathke was most recently elected to serve on the Board at a shareholder meeting held on September 9, 2022. Each of William K. Bacic, Kristie M. Feinberg, Christine L. Hurtsellers, Kenneth J. Phelan, and Thomas R. Wright was most recently elected to serve on the Board at a shareholder meeting held on November 12, 2025. The address of each Trustee and officer of the Trust is 200 Berkeley Street, Boston, Massachusetts 02116.

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| | | | |
|:---|:---|:---|:---|
| **Name**<br> **(Birth Year)**<br>| &nbsp;&nbsp;&nbsp; **Current Position(s)**<br> **with the Trust**<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; **Principal Occupation(s) and Other**<br> **Directorships During the Past 5 Years**<br>| &nbsp;&nbsp;&nbsp; **Number of Funds in John**<br> **Hancock Fund Complex**<br> **Overseen by Trustee**<br>|
| **Non-Independent Trustees** | **Non-Independent Trustees** |  |  |
| Andrew G. Arnott<sup>2</sup> <br>(1971)<br>| Trustee (since 2017) | &nbsp;&nbsp;&nbsp; Global Head of Institutional for Manulife (since 2025); Global Head of <br> Retail for Manulife (2022-2025); Head of Wealth and Asset <br> Management, United States and Europe, for John Hancock and <br> Manulife (2018-2023); Director and Chairman, John Hancock <br> Investment Management LLC (2005-2023, including prior <br> positions); Director and Chairman, John Hancock Variable Trust <br> Advisers LLC (2006-2023, including prior positions); Director and <br> Chairman, John Hancock Investment Management Distributors LLC <br> (2004-2023, including prior positions); President of various trusts <br> within the John Hancock Fund Complex (since 2007, including prior <br> positions).<br> Trustee of various trusts within the John Hancock Fund Complex <br> (since 2017).<br>| 176 |
| Kristie M. Feinberg<sup>2</sup> <br>(1975)<br>| &nbsp;&nbsp;&nbsp; Trustee (since 2025) <br> and President (Chief <br> Executive Officer <br> and Principal <br> Executive Officer) <br> (since 2023)<br>| &nbsp;&nbsp;&nbsp; President (Chief Executive Officer and Principal Executive Officer) of <br> various trusts within the John Hancock Fund Complex (since 2023, <br> including prior positions); Head of Retail, Manulife Investment <br> Management (since 2025); Head of Wealth & Asset Management, <br> U.S. and Europe, for John Hancock and Manulife (2023–2025); <br> Director and Chairman, John Hancock Investment Management LLC <br> (since 2023); Director and Chairman, John Hancock Variable Trust <br> Advisers LLC (since 2023); Director and Chairman, John Hancock <br> Investment Management Distributors LLC (since 2023); CFO and <br> Global Head of Strategy, Manulife Investment Management <br> (2021–2023, including prior positions); CFO Americas & Global <br> Head of Treasury, Invesco, Ltd., Invesco US (2019–2020, including <br> prior positions); Senior Vice President, Corporate Treasurer and <br> Business Controller, Oppenheimer Funds (2001–2019, including <br> prior positions).<br> Trustee of various trusts within the John Hancock Fund Complex <br> (since 2025).<br>| 172 |

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**1**

Because the Trust is not required to and does not hold regular annual shareholder meetings, each Trustee holds office for an indefinite term until his or her successor is duly elected and qualified or until he or she dies, retires, resigns, is removed or becomes disqualified. Trustees may be removed from the Trust (provided the aggregate number of Trustees after such removal shall not be less than one) with cause or without cause, by the action of two-thirds of the remaining Trustees or by action of two-thirds of the outstanding shares of the Trust.

**2**

The Trustee is a Non-Independent Trustee due to current or former positions with the Advisor and certain of its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**11**

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| | | | |
|:---|:---|:---|:---|
| **Name**<br> **(Birth Year)**<br>| &nbsp;&nbsp;&nbsp; **Current Position(s)**<br> **with the Trust**<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; **Principal Occupation(s) and Other**<br> **Directorships During the Past 5 Years**<br>| &nbsp;&nbsp;&nbsp; **Number of Funds in John**<br> **Hancock Fund Complex**<br> **Overseen by Trustee**<br>|
| **Independent Trustees** | **Independent Trustees** |  |  |
| William K. Bacic<br> (1956)<br>| Trustee (since 2024) | &nbsp;&nbsp;&nbsp; Director, Audit Committee Chairman, and Risk Committee <br> Member, DWS USA Corp. (formerly, Deutsche Asset Management) <br> (2018-2024); Senior Partner, Deloitte & Touche LLP (1978- <br> retired 2017, including prior positions), specializing in the <br> investment management industry.<br> Trustee of various trusts within the John Hancock Fund Complex <br> (since 2024).<br>| 176 |
| James R. Boyle<br> (1959)<br>| &nbsp;&nbsp;&nbsp; Trustee <br> (2005–2014 and <br> since 2015)<br>| &nbsp;&nbsp;&nbsp; Board Member, United of Omaha Life Insurance Company (since <br> 2022); Board Member, Mutual of Omaha Investor Services, Inc. <br> (since 2022); Foresters Financial, Chief Executive Officer <br> (2018–2022) and board member (2017–2022); Manulife <br> Financial and John Hancock, more than 20 years, retiring in 2012 <br> as Chief Executive Officer, John Hancock and Senior Executive <br> Vice President, Manulife Financial.<br> Trustee of various trusts within the John Hancock Fund Complex <br> (2005–2014 and since 2015).<br>| 172 |
| Noni Ellison McKee<br> (1971)<br>| Trustee (since 2022) | &nbsp;&nbsp;&nbsp; Senior Vice President, General Counsel & Corporate Secretary, <br> Tractor Supply Company (rural lifestyle retailer) (2021–2026); <br> General Counsel, Chief Compliance Officer & Corporate Secretary, <br> Carestream Dental, L.L.C. (2017–2021); Associate General <br> Counsel & Assistant Corporate Secretary, W.W. Grainger, Inc. <br> (global industrial supplier) (2015–2017); Board Member, <br> Goodwill of North Georgia, 2018 (FY2019)–2020 (FY2021); <br> Board Member, Howard University School of Law Board of Visitors <br> (since 2021); Board Member, University of Chicago Law School <br> Board of Visitors (since 2016); Board member, Children's <br> Healthcare of Atlanta Foundation Board (2021–2023); Board <br> Member, Congressional Black Caucus Foundation (since 2024).<br> Trustee of various trusts within the John Hancock Fund Complex <br> (since 2022).<br>| 172 |
| Grace K. Fey<br> (1946)<br>| Trustee (since 2008) | &nbsp;&nbsp;&nbsp; Chief Executive Officer, Grace Fey Advisors (since 2007); Director <br> and Executive Vice President, Frontier Capital Management <br> Company (1988–2007); Director, Fiduciary Trust (since 2009).<br> Trustee of various trusts within the John Hancock Fund Complex <br> (since 2008).<br>| 179 |
| Dean C. Garfield<br> (1968)<br>| Trustee (since 2022) | &nbsp;&nbsp;&nbsp; Senior Vice-President, TKO Group (a premier sports and live <br> entertainment company) (since 2025); Vice President, Netflix, <br> Inc. (2019–2024); President & Chief Executive Officer, <br> Information Technology Industry Council (2009–2019); NYU <br> School of Law Board of Trustees (since 2021); Member, <br> U.S. Department of Transportation, Advisory Committee on <br> Automation (since 2021); President of the United States Trade <br> Advisory Council (2010–2018); Board Member, College for Every <br> Student (2017–2021); Board Member, The Seed School of <br> Washington, D.C. (2012–2017); Advisory Board Member of the <br> Block Center for Technology and Society (since 2019).<br> Trustee of various trusts within the John Hancock Fund Complex <br> (since 2022).<br>| 172 |

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**12**

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| | | | |
|:---|:---|:---|:---|
| **Name**<br> **(Birth Year)**<br>| &nbsp;&nbsp;&nbsp; **Current Position(s)**<br> **with the Trust**<sup>1</sup><br>| &nbsp;&nbsp;&nbsp; **Principal Occupation(s) and Other**<br> **Directorships During the Past 5 Years**<br>| &nbsp;&nbsp;&nbsp; **Number of Funds in John**<br> **Hancock Fund Complex**<br> **Overseen by Trustee**<br>|
| **Independent Trustees** | **Independent Trustees** |  |  |
| Christine L. Hurtsellers<br> (1963)<br>| Trustee (since 2025) | &nbsp;&nbsp;&nbsp; Director, Investment Committee Chair, Chariot Re (since 2025); <br> Board Counselor, UNICEF USA (since 2018); Board Counselor, <br> The Carter Center (since 2010); Voya Financial, Inc., Chief <br> Executive Officer, Voya Investment Management (2016-2024), <br> Chief Investment Officer, Fixed Income (2009-2016); Board <br> Governor, Investment Company Institute (2019-2024); Director, <br> Pomona Capital (2018-2024); Former Member, US Treasury <br> Borrowing Advisory Committee (2014-2022).<br> Trustee of various trusts within the John Hancock Fund Complex <br> (since 2025).<br>| 172 |
| Deborah C. Jackson<br> (1952)<br>| &nbsp;&nbsp;&nbsp; Trustee (since 2012) <br> and Vice <br> Chairperson of the <br> Board (since 2025)<br>| &nbsp;&nbsp;&nbsp; President, Cambridge College, Cambridge, Massachusetts <br> (2011–2023); Board of Directors, Amwell Corporation (since <br> 2020); Board of Directors, Massachusetts Women's Forum <br> (2018–2020); Board of Directors, National Association of <br> Corporate Directors/New England (2015–2020); Chief Executive <br> Officer, American Red Cross of Massachusetts Bay (2002–2011); <br> Board of Directors of Eastern Bank Corporation (since 2001); <br> Board of Directors of Eastern Bank Charitable Foundation (since <br> 2001); Board of Directors of Boston Stock Exchange <br> (2002–2008); Board of Directors of Harvard Pilgrim Healthcare <br> (health benefits company) (2007–2011).<br> Trustee (since 2008) and Vice Chairperson of the Board (since <br> 2025) of various trusts within the John Hancock Fund Complex.<br>| 175 |
| Hassell H. McClellan<br> (1945)<br>| &nbsp;&nbsp;&nbsp; Trustee (since 2005) <br> and Chairperson of <br> the Board (since <br> 2017)<br>| &nbsp;&nbsp;&nbsp; Trustee of Berklee College of Music (since 2022); <br> Director/Trustee, Virtus Funds (2008–2020); Director, The <br> Barnes Group (2010–2021); Associate Professor, The Wallace E. <br> Carroll School of Management, Boston College (retired 2013).<br> Trustee (since 2005) and Chairperson of the Board (since 2017) <br> of various trusts within the John Hancock Fund Complex.<br>| 179 |
| Kenneth J. Phelan<br> (1959)<br>| Trustee (since 2025) | &nbsp;&nbsp;&nbsp; Director, Audit, Finance & Social Responsibility Committees <br> member, Adtalem Global Education Inc. (since 2020); Director, <br> Risk Oversight Chair, Executive, Human Resources & <br> Compensation Committees member, Huntington Bancshares <br> Incorporated (since 2019); Senior Advisor, Oliver Wyman, Inc. <br> (since 2019); Chief Risk Officer, U.S. Department of the Treasury <br> (2014-2019).<br> Trustee of various trusts within the John Hancock Fund Complex <br> (since 2025).<br>| 172 |
| Frances G. Rathke<br> (1960)<br>| Trustee (since 2020) | &nbsp;&nbsp;&nbsp; Director, Audit Committee Chair, Oatly Group AB (plant-based <br> drink company) (since 2021); Director, Audit Committee Chair <br> and Compensation Committee Member, Green Mountain Power <br> Corporation (since 2016); Director, Flynn Center for Performing <br> Arts (since 2016); Director and Audit Committee Chair, Planet <br> Fitness (since 2016); Chief Financial Officer and Treasurer, Keurig <br> Green Mountain, Inc. (2003–retired 2015).<br> Trustee of various trusts within the John Hancock Fund Complex <br> (since 2020).<br>| 172 |

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**13**

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| | | | |
|:---|:---|:---|:---|
| **Name**<br> **(Birth Year)**<br>| &nbsp;&nbsp;&nbsp; **Current Position(s)**<br> **with the Trust**<sup>1</sup><br>| &nbsp;&nbsp;&nbsp; **Principal Occupation(s) and Other**<br> **Directorships During the Past 5 Years**<br>| &nbsp;&nbsp;&nbsp; **Number of Funds in John**<br> **Hancock Fund Complex**<br> **Overseen by Trustee**<br>|
| **Independent Trustees** | **Independent Trustees** |  |  |
| Thomas R. Wright<br> (1961)<br>| Trustee (since 2024) | &nbsp;&nbsp;&nbsp; Chief Operating Officer, JMP Securities (2020-2023); Director of <br> Equities, JMP Securities (2013-2023); Executive Committee <br> Member, JMP Group (2013-2023); Global Head of Trading, <br> Sanford C. Bernstein & Co. (2004-2012); and Head of European <br> Equity Trading and Salestrading, Merrill Lynch & Co. <br> (2003-2004); Head of US Equity Cash Trading and Salestrading, <br> Merrill Lynch & Co. (1998-2002).<br> Trustee of various trusts within the John Hancock Fund Complex <br> (since 2024).<br>| 172 |

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**1**

Because the Trust is not required to and does not hold regular annual shareholder meetings, each Trustee holds office for an indefinite term until his or her successor is duly elected and qualified or until he or she dies, retires, resigns, is removed or becomes disqualified. Trustees may be removed from the Trust (provided the aggregate number of Trustees after such removal shall not be less than one) with cause or without cause, by the action of two-thirds of the remaining Trustees or by action of two-thirds of the outstanding shares of the Trust.

**Principal Officers who are not Trustees**

The following table presents information regarding the current principal officers of the Trust who are not Trustees, including their principal occupations which, unless specific dates are shown, are of at least five years' duration. Each of the officers is an affiliated person of the Distributor. All of the officers listed are officers or employees of the Distributor or its affiliates. All of the officers also are officers of all of the other funds for which an affiliate of the Distributor serves as principal underwriter.

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| | | |
|:---|:---|:---|
| **Name (Birth Year)** | &nbsp;&nbsp;&nbsp; **Current Position(s)** <br> **with the Trust**<sup>1</sup> <br>| **Principal Occupation(s) During the Past 5 Years** |
| Fernando A. Silva<br> (1977)<br>| &nbsp;&nbsp;&nbsp; Chief Financial Officer <br> (Principal Financial <br> Officer and Principal <br> Accounting Officer) (since <br> 2024)<br>| &nbsp;&nbsp;&nbsp; Director, Fund Administration and Assistant Treasurer, John Hancock Funds (2016-2020); <br> Assistant Treasurer, John Hancock Investment Management LLC and John Hancock Variable <br> Trust Advisers LLC (since 2020); Assistant Vice President, John Hancock Life & Health <br> Insurance Company, John Hancock Life Insurance Company (U.S.A.) and John Hancock Life <br> Insurance Company of New York (since 2021); Chief Financial Officer (Principal Financial <br> Officer and Principal Accounting Officer) of various trusts within the John Hancock Fund <br> Complex (since 2024).<br>|
| Salvatore Schiavone<br> (1965)<br>| Treasurer (since 2012) | &nbsp;&nbsp;&nbsp; Assistant Vice President, John Hancock Financial Services (since 2007); Vice President, <br> John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC <br> (since 2007); Treasurer of various trusts within the John Hancock Fund Complex (since <br> 2007, including prior positions).<br>|
| Christopher (Kit) Sechler<br> (1973)<br>| &nbsp;&nbsp;&nbsp; Secretary and Chief Legal <br> Officer (since 2018)<br>| &nbsp;&nbsp;&nbsp; Vice President and Deputy Chief Counsel, John Hancock Investment Management (since <br> 2015); Assistant Vice President and Senior Counsel (2009–2015), John Hancock <br> Investment Management; Assistant Secretary of John Hancock Investment Management <br> LLC and John Hancock Variable Trust Advisers LLC (since 2009); Chief Legal Officer and <br> Secretary of various trusts within the John Hancock Fund Complex (since 2009, including <br> prior positions).<br>|
| Trevor Swanberg<br> (1979)<br>| &nbsp;&nbsp;&nbsp; Chief Compliance Officer <br> (since 2020)<br>| &nbsp;&nbsp;&nbsp; Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock <br> Variable Trust Advisers LLC (since 2020); Deputy Chief Compliance Officer, John Hancock <br> Investment Management LLC and John Hancock Variable Trust Advisers LLC (2019–2020); <br> Assistant Chief Compliance Officer, John Hancock Investment Management LLC and John <br> Hancock Variable Trust Advisers LLC (2016–2019); Vice President, State Street Global <br> Advisors (2015–2016); Chief Compliance Officer of various trusts within the John Hancock <br> Fund Complex (since 2016, including prior positions).<br>|

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**1**

Each officer holds office for an indefinite term until his or her successor is duly elected and qualified or until he or she dies, retires, resigns, is removed or becomes disqualified.

**Additional Information about the Trustees**

In addition to the description of each Trustee's Principal Occupation(s) and Other Directorships set forth above, the following provides further information about each Trustee's specific experience, qualifications, attributes or skills with respect to the Trust. The information in this section should not be understood to mean that any of the Trustees is an "expert" within the meaning of the federal securities laws.

**14**

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The Board believes that the different perspectives, viewpoints, professional experience, education, and individual qualities of each Trustee represent a diversity of experiences and a variety of complementary skills and expertise. Each Trustee has experience as a Trustee of the Trust as well as experience as a Trustee of other John Hancock funds. It is the Trustees' belief that this allows the Board, as a whole, to oversee the business of the funds and the other funds in the John Hancock Fund Complex in a manner consistent with the best interests of the funds' shareholders. When considering potential nominees to fill vacancies on the Board, and as part of its annual self-evaluation, the Board reviews the mix of skills and other relevant experiences of the Trustees.

**Independent Trustees**

*William K. Bacic –* As a retired Certified Public Accountant, Mr. Bacic served as New England Managing Partner of a major independent registered public accounting firm, as well as a member of its U.S. Executive Committee, and has deep financial and accounting expertise. He served as the lead partner on the firm's largest financial services companies, primarily focused on the investment management industry and mutual funds. He also has expertise in corporate governance and regulatory matters as well as prior experience serving as a board member and audit committee chair of a large global asset management company.

*James R. Boyle –* Mr. Boyle has high-level executive, financial, operational, governance, regulatory and leadership experience in the financial services industry, including in the development and management of registered investment companies, variable annuities, retirement and insurance products. Mr. Boyle is the former President and CEO of a large international fraternal life insurance company and is the former President and CEO of multi-line life insurance and financial services companies. Mr. Boyle began his career as a Certified Public Accountant with Coopers & Lybrand.

*Noni Ellison McKee –* As a senior vice president, general counsel, and corporate secretary with over 25 years of executive leadership experience, Ms. Ellison McKee has extensive management and business expertise in legal, regulatory, compliance, operational, quality assurance, international, finance and governance matters.

*Grace K. Fey –* Ms. Fey has significant governance, financial services, and asset management industry expertise based on her extensive non-profit board experience, as well as her experience as a consultant to non-profit and corporate boards, and as a former director and executive of an investment management firm.

*Dean C. Garfield –* As a former president and chief executive officer of a leading industry organization and current Senior Vice-President of a leading international sports and live entertainment company, Mr. Garfield has significant and diverse global executive operational, governance, regulatory, and leadership experience. He also has experience as a leader overseeing and implementing global public policy matters including strategic initiatives.

*Christine L. Hurtsellers –* As the former Chief Executive Officer and Chief Investment Officer, Fixed Income, of Voya Investment Management and a former member of the Board of Governors of the Investment Company Institute, Ms. Hurtsellers brings deep leadership, risk management, corporate strategy, operations, and regulatory expertise in the investment management, financial services, and capital markets industries. She also brings strong board leadership experience in her roles as a director of a life and annuity reinsurance business and a number of large non-profits.

*Deborah C. Jackson –* Ms. Jackson has leadership, governance, management, and operational oversight experience as the lead director of a large bank, former president of a college, and as the former chief executive officer of a major charitable organization. She also has expertise in financial services matters and oversight and corporate governance experience as a current and former director of various other corporate organizations, including an insurance company, a regional stock exchange, a telemedicine company, and non-profit entities.

*Hassell H. McClellan –* As a former professor of finance and policy in the graduate management department of a major university, a director of a public company, and as a former director of several privately held companies, Dr. McClellan has experience in corporate and financial matters. He also has experience as a director of other investment companies not affiliated with the Trust.

*Kenneth J. Phelan –* Through his role as a director of a bank holding company and a public company and through his former roles as chief risk officer of the U.S. Department of the Treasury and various financial institutions, Mr. Phelan brings a strong background in risk management and oversight, legal and regulatory compliance, and corporate strategy, as well as leadership and operational experience in investment management, banking and capital markets. He also brings strong board leadership experience, including through challenging market environments.

*Frances G. Rathke –* Through her former positions in senior financial roles, including as the Chief Financial Officer of a large company, as a former Certified Public Accountant, and as a consultant on strategic and financial matters, Ms. Rathke has experience as a leader overseeing, conceiving, implementing, and analyzing strategic and financial growth plans, and financial statements. Ms. Rathke also has experience in the auditing of financial statements and related materials. In addition, she has experience as a director of various organizations, including a publicly traded company and a non-profit entity.

*Thomas R. Wright –* As a retired Chief Operating Officer of a significant capital markets firm and a former Director of Equities and Executive Committee Member, Mr. Wright has deep executive, investment banking, portfolio management, securities brokerage, and equity research expertise. Mr. Wright has also served as the Global Head of Trading and Head of European Equity Trading and Salestrading at an investment bank and asset manager and has substantial securities industry and international trading and markets expertise.

**15**

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**Non-Independent Trustees**

*Andrew G. Arnott –* As former President of various trusts within the John Hancock Fund Complex, and through prior leadership roles including Global Head of Retail for Manulife, and as Trustee of the John Hancock Fund Complex, Mr. Arnott has experience in the management of investments, registered investment companies, variable annuities and retirement products, enabling him to provide management input to the Board.

*Kristie M. Feinberg –* As President and CEO of John Hancock Investment Management and of various trusts within the John Hancock Fund Complex, and through prior leadership roles at Manulife Investment Management including Head of Wealth & Asset Management, U.S. and Europe and CFO and Global Head of Strategy, Ms. Feinberg brings deep expertise in financial services. Her strong background in finance, strategy, and leadership, along with a proven track record of expanding product offerings and distribution, enables her to provide strategic insight and management input to the Board.

**Duties of Trustees; Committee Structure**

The Trust is organized as a Massachusetts business trust. Under the Declaration of Trust, the Trustees are responsible for managing the affairs of the Trust, including the appointment of advisors and subadvisors. Each Trustee has the experience, skills, attributes or qualifications described above (see "Principal Occupation(s) and Other Directorships" and "Additional Information about the Trustees" above). The Board appoints officers who assist in managing the day-to-day affairs of the Trust. The Board met five times during the fiscal year ended December 31, 2025.

The Board has appointed an Independent Trustee as Chairperson. The Chairperson presides at meetings of the Trustees and may call meetings of the Board and any Board committee whenever he deems it necessary. The Chairperson participates in the preparation of the agenda for meetings of the Board and the identification of information to be presented to the Board with respect to matters to be acted upon by the Board. The Chairperson also acts as a liaison with the funds' management, officers, attorneys, and other Trustees generally between meetings. The Chairperson may perform such other functions as may be requested by the Board from time to time. The Board also has designated a Vice Chairperson to serve in the absence of the Chairperson. Except for any duties specified herein or pursuant to the Trust's Declaration of Trust or By-laws, or as assigned by the Board, the designation of a Trustee as Chairperson or Vice Chairperson does not impose on that Trustee any duties, obligations or liability that are greater than the duties, obligations or liability imposed on any other Trustee, generally. The Board has designated a number of standing committees as further described below, each of which has a Chairperson. The Board also may designate working groups or ad hoc committees as it deems appropriate.

The Board believes that this leadership structure is appropriate because it allows the Board to exercise informed and independent judgment over matters under its purview, and it allocates areas of responsibility among committees or working groups of Trustees and the full Board in a manner that enhances effective oversight. The Board considers leadership by an Independent Trustee as Chairperson to be integral to promoting effective independent oversight of the funds' operations and meaningful representation of the shareholders' interests, given the specific characteristics and circumstances of the funds. The Board also believes that having a super-majority of Independent Trustees is appropriate and in the best interest of the funds' shareholders. Nevertheless, the Board also believes that having interested persons serve on the Board brings corporate and financial viewpoints that are, in the Board's view, helpful elements in its decision-making process. In addition, the Board believes that Ms. Feinberg and Messrs. Arnott and Boyle as current or former senior executives of the Distributor (or of its parent company, Manulife Financial Corporation), and of other affiliates of the Distributor, provide the Board with the perspective of the Distributor in managing and sponsoring all of the Trust's series. The leadership structure of the Board may be changed, at any time and in the discretion of the Board, including in response to changes in circumstances or the characteristics of the Trust.

*Board Committees*

The Board has established an Audit Committee; Compliance Committee; Contracts, Legal & Risk Committee; Nominating and Governance Committee; and Investment Committee. The current membership of each committee is set forth below.

**Audit Committee.** The Board has a standing Audit Committee composed solely of Independent Trustees (Mr. Bacic, Ms. Rathke, and Mr. Wright). Ms. Rathke serves as Chairperson of this Committee. Ms. Rathke and Mr. Bacic have each been designated by the Board as an "audit committee financial expert," as defined in SEC rules. This Committee reviews the internal and external accounting and auditing procedures of the Trust and, among other things, considers the selection of an independent registered public accounting firm for the Trust, approves all significant services proposed to be performed by its independent registered public accounting firm and considers the possible effect of such services on its independence. This Committee met six times during the fiscal year ended December 31, 2025.

**Compliance Committee.** The Board also has a standing Compliance Committee (Ms. Fey, Mr. Garfield, and Mses. Hurtsellers and Jackson). Ms. Fey serves as Chairperson of this Committee. This Committee reviews and makes recommendations to the full Board regarding certain compliance matters relating to the Trust. This Committee met four times during the fiscal year ended December 31, 2025.

**Contracts, Legal & Risk Committee.** The Board also has a standing Contracts, Legal & Risk Committee (Mr. Boyle, Ms. Ellison McKee, and Mr. Phelan). Mr. Boyle serves as Chairperson of this Committee. This Committee oversees the initiation, operation, and renewal of various contracts between the Trust and other entities. These contracts include custodial and transfer agency agreements and arrangements with other service providers. The Committee also reviews the significant legal affairs of the funds, as well as any significant regulatory and legislative actions or proposals affecting or relating to the funds or their service providers. The Committee also assists the Board in its oversight role with respect to the processes pursuant to which CRMC identifies, manages and reports the various risks that affect or could affect the funds. This Committee met four times during the fiscal year ended December 31, 2025.

**16**

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**Nominating and Governance Committee.** The Board also has a Nominating and Governance Committee composed of all of the Independent Trustees. Dr. McClellan serves as Chairperson of this Committee. This Committee will consider nominees recommended by Trust shareholders. Nominations should be forwarded to the attention of the Secretary of the Trust at 200 Berkeley Street, Boston, Massachusetts 02116. Any shareholder nomination must be submitted in compliance with all of the pertinent provisions of Rule 14a-8 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), in order to be considered by this Committee. This Committee met five times during the fiscal year ended December 31, 2025.

**Investment Committee.** The Board also has an Investment Committee composed of all of the Trustees. The Investment Committee has four subcommittees with the Trustees divided among the four subcommittees (each an "Investment Sub-Committee"). Messrs. Bacic and Boyle and Mses. Ellison McKee and Jackson serve as Chairpersons of the Investment Sub-Committees. Each Investment Sub-Committee reviews investment matters relating to a particular group of funds in the John Hancock Fund Complex and coordinates with the full Board regarding investment matters. The Investment Committee met five times during the fiscal year ended December 31, 2025.

Annually, the Board evaluates its performance and that of its Committees, including the effectiveness of the Board's Committee structure.

*Risk Oversight*

As registered investment companies, the funds are subject to a variety of risks, including investment risks (such as, among others, market risk, credit risk and interest rate risk), financial risks (such as, among others, settlement risk, liquidity risk and valuation risk), compliance risks, and operational risks. As a part of its overall activities, the Board oversees the funds' risk management activities that are implemented by CRMC, the funds' CCO and other service providers to the funds. CRMC has primary responsibility for the funds' risk management on a day-to-day basis as a part of its overall responsibilities. CRMC is primarily responsible for managing investment and financial risks as a part of its day-to-day investment responsibilities, as well as its operational and compliance risks. CRMC and the CCO also assist the Board in overseeing compliance with investment policies of the funds and regulatory requirements, and monitor the implementation of the various compliance policies and procedures approved by the Board as a part of its oversight responsibilities.

CRMC identifies to the Board the risks that it believes may affect the funds and develops processes and controls regarding such risks. However, risk management is a complex and dynamic undertaking and it is not always possible to comprehensively identify and/or mitigate all such risks at all times since risks are at times impacted by external events. In discharging its oversight responsibilities, the Board considers risk management issues throughout the year with the assistance of its various Committees as described below. Each Committee meets at least quarterly and presents reports to the Board, which may prompt further discussion of issues concerning the oversight of the funds' risk management. The Board as a whole also reviews written reports or presentations on a variety of risk issues as needed and may discuss particular risks that are not addressed in the Committee process.

The Board has established an Investment Committee, which consists of four Investment Sub-Committees for the overall John Hancock Fund Complex. The Investment Sub-Committee overseeing the funds assists the Board in overseeing the funds' significant investment policies and the performance of CRMC. On at least a quarterly basis, the relevant Investment Sub-Committee reviews reports from CRMC regarding the funds' investment performance, which include information about investment and financial risks and how they are managed, and from the CCO or his/her designee regarding CRMC compliance matters. In addition, the relevant Investment Sub-Committee meets periodically with CRMC's portfolio managers to receive reports regarding management of the funds, including with respect to risk management processes.

The Audit Committee assists the Board in reviewing with the independent auditors, at various times throughout the year, matters relating to the funds' financial reporting. In addition, this Committee oversees the process of each fund's valuation of its portfolio securities, assisted by the Advisor's Pricing Committee (composed of officers of the Advisor), which calculates fair value determinations pursuant to procedures established by the Advisor and adopted by the Board.

With respect to valuation, the Advisor provides periodic reports to the Board and Investment Committee that enables the Board to oversee the Advisor, as each fund's valuation designee, in assessing, managing and reviewing material risks associated with fair valuation determinations, including material conflicts of interest. In addition, the Board reviews the Advisor's performance of an annual valuation risk assessment under which the Advisor seeks to identify and enumerate material valuation risks which are or may be impactful to the funds including, but not limited to (1) the types of investments held (or intended to be held) by the funds, giving consideration to those investments' characteristics; (2) potential market or sector shocks or dislocations which may affect the ongoing valuation operations; (3) the extent to which each fair value methodology uses unobservable inputs; (4) the proportion of each fund's investments that are fair valued as determined in good faith, as well as their contributions to a fund's returns; (5) the use of fair value methodologies that rely on inputs from third-party service providers; and (6) the appropriateness and application of the methods for determining and calculating fair value. The Advisor reports any material changes to the risk assessment, along with appropriate actions designed to manage such risks, to the Board.

The Compliance Committee assists the Board in overseeing the activities of the Trust's CCO with respect to the compliance programs of the funds, CRMC, and certain of the funds' other service providers (the Distributor and transfer agent). This Committee and the Board receive and consider periodic reports from the CCO throughout the year, including the CCO's annual written report, which, among other things, summarizes material compliance issues that arose during the previous year and any remedial action taken to address these issues, as well as any material changes to the compliance programs.

The Contracts, Legal & Risk Committee assists the Board in its oversight role with respect to the processes pursuant to which CRMC identifies, assesses, manages and reports the various risks that affect or could affect the funds. This Committee reviews reports from CRMC on a periodic basis

**17**

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regarding the risks facing the funds, and makes recommendations to the Board concerning risks and risk oversight matters as the Committee deems appropriate. This Committee also coordinates with the other Board Committees regarding risks relevant to the other Committees, as appropriate.

The Board considers liquidity risk management issues as part of its general oversight responsibilities and oversees the Trust's liquidity risk through, among other things, receiving periodic reporting and presentations that address liquidity matters. As required by rule 22e-4 under the 1940 Act, the Board, including a majority of the Independent Trustees, has approved the Trust's Liquidity Risk Management Program (the "LRM Program"), which is reasonably designed to assess and manage the Trust's liquidity risk, and has appointed the LRM Program Administrator that is responsible for administering the LRM Program. The Board receives liquidity risk management reports under the funds' LRM Program and reviews, no less frequently than annually, a written report prepared by the LRM Program Administrator that addresses, among other items, the operation of the LRM Program and assesses its adequacy and effectiveness of implementation as well as any material changes to the LRM Program.

As required by rule 18f-4 under the 1940 Act, funds that engage in derivatives transactions, other than limited derivatives users, generally must adopt and implement written derivatives risk management program (the "Derivatives Risk Management Program"), that is reasonably designed to manage the funds' derivatives risks, while taking into account the funds' derivatives and other investments. This program includes risk guidelines, stress testing, internal reporting and escalation and periodic review of the program. To the extent that the funds invest in derivatives, on a quarterly and annual, the Advisor will provide the Board with written reports that address the operation, adequacy and effectiveness of the funds' Derivatives Risk Management Program, which is generally designed to assess and manage derivatives risk.

In addressing issues regarding the funds' risk management between meetings, appropriate representatives of CRMC communicate with the Chairperson of the Board, the relevant Committee Chair, or the Trust's CCO, who is directly accountable to the Board. As appropriate, the Chairperson of the Board, the Committee Chairs and the Trustees confer among themselves, with the Trust's CCO, CRMC, other service providers, external fund counsel, and counsel to the Independent Trustees, to identify and review risk management issues that may be placed on the full Board's agenda and/or that of an appropriate Committee for review and discussion.

In addition, in its annual review of the funds' distribution agreements, the Board reviews information provided by the Distributor relating to its operational capabilities, financial condition, risk management processes and resources.

The Board may, at any time and in its discretion, change the manner in which it conducts its risk oversight role.

CRMC also has its own, independent interest in risk management. In this regard, CRMC reports periodically to the Board and the Contracts, Legal & Risk Committee on risk management matters at the Board's request.

**Compensation of Trustees**

Trustees are reimbursed for travel and other out-of-pocket expenses. Effective January 1, 2026, each Independent Trustee receives in the aggregate from the Trust and the other open-end funds in the John Hancock Fund Complex an annual retainer of $322,000, a fee of $24,520 for each regular meeting of the Trustees (in person or via videoconference or teleconference) and a fee of $5,000 for each special meeting of the Trustees (in person or via videoconference or teleconference). The Chairperson of the Board receives an additional retainer of $228,400. The Vice Chairperson of the Board receives an additional retainer of $25,000. The Chairperson of each of the Audit Committee, Compliance Committee, and Contracts, Legal & Risk Committee receives an additional $40,000 retainer. The Chairperson of each Investment Sub-Committee receives an additional $22,000 retainer.

The following table provides information regarding the compensation paid by the Trust and the other investment companies in the John Hancock Fund Complex to the Trustees for their services during the fiscal year ended December 31, 2025.

**Compensation Table**<sup>1</sup>

---

| | | |
|:---|:---|:---|
| **Name of Trustee** | &nbsp;&nbsp;&nbsp; **Total**<br> **Compensation**<br> **from JHVIT ($)**<br>| &nbsp;&nbsp;&nbsp; **Total Compensation**<br> **from the Trust and**<br> **the John Hancock**<br> **Fund Complex ($)**<sup>2</sup> <br>|
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| William K. Bacic | 109711 | 470496 |
| James R. Boyle | 125200 | 530496 |
| William H. Cunningham<sup>3</sup> | 114874 | 565496 |
| Noni Ellison McKee | 111857 | 478598 |
| Grace K. Fey | 120037 | 672996 |
| Dean C. Garfield | 109711 | 470496 |
| Christine L. Hurtsellers<sup>4</sup> | 44213 | 194057 |
| Deborah C. Jackson | 120037 | 597996 |
| Hassell H. McClellan | 166844 | 886724 |
| Kenneth J. Phelan<sup>4</sup> | 44213 | 194057 |

---

**18**

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---

| | | |
|:---|:---|:---|
| **Name of Trustee** | &nbsp;&nbsp;&nbsp; **Total**<br> **Compensation**<br> **from JHVIT ($)**<br>| &nbsp;&nbsp;&nbsp; **Total Compensation**<br> **from the Trust and**<br> **the John Hancock**<br> **Fund Complex ($)**<sup>2</sup><br>|
| Frances G. Rathke | 120037 | 510496 |
| Thomas R. Wright | 109711 | 470496 |
| **Non-Independent Trustees** | **Non-Independent Trustees** | **Non-Independent Trustees** |
| Andrew G. Arnott | 0 | 0 |
| Kristie M. Feinberg<sup>5</sup> | 0 | 0 |
| Paul Lorentz<sup>6</sup> | 0 | 0 |

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**1**

The Trust does not have a pension or retirement plan for any of its Trustees or officers.

**2**

There were approximately 179 series in the John Hancock Fund Complex as of December 31, 2025.

**3**

Mr. Cunningham retired as Trustee effective December 31, 2025.

**4**

Elected to serve as Trustee effective November 12, 2025.

**5**

Appointed to serve as Trustee effective June 30, 2025.

**6**

Mr. Lorentz no longer serves as Trustee effective June 30, 2025.

**Trustee Ownership of Shares of the Funds**

The table below sets forth the dollar range of the value of the shares of each fund, and the dollar range of the aggregate value of the shares of all funds in the John Hancock Fund Complex overseen by a Trustee, owned beneficially by the Trustees as of December 31, 2025. For purposes of this table, beneficial ownership is defined to mean a direct or indirect pecuniary interest. Trustees may own shares beneficially through group annuity contracts. Exact dollar amounts of securities held are not listed in the table. Rather, dollar ranges are identified.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Trust/Funds** | &nbsp;&nbsp; **American Asset**<br> **Allocation Trust**<br>| &nbsp;&nbsp; **American Global**<br> **Growth Trust**<br>| &nbsp;&nbsp; **American**<br> **Growth-Income**<br> **Trust**<br>| &nbsp;&nbsp; **American**<br> **Growth Trust**<br>| &nbsp;&nbsp; **Total – John**<br> **Hancock Fund**<br> **Complex**<br>|
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| William K. Bacic |  |  |  |  | Over $100,000 |
| James R. Boyle |  |  |  |  | Over $100,000 |
| Noni Ellison McKee |  |  |  |  | $50001 - $100000 |
| Grace K. Fey |  |  |  |  | Over $100,000 |
| Dean C. Garfield |  |  |  |  | $50001 - $100000 |
| Christine L. Hurtsellers<sup>1</sup> |  |  |  |  |  |
| Deborah C. Jackson |  |  |  |  | Over $100,000 |
| Hassell H. McClellan |  |  |  |  | Over $100,000 |
| Kenneth J. Phelan<sup>1</sup> |  |  |  |  |  |
| Frances G. Rathke |  |  |  |  | $50001 - $100000 |
| Thomas R. Wright |  |  |  |  | Over $100,000 |
| **Non-Independent Trustees** | **Non-Independent Trustees** | **Non-Independent Trustees** | **Non-Independent Trustees** | **Non-Independent Trustees** | **Non-Independent Trustees** |
| Andrew G. Arnott |  |  |  |  | Over $100,000 |
| Kristie M. Feinberg<sup>2</sup> |  |  |  |  |  |

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**1**

Elected to serve as Trustee effective November 12, 2025.

**2**

Appointed to serve as Trustee effective June 30, 2025.

**Investment Management Arrangements and Other Services**

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The funds are feeder funds and, as such, do not have an investment adviser. Portfolio management does not occur at the JHVIT Feeder Fund level, but at the Master Fund level. CRMC serves as each Master Fund's investment adviser. For information regarding CRMC, see the Master Fund's SAI, which is delivered together with this SAI.

**Service Agreement**

Pursuant to a Service Agreement dated June 27, 2008, John Hancock Variable Trust Advisers LLC (formerly John Hancock Investment Management Services, LLC), an affiliate of the Distributor ("JHVTA"), provides JHVIT certain financial, accounting and administrative services such as legal services, tax, accounting, valuation, financial reporting and performance, compliance and service provider oversight as well as services related to the office of

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CCO. The following table shows the fees that each fund incurred and paid to JHVTA for non-advisory services for the fiscal periods ended December 31, 2025, December 31, 2024 and December 31, 2023.

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| | | | |
|:---|:---|:---|:---|
|  |  | **Service Fee Paid in Fiscal Year Ended December 31,** | **Service Fee Paid in Fiscal Year Ended December 31,** |
| **Fund** | **2025 ($)** | **2024 ($)** | **2023 ($)** |
| American Asset Allocation Trust | 206252 | 210985 | 216571 |
| American Global Growth Trust | 34454 | 35749 | 36138 |
| American Growth Trust | 179534 | 173173 | 160762 |
| American Growth-Income Trust | 167377 | 168583 | 164411 |

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**Other Services**

**Proxy Voting.** The proxy voting policies of JHVIT and CRMC are set forth below in Appendix C. Information regarding how JHVIT voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is available: (1) without charge, upon request, by calling 800-225-5291; and (2) on the SEC's website at sec.gov.

**Distribution Agreements**

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John Hancock Distributors, LLC (the "Distributor"), located at 200 Berkeley Street, Boston, Massachusetts 02116, is the distributor and principal underwriter of JHVIT and distributes shares of JHVIT on a continuous basis. Other than the Rule 12b-1 payments described below, the Distributor does not receive compensation from JHVIT.

The Board has approved Rule 12b-1 Plans (each a "Plan" and collectively the "Plans") for Series I, Series II, and Series III of each fund. The purpose of each Plan is to encourage the growth and retention of assets of the class of shares of each fund subject to the Plan.

Each fund invests in Class 1 shares of its corresponding Master Fund, which does not pay a Rule 12b-1 fee.

Payments made on the Series I, Series II, and Series III Rule 12b-1 Plans for the fiscal year ended December 31, 2025 are as follows.

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| | | |
|:---|:---|:---|
| **Fund** | **Share Class** | &nbsp;&nbsp;&nbsp; **Rule 12b-1 Distribution** <br> **Payments ($)**<br>|
| American Asset Allocation Trust | Series I | 2375906 |
|  | Series II | 4782947 |
|  | Series III | 259392 |
| American Global Growth Trust | Series I | 360746 |
|  | Series II | 751996 |
|  | Series III | 66415 |
| American Growth Trust | Series I | 2291062 |
|  | Series II | 3807741 |
|  | Series III | 226715 |
| American Growth-Income Trust | Series I | 2271257 |
|  | Series II | 2827355 |
|  | Series III | 438406 |

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**Net Asset Value**

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Each JHVIT Feeder Fund's NAV will be based on the NAV of the corresponding Master Fund, adjusted to reflect the JHVIT Feeder Fund's other assets, if any, and expenses.

For information regarding the determination of NAV of a Master Fund, see the Master Fund SAI, which is delivered together with this SAI.

**Policy Regarding Disclosure of Portfolio Holdings**

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Each JHVIT Feeder Fund invests solely in shares of its corresponding AFIS Master Fund. The Master Funds' investment adviser, on behalf of the Master Funds, has adopted policies and procedures with respect to the disclosure of information about the Master Funds' portfolio securities. These policies and procedures have been reviewed by the Master Funds' board of trustees, and that board periodically assesses compliance with these policies and procedures in connection with reporting from the Master Funds' Chief Compliance Officer. A description of these policies and procedures is included in the statement of additional information for the Master Funds, under the heading "Disclosure of portfolio holdings."

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**Shareholders of JHVIT**

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JHVIT currently serves as the underlying investment option for premiums and purchase payments invested in variable contracts issued by insurance companies both those affiliated with MFC, the ultimate controlling parent of the Advisor and Distributor, and those that are not affiliated with MFC.

**Control Persons.** As of March 31, 2026, no one was considered a control person of any share class of any of the funds. A control person is one who has beneficial ownership of more than 25% of the voting securities of any class of shares of a fund or who acknowledges or asserts having or is adjudicated to have control of a class of shares of a fund, and therefore could determine the outcome of a shareholder meeting with respect to a proposal directly affecting that share class. As of March 31, 2026, shares of JHVIT were legally owned by JHLICO U.S.A. and JHLICO New York, (collectively, the "John Hancock Insurance Companies"), by other insurance companies not affiliated with MFC ("Nonaffiliated Insurance Companies") and the portfolios. John Hancock Insurance Companies and Nonaffiliated Insurance Companies are collectively referred to as "Insurance Companies."

The Insurance Companies hold shares principally in their separate accounts. They also may hold shares directly. An Insurance Company may legally own in the aggregate more than 25% of any class of shares of a fund. For purposes of the 1940 Act, any person who owns "beneficially" more than 25% of the outstanding shares of any class of a fund is presumed to "control" that class. Shares are generally deemed to be beneficially owned by a person who has the power to vote or dispose of the shares. An Insurance Company has no power to exercise any discretion in voting or disposing of any of the shares that it legally owns, except that it may have the power to dispose of shares that it holds directly. Consequently, an Insurance Company would be presumed to control a share class of a fund only if it holds directly for its own account, and has the power to dispose of, more than 25% of that share class. The portfolios, individually or collectively, may hold more than 25% of a class of shares of an Underlying Fund.

**Shareholders.** As of March 31, 2026, the Insurance Companies owned of record all of the outstanding Series I, Series II, and Series III shares of the JHVIT Feeder Funds.

Each Insurance Company that is a shareholder of JHVIT holds of record in its separate accounts JHVIT shares attributable to variable contracts.

JHVIT may be used for other purposes in the future, such as funding annuity contracts issued by other insurance companies. JHVIT shares are not offered directly to, and may not be purchased directly by, members of the public. The paragraph below lists the entities that are eligible to be shareholders of JHVIT.

**Entities Eligible to Be Shareholders of JHVIT.** In order to reflect the conditions of Section 817(h) and other provisions of the Code and regulations thereunder, shares of JHVIT may be purchased only by the following eligible shareholders: – separate accounts of the Insurance Companies and other insurance companies; – the Insurance Companies and certain of their affiliates; and – any trustee of a qualified pension or retirement plan.

**Voting of Shares by the Insurance Companies and JHVIT.** The Insurance Companies have the right to vote upon matters that may be voted upon at any JHVIT Shareholders' meeting. These companies will vote all shares of the funds issued to them in proportion to the timely voting instructions received from owners of variable contracts participating in the separate accounts of such companies that are registered under the 1940 Act ("Contract Owner Instructions"). The effect of proportional voting is that a small number of contract owners can determine the outcome of the voting. In addition, JHVIT will vote all shares of a fund held by a JHVIT fund of funds in proportion to the votes of the other shareholders of such fund.

**Mixed and Shared Funding.** Shares of JHVIT may be sold to JHVIT Shareholders described above. JHVIT currently does not foresee any disadvantages to any JHVIT Shareholders arising from the fact that the interests of those investors may differ. Nevertheless, the Board will monitor events in order to identify any material irreconcilable conflicts which may possibly arise due to differences of tax treatment or other considerations and to determine what action, if any, should be taken in response thereto. Such an action could include the withdrawal of a JHVIT Shareholder from investing in JHVIT or a particular fund.

**Principal Holders.** The following sets forth the principal holders of the shares of the JHVIT Feeder Funds. Principal holders are those who own of record or are known by JHVIT to own beneficially 5% or more of a series of a fund's outstanding shares.

As of March 31, 2026, the John Hancock Insurance Companies owned of record all of the outstanding Series I, II and III shares of the JHVIT Feeder Funds.

Trustees and officers of JHVIT, in the aggregate, own or have the right to provide voting instructions for less than 1% of the outstanding shares of the JHVIT Feeder Funds.

**Purchase and Redemption of Shares**

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JHVIT will redeem all full and fractional fund shares for cash at NAV per share. Payment for shares redeemed will generally be made within seven days after receipt of a proper notice of redemption. However, JHVIT may suspend the right of redemption or postpone the date of payment beyond seven days during any period when:

● trading on the New York Stock Exchange is restricted, as determined by the SEC, or such exchange is closed for other than weekends and holidays;

● an emergency exists, as determined by the SEC, as a result of which disposal by JHVIT of securities owned by it is not reasonably practicable or it is not reasonably practicable for JHVIT to fairly determine the value of its net assets; or

● the SEC by order so permits for the protection of security holders of JHVIT.

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**Special Redemptions**

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**Special Redemptions.** Although it would not normally do so, a fund has the right to pay the redemption price of shares of the fund in whole or in part in portfolio securities, in accordance with policies and procedures approved by the Trustees. When a shareholder sells any portfolio securities received in a redemption of fund shares, the shareholder will incur a brokerage charge. Any such securities would be valued for the purposes of fulfilling such a redemption request in the same manner as they are in computing the fund's NAV.

JHVIT has adopted Procedures Regarding Redemptions in Kind by Affiliates (the "Procedures") to facilitate the efficient and cost effective movement of portfolio assets in connection with certain investment and marketing strategies. It is the position of the SEC that the 1940 Act prohibits an investment company, such as a fund, from satisfying a redemption request from a shareholder that is affiliated with the investment company by means of an in kind distribution of portfolio securities. However, under a no-action letter issued by the SEC, a redemption in kind to an affiliated shareholder is permissible provided certain conditions are met. The Procedures, which are intended to conform to the requirements of this no-action letter, allow for in kind redemptions by affiliated fund shareholders subject to specified conditions, including that:

● the distribution is effected through a pro rata distribution of the distributing fund's portfolio securities;

● the distributed securities are valued in the same manner as they are in computing the fund's NAV;

● neither the affiliated shareholder nor any other party with the ability and the pecuniary incentive to influence the redemption in kind may select or influence the selection of the distributed securities; and

● the Trustees of JHVIT, including a majority of the Independent Trustees, must determine on a quarterly basis that any redemptions in kind to affiliated shareholders made during the prior quarter were effected in accordance with the Procedures, did not favor the affiliated shareholder to the detriment of any other shareholder and were in the best interests of the fund.

**Potential Adverse Effects of Large Shareholder Transactions**

A fund may from time to time sell to one or more investors, including other funds advised by the Advisor or third parties, a substantial amount of its shares, and may thereafter be required to satisfy redemption requests by such shareholders. The Advisor and/or the subadvisor, as seed investors, may have significant ownership in certain funds. The Advisor and subadvisor, as applicable, face conflicts of interest when considering the effect of redemptions on any such funds and on other shareholders in deciding whether and when to redeem its respective shares. Such sales and redemptions may be very substantial relative to the size of such fund. While it is not possible to predict the overall effect of such sales and redemptions over time, such transactions may adversely affect such fund's performance to the extent that the fund is required to invest cash received in connection with a sale or to sell portfolio securities to facilitate a redemption at, in either case, a time when the fund otherwise would not invest or sell. As a result, the fund may have greater or lesser market exposure than would otherwise be the case. Such transactions also may accelerate the realization of capital gains or increase a fund's transaction costs, which would detract from fund performance.

A large redemption could significantly reduce the assets of a fund, causing decreased liquidity and, depending on any applicable expense caps and/or waivers, a higher expense ratio. If a fund is forced to sell portfolio securities that have appreciated in value, such sales may accelerate the realization of taxable income to shareholders if such sales of investments result in gains. If a fund has difficulty selling portfolio securities in a timely manner to meet a large redemption request, the fund may have to borrow money to do so. In such an instance, the fund's remaining shareholders would bear the costs of such borrowings, and such costs could reduce the fund's returns. In addition, a large redemption could result in a fund's current expenses being allocated over a smaller asset base, leading to an increase in the fund's expense ratio and possibly resulting in the fund's becoming too small to be economically viable.

**Non-U.S. market closures and redemptions.** Market closures during regular holidays in an applicable non-U.S. market that are not holidays observed in the U.S. market may prevent the fund from executing securities transactions within the normal settlement period. Unforeseeable closures of applicable non-U.S. markets may have a similar impact. During such closures, the fund may be required to rely on other methods to satisfy shareholder redemption requests, including the use of its line of credit, interfund lending facility, redemptions in kind, or such other liquidity means or facilities as the fund may have in place from time to time, or the delivery of redemption proceeds may be extended beyond the normal settlement cycle.

**Additional Information Concerning Taxes**

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The following discussion is a general and abbreviated summary of certain tax considerations affecting the funds and their shareholders. No attempt is made to present a detailed explanation of all federal, state, local and foreign tax concerns, and the discussions set forth here and in the Prospectus do not constitute tax advice. Investors are urged to consult their own tax advisors with specific questions relating to federal, state, local or foreign taxes.

Since the funds' shareholders are principally: (i) life insurance companies whose separate accounts invest in the funds for purposes of funding variable annuity and variable life insurance contracts and (ii) trustees of qualified pension and retirement plans, no discussion is included herein as to the U.S. federal income tax consequences to the holder of a variable annuity or life insurance contract who allocates investments to a fund. For information concerning the U.S. federal income tax consequences to such holders, see the Prospectus for such contracts. Holders of variable annuity or life insurance contracts should consult their tax advisors about the application of the provisions of the tax law described in this SAI in light of their particular tax situations.

The Trust believes that each fund will qualify as a regulated investment company under Subchapter M of the Code. If any fund does not qualify as a regulated investment company, it will be subject to U.S. federal income tax on its net investment income and net capital gains. As a result of qualifying

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as a regulated investment company, a fund will not be subject to U.S. federal income tax on its investment company taxable income (as that term is defined in the Code, determined without regard to the deduction for dividends paid) and net capital gain (i.e., the excess of its net realized long-term capital gain over its net realized short-term capital loss), if any, that it distributes to its shareholders in each taxable year, provided that it distributes to its shareholders at least the sum of 90% of its net investment income and 90% of its net tax-exempt interest income for such taxable year.

A fund will be subject to a non-deductible 4% excise tax to the extent that the fund does not distribute by the end of each calendar year: (a) at least 98% of its ordinary income for the calendar year; (b) at least 98.2% of its capital gain net income for the one-year period ending, as a general rule, on October 31 of each year; and (c) 100% of the undistributed ordinary income and capital gain net income from the preceding calendar years (if any). For this purpose, any income or gain retained by a fund that is subject to corporate tax will be considered to have been distributed by year-end. To the extent possible, each fund intends to make sufficient distributions to avoid the application of both federal income and excise taxes. Under current law, distributions of net investment income and net capital gain are not taxed to a life insurance company to the extent applied to increase the reserves for the company's variable annuity and life insurance contracts.

To qualify as a regulated investment company for income tax purposes, a fund must derive at least 90% of its annual gross income from dividends, interest, payments with respect to securities loans, gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including, but not limited to, gains from options, futures or forward contracts) derived with respect to its business of investing in stock, securities and currencies, and net income derived from an interest in a qualified publicly traded partnership.

A "qualified publicly traded partnership" is a publicly traded partnership that satisfies certain qualifying income requirements of Code Section 7704. All of the income received by a fund from its investment in a qualified publicly traded partnership will be income satisfying the 90% qualifying income test. A fund investing in publicly traded partnerships might be required to recognize in its taxable year income in excess of its cash distributions from such publicly traded partnerships during that year. Such income, even if not reported to the fund by the publicly traded partnerships until after the end of that year, would nevertheless be subject to the regulated investment company income distribution requirements and would be taken into account for purposes of the 4% excise tax.

Under an IRS revenue ruling effective after September 30, 2006, income from certain commodities-linked derivatives in which certain funds invest is not considered qualifying income for purposes of the 90% qualifying income test. This ruling limits the extent to which a fund may receive income from such commodity-linked derivatives to a maximum of 10% of its annual gross income.

To qualify as a regulated investment company, a fund must also satisfy certain requirements with respect to the diversification of its assets. A fund must have, at the close of each quarter of the taxable year, at least 50% of the value of its total assets represented by cash, cash items, U.S. government securities, securities of other regulated investment companies, and other securities that, in respect of any one issuer, do not represent more than 5% of the value of the assets of the fund nor more than 10% of the voting securities of that issuer. In addition, at those times not more than 25% of the value of the fund's assets may be invested in securities (other than United States Government securities or the securities of other regulated investment companies) of any one issuer, or of two or more issuers, which the fund controls and which are engaged in the same or similar trades or businesses or related trades or businesses, or of one or more qualified publicly traded partnerships.

If a fund fails to meet the annual gross income test described above, the fund will nevertheless be considered to have satisfied the test if (i) (a) such failure is due to reasonable cause and not due to willful neglect and (b) the fund reports the failure, and (ii) the fund pays an excise tax equal to the excess non-qualifying income. If a fund fails to meet the asset diversification test described above with respect to any quarter, the fund will nevertheless be considered to have satisfied the requirements for such quarter if the fund cures such failure within six months and either: (i) such failure is de minimis; or (ii) (a) such failure is due to reasonable cause and not due to willful neglect; and (b) the fund reports the failure and pays an excise tax.

If a fund fails to qualify as a regulated investment company, the fund would incur income tax as a regular corporation on its taxable income for that year, it would lose its deduction for dividends paid to shareholders, and it would be subject to certain gain recognition and distribution requirements upon requalification. Further distributions of income by the fund to its shareholders would be treated as dividend income, although distributions to individual shareholders generally would constitute qualified dividend income subject to reduced federal income tax rates for an individual shareholder who satisfies certain holding period requirements with respect to his or her shares in the fund and distributions to corporate shareholders generally should be eligible for the DRD. Compliance with the regulated investment company 90% qualifying income test and with the asset diversification requirements is carefully monitored by the Advisor and the subadvisors and it is intended that the funds will comply with the requirements for qualification as regulated investment companies.

Because the Trust complies with the ownership restrictions of U.S. Treasury Regulations Section 1.817-5(f), IRS Revenue Ruling ("Rev. Rul.") 81-225, Rev. Rul. 2003-91, and Rev. Rul. 2003-92 (no direct ownership by the public), the Trust expects each insurance company separate account to be treated as owning (as a separate investment) its proportionate share of each asset of any fund in which it invests for purposes of separate account diversification requirements, provided that the fund qualifies as a regulated investment company. Therefore, each fund intends and expects to meet the additional diversification requirements that are applicable to insurance company separate accounts under Subchapter L of the Code. These requirements generally provide that no more than 55% of the value of the assets of a fund may be represented by any one investment; no more than 70% by any two investments; no more than 80% by any three investments; and no more than 90% by any four investments. For these purposes, all securities of the same issuer are treated as a single investment and each United States government agency or instrumentality is treated as a separate issuer.

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A fund may make investments that produce income that is not matched by a corresponding cash distribution to the fund, such as investments in pay-in-kind bonds or in obligations such as certain Brady Bonds and zero-coupon securities having OID (i.e., an amount equal to the excess of the stated redemption price of the security at maturity over its issue price), or market discount (i.e., an amount equal to the excess of the stated redemption price at maturity of the security (appropriately adjusted if it also has OID) over its basis immediately after it was acquired) if the fund elects to accrue market discount on a current basis. In addition, income may continue to accrue for federal income tax purposes with respect to a non-performing investment. Any such income would be treated as income earned by the fund and therefore would be subject to the distribution requirements of the Code. Because such income may not be matched by a corresponding cash distribution to the fund, the fund may be required to borrow money or dispose of other securities to be able to make distributions to its investors. In addition, if an election is not made to currently accrue market discount with respect to a market discount bond, all or a portion of any deduction for any interest expense incurred to purchase or hold such bond may be deferred until such bond is sold or otherwise disposed of.

Investments in debt obligations that are at risk of or are in default present special tax issues for a fund. Tax rules are not entirely clear about issues such as when a fund may cease to accrue interest, OID, or market discount, when and to what extent deductions may be taken for bad debts or worthless securities, how payments received on obligations in default should be allocated between principal and income, and whether exchanges of debt obligations in a workout context are taxable. These and other issues will be addressed by a fund that holds such obligations in order to reduce the risk of distributing insufficient income to preserve its status as a RIC and seek to avoid becoming subject to federal income or excise tax.

A fund may make investments in convertible securities and exchange traded notes. Convertible debt ordinarily is treated as a "single property" consisting of a pure debt interest until conversion, after which the investment becomes an equity interest. If the security is issued at a premium (i.e., for cash in excess of the face amount payable on retirement), the creditor-holder may amortize the premium over the life of the bond. If the security is issued for cash at a price below its face amount, the creditor-holder must accrue OID in income over the life of the debt. The creditor-holder's exercise of the conversion privilege is treated as a nontaxable event. Mandatorily convertible debt, such as an exchange traded note issued in the form of an unsecured obligation that pays a return based on the performance of a specified market index, currency or commodity, is often treated as a contract to buy or sell the reference property rather than debt. Similarly, convertible preferred stock with a mandatory conversion feature is ordinarily, but not always, treated as equity rather than debt. In general, conversion of preferred stock for common stock of the same corporation is tax-free. Conversion of preferred stock for cash is a taxable redemption. Any redemption premium for preferred stock that is redeemable by the issuing company might be required to be amortized under OID principles.

Certain funds may engage in hedging or derivatives transactions involving foreign currencies, forward contracts, options and futures contracts (including options, futures and forward contracts on foreign currencies) and short sales . Such transactions will be subject to special provisions of the Code that, among other things, may affect the character of gains and losses realized by a fund (that is, may affect whether gains or losses are ordinary or capital), accelerate recognition of income of a fund and defer recognition of certain of the fund's losses. These rules could therefore affect the character, amount and timing of distributions to shareholders. The futures that are traded on a regulated exchange, such as NYSE or NASDAQ, will be treated as Code Section 1256 contracts, and the capital gain/loss will be reflected as 40% short-term capital gain/loss and 60% long-term capital gain/loss. Any futures that are not traded on a regulated exchange will follow the 365 day rule of short-term capital or long-term capital treatment. In addition, these provisions: (1) will require a fund to "mark-to-market" certain types of positions in its portfolio (that is, treat them as if they were closed out); and (2) may cause a fund to recognize income without receiving cash with which to pay dividends or make distributions in amounts necessary to satisfy the distribution requirement and avoid the 4% excise tax. Each fund intends to monitor its transactions, will make the appropriate tax elections and will make the appropriate entries in its books and records when it acquires any option, futures contract, forward contract or hedged investment in order to mitigate the effect of these rules.

Foreign exchange gains and losses realized by a fund in connection with certain transactions involving foreign currency-denominated debt securities, certain foreign currency options, foreign currency forward contracts, foreign currencies, or payables or receivables denominated in a foreign currency are subject to Section 988 of the Code, which generally causes such gains and losses to be treated as ordinary income and losses and may affect the amount, timing and character of distributions to shareholders. If the net foreign exchange loss for a year treated as ordinary loss under Section 988 were to exceed a fund's investment company taxable income computed without regard to such loss, the resulting overall ordinary loss for such year would not be deductible by the fund or its shareholders in future years. Under such circumstances, distributions paid by the fund could be deemed return of capital.

Certain funds may be required to account for their transactions in forward rolls or swaps, caps, floors and collars in a manner that, under certain circumstances, may limit the extent of their participation in such transactions. Additionally, a fund may be required to recognize gain, but not loss, if a swap or other transaction is treated as a constructive sale of an appreciated financial position in a fund's portfolio. Additionally, some countries restrict repatriation which may make it difficult or impossible for a fund to obtain cash corresponding to its earnings or assets in those countries. However, a fund must distribute to shareholders for each taxable year substantially all of its net income and net capital gains, including such income or gain, to qualify as a RIC and avoid liability for any federal income or excise tax. Therefore, a fund may have to dispose of its portfolio securities under disadvantageous circumstances to generate cash, or borrow cash, to satisfy these distribution requirements.

If a fund invests in stock (including an option to acquire stock such as is inherent in a convertible bond) in certain foreign corporations that receive at least 75% of their annual gross income from passive sources (such as interest, dividends, certain rents and royalties or capital gain) or hold at least 50% of their assets in investments producing such passive income ("passive foreign investment companies" or "PFICs"), the fund could be subject to federal income tax and additional interest charges on "excess distributions" received from such companies or gain from the sale of stock in such

**24**

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companies, even if all income or gain actually received by the fund is timely distributed to its shareholders. The fund would not be able to pass through to its shareholders any credit or deduction for such a tax.

If a fund were to invest in a PFIC and elected to treat the PFIC as a "qualified electing fund" under the Code, in lieu of the foregoing requirements, the fund would be required to include in income each year a portion of the ordinary earnings and net capital gain of the qualified electing fund, even if not distributed to the fund. Alternatively, a fund can elect to mark-to-market at the end of each taxable year its shares in a PFIC; in this case, the fund would recognize as ordinary income any increase in the value of such shares, and as ordinary loss any decrease in such value to the extent it did not exceed prior increases included in income. Under either election, a fund might be required to recognize in a year income in excess of its distributions from PFICs and its proceeds from dispositions of PFIC stock during that year, and such income would nevertheless be subject to the distribution requirements and would be taken into account for purposes of the 4% excise tax.

A fund may be subject to withholding and other taxes imposed by foreign countries with respect to its investments in foreign securities. Some tax conventions between certain countries and the U.S. may reduce or eliminate such taxes. Such foreign taxes will reduce the amount a fund has available to distribute to shareholders. Rather than deducting these foreign taxes, if a fund invests more than 50% of its assets in the stock or securities of foreign corporations or foreign governments at the end of its taxable year, the fund may make an election to treat a proportionate amount of eligible foreign taxes as constituting a taxable distribution to each shareholder, which would, subject to certain limitations, generally allow the shareholder to either (i) credit that proportionate amount of taxes against U.S. federal income tax liability as a foreign tax credit or (ii) to take that amount as an itemized deduction.

Funds may invest in equity securities of master limited partnerships ("MLPs") that are expected to derive income and gains from the exploration, development, mining or production, processing, refining, transportation (including pipeline transporting gas, oil, or products thereof), or the marketing of any mineral or natural resources. The funds expect that these MLPs will be treated as "qualified publicly traded partnerships" (as discussed above). Accordingly, it is expected that the net income derived by a fund from such investments will be qualifying income for purposes of the 90% gross income requirement. As described above, a fund must limit its investments in qualified publicly traded partnerships to no more than 25% of its total assets as of the end of each quarter of its taxable year in order to maintain its status as a RIC.

The MLPs in which a fund may invest are expected to be treated as partnerships for U.S. federal income tax purposes, and therefore, the cash distributions received by a fund from an MLP may not correspond to the amount of income allocated to it by the MLP in any given taxable year. If the amount of income allocated by an MLP to a fund exceeds the amount of cash received by the fund from such MLP, the fund will need to find other sources of funds for making distributions in the amounts necessary to satisfy the requirements for maintaining RIC status and avoiding any income and excise taxes. Accordingly, a fund may need to dispose of securities in order to generate sufficient cash to satisfy the distribution requirements.

A fund may invest in REITs. REIT dividends and capital gain distributions are generally treated as qualifying income for purposes of the 90% gross income requirement. A fund may invest in REITs that (1) hold residual interests in real estate mortgage investment conduits ("REMICs") or (2) engage in mortgage securitization transactions that cause the REITs to be taxable mortgage pools ("TMPs") or have a qualified REIT subsidiary that is a TMP. Such an investment may subject the fund to income tax and special reporting requirements with respect to any "excess inclusion" income received from the REMICs or TMPs.

For federal income tax purposes, a fund is permitted to carry forward a net capital loss incurred in any year to offset net capital gains, if any, in any subsequent year until such loss carryforwards have been fully used. Capital losses carried forward will retain their character as either short-term or long-term capital losses. A fund's ability to utilize capital loss carryforwards in a given year or in total may be limited. To the extent subsequent net capital gains are offset by such losses, they would not result in federal income tax liability to a fund and would not be distributed as such to shareholders.

Below are the capital loss carryforwards available to the funds as of December 31, 2025 to the extent provided by regulations, to offset future net realized capital gains:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Short-term Losses ($)** | **Long-term Losses ($)** | **Total ($)** |
| American Asset Allocation Trust | 0 | 0 | 0 |
| American Global Growth Trust | 0 | 0 | 0 |
| American Growth Trust | 0 | 0 | 0 |
| American Growth-Income Trust | 0 | 0 | 0 |

---

**Additional Tax Considerations.** If a fund failed to qualify as a regulated investment company: (i) owners of contracts based on the fund would be treated as owning contracts based solely on shares of the fund (rather than on their proportionate share of the assets of such fund) for purposes of the diversification requirements under Subchapter L of the Code, and as a result might be taxed currently on the investment earnings under their contracts and thereby lose the benefit of tax deferral; and (ii) the fund would incur regular corporate federal income tax on its taxable income for that year and be subject to certain distribution requirements upon requalification. In addition, if a fund failed to comply with the diversification requirements of the regulations under Subchapter L of the Code, owners of contracts based on the fund might be taxed on the investment earnings under their contracts and thereby lose the benefit of tax deferral. Accordingly, compliance with the above rules is carefully monitored by the Advisor and the subadvisors and it is intended that the funds will comply with these rules as they exist or as they may be modified from time to time. Compliance with the tax

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requirements described above may result in a reduction in the return under a fund, since, to comply with the above rules, the investments utilized (and the time at which such investments are entered into and closed out) may be different from what the subadvisors might otherwise believe to be desirable.

**Other Information.** For more information regarding the tax implications for the purchaser of a variable annuity or life insurance contract who allocates investments to a fund, please refer to the prospectus for the contract.

The foregoing is a general and abbreviated summary of the applicable provisions of the Code and Treasury Regulations currently in effect. It is not intended to be a complete explanation or a substitute for consultation with individual tax advisors. For the complete provisions, reference should be made to the pertinent Code sections and the Treasury Regulations promulgated thereunder. The Code and Treasury Regulations are subject to change, possibly with retroactive effect.

**Portfolio Brokerage**

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As each fund invests solely in its corresponding Master Fund, none of the funds incurs any brokerage commissions. For information regarding portfolio brokerage of each Master Fund, see the Master Funds' SAI, which is delivered together with this SAI.

**Legal and Regulatory Matters**

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There are no legal proceedings to which the Trust, the Advisor, or the Distributor is a party that are likely to have a material adverse effect on the funds or the ability of either the Advisor or the Distributor to perform its contract with the funds.

**Independent Registered Public Accounting Firm**

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The [financial statements](#finstat_beeaab79-3b4f-4b45-ac24-4c72c11c8073) of each fund for the fiscal period ended December 31, 2025, including the related financial highlights that appear in the Prospectus, have been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm, as stated in their report with respect thereto, and are incorporated herein by reference in reliance upon said report given on the authority of said firm as experts in accounting and auditing. PricewaterhouseCoopers LLP has offices at 101 Seaport Boulevard, Suite 500, Boston, Massachusetts 02210.

**Financial Statements**

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The [financial statements](#finstat_beeaab79-3b4f-4b45-ac24-4c72c11c8073) of each fund for the fiscal period ended December 31, 2025, are incorporated herein by reference from each fund's most recent Form N-CSR filing pursuant to Rule 30b2-1 under the 1940 Act.

**Custody of Portfolio Securities**

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State Street, One Congress Street, Suite 1, Boston, Massachusetts 02114, currently acts as custodian and bookkeeping agent with respect to each fund's assets. State Street has selected various banks and trust companies in foreign countries to maintain custody of certain foreign securities. Each fund also may use special purpose custodian banks from time to time for certain assets. State Street is authorized to use the facilities of the Depository Trust Company, the Participants Trust Company, and the book-entry system of the Federal Reserve Banks.

**Codes of Ethics**

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The Trust, the Advisor, the Distributor and the subadvisor to the funds have adopted Codes of Ethics that comply with Rule 17j-1 under the 1940 Act. Each Code of Ethics permits personnel subject to the Code of Ethics to invest in securities, including securities that may be purchased or held by a fund.

**Management of Other Funds By The Advisor**

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The funds of JHVIT described this SAI are not retail mutual funds and are only available under variable annuity contracts or variable life policies, through participation in tax qualified retirement plans or to certain permitted entities. Although the Advisor or subadvisors may manage retail mutual funds with similar names and investment objectives, no representation is made, and no assurance is given, that any fund's investment results will be comparable to the investment results of any other fund, including funds with the same Advisor or subadvisor. Past performance is no guarantee of future results.

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**Appendix A – Description of Bond Ratings**

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**Descriptions of Credit Rating Symbols and Definitions** 

The ratings of Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings and Fitch Ratings ("Fitch") represent their respective opinions as of the date they are expressed and not statements of fact as to the quality of various long-term and short-term debt instruments they undertake to rate. It should be emphasized that ratings are general and are not absolute standards of quality. Consequently, debt instruments with the same maturity, coupon and rating may have different yields while debt instruments of the same maturity and coupon with different ratings may have the same yield.

Ratings do not constitute recommendations to buy, sell, or hold any security, nor do they comment on the adequacy of market price, the suitability of any security for a particular investor, or the tax-exempt nature or taxability of any payments of any security.

**<u>In General</u>** 

**Moody's.** Ratings assigned on Moody's global long-term and short-term rating scales are forward-looking opinions of the relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured finance vehicles, project finance vehicles, and public sector entities.

Note that the content of this Appendix A, to the extent that it relates to the ratings determined by Moody's, is derived directly from Moody's electronic publication of "Ratings Symbols and Definitions" which is available at: https://ratings.moodys.com/api/rmc-documents/53954.

**S&P Global Ratings.** An S&P Global Ratings issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings on medium-term note programs and commercial paper programs). It takes into consideration the creditworthiness of guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in which the obligation is denominated. The opinion reflects S&P Global Ratings' view of the obligor's capacity and willingness to meet its financial commitments as they come due, and this opinion may assess terms, such as collateral security and subordination, which could affect ultimate payment in the event of default.

Issue ratings are an assessment of default risk but may incorporate an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect the lower priority in bankruptcy.

Note that the content of this Appendix A, to the extent that it relates to the ratings determined by S&P Global Ratings, is derived directly from S&P Global Ratings' electronic publication of "S&P's Global Ratings Definitions," which is available at: https://www.standardandpoors.com/en_US/web/guest/article/-/view/sourceId/504352.

**Fitch.** Fitch Ratings publishes credit ratings that are forward-looking opinions on the relative ability of an entity or obligation to meet financial commitments. Issuer default ratings (IDRs) are assigned to corporations, sovereign entities, financial institutions such as banks, leasing companies and insurers, and public finance entities (local and regional governments). Issue level ratings are also assigned, often include an expectation of recovery and may be notched above or below the issuer level rating. Issue ratings are assigned to secured and unsecured debt securities, loans, preferred stock and other instruments, Structured finance ratings are issue ratings to securities backed by receivables or other financial assets that consider the obligations' relative vulnerability to default.

Fitch's credit rating scale for issuers and issues is expressed using the categories 'AAA' to 'BBB' (investment grade) and 'BB' to 'D' (speculative grade) with an additional +/- for AA through CCC levels indicating relative differences of probability of default or recovery for issues. The terms "investment grade" and "speculative grade" are market conventions and do not imply any recommendation or endorsement of a specific security for investment purposes. Investment grade categories indicate relatively low to moderate credit risk, while ratings in the speculative categories signal either a higher level of credit risk or that a default has already occurred.

Note that the content of this Appendix A, to the extent that it relates to the ratings determined by Fitch, is derived directly from Fitch's electronic publication of "Definitions of Ratings and Other Forms of Opinion" which is available at: https://www.fitchratings.com/products/rating-definitions.

**General Purpose Ratings**

**Long-Term Issue Ratings** 

**<u>Moody's Global Long-Term Rating Scale</u>** 

Long-term ratings are assigned to issuers or obligations with an original maturity of eleven months or more and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment.

**Aaa:** Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk.

**Aa:** Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.

**A:** Obligations rated A are considered upper-medium grade and are subject to low credit risk.

**Baa:** Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

**A-1**

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**Ba:** Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.

**B:** Obligations rated B are considered speculative and are subject to high credit risk.

**Caa:** Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk.

**Ca:** Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

**C:** Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

**Note: Addition of a Modifier 1, 2 or 3:** Moody's appends numerical modifiers 1, 2 and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category. Additionally, a "(hyb)" indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance companies, and securities firms. By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments, which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to contractually allowable write-downs of principal that could result in impairment.

Together with the hybrid indicator, the long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with that security.

**<u>S&P Global Ratings' Long-Term Issue Credit Ratings</u>** 

Long-term ratings are assigned to issuers or obligations with an original maturity of one year or more and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment.

**AAA:** An obligation rated 'AAA' has the highest rating assigned by S&P Global Ratings. The obligor's capacity to meet its financial commitment on the obligation is extremely strong.

**AA:** An obligation rated 'AA' differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitment on the obligation is very strong.

**A:** An obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitment on the obligation is still strong.

**BBB:** An obligation rated 'BBB' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitments on the obligation.

**BB, B, CCC, CC and C:** Obligations rated 'BB', 'B', 'CCC' 'CC' and 'C' are regarded as having significant speculative characteristics. 'BB' indicates the least degree of speculation and 'C' the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposures to adverse conditions.

**BB:** An obligation rated 'BB' is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions that could lead to the obligor's inadequate capacity to meet its financial commitment on the obligation.

**B:** An obligation rated 'B' is more vulnerable to nonpayment than obligations rated 'BB', but the obligor currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments on the obligation.

**CCC:** An obligation rated 'CCC' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. In the event of adverse business, financial or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation.

**CC:** An obligation rated 'CC' is currently highly vulnerable to nonpayment. The 'CC' rating is used when a default has not yet occurred but S&P Global Ratings expects default to be a virtual certainty, regardless of the anticipated time to default.

**C:** An obligation rated 'C' is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared to obligations that are rated higher.

**D:** An obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within the next five business days in the absence of a stated grace period or within the earlier of the stated grace period or the next 30 calendar days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed debt restructuring.

**Note: Addition of a Plus (+) or minus (-) sign:** The ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories.

**Dual Ratings –** Dual ratings may be assigned to debt issues that have a put option or demand feature. The first component of the rating addresses the likelihood of repayment of principal and interest as due, and the second component of the rating addresses only the demand feature. The first

**A-2**

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component of the rating can relate to either a short-term or long-term transaction and accordingly use either short-term or long-term rating symbols. The second component of the rating relates to the put option and is assigned a short-term rating symbol (for example, 'AAA/A-1+' or 'A-1+/A-1'). With U. S. municipal short-term demand debt, the U.S. municipal short-term note rating symbols are used for the first component of the rating (for example, 'SP-1+/A-1+').

**<u>Fitch Corporate Finance Obligations – Long-Term Rating Scales</u>** 

Ratings of individual securities or financial obligations of a corporate issuer address relative vulnerability to default on an ordinal scale. In addition, for financial obligations in corporate finance, a measure of recovery given default on that liability is also included in the rating assessment. This notably applies to covered bond ratings, which incorporate both an indication of the probability of default and of the recovery given a default of this debt instrument.

**AAA:** Highest credit quality. 'AAA' ratings denote the lowest expectation of credit risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

**AA:** Very high credit quality. 'AA' ratings denote expectations of very low credit risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

**A:** High credit quality. 'A' ratings denote expectations of low credit risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.

**BBB:** Good credit quality. 'BBB' ratings indicate that expectations of credit risk are currently low. The capacity for payment of financial commitments is considered adequate but adverse business or economic conditions are more likely to impair this capacity.

**BB:** Speculative. 'BB' ratings indicate an elevated vulnerability to credit risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial alternatives may be available to allow financial commitments to be met.

**B:** Highly speculative. 'B' ratings indicate that material credit risk is present.

**CCC:** Substantial credit risk. "CCC" ratings indicate that substantial credit risk is present.

**CC:** Very high levels of credit risk. "CC" ratings indicate very high levels of credit risk.

**C:** Exceptionally high levels of credit risk. "C" indicates exceptionally high levels of credit risk.

Corporate finance defaulted obligations typically are not assigned 'RD' or 'D' ratings but are instead rated in the 'CCC' to 'C' rating categories, depending on their recovery prospects and other relevant characteristics. This approach better aligns obligations that have comparable overall expected loss but varying vulnerability to default and loss.

**Note: Addition of a Plus (+) or minus (-) sign:** Within rating categories, Fitch may use modifiers. The modifiers "+" or "-" may be appended to a rating to denote relative status within major rating categories. For example, the rating category 'AA' has three notch-specific rating levels ('AA+'; 'AA'; 'AA-'; each a rating level). Such suffixes are not added to 'AAA' ratings and ratings below the 'CCC' category. For the short-term rating category of 'F1', a '+' may be appended. For Viability Ratings, the modifiers '+' or '-' may be appended to a rating to denote relative status within categories from 'aa' to 'ccc'.

**Corporate And Tax-Exempt Commercial Paper Ratings**

**Short-Term Issue Ratings** 

**<u>Moody's Global Short-Term Rating Scale</u>** 

Ratings assigned on Moody's global long-term and short-term rating scales are forward-looking opinions of the relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured finance vehicles, project finance vehicles, and public sector entities. Short-term ratings are assigned to obligations with an original maturity of thirteen months or less and reflect both the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment.

Moody's employs the following designations to indicate the relative repayment ability of rated issuers:

**P-1:** Ratings of Prime-1 reflect a superior ability to repay short-term obligations.

**P-2:** Ratings of Prime-2 reflect a strong ability to repay short-term obligations.

**P-3:** Ratings of Prime-3 reflect an acceptable ability to repay short-term obligations.

**NP:** Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

The following table indicates the long-term ratings consistent with different short-term ratings when such long-term ratings exist. (Note: Structured finance short-term ratings are usually based either on the short-term rating of a support provider or on an assessment of cash flows available to retire the financial obligation).

**A-3**

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![](g254743moodysglobal_1.jpg)

**<u>S&P Global Ratings' Short-Term Issue Credit Ratings</u>** 

S&P Global Ratings' short-term issue credit ratings are generally assigned to those obligations considered short-term in the relevant market, typically with an original maturity of no more than 365 days. Short-term issue credit ratings are also used to indicate the creditworthiness of an obligor with respect to put features on long-term obligations. A long-term issue credit rating is typically assigned to an obligation with an original maturity of greater than 365 days. Ratings are graded into several categories, ranging from 'A' for the highest-quality obligations to 'D' for the lowest. These categories are as follows:

**A-1:** A short-term obligation rated 'A-1' is rated in the highest category by S&P Global Ratings. The obligor's capacity to meet its financial commitment on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitments on these obligations is extremely strong.

**A-2:** A short-term obligation rated 'A-2' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitments on the obligation is satisfactory.

**A-3:** A short-term obligation rated 'A-3' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor's capacity to meet its financial commitments on the obligation.

**B:** A short-term obligation rated 'B' is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties that could lead to the obligor's inadequate capacity to meet its financial commitments.

**C:** A short-term obligation rated 'C' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation.

**D:** A short-term obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed debt restructuring.

**Dual Ratings –** Dual ratings may be assigned to debt issues that have a put option or demand feature. The first component of the rating addresses the likelihood of repayment of principal and interest as due, and the second component of the rating addresses only the demand feature. The first component of the rating can relate to either a short-term or long-term transaction and accordingly use either short-term or long-term rating symbols. The second component of the rating relates to the put option and is assigned a short-term rating symbol (for example, 'AAA/A-1+' or 'A-1+/A-1'). With U.S. municipal short-term demand debt, the U.S. municipal short-term note rating symbols are used for the first component of the rating (for example, 'SP-1+/A-1+').

**<u>Fitch's Short-Term Issuer or Obligation Ratings</u>** 

A short-term issuer or obligation rating is based in all cases on the short-term vulnerability to default of the rated entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the relevant obligation. Short-term deposit ratings may be adjusted for loss severity. Short-term deposit ratings may be adjusted for loss severity. Short-Term Ratings are assigned to obligations whose initial maturity is viewed as

**A-4**

------

"short term" based on market convention. Typically, this means up to 13 months for corporate, sovereign, and structured obligations, and up to 36 months for obligations in U.S. public finance markets.

**F1:** Highest short-term credit quality.

Indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added ("+") to denote any exceptionally strong credit feature.

**F2:** Good short-term credit quality.

Good intrinsic capacity for timely payment of financial commitments.

**F3:** Fair short-term credit quality.

The intrinsic capacity for timely payment of financial commitments is adequate.

**B:** Speculative short-term credit quality.

Minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near term adverse changes in financial and economic conditions.

**C:** High short-term default risk.

Default is a real possibility.

**RD:** Restricted default.

Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Typically applicable to entity ratings only.

**D:** Default.

Indicates a broad-based default event for an entity, or the default of a short-term obligation.

**Tax-Exempt Note Ratings** 

**<u>Moody's U.S. Municipal Short-Term Debt Ratings</u>** 

While the global short-term 'prime' rating scale is applied to US municipal tax-exempt commercial A-8 paper, these programs are typically backed by external letters of credit or liquidity facilities and their short-term prime ratings usually map to the long-term rating of the enhancing bank or financial institution and not to the municipality's rating. Other short-term municipal obligations, which generally have different funding sources for repayment, are rated using two additional short-term rating scales (i.e., the MIG and VMIG scale discussed below).

The Municipal Investment Grade (MIG) scale is used to rate US municipal bond anticipation notes of up to five years maturity. Municipal notes rated on the MIG scale may be secured by either pledged revenues or proceeds of a take-out financing received prior to note maturity. MIG ratings expire at the maturity of the obligation, and the issuer's long-term rating is only one consideration in assigning the MIG rating. MIG ratings are divided into three levels—MIG 1 through MIG 3—while speculative grade short-term obligations are designated SG.

**MIG 1:** This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for refinancing.

**MIG 2:** This designation denotes strong credit quality. Margins of protection are ample, although not as large as in the preceding group.

**MIG 3:** This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established.

**SG:** This designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection.

Variable Municipal Investment Grade (VMIG) ratings of demand obligations with unconditional liquidity support are mapped from the short-term debt rating (or counterparty assessment) of the support provider, or the underlying obligor in the absence of third party liquidity support, with VMIG 1 corresponding to P-1, VMIG 2 to P-2, VMIG 3 to P-3 and SG to not prime. For example, the VMIG rating for an industrial revenue bond with Company XYZ as the underlying obligor would normally have the same numerical modifier as Company XYZ's prime rating. Transitions of VMIG ratings of demand obligations with conditional liquidity support, as shown in the diagram below, differ from transitions on the Prime scale to reflect the risk that external liquidity support will terminate if the issuer's long-term rating drops below investment grade.

**VMIG 1:** This designation denotes superior credit quality. Excellent protection is afforded by the superior short-term credit strength of the liquidity provider and structural and legal protections.

**VMIG 2:** This designation denotes strong credit quality. Good protection is afforded by the strong short-term credit strength of the liquidity provider and structural and legal protections.

**VMIG 3:** This designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-term credit strength of the liquidity provider and structural and legal protections.

**SG:** This designation denotes speculative-grade credit quality. Demand features rated in this category may be supported by a liquidity provider that does not have a sufficiently strong short-term rating or may lack the structural and/or legal protections.

**A-5**

------

**\***

For VRDBs supported with conditional liquidity support, short-term ratings transition down at higher long-term ratings to reflect the risk of termination of liquidity support as a result of a downgrade below investment grade.

VMIG ratings of VRDBs with unconditional liquidity support reflect the short-term debt rating (or counterparty assessment) of the liquidity support provider with VMIG 1 corresponding to P-1, VMIG 2 to P-2, VMIG 3 to P-3 and SG to not prime.

For more complete discussion of these rating transitions, please see Annex B of Moody's Methodology titled Variable Rate Instruments Supported by Conditional Liquidity Facilities.

---

| | | |
|:---|:---|:---|
| **US Municipal Short-Term Versus Long-Term Ratings** | **US Municipal Short-Term Versus Long-Term Ratings** | **US Municipal Short-Term Versus Long-Term Ratings** |
| **NOTES** | **LONG-TERM RATING** | &nbsp;&nbsp;&nbsp; **DEMAND OBLIGATIONS WITH**<br> **CONDITIONAL LIQUIDITY** <br> **SUPPORT**<br>|
| MIG 1 | &nbsp;&nbsp;&nbsp; Aaa<br> Aa1<br> Aa2<br> Aa3<br> A1<br> A2<br>| VMIG 1 |
| MIG 2 | A3 | VMIG 2 |
| MIG 3 | &nbsp;&nbsp;&nbsp; Baa1<br> Baa2<br> Baa3<br>| &nbsp;&nbsp;&nbsp; VMIG 3\*<br> SG<br>|
| SG | &nbsp;&nbsp;&nbsp; Ba1, Ba2, Ba3 B1,<br> B2, B3 Caa1, Caa2,<br> Caa3 Ca, C<br>|  |

---

\*

For SBPA-backed VRDBs, the rating transitions are higher to allow for distance to downgrade to below investment grade due to the presence of automatic termination events in the SBPAs.

**<u>S&P Global Ratings' Municipal Short-Term Note Ratings</u>** 

An S&P Global Ratings municipal note rating reflects S&P Global Ratings' opinion about the liquidity factors and market access risks unique to the notes. Notes due in three years or less will likely receive a note rating. Notes with an original maturity of more than three years will most likely receive a long-term debt rating. In determining which type of rating, if any, to assign, S&P Global Ratings' analysis will review the following considerations:

● Amortization schedule – the larger the final maturity relative to other maturities, the more likely it will be treated as a note; and

● Source of payment – the more dependent the issue is on the market for its refinancing, the more likely it will be treated as a note.

Note rating symbols are as follows:

**SP-1:** Strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt service is given a plus (+) designation.

**SP-2:** Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes.

**SP-3:** Speculative capacity to pay principal and interest.

**D:** 'D' is assigned upon failure to pay the note when due, completion of a distressed debt restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions.

**<u>Fitch Public Finance Ratings</u>** 

See FITCH SHORT-TERM ISSUER OR OBLIGATIONS RATINGS above.

**A-6**

------

**Appendix B – Portfolio Manager Information**

------

**Capital Research and Management Company** 

**("CRMC")**

**DISCLOSURE REGARDING PORTFOLIO MANAGERS OF THE MASTER FUNDS OF THE JHVIT FEEDER FUNDS, OTHER ACCOUNTS MANAGED AND COMPENSATION**

Reference herein to "funds" includes reference to the Master Funds, as applicable.

**Investment adviser** — Capital Research and Management Company, the Master Funds' investment adviser, founded in 1931, maintains research facilities in the United States and abroad (Geneva, Hong Kong, London, Los Angeles, Mumbai, New York, San Francisco, Singapore, Tokyo, Toronto and Washington, D.C.). These facilities are staffed with experienced investment professionals. The investment adviser is located at 333 South Hope Street, Los Angeles, CA 90071. It is a wholly owned subsidiary of The Capital Group Companies, Inc.®, a holding company for several investment management subsidiaries. Capital Research and Management Company manages equity assets through three equity investment divisions and fixed- income assets through its fixed-income investment division, Capital Fixed Income Investors. The three equity investment divisions — Capital World Investors, Capital Research Global Investors and Capital International Investors — make investment decisions independently of one another. Portfolio managers in Capital International Investors rely on a research team that also provides investment services to institutional clients and other accounts advised by affiliates of Capital Research and Management Company. The investment adviser, which is deemed under the Commodity Exchange Act (the "CEA") to be the operator of certain funds, has claimed an exclusion from the definition of the term commodity pool operator under the CEA with respect to each fund and, therefore, is not subject to registration or regulation as such under the CEA with respect to the funds.

The investment adviser has adopted policies and procedures that address issues that may arise as a result of an investment professional's management of the funds and other funds and accounts. Potential issues could involve allocation of investment opportunities and trades among funds and accounts, use of information regarding the timing of fund trades, investment professional compensation and voting relating to portfolio securities. CRMC believes that its policies and procedures are reasonably designed to address these issues.

**Compensation of investment professionals** — As described in the Prospectus, the investment adviser uses a system of multiple portfolio managers in managing fund assets. In addition, individual managers of certain funds may allocate a portion of their segment of the fund to fixed income managers in the fund, and CRMC's investment analysts may make investment decisions with respect to a portion of a fund's portfolio within their research coverage.

Portfolio managers and investment analysts are paid competitive salaries by CRMC. In addition, they may receive bonuses based on their individual portfolio results. Investment professionals also may participate in profit-sharing plans. The relative mix of compensation represented by bonuses, salary and profit-sharing plans will vary depending on the individual's portfolio results, contributions to the organization and other factors.

To encourage a long-term focus, bonuses based on investment results are calculated by comparing pretax total investment returns to relevant benchmarks over the most recent year, a four-year rolling average and an eight-year rolling average with greater weight placed on the four-year and eight-year rolling averages. For portfolio managers, benchmarks may include measures of the marketplaces in which the fund invests and measures of the results of comparable mutual funds. For investment analysts, benchmarks may include relevant market measures and appropriate industry or sector indexes reflecting their areas of expertise. CRMC makes periodic subjective assessments of analysts' contributions to the investment process and this is an element of their overall compensation. The investment results of each of the funds' portfolio managers may be measured against one or more of the following benchmarks, depending on his or her investment focus, such as:

Global Growth Fund — MSCI All Country World Index (Net to US) and a custom average consisting of funds that disclose investment objectives and strategies comparable to those of the fund;

Growth Fund — (i) S&P 500 Index, (ii) Russell 1000 Growth Index with 6.5% Issuer Cap and (iii) a custom average consisting of funds that disclose investment objectives and strategies comparable to those of the fund;

Growth-Income Fund — S&P 500 Index and a custom average consisting of funds that disclose investment objectives and strategies comparable to those of the fund; and

Asset Allocation Fund — (i) S&P 500 Index, (ii) Bloomberg U.S. Aggregate Index, (iii) Bloomberg U.S. Corporate High Yield Index 2% Issuer Cap and (iv) a custom average consisting of funds that disclose investment objectives and strategies comparable to those of the fund.

**Portfolio manager fund holdings and management of other accounts** — Shares of the funds may only be owned by purchasing variable annuity and variable life insurance contracts. Each portfolio manager's need for variable annuity or variable life contracts and the role those contracts would play in his or her comprehensive investment portfolio will vary and depend on a number of factors including tax, estate planning, life insurance, alternative retirement plans or other considerations. Each portfolio manager has determined that variable insurance or annuity contracts do not meet his or her current needs. Consequently, none of the portfolio managers holds any investments that hold shares of the funds.

The following table reflects information regarding accounts other than the funds for which each portfolio manager has day-to-day management responsibilities. Accounts are grouped into three categories: (i) other investment companies, (ii) other pooled investment vehicles, and (iii) other accounts. To the extent that any of these accounts pays advisory fees that are based on account performance ("performance-based fees"), information

**B-1**

------

on those accounts is specifically broken out. In addition, any assets denominated in foreign currencies have been converted into U.S. dollars using the exchange rates as of the applicable date.

The portfolio managers listed below for each fund are jointly and primarily responsible for the day-to-day management of the Master Fund in which each fund invests.

The following tables provide information as of December 31, 2025:

**American Asset Allocation Trust** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Other Registered Investment**<br> **Companies**<sup>1</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; **Other Registered Investment**<br> **Companies**<sup>1</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles**<sup>1</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles**<sup>1</sup>  | **Other Accounts**<sup>1,2</sup>  | **Other Accounts**<sup>1,2</sup>  |
| **Portfolio Manager** | &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Assets**<br> **(in billions) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Assets**<br> **(in billions) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Assets**<br> **(in billions) ($)**<br>|
| Alan N. Berro | 5 | 522.0 | 3 | 15.89 |  |  |
| Tom Chow | 4 | 494.3 | 2 | 0.50 |  |  |
| Emme Kozloff | 3 | 224.6 | 2 | 16.72 |  |  |
| Jin Lee | 6 | 638.8 | 5 | 22.61 |  |  |
| John R. Queen | 25 | 649.3 | 4 | 13.33 | 168 | 0.32 |
| Justin Toner | 7 | 148.3 |  |  |  |  |

---

**1**

Indicates other RIC(s), PIV(s) or other accounts managed by Capital Research and Management Company or its affiliates for which the portfolio manager also has significant day to day management responsibilities. Assets noted are the total net assets of the RIC(s), PIV(s) or other accounts and are not the total assets managed by the individual, which is a substantially lower amount. No RIC, PIV or other account has an advisory fee that is based on the performance of the RIC, PIV or other account, unless otherwise noted.

**2**

Personal brokerage accounts of portfolio managers and their families are not reflected.

**American Global Growth Trust** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Other Registered Investment**<br> **Companies**<sup>1</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; **Other Registered Investment**<br> **Companies**<sup>1</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles**<sup>1</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles**<sup>1</sup>  | **Other Accounts**<sup>1,2</sup>  | **Other Accounts**<sup>1,2</sup>  |
| **Portfolio Manager** | &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Assets**<br> **(in billions) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Assets**<br> **(in billions) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Assets**<br> **(in billions) ($)**<br>|
| Barbara Burtin | 5 | 190.6 | 4 | 28.76 |  |  |
| Mathews Cherian | 4 | 483.4 | 5 | 18.36 |  |  |
| Patrice Collette | 5 | 190.6 | 5 | 28.84 | 1 | 0.16 |
| Matt Hochstetler | 7 | 90.3 | 2 | 3.42 |  |  |
| Jason B. Smith | 1 | 8.1 |  |  |  |  |

---

**1**

Indicates other RIC(s), PIV(s) or other accounts managed by Capital Research and Management Company or its affiliates for which the portfolio manager also has significant day to day management responsibilities. Assets noted are the total net assets of the RIC(s), PIV(s) or other accounts and are not the total assets managed by the individual, which is a substantially lower amount. No RIC, PIV or other account has an advisory fee that is based on the performance of the RIC, PIV or other account, unless otherwise noted.

**2**

Personal brokerage accounts of portfolio managers and their families are not reflected.

**American Growth Trust** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Other Registered Investment**<br> **Companies**<sup>1</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; **Other Registered Investment**<br> **Companies**<sup>1</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles**<sup>1</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles**<sup>1</sup>  | **Other Accounts**<sup>1,2</sup>  | **Other Accounts**<sup>1,2</sup>  |
| **Portfolio Manager** | &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Assets**<br> **(in billions) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Assets**<br> **(in billions) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Assets**<br> **(in billions) ($)**<br>|
| Julian N. Abdey | 4 | 440.4 | 1 | 9.00 |  |  |
| Paul Benjamin | 4 | 494.3 | 5 | 18.36 |  |  |
| Mark L. Casey | 6 | 737.0 | 3 | 20.21 |  |  |
| Irfan M. Furniturewala | 5 | 401.4 | 5 | 21.22 | 5 | 7.24 |
| Anne-Marie Peterson | 3 | 517.7 | 4 | 36.92 |  |  |
| Andraz Razen | 8 | 604.5 | 4 | 36.92 |  |  |
| Alan J. Wilson | 3 | 624.7 | 3 | 18.80 |  |  |

---

**1**

Indicates other RIC(s), PIV(s) or other accounts managed by Capital Research and Management Company or its affiliates for which the portfolio manager also has significant day to day management responsibilities. Assets noted are the total net assets of the RIC(s), PIV(s) or other accounts and are not the total assets managed

**B-2**

------

by the individual, which is a substantially lower amount. No RIC, PIV or other account has an advisory fee that is based on the performance of the RIC, PIV or other account, unless otherwise noted.

**2**

Personal brokerage accounts of portfolio managers and their families are not reflected.

**American Growth-Income Trust** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Other Registered Investment**<br> **Companies**<sup>1</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; **Other Registered Investment**<br> **Companies**<sup>1</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles**<sup>1</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles**<sup>1</sup>  | **Other Accounts**<sup>1,2</sup>  | **Other Accounts**<sup>1,2</sup>  |
| **Portfolio Manager** | &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Assets**<br> **(in billions) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Assets**<br> **(in billions) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Accounts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Assets**<br> **(in billions) ($)**<br>|
| Brad Barrett | 2 | 104.6 | 2 | 4.97 |  |  |
| Charles E. Ellwein | 6 | 243.7 | 3 | 6.45 |  |  |
| Cheryl E. Frank | 5 | 121.5 | 1 | 5.17 | 125 | 19.82 |
| Martin Jacobs | 6 | 420.0 | 6 | 15.17 |  |  |
| Caroline Jones | 1 | 8.3 |  |  |  |  |
| Jessica C. Spaly | 7 | 655.7 | 6 | 86.10 |  |  |

---

**1**

Indicates other RIC(s), PIV(s) or other accounts managed by Capital Research and Management Company or its affiliates for which the portfolio manager also has significant day to day management responsibilities. Assets noted are the total net assets of the RIC(s), PIV(s) or other accounts and are not the total assets managed by the individual, which is a substantially lower amount. No RIC, PIV or other account has an advisory fee that is based on the performance of the RIC, PIV or other account, unless otherwise noted.

**2**

Personal brokerage accounts of portfolio managers and their families are not reflected.

**Ownership of the Funds and Similarly Managed Accounts**

The following table shows the dollar range of fund shares and shares of similarly managed accounts beneficially owned by the portfolio managers listed above as of December 31, 2025. For purposes of this table, "similarly managed accounts" include all accounts that are managed (i) by the same portfolio managers that are jointly and primarily responsible for the day-to-day management of the fund; and (ii) with an investment style, objective, policies and strategies substantially similar to those that are used to manage the fund. Each portfolio manager's ownership of fund shares is stated in the footnote(s) below the table.

---

| | | |
|:---|:---|:---|
| **Fund** | **Portfolio Manager** | **Dollar Range of Shares Owned** |
| **American Asset Allocation Trust**<sup>1</sup> <br>| Alan N. Berro |  |
|  | Tom Chow |  |
|  | Emme Kozloff |  |
|  | Jin Lee |  |
|  | John R. Queen |  |
|  | Justin Toner |  |
| **American Global Growth Trust**<sup>2</sup> | Barbara Burtin |  |
|  | Mathews Cherian |  |
|  | Patrice Collette |  |
|  | Matt Hochstetler |  |
|  | Jason B. Smith |  |
| **American Growth Trust**<sup>3</sup> <br>| Julian N. Abdey |  |
|  | Paul Benjamin |  |
|  | Mark L. Casey |  |
|  | Irfan M. Furniturewala |  |
|  | Anne-Marie Peterson |  |
|  | Andraz Razen |  |
|  | Alan J. Wilson |  |
| **American Growth-Income Trust**<sup>4</sup> | Brad Barrett |  |
|  | Charles E. Ellwein |  |
|  | Cheryl E. Frank |  |
|  | Martin Jacobs |  |
|  | Caroline Jones |  |
|  | Jessica C. Spaly |  |

---

**1**

As of December 31, 2025, Alan N. Berro, Tom Chow, Emme Kozloff, Jin Lee, John R. Queen, and Justin Toner beneficially owned $0, $0, $0, $0, $0, and $0, respectively, of the fund.

**B-3**

------

**2**

As of December 31, 2025, Barbara Burtin, Mathews Cherian, Patrice Collette, Matt Hochstetler, and Jason B. Smith beneficially owned $0, $0, $0, $0, and $0, respectively, of the fund.

**3**

As of December 31, 2025, Julian N. Abdey, Paul Benjamin, Mark L. Casey, Irfan M. Furniturewala, Anne-Marie Peterson, Andraz Razen, and Alan J. Wilson beneficially owned $0, $0, $0, $0, $0, $0, and $0, respectively, of the fund.

**4**

As of December 31, 2025, Brad Barrett, Charles E. Ellwein, Cheryl E. Frank, Martin Jacobs, Caroline Jones, and Jessica C. Spaly beneficially owned $0, $0, $0, $0, $0, and $0, respectively, of the fund.

**Potential Conflicts of Interest**

CRMC has adopted policies and procedures that address potential conflicts of interest that may arise between a portfolio manager's management of the fund and his or her management of other funds and accounts, such as conflicts relating to the allocation of investment opportunities, personal investing activities, portfolio manager compensation and proxy voting of portfolio securities. While there is no guarantee that such policies and procedures will be effective in all cases, CRMC believes that all issues relating to potential material conflicts of interest involving the fund and its other managed funds and accounts have been addressed.

The funds' investment adviser has adopted policies and procedures to mitigate material conflicts of interest that may arise in connection with a portfolio manager's management of the funds, on the one hand, and investments in the other pooled investment vehicles and other accounts, on the other hand, such as material conflicts relating to the allocation of investment opportunities that may be suitable for both the funds and such other accounts.

**B-4**

------

**Appendix C – Proxy Voting Policies and Procedures**

------

The Trust Procedures and the proxy voting procedures of the Advisor and the subadvisors are set forth in Appendix C.

**C-1**

------

![LOGO](g466944dsp001a.jpg)

#### 07H: Proxy Voting Procedures
General Compliance Policies for Trust & Adviser

Section 7: Disclosures, Filings, and Reporting

---

| | |
|:---|:---|
| Applies to | Trust |
| Risk Theme | Proxy Voting |
| Policy Owner | Jim Interrante |
| Effective Date | 08-20-2024 |

---

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07H. Proxy Voting Procedures

------

#### Overview
Each fund of the Trust or any other registered investment company (or series thereof) (each, a "fund") is required to disclose its proxy voting policies and procedures in its registration statement and, pursuant to Rule 30b1-4 under the 1940 Act, file annually with the Securities and Exchange Commission and make available to shareholders its actual proxy voting record.

#### Investment Company Act
An investment company is required to disclose in its SAI either (a) a summary of the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities or (b) a copy of its proxy voting policies.

A fund is also required by Rule 30b1-4 of the Investment Company Act of 1940 to file Form N-PX annually with the SEC, which contains a record of how the fund voted proxies relating to portfolio securities. For each matter relating to a portfolio security considered at any shareholder meeting, Form N-PX is required to include, among other information, the name of the issuer of the security, a brief identification of the matter voted on, whether and how the fund cast its vote, and whether such vote was for or against management. In addition, a fund is required to disclose in its SAI and its annual and semi-annual reports to shareholders that such voting record may be obtained by shareholders, either by calling a toll-free number , through the fund's website, or on the Securities and Exchange Commission's website at <u>www.sec.gov</u>.

#### Advisers Act
Under Advisers Act Rule 206(4)-6, investment advisers are required to adopt proxy voting policies and procedures, and investment companies typically rely on the policies of their advisers or sub-advisers.

#### Policy
The Majority of the Independent Board of Trustees (the "Board") of each registered investment company of the Trusts, has adopted these proxy voting policies and procedures (the "Trust Proxy Policy").

It is the Advisers' policy to comply with Rule 206(4)-6 of the Advisers Act and Rule 30b1-4 of the 1940 Act as described above. In general, Advisers defer proxy voting decisions to the sub-advisers managing the Funds. It is the policy of the Trusts to delegate the responsibility for voting proxies relating to portfolio securities held by a Fund to the Fund's respective Adviser or, if the Fund's Adviser has delegated portfolio management responsibilities to one or more investment sub-adviser(s), to the fund's sub-adviser(s), subject to the Board's continued oversight. The sub-adviser for each Fund shall vote all proxies relating to securities held by each Fund and in that connection, and subject to any further policies and procedures contained herein, shall use proxy voting policies and procedures adopted by each sub-adviser in conformance with Rule 206(4)-6 under the Advisers Act.

If an instance occurs where a conflict of interest arises between the shareholders and the designated sub-adviser, however, Advisers retain the right to influence and/or direct the conflicting proxy voting decisions in the best interest of shareholders.

#### Delegation of Proxy Voting Responsibilities
It is the policy of the Trust to delegate the responsibility for voting proxies relating to portfolio securities held by a fund to the fund's investment adviser ("adviser") or, if the fund's adviser has delegated portfolio management responsibilities to one or more investment sub-adviser(s), to the fund's sub-adviser(s), subject to the Board's continued oversight. The sub-adviser for each fund shall vote all proxies relating to securities held by each fund and in that connection, and subject to any further policies and procedures contained herein, shall use proxy voting policies and procedures adopted by each sub-adviser in conformance with Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended (the "Advisers Act").

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07H. Proxy Voting Procedures

Except as noted below under Material Conflicts of Interest, the Trust Proxy Policy with respect to a Fund shall incorporate that adopted by the Fund's sub-adviser with respect to voting proxies held by its clients (the "Sub-adviser Proxy Policy"). Each Sub-adviser Policy, as it may be amended from time to time, is hereby incorporated by reference into the Trust Proxy Policy. Each sub-adviser to a Fund is directed to comply with these policies and procedures in voting proxies relating to portfolio securities held by a fund, subject to oversight by the Fund's adviser and by the Board. Each Adviser to a Fund retains the responsibility, and is directed, to oversee each sub-adviser's compliance with these policies and procedures, and to adopt and implement such additional policies and procedures as it deems necessary or appropriate to discharge its oversight responsibility. Additionally, the Trust's Chief Compliance Officer ("CCO") shall conduct such monitoring and supervisory activities as the CCO or the Board deems necessary or appropriate in order to appropriately discharge the CCO's role in overseeing the sub-advisers' compliance with these policies and procedures.

The delegation by the Board of the authority to vote proxies relating to portfolio securities of the funds is entirely voluntary and may be revoked by the Board, in whole or in part, at any time.

#### Voting Proxies of Underlying Funds of a Fund of Funds
A. <u>Where the Fund of Funds is not the Sole Shareholder of the Underlying Fund</u> 

With respect to voting proxies relating to the shares of an underlying fund (an "Underlying Fund") held by a Fund of the Trust operating as a fund of funds (a "Fund of Funds") in reliance on Section 12(d)(1)(G) of the 1940 Act where the Underlying Fund has shareholders other than the Fund of Funds which are not other Fund of Funds, the Fund of Funds will vote proxies relating to shares of the Underlying Fund in the same proportion as the vote of all other holders of such Underlying Fund shares.

B. <u>Where the Fund of Funds is the Sole Shareholder of the Underlying Fund</u> 

In the event that one or more Funds of Funds are the sole shareholders of an Underlying Fund, the Adviser to the Fund of Funds or the Trusts will vote proxies relating to the shares of the Underlying Fund as set forth below unless the Board elects to have the Fund of Funds seek voting instructions from the shareholders of the Funds of Funds in which case the Fund of Funds will vote proxies relating to shares of the Underlying Fund in the same proportion as the instructions timely received from such shareholders.

1. <u>Where Both the Underlying Fund and the Fund of Funds are Voting on Substantially Identical Proposals</u> 

In the event that the Underlying Fund and the Fund of Funds are voting on substantially identical proposals (the "Substantially Identical Proposal"), then the Adviser or the Fund of Funds will vote proxies relating to shares of the Underlying Fund in the same proportion as the vote of the shareholders of the Fund of Funds on the Substantially Identical Proposal.

2. <u>Where the Underlying Fund is Voting on a Proposal that is Not Being Voted on by the Fund of Funds</u> 

(a) <u>Where there is No Material Conflict of Interest Between the Interests of the Shareholders of the Underlying Fund and the Adviser Relating to the Proposal</u> 

In the event that the Fund of Funds is voting on a proposal of the Underlying Fund and the Fund of Funds is not also voting on a substantially identical proposal and there is no material conflict of interest between the interests of the shareholders of the Underlying Fund and the Adviser relating to the Proposal, then the Adviser will vote proxies relating to the shares of the Underlying Fund pursuant to its Proxy Voting Procedures.

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(b) <u>Where there is a Material Conflict of Interest Between the Interests of the Shareholders of the Underlying Fund and the Adviser Relating to the Proposal</u> 

In the event that the Fund of Funds is voting on a proposal of the Underlying Fund and the Fund of Funds is not also voting on a substantially identical proposal and there is a material conflict of interest between the interests of the shareholders of the Underlying Fund and the Adviser relating to the Proposal, then the Fund of Funds will seek voting instructions from the shareholders of the Fund of Funds on the proposal and will vote proxies relating to shares of the Underlying Fund in the same proportion as the instructions timely received from such shareholders. A material conflict is generally defined as a proposal involving a matter in which the Adviser or one of its affiliates has a material economic interest.

#### Material Conflicts of Interest
If (1) a sub-adviser to a Fund becomes aware that a vote presents a material conflict between the interests of (a) shareholders of the Fund; and (b) the Fund's Adviser, sub-adviser, principal underwriter, or any of their affiliated persons, and (2) the sub-adviser does not propose to vote on the particular issue in the manner prescribed by its Sub-adviser Proxy Policy or the material conflict of interest procedures set forth in its Sub-adviser Proxy Policy are otherwise triggered, then the sub-adviser will follow the material conflict of interest procedures set forth in its Sub-adviser Proxy Policy when voting such proxies.

If a Sub-adviser Proxy Policy provides that in the case of a material conflict of interest between Fund shareholders and another party, the sub-adviser will ask the Board to provide voting instructions, the sub-adviser shall vote the proxies, in its discretion, as recommended by an independent third party, in the manner prescribed by its Sub-adviser Proxy Policy or abstain from voting the proxies.

#### Proxy Voting Committee(s)
The Advisers will from time to time, and on such temporary or longer-term basis as they deem appropriate, establish one or more Proxy Voting Committees. A Proxy Voting Committee shall include the Advisers' CCO and may include legal counsel. The terms of reference and the procedures under which a Proxy Voting Committee will operate will be reviewed from time to time by the Legal and Compliance Department. Records of the deliberations and proxy voting recommendations of a Proxy Voting Committee will be maintained in accordance with applicable law, if any, and these Proxy Procedures. Requested shareholder proposals or other Shareholder Advocacy in the name of a Fund must be submitted for consideration pursuant to the Shareholder Advocacy Policy and Procedures.

#### Securities Lending Program
Certain of the Funds participate in a securities lending program with the Trusts through an agent lender. When a Fund's securities are out on loan, they are transferred into the borrower's name and are voted by the borrower, in its discretion. Where a sub-adviser determines, however, that a proxy vote (or other shareholder action) is materially important to the client's account, the sub-adviser should request that the agent recall the security prior to the record date to allow the sub-adviser to vote the securities.

#### Disclosure of Proxy Voting Policies and Procedures in the Trust's Statement of Additional Information ("SAI")
The Trust shall include in its SAI a summary of the Trust Proxy Policy and of the Sub-adviser Proxy Policy included therein. (In lieu of including a summary of these policies and procedures, the Trust may include each full Trust Proxy Policy and Sub-adviser Proxy Policy in the SAI.)

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07H. Proxy Voting Procedures

#### Disclosure of Proxy Voting Policies and Procedures in Annual and Semi-Annual Shareholder Reports
The Trusts shall disclose in annual and semi-annual shareholder reports that a description of the Trust Proxy Policy, including the Sub-adviser Proxy Policy, and the Trusts' proxy voting record for the most recent 12 months ended June 30 are available on the Securities and Exchange Commission's ("SEC") website, and without charge, upon request, by calling a specified toll-free telephone number. The Trusts will send these documents within three business days of receipt of a request, by first-class mail or other means designed to ensure equally prompt delivery. The Fund Administration Department is responsible for preparing appropriate disclosure regarding proxy voting for inclusion in shareholder reports and distributing reports. The Legal Department supporting the Trusts is responsible for reviewing such disclosure once it is prepared by the Fund Administration Department.

#### Filing of Proxy Voting Record on Form N-PX
The Trusts will annually file their complete proxy voting record with the SEC on Form N-PX. The Form N-PX shall be filed for the twelve months ended June 30 no later than August 31 of that year. The Fund Administration department, supported by the Legal Department supporting the Trusts, is responsible for the annual filing.

#### Regulatory Requirement
Rule 206(4)-6 of the Advisers Act and Rule 30b1-4 of the 1940 Act

#### Reporting
**Disclosures in SAI:** The Trusts shall disclose in annual and semi-annual shareholder reports that a description of the Trust Proxy Policy, including the Sub-adviser Proxy Policy, and the Trusts' proxy voting record for the most recent 12 months ended June 30.

**Form N-PX:** The proxy voting service will file Form N-PX for each twelve-month period ending on June 30. The filing must be submitted to the SEC on or before August 31 of each year.

#### Procedure

#### Review of Sub-advisers' Proxy Voting
The Trusts have delegated proxy voting authority with respect to Fund portfolio securities in accordance with the Trust Policy, as set forth above.

Consistent with this delegation, each sub-adviser is responsible for the following:

1. Implementing written policies and procedures, in compliance with Rule 206(4)-6 under the Advisers Act, reasonably designed to ensure that the sub-adviser votes portfolio securities in the best interest of shareholders of the Trusts.

2. Providing the Advisers with a copy and description of the Sub-adviser Proxy Policy prior to being approved by the Board as a sub-adviser, accompanied by a certification that represents that the Sub-adviser Proxy Policy has been adopted in conformance with Rule 206(4)-6 under the Advisers Act. Thereafter, providing the Advisers with notice of any amendment or revision to that Sub-adviser Proxy Policy or with a description thereof. The Advisers are required to report all material changes to a Sub-adviser Proxy Policy quarterly to the Board. The CCO's annual written compliance report to the Board will contain a summary of the material changes to each Sub-adviser Proxy Policy during the period covered by the report.

3. Providing the Adviser with a quarterly certification indicating that the sub-adviser did vote proxies of the funds and that the proxy votes were executed in a manner consistent with the Sub-adviser Proxy Policy. If the sub-adviser voted any proxies in a manner inconsistent with the Sub-adviser Proxy Policy, the sub-adviser will provide the Adviser with a report detailing the exceptions.

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#### Adviser Responsibilities
The Trusts have retained a proxy voting service to coordinate, collect, and maintain all proxy-related information, and to prepare and file the Trust's reports on Form N-PX with the SEC.

The Advisers, in accordance with their general oversight responsibilities, will periodically review the voting records maintained by the proxy voting service in accordance with the following procedures:

1. Receive a file with the proxy voting information directly from each sub-adviser on a quarterly basis.

2. Select a sample of proxy votes from the files submitted by the sub-advisers and compare them against the proxy voting service files for accuracy of the votes.

3. Deliver instructions to shareholders on how to access proxy voting information via the Trust's semi-annual and annual shareholder reports.

The Fund Administration Department, in conjunction with the Legal Department supporting the Trusts, is responsible for the foregoing procedures.

#### Proxy Voting Service Responsibilities
Proxy voting services retained by the Trusts are required to undertake the following procedures:

**•** **Aggregation of Votes:** 

The proxy voting service's proxy disclosure system will collect fund-specific and/or account-level voting records, including votes cast by multiple sub-advisers or third-party voting services.

**•** **Reporting:** 

The proxy voting service's proxy disclosure system will provide the following reporting features:

1. multiple report export options;

2. report customization by fund-account, portfolio manager, security, etc.; and

3. account details available for vote auditing.

**•** **Form N-PX Preparation and Filing:** 

The Advisers will be responsible for oversight and completion of the filing of the Trusts' reports on Form N-PX with the SEC. The proxy voting service will prepare the EDGAR version of Form N-PX and will submit it to the adviser for review and approval prior to filing with the SEC. The proxy voting service will file Form N-PX for each twelve-month period ending on June 30. The filing must be submitted to the SEC on or before August 31 of each year. The Fund Administration Department, in conjunction with the Legal Department supporting the Trusts, is responsible for the foregoing procedures.

The Fund Administration Department in conjunction with the CCO oversees compliance with this policy.

The Fund Administration Department maintains operating procedures affecting the administration and disclosure of the Trusts' proxy voting records.

The Trusts' Chief Legal Counsel is responsible for including in the Trusts' SAI information regarding the Advisers' and each sub-advisers proxy voting policies as required by applicable rules and form requirements.

#### Key Contacts
Investment Compliance

#### Escalation/Reporting Violations
All John Hancock employees are required to report any known or suspected violation of this policy to the CCO of the Funds.

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07H. Proxy Voting Procedures

#### Related Policies and Procedures
7B Registration Statements and Prospectuses

#### Document Retention Requirements
The Fund Administration Department and The CCO's Office is responsible for maintaining all documentation created in connection with this policy. Documents will be maintained for the period set forth in the Records Retention Schedule. See Compliance Policy: Books and Records.

---

| | | |
|:---|:---|:---|
| **Version History** | **Version History** | **Version History** |
| Date | Effective Date | Approving Party |
|  1 | 01-01-2012 |  |
|  2 | 02-01-2015 |  |
|  3 | 09-01-2015 |  |
|  4 | 12-10-2019 |  |
|  5 | 08-20-2024 | CCO |

---

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![LOGO](g466944dsp01a.jpg)

#### Proxy voting procedures and principles
The following summarizes the internal operating procedures and principles adopted by Capital Bank and Trust Company, Capital International, Inc., Capital Research and Management Company and their investment advisory affiliates, Capital Group Private Client Services, Inc., Capital International Asset Management (Canada), Inc., Capital International K.K., Capital International Limited, Capital International Management Company Sàrl and Capital International Sàrl and Capital Group Investment Management Pte. Ltd. (the "Advisers") for voting (1) proxies of portfolio companies held by open-end and closed-end funds which are registered under the Investment Company Act of 1940 and managed by the Advisers, (2) proxies of portfolio companies held by funds organized under collective investment trusts and other pooled investment vehicles managed by the Advisers, and (3) proxies of securities held in client accounts for which the Advisers have proxy voting authority. These proxy voting procedures and principles are reasonably designed to ensure that proxies are voted solely in accordance with the financial interest of the Advisers' clients and the shareholders of the funds advised or managed by the Advisers.

#### Summary
The Advisers are committed to advancing the financial interests of their clients. We view proxies of companies held in client portfolios as significant assets and proxy voting and engagement as an integral part of our investment process. The voting process reflects our understanding of a company's business, its management and its relationship with shareholders over time. In addition to our annual review of specific proposals (including discussions with corporate management representatives), we meet with companies throughout the year to discuss various governance and proxy voting topics. In all cases, long-term value creation and the investment objectives and policies of the funds and accounts we manage remain the focus.

These proxy voting procedures and principles ("Principles") provide an important framework for analysis and decision-making with respect to issues that arise in proxy voting. While we generally adhere to these Principles, we have the flexibility to vote each proposal based on the specific circumstances that we believe are relevant. As a result, each proxy is analyzed and voted on a case-by-case basis.

As a matter of policy, we take an objective approach in assessing and voting on matters, seeking to avoid being influenced by outside sources or business relationships involving interests that may conflict with those of clients. In addition, we do not, as a policy, follow the voting recommendations provided by Institutional Shareholder Services (ISS), Glass-Lewis & Co. or other third-party advisory firms ("Advisory Firms"), which provide research that the Advisers may utilize on a case-by-case basis in addition to our proprietary proxy voting, governance and executive compensation research. We periodically assess the information provided by the Advisory Firms, including information regarding how they manage potential conflicts of interest, and report to the applicable governance committees that provide oversight of the application of these Principles.

January 2026

AFDLIT-007-0126

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#### Proxy voting process
The Advisers seek to vote all U.S. proxies. Proxies for companies outside the U.S. are also voted where there is sufficient time and information available, taking into account distinct market practices, regulations and laws, and types of proposals presented in each country. Where there is insufficient proxy and meeting agenda information available, the Advisers will generally vote against such proposals in the interest of encouraging improved disclosure for investors.

The Advisers may not exercise their voting authority if voting would impose costs on clients, including opportunity costs. For example, certain regulators have granted investment limit relief to the Advisers and their affiliates, conditioned upon limiting its voting power to specific voting ceilings. To comply with these voting ceilings, the Advisers will scale back their votes across all funds and accounts they manage on a pro rata basis based on assets. In addition, certain countries impose restrictions on the ability of shareholders to sell shares during the proxy solicitation period. The Advisers may choose, due to liquidity issues, not to expose the funds and accounts they manage to such restrictions and may not vote some (or all) shares. Finally, the Advisers may determine not to recall securities on loan to exercise their voting rights when they determine that the cost of doing so would exceed the benefits to clients or that the vote would not have a material impact on the investment. Proxies with respect to securities on loan through client-directed lending programs are not available to vote and therefore are not voted.

After a proxy is received, the Advisers' stewardship and engagement team prepares a summary of the proposals contained in the proxy statement. The Advisers will follow the "Special review procedures" below, if there are any potential conflicts of interest as described in such section.

Investment analysts are generally responsible for making voting recommendations for their investment division on significant votes that relate to companies in their coverage areas. Analysts also have the opportunity to review initial recommendations made by the Advisers' stewardship and engagement team. Depending on the vote, a second recommendation may be made by a proxy coordinator (an investment professional with experience in corporate governance and proxy voting matters) within the appropriate investment division, based on knowledge of these Principles and familiarity with proxy-related issues. In this way, we seek to bring multiple perspectives to the voting process.

Each of the Advisers' equity investment divisions has its own proxy voting committee, which is made up of investment professionals within each division. Each division's proxy voting committee retains final authority for voting decisions made by such division. Therefore, if more than one fund or account invests in the same company, certain funds and accounts may vote differently on the same proposal. In addition, while voting recommendations are generally applicable to all funds and accounts managed by the investment division, the Advisers may vote differently depending on the investment objective and strategy of a particular fund or account.

#### Special review procedures
From time to time, the Advisers may vote proxies issued by, or on proposals sponsored or publicly supported by, (1) a client with substantial assets managed by the Advisers or their affiliates, (2) an entity with a significant business relationship with The Capital Group Companies, Inc. or its affiliates, or (3) a public company with a U.S. registered fund director either on its board or as a senior executive (each referred to as an "Interested Party"). Other persons or entities may also be deemed an Interested Party if facts or circumstances appear to give rise to a potential conflict.

The Advisers have developed procedures to identify and address instances where a vote could appear to be influenced by such a relationship. Each equity investment division has a Special Review Committee ("SRC") of senior investment professionals and legal and compliance professionals with oversight of potentially conflicted matters.

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If a potential conflict is identified according to the procedures above, the SRC will take appropriate steps to address the conflict of interest. These steps may include engaging an independent third party to review the proxy, using these Principles, to provide an independent voting recommendation to the Advisers for vote execution. The Advisers will generally follow the third party's recommendation, except when the recommendation is inconsistent with the Advisers' fiduciary duty to clients. Occasionally, it may not be feasible to engage the third party to review the matter due to compressed timeframes or other operational issues. In this case, the SRC will take appropriate steps to address the conflict of interest, including reviewing the proxy after being provided with a summary of any relevant communications with the Interested Party, the rationale for the voting decision, information on the organization's relationship with the Interested Party and any other pertinent information.

#### Allocating votes for comanaged funds
In cases where a fund or an account is comanaged and a security is held by more than one of the Advisers' equity investment divisions, the divisions may develop different voting recommendations for individual ballot proposals. If this occurs, and if permitted by local market conventions, the position will generally be voted proportionally by divisional holding, according to their respective decisions. Otherwise, the outcome will be determined by the equity investment division or divisions with the larger position in the security as of the record date for the shareholder meeting.

#### Proxy voting for fund of funds and other pooled vehicles
In cases where the underlying fund of an investing fund managed by the Advisers, including a fund of funds, holds a proxy vote, such vote is reviewed according to the "Special review procedures" described above.

#### Considerations for accounts held with Capital Group Private Clients Services, Inc. (CGPCS)
CGPCS accepts proxy voting authority from its clients and follows these proxy voting procedures and principles. If CGPCS has voting authority for a client account, it generally does not provide the client the option to direct a proxy vote with respect to a particular solicitation.

Some clients reserve the right to vote proxies and do not give CGPCS the authority to vote on their behalf. In those cases, clients should contact their custodian about receiving proxies. CGPCS would not expect to discuss particular solicitations with clients for whom it does not have proxy voting authority.

#### Proxy voting for companies outside the United States
As noted above, we vote proxies for companies outside the U.S. whenever practicable. If insufficient proxy and meeting agenda information is provided, we will seek to obtain information to allow for an informed voting decision; however, when our efforts do not yield sufficient information, we will generally vote against those proposals in the interest of encouraging improved disclosure for investors.

Certain countries impose restrictions on the ability of shareholders to sell shares during the proxy solicitation period. We may choose, due to liquidity issues, not to expose the funds and accounts to such restrictions and thus may not vote some (or all) shares that we own.

The principles are applied on a country-by-country basis, taking into account distinct market practices, regulations and laws, and types of proposals presented in each country.

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#### Principles
The following principles are grouped according to types of proposals usually presented to shareholders in proxy statements.

#### Auditors
We believe that objective, independent audits are critical for providing investors with clear disclosures regarding the fundamental health of a business. We examine several factors that may affect the quality of an audit and an auditor's objectivity. We use engagement as a tool to reduce risk related to audit in our portfolio companies. In certain circumstances, this may lead to a negative vote on auditor ratification and related items.

#### Director matters

#### Election of directors
As active fund managers, we value ongoing engagement with our portfolio companies in advancing the long-term interests of our clients, and proxy voting is an important part of that process. Director elections are of particular importance, as we believe a company's board of directors plays a key role in the success of the company. In discharging their fiduciary duties, we expect boards to, among other things, be responsive to and act in the best interests of shareholders and to exercise appropriate oversight over the management and business of the company.

We generally support the annual election of a company's nominees for director. We may, however, oppose all or some of the company's nominees if we believe it to be in the best interest of shareholders or if, in our view, they have not otherwise fulfilled their fiduciary duties. In making this determination, we consider, among other things, a nominee's potential conflicts of interest, track record (whether in the current board seat or in previous executive or director roles) with respect to shareholder protection and value creation as well as their capacity for full engagement on board matters.

With respect to capacity, we expect directors to have sufficient time to reflect and make high-quality contributions to the work of the board. As such, we will flag certain situations for additional analysis:

• A sitting CEO, or other senior executive officer, serving on their company board plus more than one additional outside company board (in a non-executive position), and

• A non-executive director serving on more than four public company boards, with each non-executive board chair position considered as two board seats.

When evaluating board nominees, the Advisers will consider company and individual-specific situations and circumstances. These include and are not limited to company size and complexity, business transformation, board and executive turnover, expertise, employment and controversy. We also acknowledge that service on certain boards, such as a mutual fund board or similar, may not give rise to the same concerns. In addition, we seek to engage with portfolio companies to understand their perspectives on any potential areas of concern.

We may consider opposing all or some of the nominees or certain committee members if the independence of a board and/or committee does not comply with local regulations, governance codes, listing standards or reasonable shareholder expectation. Because we expect boards to be collectively accountable for company performance and long-term value creation, we may, albeit rarely, vote against the entire board where we believe they have demonstrably failed in the execution of their duties. Where we feel a specific area has fallen short of our expectations, for example in relation to audit, remuneration or board composition, we may vote against the chair and/or members of the relevant committee.

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We evaluate director nominees not only on an individual basis but also in the context of the whole board. We believe boards, as a whole, should have appropriate industry knowledge, skills, business experience and understanding of all relevant stakeholders of the company in order to discharge their duties effectively. This goal is more likely to be met by a board composed of individual directors who can each bring a breadth of experience and perspectives to their service. We consider that both appointments and succession plans should be based on merit and objective criteria. We expect portfolio companies and issuers to have board representation consistent with local market listing rules, regulations and corporate governance codes.

#### Independent board chair/Separation of chair and CEO
We believe board independence is essential to good corporate governance. In addition to having a board's majority made up of independent members, we prefer separation of the chair and CEO roles and an independent board chair as best practice for structural oversight of the executive team.

We recognize that, in some cases, a sufficient level of board independence and leadership can be accomplished via other means. For example, in situations where a board has appointed an independent lead director, we will examine that individual's duties and interaction with the chair/CEO to determine whether a full separation of the roles is still warranted.

We analyze board structure, leadership and overall governance on a case-by-case basis in arriving at decisions on whether to support separation of the chair and CEO roles.

#### Governance provisions
While we would typically support each of the following proposals as best practices if presented separately, we are aware that often a company may already have adopted several of these governance features. In such situations (such as a proposal to add cumulative voting in cases where directors are elected annually and there is a majority vote provision), we would consider whether the additional protections are necessary, or whether a combination of these features would leave a company vulnerable to coercive actions by shareholders with short-term investment horizons.

#### Shareholder access to the proxy
Proxy access proposals generally require a company to amend its bylaws to allow a qualifying shareholder or group of shareholders to nominate up to two directors on a company's proxy ballot. To qualify, an individual or group must have owned a certain percentage (typically 3% to 5%) of the company's shares for a minimum period of time (typically one to three years).

All proposals are reviewed on a case-by-case basis. We generally believe the following:

• The holding period is the most important component of these proposals, since length of ownership demonstrates a commitment that is more likely to be aligned with our interests as long-term shareholders. As such, three years appears reasonable.

• The ownership threshold should be set at the right level to avoid misuse of this provision by those without a significant economic interest in a company, so we generally will apply a sliding scale of 5% for small capitalization companies and 3% for large capitalization companies.

• The number of board seats to be added under these proposals should be capped at a reasonable number (generally 10% to 25%).

• The number and makeup of parties that may nominate directors should be representative of the broader shareholder base.

We may vote against shareholder proposals to amend existing proxy access bylaws if the company has already adopted a bylaw that meets the general parameters described above.

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#### Classified boards
A classified board is one that elects only a percentage of its members each year. (Usually, one-third of directors are elected to serve a three-year term.) Generally, we support proposals declassifying boards. We believe that declassification (*i.e.*, the annual election of all directors) increases a board's sense of accountability to shareholders.

#### Cumulative voting
Under cumulative voting, each shareholder has a number of votes equal to the number of shares owned multiplied by the number of directors up for election. Shareholders can cast all of their votes for a single nominee, thus allowing minority shareholders to elect a director. We generally support the concept of cumulative voting in order to promote management and board accountability, and the opportunity for leadership change.

#### Majority vote requirement
Generally, we support proposals designed to make director elections more meaningful, either by requiring a majority vote in director elections (more "for" votes than "against") or by requiring any director receiving more withhold votes to tender their resignation.

#### Anti-takeover provisions, shareholder rights and reincorporation

#### Shareholder rights plans ("poison pills")
"Poison pills" are a defense against unwelcome takeover offers. These plans allow shareholders (other than the shareholder making the unwelcome takeover offer) to purchase stock at significantly discounted prices under certain circumstances.

The plans force would-be acquirers to negotiate with the board, effectively giving the board veto power over any offer. Poison pills can be detrimental to the creation of shareholder value and can help entrench management by thwarting or deterring acquisition offers that are not favored by the board but that may be beneficial to shareholders.

We generally support the elimination of existing poison pills and proposals that would require shareholder approval to adopt prospective poison pills. There may be a few select circumstances, however, where the analyst feels a need for the company to maintain anti-takeover protection. Additionally, if a company has crafted a shareholder-friendly pill, we may not support a shareholder proposal to eliminate or amend the existing provisions. One example of this is the Canadian model, which requires shareholder review and consideration of any acquisition offer.

#### Other anti-takeover measures
Anti-takeover provisions that are not classic poison pills are considered on a case-by-case basis. However, the guiding principle should be that anti-takeover provisions have the ability to suppress potential shareholder value by discouraging acquirers.

#### Change of corporate domicile outside the U.S.
We consider a company's specific circumstances with respect to the reasons for the reincorporation. Factors that may influence whether we support a proposal to reincorporate include the potential for both corporate and shareholder-level taxes to be triggered at the time of the event, as well as the potential long-term impact of country-specific tax treaties.

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#### Action by written consent/Right to call a special meeting
We consider several factors relating to these proposals and apply them on a case-by-case basis. These include a company's market capitalization, composition of the company's largest shareholders, its responsiveness to previous shareholder proposals and other forms of feedback, any meeting provisions and ownership thresholds currently in place, and its overall governance structure. While we believe that both the rights to take action by written consent and to call a special meeting are important tools for shareholders, we will consider a company's overall governance profile before supporting shareholder proposals to adopt or amend those rights.

The right to act by written consent (without calling a formal meeting of shareholders) can be a powerful tool for shareholders, especially in a proxy fight. We generally support adoption of this right in principle and oppose proposals that would prevent shareholders from taking action without a formal meeting or that would take away a shareholder's right to call a special meeting.

The ability to call a special meeting is also a valuable right for shareholders that we generally support. However, we consider the details of these shareholder proposals, particularly the proposed ownership thresholds, and attempt to assess whether a low limit (e.g., 10%) would allow actions by a relatively small group that might not be in the best interests of the majority of shareholders.

#### Capitalization

#### Authorization of new common shares
We generally support reasonable increases in authorized shares when the company has articulated a need (for example, a stock split or recapitalization). Even so, we are aware that new shares may dilute the ownership interest of shareholders. Consequently, other than in the case of stock splits, we generally oppose proposals that would more than double the number of authorized shares.

#### Authorization of "blank check" preferred shares
"Blank check" preferred shares give the board complete discretion to set terms (including voting rights). Such shares may have voting rights far in excess of those held by common stockholders. We generally oppose proposals that allow a board to issue preferred shares without prior shareholder approval, as well as proposals that allow the board to set the terms and voting rights of preferred shares at their discretion. However, a request for preferred shares with voting rights that are equal to those of existing common stock shares generally would be considered similarly to a request for authorization of new common shares.

#### Compensation and benefit plans

#### Advisory vote on executive compensation (say-on-pay)
The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 ("Dodd-Frank") requires companies to allow shareholders to cast advisory (nonbinding) votes on the compensation for named executive officers, as well as the frequency of such votes (everyone, two or three years). Under Dodd-Frank, the advisory vote on compensation will cover the Compensation, Discussion and Analysis disclosure, executive compensation tables, and related narrative in company proxy filings.

We generally will ratify executive compensation unless we have specific concerns about the structure or amounts paid at a particular company (based, in part, on the factors outlined below under "Equity incentive plans"). For example, we expect short-term incentives to constitute no more than a third — and long-term incentives to constitute at least two-thirds — of an executive's overall compensation. We apply additional scrutiny to those companies where we have a history of voting against one or more compensation plans or where we have withheld votes from compensation committee members over the past several years.

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When the company has made use of one-off or non-standard award structures, we will evaluate these on a case-by-case basis, considering the quantum and vesting criteria of the award as well as the retentive needs at the company.

From time to time, we will vote against say-on-pay proposals if we are dissatisfied with a component of the overall compensation policy (*e.g.,* high dilution, ability to reprice or exchange options, cash bonus caps expressed as a percentage of net income rather than hard dollar stop).

With respect to the frequency of advisory votes on compensation, we historically found the triennial option to be most consistent with our long-term focus at companies that presented no obvious compensation-related concerns. We acknowledge that it is often difficult for companies to make significant changes within a 12-month period and found that we have ongoing engagement with companies even when the say-on-pay votes occur less frequently. Annual votes, however, allow for regular feedback and ongoing monitoring of the impact of any policy changes. Accordingly, we will generally support management recommendation for annual votes. When longer frequencies are proposed (*e.g.,* biennial or triennial), we will consider these proposals on a case-by-case basis, taking into account the company's current practices and any history of concerns related to compensation.

#### Equity incentive plans
Incentive plans are complicated, and many factors are considered when evaluating a plan. No single factor is determinative; investment professionals weigh each plan based on protecting shareholder interests and our historical knowledge of the company and its management. Factors include:

• **Pricing:** We believe options should be priced to at least 100% of fair market value (the price that shareholders would pay on the open market) on the date they are granted. We do not generally support options priced at a discount to the market.

• **Repricing:** An "out-of-the-money" option has an exercise price that is higher than the current price of the stock. We generally have not supported replacing "out-of- the-money" options with new options at a lower exercise price (generally known as "repricing") because it is not consistent with a policy of offering options as a form of long-term compensation. However, there may be circumstances under which we would consider a limited exchange program (including value-neutral exchanges).

• **Dilution:** Dilution is the reduction of the voting power and/or economic interest of existing shareholders due to an increase in shares available for distribution to company employees in lieu of cash compensation. We consider several kinds of dilution: the historical annual dilution of the current plan, the potential dilution of the proposed plan and the cumulative dilution of all option plans. We tend to oppose plans that result in "excessive" dilution for existing shareholders. Acceptable dilution levels are not rigidly defined but will be a function of the (i) stage of the company's lifecycle (embryonic to mature), (ii) company size (market capitalization), (iii) historical growth rate of sales and earnings, (iv) competitive environment and (v) extenuating circumstances related to the company's industry. In addition, greater dilution can be tolerated when options are awarded to all employees rather than to top-level management only. We generally oppose evergreen plans (which provide for an automatic annual increase of shares available for awards without shareholder approval).

• **Performance:** We prefer linking compensation (cash and equity) to appropriate performance criteria that encourage a long-term focus, consistent with our approach to investing.

• **Shares available for awards:** Requests for additional incentive plan shares, where there are a substantial number of shares currently in reserve, will receive additional scrutiny to ensure that a company continues to award equity at an appropriate rate.

• **Option expensing:** We generally support option expensing in theory and will generally support shareholder proposals on option expensing if such proposal language is nonbinding and does not require the company to adopt a specific expensing methodology.

------

#### Restricted stock plans
We support restricted stock plans when such grants replace cash compensation without increasing the historical cash award and when the amount of restricted stock available for distribution represents a reasonable percentage of overall equity awards. We also consider performance criteria and other vesting requirements, as well as the economic value of the restricted stock when compared to options.

#### Non-employee director compensation
We generally support equity-based compensation for non-employee directors that aligns their interests with shareholders. Such plans must be reasonable in size, have fair- market-value option grants and not create excess total compensation. (They should be subject to the same limitations as executive incentive plans.) We also review the mix of options, stock awards and cash compensation. We believe that compensation packages should be structured to attract, motivate and retain qualified directors, but that excessive board compensation can undermine the board's independence.

#### Employee stock purchase plans
We generally support employee stock purchase plans, which are designed to allow employees to purchase stock at a discount price and to receive favorable tax treatment when the stock is sold. In many cases, the price is 85% of the market value of the stock. These plans are broad-based and have relatively low caps on the amount of stock that may be purchased by a single employee. We generally do not take opposition to the use of evergreen provisions if they are strictly applied to employee stock purchase plans.

#### Shareholder proposals regarding executive compensation

#### Caps on executive pay
In general, we oppose shareholder proposals that seek to set limits on executive compensation, because competitive compensation packages are necessary to attract, motivate and retain executives. Shareholder proposals on this issue tend to specify arbitrary compensation criteria.

#### Executives' pay restrictions or freezes
We generally oppose proposals specifying restrictions on executive pay because they take away compensation committee flexibility. Such proposals include terminating the company's option or restricted stock programs, freezing executive pay during periods of large layoffs, establishing a maximum ratio between the highest paid executive and lowest paid employee, and linking executive pay to social criteria.

#### Executive severance agreements
Generally, we support proposals that require shareholder approval of executive severance agreements, largely because of the trend toward excessive severance benefits (also known as golden parachutes). If an executive leaves for reasons related to poor performance, allowing a generous "parting gift" seems contrary to good corporate governance. While we typically support proposals asking that such severance be limited to 2.99 times pay and bonus (amounts over this threshold are subject to a 20% excise tax), we may vote against proposals that request a lower limitation.

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#### Other shareholder proposals

#### General principles
When evaluating shareholder proposals, we consider their materiality to the company and their ability to generate long-term value in light of the company's business model and specific operating context. We generally favor transparency, as it allows our investment professionals to better understand a company's risks and opportunities and its long-term value drivers. Comparing a company against its peers and against prevailing "best practices" in the relevant sector each provides helpful benchmarking that also informs our voting decisions. In addition, we support increased standardization of disclosures, particularly ones that leverage existing regulatory reporting or industry best practices, to allow for greater comparability among companies.

We will generally avoid supporting proposals that are overly prescriptive, taking into account, among other things, the current policies, practices and regulatory obligations of the company. We consider whether a shareholder proposal is nonbinding and may vote in favor of a proposal that addresses either a material shortcoming or an area in which the company has not shown sufficient progress, even if the proposal would benefit from some modification before being implemented.

Where applicable, we will also seek to apply other principles articulated in this document.

#### Political spending and advocacy
We review shareholder proposals relating to political expenditures on a case-by-case basis. In order to make a voting decision, we consider:

• whether there currently is a policy in place regarding political spending;

• the level of political spending oversight by the board and management team; and

• a company's current disclosure practices and whether the company has been subject to any previous fines or litigation.

We will generally support company disclosure regarding political spending and advocacy, including industry body membership. This is particularly the case when the current disclosure on political contributions is insufficient or significantly lacking compared to a company's peers, there are verifiable or credible allegations of funds mismanagement through donations, or either there is no explicit board oversight or there is evidence that board oversight on political expenses is inadequate. On the other hand, we may not support a shareholder proposal if the information requested is already available in another report or the company meets the criteria noted above. We do encourage companies to disclose information relating to their political spending and advocacy against the criteria put forth by the Center for Political Accountability.

#### Social issues
We know that social issues, such as employee safety, community engagement and human rights (including with respect to a company's supply chain), are important factors that can affect companies' long-term prospects for success. As such, they are researched by our investment professionals as part of the investment process and are also considered within the framework described above, under "General principles," when reviewing shareholder proposals. This approach is consistent with the stated investment objectives and policies of the funds and accounts we manage.

Generally, we believe that understanding an organization's approach to human capital management can enable shareholders to assess how companies are managing people and identify those that are able to create and sustain a competitive advantage. To enable our understanding of a company's approach to human capital management, we encourage companies to disclose the composition of the workforce in a regionally appropriate manner. We support relevant reporting and disclosure that is consistent with broadly applicable standards.

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#### Environmental issues
As with other types of proposals, when reviewing those related to environmental issues, we take into account the investment implications and are required to vote in a manner consistent with the objectives of the funds and accounts we manage. We examine each environmental issue within the context of each specific company's situation, including any potentially negative impact to the company's business or operations that we feel have not been properly addressed. In formulating a voting decision on these issues, we weigh the set of factors described under "General principles" above: the issue's materiality to the company, overall value of transparency and standardization of disclosure, the prescriptive and/or nonbinding nature of the shareholder proposal, best-in-class practices by peer group companies and best practices in the applicable sector.

We generally believe environmental issues present investment risks and opportunities that can shape a company's long-term financial sustainability. Accordingly, we expect companies to disclose against industry standards, including those set forth by the International Sustainability Standards Board (ISSB) and, to the extent applicable, the underlying Sustainability Accounting Standards Board (SASB) and Task Force on Climate-related Financial Disclosures (TCFD) frameworks. We also expect companies to publish reporting on sustainability issues that are material to investment analysis. We will generally vote against proposals that call for director candidates with specialized expertise because, in addition to the importance of an individual director's breadth of experience (as discussed above under "Election of directors"), we believe overly prescriptive proposals can create burdensome limitations on the effectiveness of a company's oversight.

However, where the company is in a sector with particular exposure to climate-related risks and we believe directors with specialized expertise would enhance the company's ability to mitigate such risks and create long-term value, we will consider voting in favor of such proposals.

#### Supplemental regional guidance
For voting in relation to markets in the <u>Americas region</u>, <u>Europe, Middle East and African region (EMEA)</u> and the <u>Asia-Pacific region (APAC)</u>, we have developed additional voting guidance to address regional differences in either local market regulation or standards of corporate governance best practice. In the event of a material difference between the regional guidance and our Proxy Voting Procedures and Principles, the latter shall prevail.

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**Part C**

**Other Information**

**Item 28. Exhibits** 

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| | |
|:---|:---|
| (a) | &nbsp;&nbsp; Amended and Restated Declaration of Trust dated January 22, 2016 – [<u>previously filed as exhibit (a)(44)(A) to post-effective</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322816009262/e437643_ex99-a44a.htm)<br> [<u>amendment no. 113 filed on April 27, 2016, accession number 0001133228-16-009262.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322816009262/e437643_ex99-a44a.htm)<br>|
| (a)(1) | &nbsp;&nbsp; Amendment to Declaration of Trust dated December 13, 2018 – [<u>previously filed as exhibit (a)(44)(B) to post-effective</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322819002411/jhvit-html1026_ex99a44b.htm)<br> [<u>amendment no. 119 filed on April 25, 2019, accession number 0001133228-19-002411.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322819002411/jhvit-html1026_ex99a44b.htm)<br>|
| (a)(2) | &nbsp;&nbsp; Amendment to Declaration of Trust dated September 25, 2024 – [<u>previously filed as exhibit (a)(2) to post-effective</u>](https://www.sec.gov/Archives/edgar/data/756913/000119312525082716/d891604dex99a2.htm)<br> [<u>amendment no. 127 filed on April 16, 2025, accession number 0001193125-25-082716.</u>](https://www.sec.gov/Archives/edgar/data/756913/000119312525082716/d891604dex99a2.htm)<br>|
| (b) | &nbsp;&nbsp; Revised By-laws of the Trust dated June 30, 2006 – [<u>previously filed as exhibit (b)(2) to post-effective amendment no. 72 filed</u>](https://www.sec.gov/Archives/edgar/data/756913/000095013507000767/b63596mrexv99wxbyx2y.txt)<br> [<u>on February 13, 2007, accession number 0000950135-07-000767.</u>](https://www.sec.gov/Archives/edgar/data/756913/000095013507000767/b63596mrexv99wxbyx2y.txt)<br>|
| (b)(1) | &nbsp;&nbsp; Amendment dated December 13, 2006 to the By-laws of the Trust, dated June 30, 2006 – [<u>previously filed as exhibit (b)(3) to</u>](https://www.sec.gov/Archives/edgar/data/756913/000095013507000767/b63596mrexv99wxbyx3y.txt)<br> [<u>post-effective amendment no. 72 filed on February 13, 2007, accession number 0000950135-07-000767.</u>](https://www.sec.gov/Archives/edgar/data/756913/000095013507000767/b63596mrexv99wxbyx3y.txt)<br>|
| (b)(2) | &nbsp;&nbsp; Amendment dated March 10, 2016 to the By-laws of the Trust, dated June 30, 2006 – [<u>previously filed as exhibit (b)(2) to</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322816009262/e437643_ex99-b2.htm)<br> [<u>post-effective amendment no. 113 filed on April 27, 2016, accession number 0001133228-16-009262.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322816009262/e437643_ex99-b2.htm)<br>|
| (c) | &nbsp;&nbsp; Specimen Share Certificate – [<u>previously filed as exhibit (4) to post-effective amendment no. 38 filed September 17, 1997,</u>](https://www.sec.gov/Archives/edgar/data/756913/0000950135-97-003874.txt)<br> [<u>accession number 0000950135-97-003874.</u>](https://www.sec.gov/Archives/edgar/data/756913/0000950135-97-003874.txt)<br>|
| (d) | &nbsp;&nbsp; Amended and Restated Advisory Agreement dated June 30, 2020 between John Hancock Variable Insurance Trust (the <br> "Registrant") and John Hancock Variable Trust Advisers LLC<sup>1</sup> (the "Adviser") – [<u>previously filed as exhibit (d) to post-effective</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322821002276/jhvit-html3521_ex99d.htm)<br> [<u>amendment no. 123 filed on April 23, 2021, accession number 0001133228-21-002276.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322821002276/jhvit-html3521_ex99d.htm)<br>|
| (d)(1) | &nbsp;&nbsp; Amendment dated June 30, 2020 to Amended and Restated Advisory Agreement dated June 30, 2020 relating to Blue Chip <br> Growth Trust, Equity Income Trust, Opportunistic Fixed Income Trust, and Small Cap Core Trust, between the Registrant and <br> the Adviser – [<u>previously filed as exhibit (d)(1) to post-effective amendment no. 123 filed on April 23, 2021, accession</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322821002276/jhvit-html3521_ex99d1.htm)<br> [<u>number 0001133228-21-002276.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322821002276/jhvit-html3521_ex99d1.htm)<br>|
| (d)(2) | &nbsp;&nbsp; Amendment dated November 16, 2020 to Amended and Restated Advisory Agreement dated June 30, 2020 relating to Real <br> Estate Securities Trust, between the Registrant and the Adviser – [<u>previously filed as exhibit (d)(2) to post-effective</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322821002276/jhvit-html3521_ex99d2.htm)<br> [<u>amendment no. 123 filed on April 23, 2021, accession number 0001133228-21-002276.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322821002276/jhvit-html3521_ex99d2.htm)<br>|
| (d)(3) | &nbsp;&nbsp; Amendment dated March 25, 2021 to Amended and Restated Advisory Agreement dated June 30, 2020 relating to <br> Disciplined Value Emerging Markets Equity Trust and International Small Company Trust, between the Registrant and the <br> Adviser – [<u>previously filed as exhibit (d)(3) to post-effective amendment no. 123 filed on April 23, 2021, accession number</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322821002276/jhvit-html3521_ex99d3.htm)<br> [<u>0001133228-21-002276.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322821002276/jhvit-html3521_ex99d3.htm)<br>|
| (d)(4) | &nbsp;&nbsp; Amendment dated June 24, 2021 to Amended and Restated Advisory Agreement dated June 30, 2020 relating to Global <br> Equity Trust and Disciplined Value International Trust, between the Registrant and the Adviser – [<u>previously filed as exhibit</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99d4.htm)<br> [<u>(d)(4) to post-effective amendment no. 124 filed on April 22, 2022, accession number 0001133228-22-002304.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99d4.htm)<br>|
| (d)(5) | &nbsp;&nbsp; Amendment dated October 18, 2021 to Amended and Restated Advisory Agreement dated June 30, 2020 relating to Mid <br> Cap Growth Trust, between the Registrant and the Adviser – [<u>previously filed as exhibit (d)(5) to post-effective amendment no.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99d5.htm)<br> [<u>124 filed on April 22, 2022, accession number 0001133228-22-002304.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99d5.htm)<br>|
| (d)(6) | &nbsp;&nbsp; Amendment dated March 24, 2022 to Amended and Restated Advisory Agreement dated June 30, 2020 relating to Health <br> Sciences Trust, Mid Value Trust, International Small Company Trust, Disciplined Value Emerging Markets Equity Trust and <br> Disciplined Value International Trust, between the Registrant and the Adviser – [<u>previously filed as exhibit (d)(6) to</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99d6.htm)<br> [<u>post-effective amendment no. 124 filed on April 22, 2022, accession number 0001133228-22-002304.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99d6.htm)<br>|
| (d)(7) | &nbsp;&nbsp; Amendment dated June 23, 2022 to Amended and Restated Advisory Agreement dated June 30, 2020 relating to Science & <br> Technology Trust between the Registrant and the Adviser – [<u>previously filed as exhibit (d)(7) to post-effective amendment no.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322823002481/jhvit-html6140_ex99d7.htm)<br> [<u>125 filed on April 21, 2023, accession number 0001133228-23-002481.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322823002481/jhvit-html6140_ex99d7.htm)<br>|
| (d)(8) | &nbsp;&nbsp; Amendment dated March 30, 2023 to Amended and Restated Advisory Agreement dated June 30, 2020 relating to <br> Disciplined Value International Trust between the Registrant and the Adviser – [<u>previously filed as exhibit (d)(8) to</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322823002481/jhvit-html6140_ex99d8.htm)<br> [<u>post-effective amendment no. 125 filed on April 21, 2023, accession number 0001133228-23-002481.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322823002481/jhvit-html6140_ex99d8.htm)<br>|

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**C-1**

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| | |
|:---|:---|
| (d)(9) | &nbsp;&nbsp; Amendment dated June 29, 2023 to Amended and Restated Advisory Agreement dated June 30, 2020 relating to Blue Chip <br> Growth Trust and Disciplined Value International Trust between the Registrant and the Adviser – [<u>previously filed as exhibit</u>](https://www.sec.gov/Archives/edgar/data/756913/000119312524099023/d649461dex99d9.htm)<br> [<u>(d)(9) on April 17, 2024, accession number 0001193125-24-099023.</u>](https://www.sec.gov/Archives/edgar/data/756913/000119312524099023/d649461dex99d9.htm)<br>|
| (d)(10) | &nbsp;&nbsp; Amendment dated September 28, 2023 to Amended and Restated Advisory Agreement dated June 30, 2020 relating to <br> Equity Income Trust and Fundamental All Cap Core Trust between the Registrant and the Adviser – [<u>previously filed as exhibit</u>](https://www.sec.gov/Archives/edgar/data/756913/000119312524099023/d649461dex99d10.htm)<br> [<u>(d)(10) on April 17, 2024, accession number 0001193125-24-099023.</u>](https://www.sec.gov/Archives/edgar/data/756913/000119312524099023/d649461dex99d10.htm)<br>|
| (d)(11) | &nbsp;&nbsp; Amendment dated May 30, 2024 to Amended and Restated Advisory Agreement dated June 30, 2020 relating to <br> Disciplined Value Emerging Markets Equity Trust between the Registrant and the Adviser – [<u>previously filed as exhibit (d)(11)</u>](https://www.sec.gov/Archives/edgar/data/756913/000119312525082716/d891604dex99d11.htm)<br> [<u>to post-effective amendment no. 127 filed on April 16, 2025, accession number 0001193125-25-082716</u>](https://www.sec.gov/Archives/edgar/data/756913/000119312525082716/d891604dex99d11.htm).<br>|
| (d)(12) | &nbsp;&nbsp; Amendment dated December 12, 2024 to Amended and Restated Advisory Agreement dated June 30, 2020 relating to <br> Disciplined Value International Trust and Health Sciences Trust between the Registrant and the Adviser – [<u>previously filed as</u>](https://www.sec.gov/Archives/edgar/data/756913/000119312525082716/d891604dex99d12.htm)<br> [<u>exhibit (d)(12) to post-effective amendment no. 127 filed on April 16, 2025, accession number 0001193125-25-082716</u>](https://www.sec.gov/Archives/edgar/data/756913/000119312525082716/d891604dex99d12.htm).<br>|
| (d)(13) | &nbsp;&nbsp; Amendment dated February 7, 2025 to Amended and Restated Advisory Agreement dated June 30, 2020 relating to High <br> Yield Trust between the Registrant and the Adviser – [<u>previously filed as exhibit (d)(13) to post-effective amendment no. 127</u>](https://www.sec.gov/Archives/edgar/data/756913/000119312525082716/d891604dex99d13.htm)<br> [<u>filed on April 16, 2025, accession number 0001193125-25-082716</u>](https://www.sec.gov/Archives/edgar/data/756913/000119312525082716/d891604dex99d13.htm).<br>|
| (d)(14) | &nbsp;&nbsp; Amendment dated March 27, 2025 to Amended and Restated Advisory Agreement dated June 30, 2020 relating to Mid <br> Value Trust, Small Cap Opportunities Trust, and U.S. Growth Trust, between the Registrant and the Adviser – [<u>previously filed</u>](https://www.sec.gov/Archives/edgar/data/756913/000119312525082716/d891604dex99d14.htm)<br> [<u>as exhibit (d)(14) to post-effective amendment no. 127 filed on April 16, 2025, accession number</u>](https://www.sec.gov/Archives/edgar/data/756913/000119312525082716/d891604dex99d14.htm)<br> [<u>0001193125-25-082716</u>](https://www.sec.gov/Archives/edgar/data/756913/000119312525082716/d891604dex99d14.htm).<br>|
| (d)(15) | &nbsp;&nbsp; Amendment dated April 25, 2025 to Amended and Restated Advisory Agreement dated June 30, 2020 relating to Small Cap <br> Core Trust between the Registrant and the Adviser – [**<u>FILED HEREWITH</u>**](d224548dex99d15.htm)**.**<br>|
| (d)(16) | &nbsp;&nbsp; Amendment dated June 26, 2025 to Amended and Restated Advisory Agreement dated June 30, 2020 relating to Strategic <br> Income Opportunities Trust between the Registrant and the Adviser – [**<u>FILED HEREWITH</u>**](d224548dex99d16.htm)**.**<br>|
| (d)(17) | &nbsp;&nbsp; Amendment dated September 25, 2025 to Amended and Restated Advisory Agreement dated June 30, 2020 relating to <br> Blue Chip Growth Trust between the Registrant and the Adviser – [**<u>FILED HEREWITH</u>**](d224548dex99d17.htm)**.**<br>|
| (d)(18) | &nbsp;&nbsp; Subadvisory Agreement dated November 1, 2021 relating to Core Bond Trust, between the Adviser and Allspring Global <br> Investments, LLC – [<u>previously filed as exhibit (d)(10) to post-effective amendment no. 124 filed on April 22, 2022, accession</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99d10.htm)<br> [<u>number 0001133228-22-002304.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99d10.htm)<br>|
| (d)(19) | &nbsp;&nbsp; Subadvisory Agreement dated February 12, 2020 relating to Disciplined Value International Trust, between the Adviser and <br> Boston Partners Global Investors, Inc. – [<u>previously filed as exhibit (d)(2)(B) to post-effective amendment no. 121 filed on</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322820001889/jhvit-html2203_ex99d2b.htm)<br> [<u>April 24, 2020, accession number 0001133228-20-001889.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322820001889/jhvit-html2203_ex99d2b.htm)<br>|
| (d)(20) | &nbsp;&nbsp; Amendment dated June 24, 2021 to Subadvisory Agreement dated February 12, 2020 relating to Disciplined Value <br> International Trust, between the Adviser and Boston Partners Global Investors, Inc. – [<u>previously filed as exhibit (d)(12) to</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99d12.htm)<br> [<u>post-effective amendment no. 124 filed on April 22, 2022, accession number 0001133228-22-002304.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99d12.htm)<br>|
| (d)(21) | &nbsp;&nbsp; Amendment dated March 24, 2022 to Subadvisory Agreement dated February 12, 2020 relating to Disciplined Value <br> International Trust, between the Adviser and Boston Partners Global Investors, Inc. – [<u>previously filed as exhibit (d)(13) to</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99d13.htm)<br> [<u>post-effective amendment no. 124 filed on April 22, 2022, accession number 0001133228-22-002304.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99d13.htm)<br>|
| (d)(22) | &nbsp;&nbsp; Amendment dated March 30, 2023 to Subadvisory Agreement dated February 12, 2020 relating to Disciplined Value <br> International Trust, between the Adviser and Boston Partners Global Investors, Inc. – [<u>previously filed as exhibit (d)(13) to</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322823002481/jhvit-html6140_ex99d13.htm)<br> [<u>post-effective amendment no. 125 filed on April 21, 2023, accession number 0001133228-23-002481</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322823002481/jhvit-html6140_ex99d13.htm).<br>|
| (d)(23) | &nbsp;&nbsp; Amendment dated June 29, 2023 to Subadvisory Agreement dated February 12, 2020 relating to Disciplined Value <br> International Trust, between the Adviser and Boston Partners Global Investors, Inc. – [<u>previously filed as exhibit (d)(16) on</u>](https://www.sec.gov/Archives/edgar/data/756913/000119312524099023/d649461dex99d16.htm)<br> [<u>April 17, 2024, accession number 0001193125-24-099023.</u>](https://www.sec.gov/Archives/edgar/data/756913/000119312524099023/d649461dex99d16.htm)<br>|
| (d)(24) | &nbsp;&nbsp; Amendment dated May 30, 2024 to Subadvisory Agreement dated February 12, 2020 relating to Disciplined Value <br> Emerging Markets Equity Trust, between the Adviser and Boston Partners Global Investors, Inc. – [<u>previously filed as exhibit</u>](https://www.sec.gov/Archives/edgar/data/756913/000119312525082716/d891604dex99d21.htm)<br> [<u>(d)(21) to post-effective amendment no. 127 filed on April 16, 2025, accession number 0001193125-25-082716</u>](https://www.sec.gov/Archives/edgar/data/756913/000119312525082716/d891604dex99d21.htm).<br>|

---

**C-2**

------

---

| | |
|:---|:---|
| (d)(25) | &nbsp;&nbsp; Amendment dated December 12, 2024 to Subadvisory Agreement dated February 12, 2020 relating to Disciplined Value <br> International Trust, between the Adviser and Boston Partners Global Investors, Inc. – [<u>previously filed as exhibit (d)(22) to</u>](https://www.sec.gov/Archives/edgar/data/756913/000119312525082716/d891604dex99d22.htm)<br> [<u>post-effective amendment no. 127 filed on April 16, 2025, accession number 0001193125-25-082716</u>](https://www.sec.gov/Archives/edgar/data/756913/000119312525082716/d891604dex99d22.htm).<br>|
| (d)(26) | &nbsp;&nbsp; Subadvisory Agreement dated April 28, 2006 relating to Disciplined Value Emerging Markets Equity Trust, International <br> Small Company Trust, and Small Cap Opportunities Trust, between the Adviser and Dimensional Fund Advisors Inc. – <br> [<u>previously filed as exhibit (d)(43) to post-effective amendment no. 72 filed on February 13, 2007, accession number</u>](https://www.sec.gov/Archives/edgar/data/756913/000095013507000767/b63596mrexv99wxdyx43y.txt)<br> [<u>0000950135-07-000767.</u>](https://www.sec.gov/Archives/edgar/data/756913/000095013507000767/b63596mrexv99wxdyx43y.txt)<br>|
| (d)(27) | &nbsp;&nbsp; Amendment dated December 19, 2008 to Subadvisory Agreement dated April 28, 2006 relating to Disciplined Value <br> Emerging Markets Equity Trust, International Small Company Trust, and Small Cap Opportunities Trust, between the Adviser <br> and Dimensional Fund Advisors LP – [<u>previously filed as exhibit (d)(9)(C) to post-effective amendment no. 84 filed on</u>](https://www.sec.gov/Archives/edgar/data/756913/000095013509000965/b73715a1exv99wxdyx9yxcy.htm)<br> [<u>February 13, 2009, accession number 0000950135-09-000965.</u>](https://www.sec.gov/Archives/edgar/data/756913/000095013509000965/b73715a1exv99wxdyx9yxcy.htm)<br>|
| (d)(28) | &nbsp;&nbsp; Amendment dated May 17, 2013 to Subadvisory Agreement dated April 28, 2006 between the Adviser and Dimensional <br> Fund Advisors LP relating to Disciplined Value Emerging Markets Equity Trust, International Small Company Trust, and Small <br> Cap Opportunities Trust – [<u>previously filed as exhibit (d)(5)(E) on April 24, 2015, accession number</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322815001781/e407645_ex99-d5e.htm)<br> [<u>0001133228-15-001781.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322815001781/e407645_ex99-d5e.htm)<br>|
| (d)(29) | &nbsp;&nbsp; Amendment dated July 1, 2018 to Subadvisory Agreement dated April 28, 2006 relating to Disciplined Value Emerging <br> Markets Equity Trust, International Small Company Trust and Small Cap Opportunities Trust, between the Adviser and <br> Dimensional Fund Advisors Inc. – [<u>previously filed as exhibit (d)(23)(G) to post-effective amendment no. 119 filed on April 25,</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322819002411/jhvit-html1026_ex99d23g.htm)<br> [<u>2019, accession number 0001133228-19-002411.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322819002411/jhvit-html1026_ex99d23g.htm)<br>|
| (d)(30) | &nbsp;&nbsp; Amendment dated April 7, 2021 to Subadvisory Agreement dated April 28, 2006 relating to Disciplined Value Emerging <br> Markets Equity Trust, International Small Company Trust and Small Cap Opportunities Trust, between the Adviser and <br> Dimensional Fund Advisors Inc. – [<u>previously filed as exhibit (d)(18) to post-effective amendment no. 124 filed on April 22,</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99d18.htm)<br> [<u>2022, accession number 0001133228-22-002304.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99d18.htm)<br>|
| (d)(31) | &nbsp;&nbsp; Amendment dated March 31, 2022 to Subadvisory Agreement dated April 28, 2006 relating to Disciplined Value Emerging <br> Markets Equity Trust, International Small Company Trust and Small Cap Opportunities Trust, between the Adviser and <br> Dimensional Fund Advisors Inc. – [<u>previously filed as exhibit (d)(19) to post-effective amendment no. 124 filed on April 22,</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99d19.htm)<br> [<u>2022, accession number 0001133228-22-002304.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99d19.htm)<br>|
| (d)(32) | &nbsp;&nbsp; Subadvisory Agreement dated April 28, 2006 relating to Active Bond Trust, Financial Industries Trust, Fundamental All Cap <br> Core Trust, Fundamental Large Cap Value Trust, Global Equity Trust, Money Market Trust, Select Bond Trust, Short Term <br> Government Income Trust, Strategic Income Opportunities Trust, and Ultra Short Term Bond Trust, between the Adviser and <br> Manulife Investment Management (US) LLC<sup>2</sup> – [<u>previously filed as exhibit (d)(67) to post-effective amendment no. 72 filed on</u>](https://www.sec.gov/Archives/edgar/data/756913/000095013507000767/b63596mrexv99wxdyx67y.txt)<br> [<u>February 13, 2007, accession number 0000950135-07-000767.</u>](https://www.sec.gov/Archives/edgar/data/756913/000095013507000767/b63596mrexv99wxdyx67y.txt)<br>|
| (d)(33) | &nbsp;&nbsp; Amendment dated April 27, 2020 to Subadvisory Agreement dated April 28, 2006 relating to Global Equity Trust, between <br> the Adviser and Manulife Investment Management (US) LLC – [<u>previously filed as exhibit (d)(17) to post-effective amendment</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322821002276/jhvit-html3521_ex99d17.htm)<br> [<u>no. 123 filed on April 23, 2021, accession number 0001133228-21-002276.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322821002276/jhvit-html3521_ex99d17.htm)<br>|
| (d)(34) | &nbsp;&nbsp; Amendment dated September 28, 2023 to Subadvisory Agreement dated April 28, 2006 relating to Fundamental All Cap <br> Core Trust, between the Adviser and Manulife Investment Management (US) LLC – [<u>previously filed as exhibit (d)(29) on</u>](https://www.sec.gov/Archives/edgar/data/756913/000119312524099023/d649461dex99d29.htm)<br> [<u>April 17, 2024, accession number 0001193125-24-099023.</u>](https://www.sec.gov/Archives/edgar/data/756913/000119312524099023/d649461dex99d29.htm)<br>|
| (d)(35) | &nbsp;&nbsp; Amendment dated February 7, 2025 to Subadvisory Agreement dated April 28, 2006 relating to High Yield Trust, between <br> the Adviser and Manulife Investment Management (US) LLC – [<u>previously filed as exhibit (d)(36) to post-effective amendment</u>](https://www.sec.gov/Archives/edgar/data/756913/000119312525082716/d891604dex99d36.htm)<br> [<u>no. 127 filed on April 16, 2025, accession number 0001193125-25-082716</u>](https://www.sec.gov/Archives/edgar/data/756913/000119312525082716/d891604dex99d36.htm).<br>|
| (d)(36) | &nbsp;&nbsp; Amended and Restated Subadvisory Agreement dated March 25, 2011 between the Adviser and Manulife Investment <br> Management (US) LLC<sup>3</sup> relating to 500 Index Trust, Mid Cap Index Trust, Small Cap Index Trust, and Total Stock Market Index <br> Trust – [<u>previously filed as exhibit (d)(13)(D) on April 24, 2015, accession number 0001133228-15-001781.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322815001781/e407645_ex99-d13d.htm)<br>|
| (d)(37) | &nbsp;&nbsp; Amendment date May 17, 2013 to Amended and Restated Subadvisory Agreement dated March 25, 2011 relating to 500 <br> Index Trust, Mid Cap Index Trust, Small Cap Index Trust, and Total Stock Market Index Trust between the Adviser and Manulife <br> Investment Management (US) LLC – [<u>previously filed as exhibit (d)(19) to post-effective amendment no. 123 filed on April 23,</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322821002276/jhvit-html3521_ex99d19.htm)<br> [<u>2021, accession number 0001133228-21-002276.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322821002276/jhvit-html3521_ex99d19.htm)<br>|

---

**C-3**

------

---

| | |
|:---|:---|
| (d)(38) | &nbsp;&nbsp; Amendment date April 6, 2016 to Amended and Restated Subadvisory Agreement dated March 25, 2011 relating to 500 <br> Index Trust, Mid Cap Index Trust, Small Cap Index Trust, and Total Stock Market Index Trust between the Adviser and Manulife <br> Investment Management (US) LLC – [<u>previously filed as exhibit (d)(20) to post-effective amendment no. 123 filed on April 23,</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322821002276/jhvit-html3521_ex99d20.htm)<br> [<u>2021, accession number 0001133228-21-002276.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322821002276/jhvit-html3521_ex99d20.htm)<br>|
| (d)(39) | &nbsp;&nbsp; Amendment date April 25, 2025 to Amended and Restated Subadvisory Agreement dated April 28, 2006 relating to Small <br> Cap Core Trust between the Adviser and Manulife Investment Management (US) LLC – [**<u>FILED HEREWITH</u>**](d224548dex99d39.htm)**.**<br>|
| (d)(40) | &nbsp;&nbsp; Amendment date June 26, 2025 to Amended and Restated Subadvisory Agreement dated April 28, 2006 relating to <br> Strategic Income Opportunities Trust between the Adviser and Manulife Investment Management (US) LLC – [**<u>FILED</u>**](d224548dex99d40.htm)<br> [**<u>HEREWITH</u>**](d224548dex99d40.htm)**.**<br>|
| (d)(41) | &nbsp;&nbsp; Subadvisory Agreement dated April 29, 2005 relating to International Equity Index Trust, between the Adviser and SSGA <br> Funds Management, Inc. – [<u>previously filed as exhibit (d)(28) to post-effective amendment no. 84 filed on February 13, 2009,</u>](https://www.sec.gov/Archives/edgar/data/756913/000095013509000965/b73715a1exv99wxdyx28y.htm)<br> [<u>accession number 0000950135-09-000965.</u>](https://www.sec.gov/Archives/edgar/data/756913/000095013509000965/b73715a1exv99wxdyx28y.htm)<br>|
| (d)(42) | &nbsp;&nbsp; Amendment dated May 17, 2013 to Subadvisory Agreement dated April 29, 2005 relating to International Equity Index <br> Trust between the Adviser and SSGA Funds Management, Inc. – [<u>previously filed as exhibit (d)(22) to post-effective</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322821002276/jhvit-html3521_ex99d22.htm)<br> [<u>amendment no. 123 filed on April 23, 2021, accession number 0001133228-21-002276.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322821002276/jhvit-html3521_ex99d22.htm)<br>|
| (d)(43) | &nbsp;&nbsp; Amendment dated July 1, 2019 to Subadvisory Agreement dated April 29, 2005 relating to International Equity Index Trust, <br> between the Adviser and SSGA Funds Management, Inc. – [<u>previously filed as exhibit (d)(17)(B) to post-effective amendment</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322820001889/jhvit-html2203_ex99d17b.htm)<br> [<u>no. 121 filed on April 24, 2020, accession number 0001133228-20-001889.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322820001889/jhvit-html2203_ex99d17b.htm)<br>|
| (d)(44) | &nbsp;&nbsp; Subadvisory Agreement dated January 28, 1999 between the Adviser and T. Rowe Price Associates, Inc. relating to Blue <br> Chip Growth Trust, Capital Appreciation Value Trust, Equity Income Trust, Health Sciences Trust, Mid Value Trust, Science & <br> Technology Trust, and Small Company Value Trust – [<u>previously filed as exhibit (d)(29) to post-effective amendment no. 84</u>](https://www.sec.gov/Archives/edgar/data/756913/000095013509000965/b73715a1exv99wxdyx29y.htm)<br> [<u>filed on February 13, 2009, accession number 0000950135-09-000965.</u>](https://www.sec.gov/Archives/edgar/data/756913/000095013509000965/b73715a1exv99wxdyx29y.htm)<br>|
| (d)(45) | &nbsp;&nbsp; Amendment dated April 18, 2013 to Subadvisory Agreement dated January 28, 1999 relating to Blue Chip Growth Trust, <br> Capital Appreciation Value Trust, Equity Income Trust, Health Sciences Trust, Mid Value Trust, Science & Technology Trust, <br> and Small Company Value Trust, between the Adviser and T. Rowe Price Associates, Inc. – [<u>previously filed as exhibit (d)(25) to</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322821002276/jhvit-html3521_ex99d25.htm)<br> [<u>post-effective amendment no. 123 filed on April 23, 2021, accession number 0001133228-21-002276.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322821002276/jhvit-html3521_ex99d25.htm)<br>|
| (d)(46) | &nbsp;&nbsp; Amendment dated March 19, 2019 to Subadvisory Agreement dated January 28, 1999 relating to Blue Chip Growth Trust, <br> Capital Appreciation Value Trust, Equity Income Trust, Health Sciences Trust, Mid Value Trust, Science & Technology Trust, <br> and Small Company Value Trust, between the Adviser and T. Rowe Price Associates, Inc. – [<u>previously filed as exhibit</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322819002411/jhvit-html1026_ex99d23k.htm)<br> [<u>(d)(23)(K) to post-effective amendment no. 119 filed on April 25, 2019, accession number 0001133228-19-002411.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322819002411/jhvit-html1026_ex99d23k.htm)<br>|
| (d)(47) | &nbsp;&nbsp; Amendment dated June 30, 2020 to Subadvisory Agreement dated January 28, 1999 relating to Blue Chip Growth Trust, <br> Capital Appreciation Value Trust, Equity Income Trust, Health Sciences Trust, Mid Value Trust, Science & Technology Trust, <br> and Small Company Value Trust, between the Adviser and T. Rowe Price Associates, Inc. – [<u>previously filed as exhibit (d)(27) to</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322821002276/jhvit-html3521_ex99d27.htm)<br> [<u>post-effective amendment no. 123 filed on April 23, 2021, accession number 0001133228-21-002276.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322821002276/jhvit-html3521_ex99d27.htm)<br>|
| (d)(48) | &nbsp;&nbsp; Amendment dated March 24, 2022 to Subadvisory Agreement dated January 28, 1999 relating to Health Sciences Trust <br> and Mid Value Trust, between the Adviser and T. Rowe Price Associates, Inc. – [<u>previously filed as exhibit (d)(36) to</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99d36.htm)<br> [<u>post-effective amendment no. 124 filed on April 22, 2022, accession number 0001133228-22-002304.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99d36.htm)<br>|
| (d)(49) | &nbsp;&nbsp; Amendment dated June 23, 2022 to Subadvisory Agreement dated January 28, 1999 relating to Science & Technology <br> Trust between the Adviser and T. Rowe Price Associates, Inc. – [<u>previously filed as exhibit (d)(37) to post-effective amendment</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322823002481/jhvit-html6140_ex99d37.htm)<br> [<u>no. 125 filed on April 21, 2023, accession number 0001133228-23-002481.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322823002481/jhvit-html6140_ex99d37.htm)<br>|
| (d)(50) | &nbsp;&nbsp; Amendment dated March 30, 2023 to Subadvisory Agreement dated January 28, 1999 relating to Equity Income Trust <br> between the Adviser and T. Rowe Price Associates, Inc. – [<u>previously filed as exhibit (d)(38) to post-effective amendment no.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322823002481/jhvit-html6140_ex99d38.htm)<br> [<u>125 filed on April 21, 2023, accession number 0001133228-23-002481.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322823002481/jhvit-html6140_ex99d38.htm)<br>|
| (d)(51) | &nbsp;&nbsp; Amendment dated June 29, 2023 to Subadvisory Agreement dated January 28, 1999 relating to Blue Chip Growth Trust <br> between the Adviser and T. Rowe Price Associates, Inc. – [<u>previously filed as exhibit (d)(43) on April 17, 2024, accession</u>](https://www.sec.gov/Archives/edgar/data/756913/000119312524099023/d649461dex99d43.htm)<br> [<u>number 0001193125-24-099023.</u>](https://www.sec.gov/Archives/edgar/data/756913/000119312524099023/d649461dex99d43.htm)<br>|
| (d)(52) | &nbsp;&nbsp; Amendment dated September 28, 2023 to Subadvisory Agreement dated January 28, 1999 relating to Equity Income Trust <br> between the Adviser and T. Rowe Price Associates, Inc. – [<u>previously filed as exhibit (d)(44) on April 17, 2024, accession</u>](https://www.sec.gov/Archives/edgar/data/756913/000119312524099023/d649461dex99d44.htm)<br> [<u>number 0001193125-24-099023.</u>](https://www.sec.gov/Archives/edgar/data/756913/000119312524099023/d649461dex99d44.htm)<br>|

---

**C-4**

------

---

| | |
|:---|:---|
| (d)(53) | &nbsp;&nbsp; Amendment dated December 12, 2024 to Subadvisory Agreement dated January 28, 1999 relating to Health Sciences <br> Trust between the Adviser and T. Rowe Price Associates, Inc. – [<u>previously filed as exhibit (d)(52) to post-effective amendment</u>](https://www.sec.gov/Archives/edgar/data/756913/000119312525082716/d891604dex99d52.htm)<br> [<u>no. 127 filed on April 16, 2025, accession number 0001193125-25-082716</u>](https://www.sec.gov/Archives/edgar/data/756913/000119312525082716/d891604dex99d52.htm).<br>|
| (d)(54) | &nbsp;&nbsp; Amendment dated March 27, 2025 to Subadvisory Agreement dated January 28, 1999 relating to Mid Value Trust between <br> the Adviser and T. Rowe Price Associates, Inc. – [<u>previously filed as exhibit (d)(53) to post-effective amendment no. 53 filed</u>](https://www.sec.gov/Archives/edgar/data/756913/000119312525082716/d891604dex99d53.htm)<br> [<u>on April 16, 2025, accession number 0001193125-25-082716</u>](https://www.sec.gov/Archives/edgar/data/756913/000119312525082716/d891604dex99d53.htm).<br>|
| (d)(55) | &nbsp;&nbsp; Amendment dated September 25, 2025 to Subadvisory Agreement dated January 28, 1999 relating to Blue Chip Growth <br> Trust between the Adviser and T. Rowe Price Associates, Inc. – [**<u>FILED HEREWITH</u>**](d224548dex99d55.htm)**.**<br>|
| (d)(56) | &nbsp;&nbsp; Sub-Subadvisory Agreement dated March 7, 2022 relating to Capital Appreciation Value Trust and Small Company Value <br> Trust, between T. Rowe Price Associates, Inc. and T. Rowe Price Investment Management, Inc. – [<u>previously filed as exhibit</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99d37.htm)<br> [<u>(d)(37) to post-effective amendment no. 124 filed on April 22, 2022, accession number 0001133228-22-002304.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99d37.htm)<br>|
| (d)(57) | &nbsp;&nbsp; Subadvisory Agreement dated January 29, 1999 relating to Investment Quality Bond Trust, Mid Cap Growth Trust, <br> Opportunistic Fixed Income Trust, Small Cap Stock Trust, and Small Cap Core Trust, between the Adviser and Wellington <br> Management Company LLP – [<u>previously filed as exhibit (d)(33) to post-effective amendment no. 84 filed on February 13,</u>](https://www.sec.gov/Archives/edgar/data/756913/000095013509000965/b73715a1exv99wxdyx33y.htm)<br> [<u>2009, accession number 0000950135-09-000965.</u>](https://www.sec.gov/Archives/edgar/data/756913/000095013509000965/b73715a1exv99wxdyx33y.htm)<br>|
| (d)(58) | &nbsp;&nbsp; Amendment dated May 1, 2003 to Subadvisory Agreement dated January 29, 1999 relating to Investment Quality Bond <br> Trust, Mid Cap Growth Trust, Opportunistic Fixed Income Trust, Small Cap Stock Trust, and Small Cap Core Trust, between <br> the Adviser and Wellington Management Company LLP – [<u>previously filed as exhibit (d)(29) to post-effective amendment no.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322821002276/jhvit-html3521_ex99d29.htm)<br> [<u>123 filed on April 23, 2021, accession number 0001133228-21-002276.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322821002276/jhvit-html3521_ex99d29.htm)<br>|
| (d)(59) | &nbsp;&nbsp; Amendment dated April 29, 2005 to Subadvisory Agreement dated January 29, 1999 relating to Investment Quality Bond <br> Trust, Mid Cap Growth Trust, Opportunistic Fixed Income Trust, Small Cap Stock Trust, and Small Cap Core Trust, between <br> the Adviser and Wellington Management Company LLP – [<u>previously filed as exhibit (d)(33)(C) to post-effective amendment</u>](https://www.sec.gov/Archives/edgar/data/756913/000095013509000965/b73715a1exv99wxdyx33yxcy.htm)<br> [<u>no. 84 filed on February 13, 2009, accession number 0000950135-09-000965.</u>](https://www.sec.gov/Archives/edgar/data/756913/000095013509000965/b73715a1exv99wxdyx33yxcy.htm)<br>|
| (d)(60) | &nbsp;&nbsp; Amendment dated May 17, 2013 to Subadvisory Agreement dated January 29, 1999 relating to Investment Quality Bond <br> Trust, Mid Cap Growth Trust, Opportunistic Fixed Income Trust, Small Cap Stock Trust, and Small Cap Core Trust between the <br> Adviser and Wellington Management Company LLP – [<u>previously filed as exhibit (d)(31) to post-effective amendment no. 123</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322821002276/jhvit-html3521_ex99d31.htm)<br> [<u>filed on April 23, 2021, accession number 0001133228-21-002276.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322821002276/jhvit-html3521_ex99d31.htm)<br>|
| (d)(61) | &nbsp;&nbsp; Amendment dated February 28, 2020 to Subadvisory Agreement dated January 29, 1999 relating to Investment Quality <br> Bond Trust, Mid Cap Growth Trust, Opportunistic Fixed Income Trust, Small Cap Stock Trust, and Small Cap Core Trust, <br> between the Adviser and Wellington Management Company LLP – [<u>previously filed as exhibit (d)(21)(I) to post-effective</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322820001889/jhvit-html2203_ex99d21i.htm)<br> [<u>amendment no. 121 filed on April 24, 2020, accession number 0001133228-20-001889.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322820001889/jhvit-html2203_ex99d21i.htm)<br>|
| (d)(62) | &nbsp;&nbsp; Amendment dated November 16, 2020 to Subadvisory Agreement dated January 29, 1999 relating to Real Estate <br> Securities Trust, between the Adviser and Wellington Management Company LLP – [<u>previously filed as exhibit (d)(34) to</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322821002276/jhvit-html3521_ex99d34.htm)<br> [<u>post-effective amendment no. 123 filed on April 23, 2021, accession number 0001133228-21-002276.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322821002276/jhvit-html3521_ex99d34.htm)<br>|
| (d)(63) | &nbsp;&nbsp; Amendment dated October 18, 2021 to Subadvisory Agreement dated January 29, 1999 relating to Mid Cap Growth Trust, <br> between the Adviser and Wellington Management Company LLP – [<u>previously filed as exhibit (d)(45) to post-effective</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99d45.htm)<br> [<u>amendment no. 124 filed on April 22, 2022, accession number 0001133228-22-002304.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99d45.htm)<br>|
| (d)(64) | &nbsp;&nbsp; Amendment dated March 27, 2025 to Subadvisory Agreement dated January 29, 1999 relating to U.S. Growth Trust, <br> between the Adviser and Wellington Management Company LLP – [**<u>FILED HEREWITH</u>**](d224548dex99d64.htm)**.**<br>|
| (e) | &nbsp;&nbsp; Amended and Restated Distribution Agreement dated June 30, 2020 between the Registrant and John Hancock <br> Distributors, LLC (the "Distributor") – [<u>previously filed as exhibit (e) to post-effective amendment no. 123 filed on April 23,</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322821002276/jhvit-html3521_ex99e.htm)<br> [<u>2021, accession number 0001133228-21-002276.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322821002276/jhvit-html3521_ex99e.htm)<br>|
| (f) | Not Applicable. |
| (g) | &nbsp;&nbsp; Custodian Agreement dated September 26, 2008 between the Trust and State Street Bank and Trust Company – [<u>previously</u>](https://www.sec.gov/Archives/edgar/data/756913/000095013509000965/b73715a1exv99wxgy.htm)<br> [<u>filed as exhibit (g) to post-effective amendment no. 84 filed on February 13, 2009, accession number</u>](https://www.sec.gov/Archives/edgar/data/756913/000095013509000965/b73715a1exv99wxgy.htm)<br> [<u>0000950135-09-000965.</u>](https://www.sec.gov/Archives/edgar/data/756913/000095013509000965/b73715a1exv99wxgy.htm)<br>|
| (g)(1) | &nbsp;&nbsp; Amendment dated October 1, 2015 to Custodian Agreement dated September 26, 2008 between the Trust and State Street <br> Bank and Trust Company – [<u>previously filed as exhibit (g)(1) to post-effective amendment no. 123 filed on April 23, 2021,</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322821002276/jhvit-html3521_ex99g1.htm)<br> [<u>accession number 0001133228-21-002276.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322821002276/jhvit-html3521_ex99g1.htm)<br>|

---

**C-5**

------

---

| | |
|:---|:---|
| (g)(2) | &nbsp;&nbsp; Amendment dated December 14, 2020 to Custodian Agreement dated September 26, 2008 between the Trust and State <br> Street Bank and Trust Company – [<u>previously filed as exhibit (g)(2) to post-effective amendment no. 123 filed on April 23,</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322821002276/jhvit-html3521_ex99g2.htm)<br> [<u>2021, accession number 0001133228-21-002276.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322821002276/jhvit-html3521_ex99g2.htm)<br>|
| (g)(3) | &nbsp;&nbsp; Amendment dated July 1, 2022 to Custodian Agreement dated September 26, 2008 between the Trust and State Street <br> Bank and Trust Company – [<u>previously filed as exhibit (g)(3) to post-effective amendment no. 125 filed on April 21, 2023,</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322823002481/jhvit-html6140_ex99g3.htm)<br> [<u>accession number 0001133228-23-002481.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322823002481/jhvit-html6140_ex99g3.htm)<br>|
| (g)(4) | &nbsp;&nbsp; Amendment dated March 27, 2025 to Custodian Agreement dated September 26, 2008 between the Trust and State Street <br> Bank and Trust Company – [**<u>FILED HEREWITH</u>**](d224548dex99g4.htm)**.**<br>|
| (g)(5) | &nbsp;&nbsp; Master Global Custodial Services Agreement dated March 3, 2014 between the Trust and Citibank. N.A. – [<u>previously filed as</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322815001781/e407645_ex99-g1.htm)<br> [<u>exhibit (g)(1) on April 24, 2015, accession number 0001133228-15-001781.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322815001781/e407645_ex99-g1.htm)<br>|
| (g)(6) | &nbsp;&nbsp; Amendment dated July 1, 2024 to Master Global Custodial Services Agreement dated March 3, 2014 between the Trust and <br> Citibank. N.A. - [<u>previously filed as exhibit (g)(5) to post-effective amendment no. 127 filed on April 16, 2025, accession</u>](https://www.sec.gov/Archives/edgar/data/756913/000119312525082716/d891604dex99g5.htm)<br> [<u>number 0001193125-25-082716</u>](https://www.sec.gov/Archives/edgar/data/756913/000119312525082716/d891604dex99g5.htm).<br>|
| (h) | &nbsp;&nbsp; Participation Agreement dated July 1, 2003, as amended May 1, 2004, April 20, 2005, March 26, 2007 among the Trust <br> and The Manufacturers Life Insurance Company (U.S.A.), The Manufacturers Life Insurance Company of New York, John <br> Hancock Life Insurance Company, and John Hancock Variable Life Insurance Company, each on behalf of itself and its <br> variable annuity and variable life insurance separate accounts, and John Hancock Distributors, LLC – [<u>previously filed as</u>](https://www.sec.gov/Archives/edgar/data/756913/000095013509000965/b73715a1exv99wxhyx1y.htm)<br> [<u>exhibit (h)(1) to post-effective amendment no. 84 filed on February 13, 2009, accession number</u>](https://www.sec.gov/Archives/edgar/data/756913/000095013509000965/b73715a1exv99wxhyx1y.htm)<br> [<u>0000950135-09-000965.</u>](https://www.sec.gov/Archives/edgar/data/756913/000095013509000965/b73715a1exv99wxhyx1y.htm)<br>|
| (h)(1) | &nbsp;&nbsp; Amendment dated September 29, 2007 to Participation Agreement dated July 1, 2003, as amended May 1, 2004, April 20, <br> 2005, March 26, 2007 among the Trust and The Manufacturers Life Insurance Company (U.S.A.), The Manufacturers Life <br> Insurance Company of New York, John Hancock Life Insurance Company, and John Hancock Variable Life Insurance <br> Company, each on behalf of itself and its variable annuity and variable life insurance separate accounts, and John Hancock <br> Distributors, LLC – [<u>previously filed as exhibit (h)(1)(A) to post-effective amendment no. 84 filed on February 13, 2009,</u>](https://www.sec.gov/Archives/edgar/data/756913/000095013509000965/b73715a1exv99wxhyx1yxay.htm)<br> [<u>accession number 0000950135-09-000965.</u>](https://www.sec.gov/Archives/edgar/data/756913/000095013509000965/b73715a1exv99wxhyx1yxay.htm)<br>|
| (h)(2) | &nbsp;&nbsp; Amendment dated October 1, 2007 to Participation Agreement dated July 1, 2003, as amended May 1, 2004, April 20, <br> 2005, March 26, 2007 among the Trust and The Manufacturers Life Insurance Company (U.S.A.), The Manufacturers Life <br> Insurance Company of New York, John Hancock Life Insurance Company, and John Hancock Variable Life Insurance <br> Company, each on behalf of itself and its variable annuity and variable life insurance separate accounts, and John Hancock <br> Distributors, LLC – [<u>previously filed as exhibit (h)(1)(B) to post-effective amendment no. 84 filed on February 13, 2009,</u>](https://www.sec.gov/Archives/edgar/data/756913/000095013509000965/b73715a1exv99wxhyx1yxby.htm)<br> [<u>accession number 0000950135-09-000965.</u>](https://www.sec.gov/Archives/edgar/data/756913/000095013509000965/b73715a1exv99wxhyx1yxby.htm)<br>|
| (h)(3) | &nbsp;&nbsp; Amendment dated March 23, 2017 to the Participation Agreement dated July 1, 2003 as amended May 1, 2004, April 20, <br> 2005, March 26, 2007 among the Trust and The Manufacturers Life Insurance Company (U.S.A.), The Manufacturers Life <br> Insurance Company of New York, John Hancock Life Insurance Company, and John Hancock Variable Life Insurance <br> Company, each on behalf of itself and its variable annuity and variable life insurance separate accounts, and John Hancock <br> Distributors, LLC - [<u>previously filed as exhibit (h)(3) to post-effective amendment no. 123 filed on April 23, 2021, accession</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322821002276/jhvit-html3521_ex99h3.htm)<br> [<u>number 0001133228-21-002276.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322821002276/jhvit-html3521_ex99h3.htm)<br>|
| (h)(4) | &nbsp;&nbsp; AFIS Fund Participation Agreement dated November 9, 2007 ("AFIS Participation Agreement"), among the Trust, John <br> Hancock Variable Trust Advisers LLC, John Hancock Life Insurance Company (U.S.A.), John Hancock Life Insurance Company <br> of New York, John Hancock Life Insurance Company and John Hancock Variable Life Insurance Company, on behalf of <br> themselves and certain of their separate accounts, and Capital Research and Management Company – [<u>previously filed as</u>](https://www.sec.gov/Archives/edgar/data/756913/000095013509000965/b73715a1exv99wxhyx2y.htm)<br> [<u>exhibit (h)(2) to post-effective amendment no. 84 filed on February 13, 2009, accession number</u>](https://www.sec.gov/Archives/edgar/data/756913/000095013509000965/b73715a1exv99wxhyx2y.htm)<br> [<u>0000950135-09-000965.</u>](https://www.sec.gov/Archives/edgar/data/756913/000095013509000965/b73715a1exv99wxhyx2y.htm)<br>|
| (h)(5) | &nbsp;&nbsp; Services Agreement dated March 3, 2014 between the Trust and Citi Fund Services Ohio, Inc. – [<u>previously filed as exhibit</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322815001781/e407645_ex99-h5.htm)<br> [<u>(h)(5) on April 24, 2015, accession number 0001133228-15-001781.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322815001781/e407645_ex99-h5.htm)<br>|
| (h)(6) | &nbsp;&nbsp; Amendment No.1 dated February 1, 2015 to Services Agreement dated March 3, 2014 between the Trust and Citi Fund <br> Services Ohio, Inc. – [<u>previously filed as exhibit (h)(5)(A) on April 24, 2015, accession number 0001133228-15-001781.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322815001781/e407645_ex99-h5a.htm)<br>|

---

**C-6**

------

---

| | |
|:---|:---|
| (h)(7) | &nbsp;&nbsp; Amendment dated September 1, 2019 to Services Agreement dated March 3, 2014 between the Trust and Citi Fund <br> Services Ohio, Inc. - [<u>previously filed as exhibit (h)(7) to post-effective amendment no. 123 filed on April 23, 2021, accession</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322821002276/jhvit-html3521_ex99h7.htm)<br> [<u>number 0001133228-21-002276.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322821002276/jhvit-html3521_ex99h7.htm)<br>|
| (h)(8) | &nbsp;&nbsp; Agreement to Waive Advisory Fees and Reimburse Expenses dated June 26, 2025 between the Registrant and John Hancock <br> Variable Trust Advisers LLC – [**<u>FILED HEREWITH</u>**](d224548dex99h8.htm)**.**<br>|
| (h)(9) | &nbsp;&nbsp; Advisory Fee Waiver Agreement dated December 11, 2025 between the Registrant and John Hancock Variable Trust <br> Advisers LLC – [**<u>FILED HEREWITH</u>**](d224548dex99h9.htm)**.**<br>|
| (h)(10) | &nbsp;&nbsp; Amended and Restated Service Agreement dated June 24, 2021 between the Trust and the Adviser - [<u>previously filed as</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99h10.htm)<br> [<u>exhibit (h)(10) to post-effective amendment no. 124 filed on April 22, 2022, accession number 0001133228-22-002304.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99h10.htm)<br>|
| (h)(11) | &nbsp;&nbsp; Service Agreement dated June 30, 2020 among the Trust the Adviser, and the Trust's Chief Compliance Officer - [<u>previously</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322821002276/jhvit-html3521_ex99h11.htm)<br> [<u>filed as exhibit (h)(11) to post-effective amendment no. 123 filed on April 23, 2021, accession number</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322821002276/jhvit-html3521_ex99h11.htm)<br> [<u>0001133228-21-002276.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322821002276/jhvit-html3521_ex99h11.htm)<br>|
| (h)(12) | &nbsp;&nbsp; Fund of Funds Investment Agreement dated January 19, 2022 between the Registrant and BlackRock ETF Trust, BlackRock <br> ETF Trust II, iShares Trust, iShares, Inc., and iShares U.S. ETF Trust – [<u>previously filed as exhibit (h)(12) to post-effective</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99h12.htm)<br> [<u>amendment no. 124 filed on April 22, 2022, accession number 0001133228-22-002304.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99h12.htm)<br>|
| (h)(13) | &nbsp;&nbsp; Fund of Funds Investment Agreement dated January 19, 2022 between the Registrant and Calamos Investment Trust – <br> [<u>previously filed as exhibit (h)(13) to post-effective amendment no. 124 filed on April 22, 2022, accession number</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99h13.htm)<br> [<u>0001133228-22-002304.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99h13.htm)<br>|
| (h)(14) | &nbsp;&nbsp; Fund of Funds Investment Agreement dated January 19, 2022 between the Registrant and Credit Suisse Opportunity Funds <br> – [<u>previously filed as exhibit (h)(14) to post-effective amendment no. 124 filed on April 22, 2022, accession number</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99h14.htm)<br> [<u>0001133228-22-002304.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99h14.htm)<br>|
| (h)(15) | &nbsp;&nbsp; Fund of Funds Investment Agreement dated January 19, 2022 between the Registrant and DBX ETF Trust – [<u>previously filed</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99h15.htm)<br> [<u>as exhibit (h)(15) to post-effective amendment no. 124 filed on April 22, 2022, accession number</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99h15.htm)<br> [<u>0001133228-22-002304.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99h15.htm)<br>|
| (h)(16) | &nbsp;&nbsp; Fund of Funds Investment Agreement dated January 11, 2022 between the Registrant and Fidelity Concord Street Trust and <br> Fidelity Salem Street Trust – [<u>previously filed as exhibit (h)(16) to post-effective amendment no. 124 filed on April 22, 2022,</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99h16.htm)<br> [<u>accession number 0001133228-22-002304.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99h16.htm)<br>|
| (h)(17) | &nbsp;&nbsp; Fund of Funds Investment Agreement dated January 19, 2022 between the Registrant and IndexIQ ETF Trust – [<u>previously</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99h17.htm)<br> [<u>filed as exhibit (h)(17) to post-effective amendment no. 124 filed on April 22, 2022, accession number</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99h17.htm)<br> [<u>0001133228-22-002304.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99h17.htm)<br>|
| (h)(18) | &nbsp;&nbsp; Fund of Funds Investment Agreement dated January 19, 2022 between the Registrant and Invesco Exchange-Traded Fund <br> Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed <br> Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, and Invesco <br> Exchange-Traded Self-Indexed Fund Trust – [<u>previously filed as exhibit (h)(18) to post-effective amendment no. 124 filed on</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99h18.htm)<br> [<u>April 22, 2022, accession number 0001133228-22-002304.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99h18.htm)<br>|
| (h)(19) | &nbsp;&nbsp; Fund of Funds Investment Agreement dated January 19, 2022 between the Registrant and JPMorgan Trust I, JPMorgan Trust <br> II, JPMorgan Trust IV, JPMorgan Fleming Mutual Fund Group, Inc., JPMorgan Mutual Fund Investment Trust, and JPMorgan <br> Undiscovered Managers Fund – [<u>previously filed as exhibit (h)(19) to post-effective amendment no. 124 filed on April 22,</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99h19.htm)<br> [<u>2022, accession number 0001133228-22-002304.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99h19.htm)<br>|
| (h)(20) | &nbsp;&nbsp; Fund of Funds Investment Agreement dated January 19, 2022 between the Registrant and The Select Sector SPDR Trust – <br> [<u>previously filed as exhibit (h)(20) to post-effective amendment no. 124 filed on April 22, 2022, accession number</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99h20.htm)<br> [<u>0001133228-22-002304.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99h20.htm)<br>|
| (h)(21) | &nbsp;&nbsp; Fund of Funds Investment Agreement dated January 19, 2022 between the Registrant and SPDR Series Trust, SPDR Index <br> Shares Funds, and SSGA Active Trust – [<u>previously filed as exhibit (h)(21) to post-effective amendment no. 124 filed on</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99h21.htm)<br> [<u>April 22, 2022, accession number 0001133228-22-002304.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99h21.htm)<br>|
| (h)(22) | &nbsp;&nbsp; Fund of Funds Investment Agreement dated January 19, 2022 between the Registrant and Vanguard Bond Index Funds, <br> Vanguard Index Funds, Vanguard International Equity Index Funds, Vanguard Scottsdale Funds, Vanguard Specialized Funds, <br> Vanguard Tax-Managed Funds, Vanguard Whitehall Funds, and Vanguard World Fund – [<u>previously filed as exhibit (h)(22) to</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99h22.htm)<br> [<u>post-effective amendment no. 124 filed on April 22, 2022, accession number 0001133228-22-002304.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99h22.htm)<br>|

---

**C-7**

------

---

| | |
|:---|:---|
| (h)(23) | &nbsp;&nbsp; Fund of Funds Investment Agreement dated January 19, 2022 between the Registrant and VanEck ETF Trust – [<u>previously</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99h23.htm)<br> [<u>filed as exhibit (h)(23) to post-effective amendment no. 124 filed on April 22, 2022, accession number</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99h23.htm)<br> [<u>0001133228-22-002304.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99h23.htm)<br>|
| (h)(24) | &nbsp;&nbsp; Fund of Funds Investment Agreement dated January 19, 2022 between the Registrant and Victory Portfolios II – [<u>previously</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99h24.htm)<br> [<u>filed as exhibit (h)(24) to post-effective amendment no. 124 filed on April 22, 2022, accession number</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99h24.htm)<br> [<u>0001133228-22-002304.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99h24.htm)<br>|
| (h)(25) | &nbsp;&nbsp; Fund of Funds Investment Agreement dated January 19, 2022 between the Registrant and The Arbitrage Funds – [<u>previously</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99h25.htm)<br> [<u>filed as exhibit (h)(25) to post-effective amendment no. 124 filed on April 22, 2022, accession number</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99h25.htm)<br> [<u>0001133228-22-002304.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99h25.htm)<br>|
| (h)(26) | &nbsp;&nbsp; Fund of Funds Investment Agreement dated January 19, 2022 between the Registrant and Financial Opportunities Fund, <br> Hedged Equity & Income Fund, Income Securities Trust, Investors Trust, John Hancock Bond Trust, John Hancock California <br> Tax-Free Income Fund, John Hancock Capital Series, John Hancock Collateral Trust, John Hancock Current Interest, John <br> Hancock Exchange-Traded Fund Trust, John Hancock Funds II, John Hancock Funds III, John Hancock GA Mortgage Trust, <br> John Hancock Investment Trust, John Hancock Investment Trust II, John Hancock Municipal Securities Trust, John Hancock <br> Sovereign Bond Fund, John Hancock Strategic Series, Preferred Income Fund, Preferred Income Fund II, Preferred Income <br> Fund III, Premium Dividend Fund, Tax-Advantaged Dividend Income Fund, and Tax-Advantaged Global Shareholder Yield Fund <br> – [<u>previously filed as exhibit (h)(26) to post-effective amendment no. 124 filed on April 22, 2022, accession number</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99h26.htm)<br> [<u>0001133228-22-002304.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322822002304/jhvit-html4616_ex99h26.htm)<br>|
| (i) | Legal Opinion – [**<u>FILED HEREWITH</u>**](d224548dex99i.htm)**.** |
| (j) | Consent of Independent Public Accounting Firm, PricewaterhouseCoopers LLP – [**<u>FILED HEREWITH</u>**](d224548dex99j.htm)**.** |
| (k) | Not Applicable. |
| (l) | Not Applicable. |
| (m) | &nbsp;&nbsp; Series I Shares Rule 12b-1 Plan (formerly Class A Shares) dated September 21, 2001, as amended April 4, 2002, June 26, <br> 2003, April 1, 2004, December 13, 2004, June 23, 2005, September 23, 2005, December 13, 2005, March 30, 2006, <br> March 23, 2007, September 28, 2007, June 27, 2008, September 26, 2008, December 17, 2008, March 20, 2009, <br> June 25, 2010, March 25, 2011, March 23, 2012, June 30, 2012 and September 27, 2013 – [<u>previously filed as exhibit</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322815001781/e407645_ex99-m.htm)<br> [<u>(m) on April 24, 2015, accession number 0001133228-15-001781.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322815001781/e407645_ex99-m.htm)<br>|
| (m)(1) | &nbsp;&nbsp; Series II Shares Rule 12b-1 Plan (formerly Class B Shares) dated September 21, 2001, as amended April 4, 2002, April 2, <br> 2003, April 1, 2004, December 13, 2004, June 23, 2005, September 23, 2005, December 13, 2005, March 30, 2006, <br> March 23, 2007, September 28, 2007; June 27, 2008, September 26, 2008, December 17, 2008, March 20, 2009; <br> June 25, 2010, March 25, 2011, March 23, 2012, June 30, 2012 and September 27, 2013 – [<u>previously filed as exhibit</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322815001781/e407645_ex99-m1.htm)<br> [<u>(m)(1) on April 24, 2015, accession number 0001133228-15-001781.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322815001781/e407645_ex99-m1.htm)<br>|
| (m)(2) | &nbsp;&nbsp; Series II Shares Voluntary Rule 12b-1 Fee Waivers dated July 1, 2016 for American Growth Trust, American Growth and <br> Income Trust, American Asset Allocation Trust, American New World Trust, and American Global Growth Trust – [<u>previously</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322818002473/e490940_ex99-m1a.htm)<br> [<u>filed as exhibit (m)(1)(A) on April 26, 2018, accession number 0001133228-18-002473.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322818002473/e490940_ex99-m1a.htm)<br>|
| (m)(3) | &nbsp;&nbsp; Series III Shares Rule 12b-1 Plan dated March 23, 2007, as amended September 28, 2007, March 20, 2009, June 25, <br> 2010, March 25, 2011, March 23, 2012 and September 27, 2013 – [<u>previously filed as exhibit (m)(2) on April 24, 2015,</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322815001781/e407645_ex99-m2.htm)<br> [<u>accession number 0001133228-15-001781.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322815001781/e407645_ex99-m2.htm)<br>|
| (n) | &nbsp;&nbsp; Rule 18f-3 Plan dated September 21, 2001, as amended April 4, 2002, June 26, 2003, December 13, 2004, June 23, <br> 2005, December 13, 2005, March 30, 2006, March 23, 2007, September 28, 2007, March 25, 2008, March 23, 2012, <br> June 30, 2013 and September 27, 2013 – [<u>previously filed as exhibit (n) on April 24, 2015, accession number</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322815001781/e407645_ex99-n.htm)<br> [<u>0001133228-15-001781.</u>](https://www.sec.gov/Archives/edgar/data/756913/000113322815001781/e407645_ex99-n.htm)<br>|
| (o) | Not Applicable. |
| (p) | Codes of Ethics of the Registrant and its Investment Adviser and Subadvisers. |
| (p)(1) | &nbsp;&nbsp; Codes of Ethics. Code of Ethics dated January 1, 2008 (as revised April 1, 2024) of John Hancock Investment Management <br> LLC, John Hancock Variable Trust Advisers LLC, John Hancock Investment Management Distributors LLC, John Hancock <br> Distributors, LLC, and each open-end fund, closed-end fund and exchange-traded fund advised by a John Hancock advisor – <br> [<u>previously filed as exhibit (p)(1) on April 17, 2024, accession number 0001193125-24-099023.</u>](https://www.sec.gov/Archives/edgar/data/756913/000119312524099023/d649461dex99p1.htm)<br>|

---

**C-8**

------

---

| | |
|:---|:---|
| (p)(2) | Code of Ethics for Allspring Global Investments, LLC dated March 2, 2026 – [**<u>FILED HEREWITH</u>**](d224548dex99p2.htm)**.** |
| (p)(3) | Code of Ethics for Boston Partners Global Investors, Inc. dated May 1, 2025 – [**<u>FILED HEREWITH</u>**](d224548dex99p3.htm)**.** |
| (p)(4) | &nbsp;&nbsp; Code of Ethics for Global Wealth and Asset Management and General Account Investments (Manulife Investment <br> Management (US) LLC dated April 1, 2024 – [<u>previously filed as exhibit (p)(4) to post-effective amendment no. 127 filed on</u>](https://www.sec.gov/Archives/edgar/data/756913/000119312525082716/d891604dex99p4.htm)<br> [<u>April 16, 2025, accession number 0001193125-25-082716</u>](https://www.sec.gov/Archives/edgar/data/756913/000119312525082716/d891604dex99p4.htm).<br>|
| (p)(5) | &nbsp;&nbsp; Code of Ethics for Dimensional Fund Advisors LP dated January 1, 2024 – [<u>previously filed as exhibit (p)(5) to post-effective</u>](https://www.sec.gov/Archives/edgar/data/756913/000119312525082716/d891604dex99p5.htm)<br> [<u>amendment no. 127 filed on April 16, 2025, accession number 0001193125-25-082716</u>](https://www.sec.gov/Archives/edgar/data/756913/000119312525082716/d891604dex99p5.htm).<br>|
| (p)(6) | Code of Ethics for SSGA Funds Management, Inc. dated March 31, 2025 – [**<u>FILED HEREWITH</u>**](d224548dex99p6.htm)**.** |
| (p)(7) | Code of Ethics for T. Rowe Price Associates, Inc. dated July 1, 2025 – [**<u>FILED HEREWITH</u>**](d224548dex99p7.htm)**.** |
| (p)(8) | Code of Ethics for Wellington Management Company LLP dated February 2, 2026 – [**<u>FILED HEREWITH</u>**](d224548dex99p8.htm)**.** |
| (p)(9) | &nbsp;&nbsp; Code of Ethics for the Independent Trustees of the John Hancock Funds effective December 6, 2005 Amended and Restated <br> January 1, 2026 – [**<u>FILED HEREWITH</u>**](d224548dex99p9.htm)**.**<br>|
| (q) | Power of Attorney dated December 11, 2025 – [**<u>FILED HEREWITH</u>**](d224548dex99q.htm)**.** |

---

**1**

Prior to June 28, 2019, John Hancock Variable Trust Advisers LLC was known as John Hancock Investment Management Services, LLC.

**2**

Prior to May 7, 2019, Manulife Investment Management (US) LLC was known as John Hancock Asset Management a division of Manulife Asset Management (US) LLC (formerly known as Sovereign Asset Management, LLC).

**3**

Prior to June 30, 2025, Manulife Investment Management (North America) Limited served as subadvisor to the funds.

**Item 29. Persons Controlled by or Under Common Control with the Fund**

Two of the Trust shareholders are:

John Hancock Life Insurance Company of New York ("John Hancock New York"),

John Hancock Life Insurance Company (U.S.A.) ("John Hancock USA"),

John Hancock New York and John Hancock USA (collectively, the "Companies") hold Trust shares attributable to variable contracts in their respective separate accounts. Fund of Funds of the Trust are also shareholders of certain of the Trust portfolios. A company will vote all shares of each portfolio of the Trust issued to such company in proportion to timely instructions received from owners of the contracts participating in separate accounts registered under the Investment Company Act of 1940, as amended. The Trust will vote all shares of a portfolio issued to a fund of funds in proportion to such instructions.

**C-9**

------

![](g481236orgchart.jpg)

**C-10**

------

**Item 30. Indemnification**

Sections 6.4 and 6.5 of the Agreement and Declaration of Trust of the Registrant provide that the Registrant shall indemnify each of its Trustees and officers against all liabilities, including but not limited to amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and against all expenses, including but not limited to accountants and counsel fees, reasonably incurred in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, before any court or administrative or legislative body, in which such Trustee or officer may be or may have been involved as a party or otherwise or with which such person may be or may have been threatened, while in office or thereafter, by reason of being or having been such a Trustee or officer, except that indemnification shall not be provided if it shall have been finally adjudicated in a decision on the merits by the court or other body before which the proceeding was brought that such Trustee or officer (i) did not act in good faith in the reasonable belief that his or her action was in the best interests of the Registrant or (ii) is liable to the Registrant or its shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person's office.

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended ("Securities Act"), may be permitted to Trustees, officers and controlling persons of the Registrant pursuant to the provisions described in this Item 30, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a Trustee, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such Trustee, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

**Item 31. Business and Other Connections of Investment Advisor**

See "Management" in the Prospectus and "Investment Management Arrangements and Other Services" in the Statement of Additional Information for information regarding the business of the Advisor and each of the Subadvisors. For information as to the business, profession, vocation or employment of a substantial nature of each director, officer or partner of the Advisor and each of the Subadvisors reference is made to the respective Form ADV, as amended, filed under the Investment Advisers Act of 1940, as amended each of which is herein incorporated by reference. The Investment Advisers Act of 1940 file number for John Hancock Variable Trust Advisers LLC is 801-28947. The file number for each subadvisor is listed below.

---

| | |
|:---|:---|
| **Subadviser** | **File Number** |
| Allspring Global Investments, LLC | 801-21122 |
| Boston Partners Global Investors, Inc. | 801-61786 |
| Dimensional Fund Advisors LP | 801-16283 |
| Manulife Investment Management (US) LLC | 801-42033 |
| SSGA Funds Management, Inc. | 801-60103 |
| T. Rowe Price Associates, Inc. | 801-856 |
| T. Rowe Price Investment Management, Inc. | 801-121434 |
| Wellington Management Company LLP | 801-15908 |

---

**Item 32. Principal Underwriters** 

---

| | |
|:---|:---|
| **Name of Investment Company** | **Capacity in which acting** |
| John Hancock Life Insurance <br> Company (U.S.A.)<br> Separate Account A<br>| Principal Underwriter |
| John Hancock Life Insurance <br> Company (U.S.A.)<br> Separate Account H<br>| Principal Underwriter |
| John Hancock Life Insurance <br> Company (U.S.A.)<br> Separate Account I<br>| Principal Underwriter |

---

**C-11**

------

---

| | |
|:---|:---|
| **Name of Investment Company** | **Capacity in which acting** |
| John Hancock Life Insurance <br> Company (U.S.A.)<br> Separate Account L<br>| Principal Underwriter |
| John Hancock Life Insurance <br> Company (U.S.A.)<br> Separate Account M<br>| Principal Underwriter |
| John Hancock Life Insurance <br> Company (U.S.A.)<br> Separate Account N<br>| Principal Underwriter |
| John Hancock Life Insurance <br> Company of New York<br> Separate Account A<br>| Principal Underwriter |
| John Hancock Life Insurance <br> Company of New York<br> Separate Account B<br>| Principal Underwriter |
| John Hancock Life Insurance <br> Company<br> Separate Account UV<br>| Principal Underwriter |
| John Hancock Variable Life <br> Insurance Company<br> Separate Account S<br>| Principal Underwriter |
| John Hancock Variable Life <br> Insurance Company<br> Separate Account U<br>| Principal Underwriter |
| John Hancock Variable Life <br> Insurance Company<br> Separate Account V<br>| Principal Underwriter |

---

a. John Hancock Life Insurance Company (U.S.A.) is the sole member of John Hancock Distributors LLC (JHD LLC) and the following officers of JHD LLC have power to act on behalf of JHD LLC: Effie Georgountzos<sup>1</sup> (Chief Financial Officer). The board of directors of JHD LLC (consisting of Jackie Collier<sup>1</sup>, Alex Silva<sup>2</sup> and Bryan Wilhelm<sup>2</sup>) may also act on behalf of JHD LLC.

<sup>1</sup> 197 Clarendon Street, Boston, MA 02116

<sup>2</sup> Principal business office is 200 Berkeley Street, Boston, MA 02116

b. John Hancock Life Insurance Company (U.S.A.) is the sole member of John Hancock Distributors LLC (JHD LLC). The management of JHD LLC is vested in its board of directors (consisting of Jackie Collier<sup>1</sup>, Alex Silva<sup>2</sup> and Bryan Wilhelm<sup>2</sup>) who have authority to act on behalf of JHD LLC.

<sup>1</sup> 197 Clarendon Street, Boston, MA 02116

<sup>2</sup> Principal business office is 200 Berkeley Street, Boston, MA 02116

c. None.

**Item 33. Location of Accounts and Records**

All accounts, books and other documents required to be maintained under Section 31(a) of the Investment Company Act of 1940 are kept by John Hancock Variable Trust Advisers LLC (formerly, John Hancock Investment Management Services, LLC), the Registrant's investment adviser, at its offices at 200 Berkeley Street, Boston, Massachusetts 02116.

By the Registrant at its principal business offices located at 200 Berkeley Street, Boston, Massachusetts 02116.

By Allspring Global Investments, LLC, the subadviser to the Core Bond Trust, at its offices at 1415 Vantage Park Drive, Charlotte, North Carolina 28203.

**C-12**

------

By Boston Partners Global Investors, Inc., subadviser to Disciplined Value Emerging Markets Equity Trust, Disciplined Value International Trust, at its offices at One Beacon Street, 30th Floor, Boston, Massachusetts 02108.

By Citibank, N.A., the custodian for the Registrant, at its offices at 388 Greenwich St, New York, New York 10013.

By Dimensional Fund Advisors LP, subadviser to the International Small Company Trust, and Small Cap Opportunities Trust, at its offices at 6300 Bee Cave Road, Building One, Austin, Texas 78746.

By Manulife Investment Management (US) LLC, the subadviser to the 500 Index Trust, Active Bond Trust, Financial Industries Trust, Fundamental All Cap Core Trust, Fundamental Large Cap Value Trust, Global Equity Trust, High Yield Trust, Lifestyle Portfolios, Managed Volatility Portfolios, Mid Cap Index Trust, Money Market Trust, Select Bond Trust, Short Term Government Income Trust, Small Cap Core Trust, Small Cap Index Trust, Strategic Equity Allocation Trust, Strategic Income Opportunities Trust, Total Bond Market Trust, Total Stock Market Index Trust, and Ultra Short Term Bond Trust, at its offices at 197 Clarendon Street, Boston, Massachusetts 02116.

By State Street Bank and Trust Company, the custodian for the Registrant, at its offices at One Congress Street, Suite 1, Boston, Massachusetts 02114.

By SSGA Funds Management, Inc., the subadviser to the International Equity Index Trust, at its offices at One Congress Street, Boston, Massachusetts 02114.

By T. Rowe Price Associates, Inc., subadviser to the Blue Chip Growth Trust, Capital Appreciation Value Trust, Equity Income Trust, Health Sciences Trust, Mid Value Trust, Science & Technology Trust, and Small Company Value Trust, at its offices at 1307 Point Street, Baltimore, Maryland 21231.

By Wellington Management Company LLP, the subadviser to the Investment Quality Bond Trust, Mid Cap Growth Trust, Opportunistic Fixed Income Trust, Real Estate Securities Trust, Small Cap Stock Trust, and the U.S. Growth Trust, at its offices at 280 Congress Street, Boston, Massachusetts 02210.

**Item 34. Management Services**

None

**Item 35. Undertakings**

None

**C-13**

------

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended (the "1933 Act"), and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Post-Effective Amendment to the Registration Statement on Form N-1A under Rule 485(b) under the 1933 Act ("Registration Statement") and has duly caused this Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Boston and The Commonwealth of Massachusetts, on the 15<sup>th</sup> day of April, 2026.

---

| | |
|:---|:---|
| **JOHN HANCOCK VARIABLE INSURANCE TRUST** | **JOHN HANCOCK VARIABLE INSURANCE TRUST** |
| By: | /s/ Kristie M. Feinberg |
|  | Name: Kristie M. Feinberg<br> Title: President (Chief Executive Officer and Principal <br> Executive Officer) and Trustee<br>|

---

Pursuant to the requirements of the 1933 Act, this Registration Statement has been signed below by the following persons in the capacities and on the date(s) indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Kristie M. Feinberg | President<br> (Chief Executive Officer and Principal Executive Officer) and Trustee | April 15, 2026 |
| Kristie M. Feinberg | President<br> (Chief Executive Officer and Principal Executive Officer) and Trustee | April 15, 2026 |
| /s/ Fernando A. Silva | Chief Financial Officer<br> (Principal Financial Officer and Principal Accounting Officer) | April 15, 2026 |
| Fernando A. Silva | Chief Financial Officer<br> (Principal Financial Officer and Principal Accounting Officer) | April 15, 2026 |
| /s/ Andrew G. Arnott\* | Trustee | April 15, 2026 |
| Andrew G. Arnott | Trustee | April 15, 2026 |
| /s/ William K. Bacic\* | Trustee | April 15, 2026 |
| William K. Bacic | Trustee | April 15, 2026 |
| /s/ James R. Boyle\* | Trustee | April 15, 2026 |
| James R. Boyle | Trustee | April 15, 2026 |
| /s/ Noni Ellison McKee\* | Trustee | April 15, 2026 |
| Noni Ellison McKee | Trustee | April 15, 2026 |
| /s/ Grace K. Fey\* | Trustee | April 15, 2026 |
| Grace K. Fey | Trustee | April 15, 2026 |
| /s/ Dean C. Garfield\* | Trustee | April 15, 2026 |
| Dean C. Garfield | Trustee | April 15, 2026 |
| /s/ Christine L. Hurtsellers\* | Trustee | April 15, 2026 |
| Christine L. Hurtsellers | Trustee | April 15, 2026 |
| /s/ Deborah C. Jackson\* | Trustee | April 15, 2026 |
| Deborah C. Jackson | Trustee | April 15, 2026 |
| /s/ Hassell H. McClellan\* | Trustee | April 15, 2026 |
| Hassell H. McClellan | Trustee | April 15, 2026 |
| /s/ Kenneth J. Phelan\* | Trustee | April 15, 2026 |
| Kenneth J. Phelan | Trustee | April 15, 2026 |
| /s/ Frances G. Rathke\* | Trustee | April 15, 2026 |
| Frances G. Rathke | Trustee | April 15, 2026 |

---

**C-14**

------

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Thomas R. Wright\* | Trustee | April 15, 2026 |
| Thomas R. Wright | Trustee | April 15, 2026 |

---

**\***

By: Power of Attorney.

---

| | |
|:---|:---|
| By: | /s/ Harsha Pulluru |
|  | Harsha Pulluru<br> Attorney-In-Fact<br>|

---

**\***

Pursuant to Power of Attorney filed herewith.

**C-15**

------

**Exhibit Index** 

---

| | |
|:---|:---|
| (d)(15) | &nbsp;&nbsp; [<u>Amendment dated April 25, 2025 to Amended and Restated Advisory Agreement dated June 30, 2020 relating to Small Cap</u>](d224548dex99d15.htm)<br> [<u>Core Trust between the Registrant and the Adviser</u>](d224548dex99d15.htm)<br>|
| (d)(16) | &nbsp;&nbsp; [<u>Amendment dated June 26, 2025 to Amended and Restated Advisory Agreement dated June 30, 2020 relating to Strategic</u>](d224548dex99d16.htm)<br> [<u>Income Opportunities Trust between the Registrant and the Adviser</u>](d224548dex99d16.htm)<br>|
| (d)(17) | &nbsp;&nbsp; [<u>Amendment dated September 25, 2025 to Amended and Restated Advisory Agreement dated June 30, 2020 relating to</u>](d224548dex99d17.htm)<br> [<u>Blue Chip Growth Trust between the Registrant and the Adviser</u>](d224548dex99d17.htm)<br>|
| (d)(39) | &nbsp;&nbsp; [<u>Amendment date April 25, 2025 to Amended and Restated Subadvisory Agreement dated April 28, 2006 relating to Small</u>](d224548dex99d39.htm)<br> [<u>Cap Core Trust between the Adviser and Manulife Investment Management (US) LLC</u>](d224548dex99d39.htm)<br>|
| (d)(40) | &nbsp;&nbsp; [<u>Amendment date June 26, 2025 to Amended and Restated Subadvisory Agreement dated April 28, 2006 relating to</u>](d224548dex99d40.htm)<br> [<u>Strategic Income Opportunities Trust between the Adviser and Manulife Investment Management (US) LLC</u>](d224548dex99d40.htm)<br>|
| (d)(55) | &nbsp;&nbsp; [<u>Amendment dated September 25, 2025 to Subadvisory Agreement dated January 28, 1999 relating to Blue Chip Growth</u>](d224548dex99d55.htm)<br> [<u>Trust between the Adviser and T. Rowe Price Associates, Inc.</u>](d224548dex99d55.htm)<br>|
| (d)(64) | &nbsp;&nbsp; [<u>Amendment dated March 27, 2025 to Subadvisory Agreement dated January 29, 1999 relating to U.S. Growth Trust,</u>](d224548dex99d64.htm)<br> [<u>between the Adviser and Wellington Management Company LLP</u>](d224548dex99d64.htm)<br>|
| (g)(4) | &nbsp;&nbsp; [<u>Amendment dated March 27, 2025 to Custodian Agreement dated September 26, 2008 between the Trust and State Street</u>](d224548dex99g4.htm)<br> [<u>Bank and Trust Company</u>](d224548dex99g4.htm)<br>|
| (h)(8) | &nbsp;&nbsp; [<u>Agreement to Waive Advisory Fees and Reimburse Expenses dated June 26, 2025 between the Registrant and John Hancock</u>](d224548dex99h8.htm)<br> [<u>Variable Trust Advisers LLC</u>](d224548dex99h8.htm)<br>|
| (h)(9) | &nbsp;&nbsp; [<u>Advisory Fee Waiver Agreement dated December 11, 2025 between the Registrant and John Hancock Variable Trust</u>](d224548dex99h9.htm)<br> [<u>Advisers LLC</u>](d224548dex99h9.htm)<br>|
| (i) | [<u>Legal Opinion</u>](d224548dex99i.htm) |
| (j) | [<u>Consent of Independent Public Accounting Firm, PricewaterhouseCoopers LLP</u>](d224548dex99j.htm) |
| (p)(2) | [<u>Code of Ethics for Allspring Global Investments, LLC dated March 2, 2026</u>](d224548dex99p2.htm) |
| (p)(3) | [<u>Code of Ethics for Boston Partners Global Investors, Inc. dated May 1, 2025</u>](d224548dex99p3.htm) |
| (p)(6) | [<u>Code of Ethics for SSGA Funds Management, Inc. dated March 31, 2025</u>](d224548dex99p6.htm) |
| (p)(7) | [<u>Code of Ethics for T. Rowe Price Associates, Inc. dated July 1, 2025</u>](d224548dex99p7.htm) |
| (p)(8) | [<u>Code of Ethics for Wellington Management Company LLP dated February 2, 2026</u>](d224548dex99p8.htm) |
| (p)(9) | &nbsp;&nbsp; [<u>Code of Ethics for the Independent Trustees of the John Hancock Funds effective December 6, 2005 Amended and Restated</u>](d224548dex99p9.htm)<br> [<u>January 1, 2026</u>](d224548dex99p9.htm)<br>|
| (q) | [<u>Power of Attorney dated December 11, 2025</u>](d224548dex99q.htm) |

---

**C-16**

------

## Ex-99.(D)(15)

**JOHN HANCOCK VARIABLE INSURANCE TRUST** 

AMENDMENT TO

AMENDED AND RESTATED ADVISORY AGREEMENT

AMENDMENT (the "Amendment") made this 25th day of April , 2025, to the Amended and Restated Advisory Agreement dated June 30, 2020, as amended, (the Agreement") between John Hancock Variable Insurance Trust, a Massachusetts business trust (the "Trust" or "JHVIT") and John Hancock Variable Trust Advisers LLC, a Delaware limited liability company ("JHVTA" or the "Adviser"). In consideration of the mutual covenants contained herein, the parties agree as follows:

**1. CHANGE IN APPENDIX A** 

Appendix A of the Agreement, which relates to Section 4 of the Agreement, "COMPENSATION OF ADVISER," is hereby amended to change the fee schedule for Small Cap Core Trust *(formerly, Small Cap Value Trust)* and any contrary fee schedule information is hereby superseded:

**2. EFFECTIVE DATE** 

The Amendment shall become effective to April 25, 2025, following approval of the Amendment by the Board of Trustees of the Trust.

**3. DEFINED TERMS** 

Unless otherwise defined herein, capitalized terms used herein have the meanings specified in or pursuant to the Agreement.

**4. OTHER TERMS OF THE AGREEMENT** 

Except as specifically amended hereby, all of the terms and conditions of the Agreement shall continue to be in full force and effect and shall be binding upon the parties in accordance with their respective terms.

*[Remainder of page intentionally left blank]* 

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed under seal by their duly authorized officers as of the date first mentioned above.

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| | |
|:---|:---|
| **JOHN HANCOCK VARIABLE INSURANCE TRUST** | **JOHN HANCOCK VARIABLE INSURANCE TRUST** |
| By: | /s/ Kristie Feinberg |
| Name: | Kristie Feinberg |
| Title: | President |

---

---

| | |
|:---|:---|
| **JOHN HANCOCK VARIABLE TRUST ADVISERS LLC** | **JOHN HANCOCK VARIABLE TRUST ADVISERS LLC** |
| By: | /s/ Jay Aronowitz |
| Name: | Jay Aronowitz |
| Title: | Chief Investment Officer |

---

------

**<u>APPENDIX A</u>**

**ADVISORY FEE SCHEDULE** 

The Adviser shall serve as investment adviser for each Portfolio of the Trust listed below. The Trust will pay the Adviser, as full compensation for all services provided under this Agreement with respect to each Portfolio, the fee computed separately for such Portfolio at an annual rate as follows (the "Adviser Fee").

The term Aggregate Net Assets in the chart below includes the net assets of a Portfolio of the Trust. It also includes with respect to certain Portfolios as indicated in the chart the net assets of one or more other portfolios, but in each case only for the period during which the subadviser for the Portfolio also serves as the subadviser for the other portfolio(s) and only with respect to the net assets of such other portfolio(s) that are managed by the subadviser.

With respect to Small Cap Core Trust, the term Aggregate Net Assets in the chart below includes the net assets of the Fund. This term also includes, as indicated in the chart, the net assets of one or more other portfolios that are subadvised by Manulife Investment Management (US) LLC ("MIM (US)") or represent investment in a fund managed by MIM (US), but in each case only for the period during which MIM (US) serves as the subadviser for the other portfolio(s) or the other portfolios invest in a fund managed by MIM (US) and only with respect to the net assets of such other portfolio(s) that are either managed by MIM (US) as subadviser or represent an investment in another fund managed by MIM (US).

For purposes of determining Aggregate Net Assets and calculating the Adviser Fee, the net assets of the Portfolio and each other fund of the Trust are determined as of the close of business on the previous business day of the Trust, and the net assets of each portfolio of each other fund are determined as of the close of business on the previous business day (and to the extent not available, as of the most recent practicable day) of that fund.

The Adviser Fee for a Portfolio shall be based on the applicable annual fee rate for the Portfolio which for each day shall be equal to (i) the sum of the amounts determined by applying the annual percentage rates in the table to the applicable portions of Aggregate Net Assets divided by (ii) Aggregate Net Assets (the "Applicable Annual Fee Rate"). The Adviser Fee for each Portfolio shall be accrued and paid daily to the Adviser for each calendar day. The daily fee accruals will be computed by multiplying the fraction of one over the number of calendar days in the year by the Applicable Annual Fee Rate, and multiplying this product by the net assets of the Portfolio. Fees shall be paid either by wire transfer or check, as directed by the Adviser.

If, with respect to any Portfolio, this Agreement becomes effective or terminates, or if the manner of determining the Applicable Annual Fee Rate changes, before the end of any month, the fee (if any) for the period from the effective date to the end of such month or from the beginning of such month to the date of termination or from the beginning of such month to the date of such change, as the case may be, shall be prorated according to the proportion which such period bears to the full month in which such effectiveness or termination or change occurs.

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**Advisory Fee Schedules** 

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| | | |
|:---|:---|:---|
| **Trust Portfolio** | **Aggregate Net Assets<br>Include the Net Assets of the<br>following funds in addition<br>to the Trust Portfolio** | **Advisory Fee of the Trust Portfolio-** |
| 500 Index Trust | Not Applicable | 0.470% — first $500 million; and |
|  |  | 0.460% — excess over $500 million. |
| Active Bond Trust | Not Applicable | 0.600% — first $2.5 billion;<br>0.575% — next $2.5 billion; and<br>0.550% — excess over $5 billion. |
| Blue Chip Growth Trust | Blue Chip Growth Fund (JHF II) and<br>Manulife North American Equity Fund<br>Series – (I) | 0.780% — first $500 million;<sup>#</sup><br>0.775% — next $500 million;<sup>##</sup><br>0.740% — next $2 billion; <sup>###</sup> and<br>0.725% — excess over $3 billion. |
|  |  | #When Aggregated Net Assets exceed $500 million on any day, the annual rate of Advisory fee is 0.775% on the first $500 million of Aggregate Net Assets. |
|  |  | ##When Aggregated Net Assets exceed $1 billion on any day, the annual rate of Advisory fee is 0.750% on the first $1 billion of Aggregate Net Assets. |
|  |  | ###When Aggregated Net Assets exceed $2 billion on any day, the annual rate of Advisory fee is 0.740% on the first $1 billion of Aggregate Net Assets. |
| Capital Appreciation Value Trust | Capital Appreciation Value Fund (JHF II) | See below |
| Core Bond Trust | Core Bond Fund<br>(JHF II) | 0.690% — first $200 million;<br>0.640% — next $200 million;<br>0.570% — next $600 million;<br>0.560% — next $1 billion; and<br>0.550% — excess over $2 billion. |
| Disciplined Value International Trust | John Hancock Disciplined Value International Fund (JH Investment Trust)<br>Manulife Boston Partners International Equity Fund (Canada) | 0.710% — first $500 million<br>0.690% — next $500 million<br>0.680% — next $1 billion<br>0.670% — next $1 billion<br>0.660% — next $2 billion<br>0.650% — excess over $5 billion |
|  | The portion of the net assets of Manulife Balanced Fund (Canada) invested in Boston Partners International Equity Pooled Fund (Canada) |  |
|  | The portion of the net assets of MLI Pension Plus Growth Fund (Canada) invested in Boston Partners International Equity Pooled Fund (Canada) |  |

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------

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| | | |
|:---|:---|:---|
|  | The portion of the net assets of Manulife MIM Diversified Fund (Canada) invested in Boston Partners International Equity Pooled Fund (Canada) |  |
|  | The portion of the net assets of Manulife Diversified Tri-Plan Fund (Canada) invested in Boston Partners International Equity Pooled Fund (Canada) |  |
|  | John Hancock Disciplined Value International Trust, a series of John Hancock Trust Company |  |
|  | The portion of the net assets of the Canada Target Date suite allocated to Boston Partners International Equity Pooled Fund (Canada); and |  |
|  | The portion of the net assets of Canada Target Risk suite allocated to Boston Partners International Equity Pooled Fund (Canada). |  |
| Disciplined Value Emerging Markets Equity Trust | Disciplined Value Emerging Markets Equity Fund (JHF II) | 0.780% — first $100 million<br> 0.750% — next $900 million<br> 0.740% — next $1 billion<br> 0.730% — excess over $2 billion |
| Equity Income Trust | Equity Income Fund (JHF II)<br>Manulife US Large Cap Value Equity Fund (Canada)<br>Manulife North American Equity Fund Series – (II) (Asia) | 0.800% — first $100 million;<br> 0.775% — between $100 million and $200 million;<sup>#</sup><br>0.750% — between $200 million and $500 million;<sup>##</sup><br>0.725% — between $500 million and $1 billion;<sup>###</sup><br>0.725% — between $1 billion and $1.5 billion;<sup>####</sup><br>0.700% — between $1.5 billion and $2 billion; <sup>#####</sup><br>0.695% — between $2 billion and $3 billion; <sup>######</sup><br>0.690% — between $3 billion and $4 billion; <sup>#######</sup><br>0.680% — between $4 billion and $5.5 billion; <sup>########</sup><br>0.675% — between $5.5 billion and $7.5 billion;<sup>#########</sup><br>0.670% — excess over $7.5 billion |
|  |  | <sup>#</sup> When Aggregate Net Assets exceed $200 million on any day, the annual rate of advisory fee for that day is 0.775% on the first $200 million of Aggregate Net Assets. |

---

------

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| | | |
|:---|:---|:---|
|  |  | <sup>##</sup> When Aggregate Net Assets exceed $500 million on any day, the annual rate of advisory fee for that day is 0.750% on the first $500 million of Aggregate Net Assets and 0.725% on the amount above $500 million. |
|  |  | <sup>###</sup> When Aggregate Net Assets exceed $1 billion on any day, the annual rate of advisory fee for that day is 0.725% on the first $1 billion of Aggregate Net Assets. |
|  |  | <sup>####</sup> When Aggregate Net Assets exceed $1.5 billion on any day, the annual rate of advisory fee for that day is 0.700% on the first $1.5 billion of Aggregate Net Assets. |
|  |  | <sup>#####</sup> When Aggregate Net Assets exceed $2 billion on any day, the annual rate of advisory fee for that day is 0.695% on the first $2 billion of Aggregate Net Assets. |
|  |  | <sup>######</sup> When Aggregate Net Assets exceed $3 billion on any day, the annual rate of advisory fee for that day is 0.690% on the first $3 billion of Aggregate Net Assets. |
|  |  | <sup>#######</sup>When Aggregate Net Assets exceed $4 billion on any day, the annual rate of advisory fee for that day is 0.680% on the first $4 billion of Aggregate Net Assets. |
|  |  | <sup>########</sup> When Aggregate Net Assets exceed $5.5 billion on any day, the annual rate of advisory fee for that day is 0.675% on the first $5.5 billion of Aggregate Net Assets. |
|  |  | <sup>#########</sup> When Aggregate Net Assets exceed $7.5 billion on any day, the annual rate of advisory fee for that day is 0.670% on the first $7.5 billion of Aggregate Net Assets. |
| Financial Industries Trust | John Hancock Financial Industries Fund (JH Investment Trust II) | 0.800% — first $250 million;<br> 0.775% — next $250 million;<br> 0.750% — next $500 million; and<br> 0.725% — excess over $1 billion. |
| Fundamental All Cap Core Trust | Fundamental All Cap Core Fund (JHF II)<br>John Hancock Fundamental All Cap Core ETF (JH Investment Trust) | 0.675% — first $2.5 billion; and<br> 0.650% — excess over $2.5 billion. |
| Fundamental Large Cap Value Trust | Not Applicable | 0.700% — first $500 million;<br>0.650% — next $500 million; and<br>0.600% — excess over $1 billion. |
| Global Equity Trust | Global Equity Fund (JHF II) | 0.800% — first $1 billion; and<br>0.790% — excess over $1 billion. |

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| | | |
|:---|:---|:---|
| Health Sciences Trust | Health Sciences Fund (JHF II)<br>Manulife Health Care Fund Series (I) – (Asia Platform) | 1.050% — first $500 million<br>1.000% — next $250 million<br>0.950% — excess over $750 million<sup>\*</sup><br>0.950% — next $250 million<br>0.900% — next $500 million<br>0.770% — excess over $1.5 billion<sup>\*\*,</sup> †<br>0.750% — excess over $2 billion <sup>\*\*\*,</sup> † |
|  |  | \*When Aggregate Net Assets exceed $750 million on any day, the annual rate of advisory fee for that day is 0.950% on all assets. |
|  |  | \*\*When Aggregate Net Assets exceed $1.5 billion on any day, the annual rate of advisory fee for that day is 0.770% on all assets. |
|  |  | \*\*\*When Aggregate Net Assets exceed $2 billion on any day, the annual rate of advisory fee for that day is 0.750% on all assets. |
|  |  | **<sup>†</sup>**When Aggregate Net Assets are between $1 billion and $1.5 billion or between $1.875 billion and $2 billion, the management fee retained by the Adviser after payment of the subadvisory fees for the Fund will not exceed 0.45% as a percentage of the average daily net assets (on an annualized basis) of the Fund. |
| High Yield Trust | John Hancock High Yield Fund (JH Bond Trust) | 0.625% — first $75 million<br>0.5625% — next $75 million<br>0.500% — next $350 million<br>0.475% — next $2 billion<br>0.450% — excess over $2.5 billion |
| International Equity Index Trust | Not Applicable | 0.550% — first $100 million;<br>0.530% — next $150 million;<br>0.520% — next $250 million; and<br>0.510% — excess over $500 million. |
| International Small Company Trust | International Small Company Fund (JHF II) | 0.800% — all asset levels. |
| Investment Quality Bond Trust | Not Applicable | 0.600% — first $500 million; and<br>0.550% — excess over $500 million. |
| Lifestyle Portfolios | See below | See below |
| Managed Volatility Portfolios | See below | See below |
| Mid Cap Index Trust | Not Applicable | 0.490% — first $250 million;<br>0.480% — next $250 million; and<br>0.460% — excess over $500 million. |
| Mid Cap Growth Trust | John Hancock Mid Cap Growth Fund (JH Investment Trust) | 0.875% — first $200 million;<br>0.850% — next $300 million;<br>0.825% — next $2.7 billion.<br>0.800% — next $500 million;<br>0.775% — next $500 million; and<br>0.755% — excess over $4.2 billion. |
| Mid Value Trust | Mid Value Fund (JHF II) | 0.950% — first $1 billion<br>0.865% — over $1 billion\*<br>0.860% — over $2 billion\*\*<br>0.855% — over $3 billion\*\*\*<br>0.850% — over $5.5 billion\*\*\*\* |

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| | | |
|:---|:---|:---|
|  |  | \*When Aggregate Net Assets exceed $1 billion on any day, the annual rate of advisory fee for that day is 0.865% on all assets. |
|  |  | \*\*When Aggregate Net Assets exceed $2 billion on any day, the annual rate of advisory fee for that day is 0.860% on all assets. |
|  |  | \*\*\*When Aggregate Net Assets exceed $3 billion on any day, the annual rate of advisory fee for that day is 0.855% on all assets. |
|  |  | \*\*\*\*When Aggregate Net Assets exceed $5.5 billion on any day, the annual rate of advisory fee for that day is 0.850% on all assets. |
| Money Market Trust | John Hancock Money Market Fund (JH Current Interest) | 0.500% — first $500 million;<br>0.425% — next $250 million;<br>0.375% — next $250 million;<br>0.350% — next $500 million;<br>0.325% — next $500 million;<br>0.300% — next $500 million; and<br>0.275% — excess over $2.5 billion. |
| Opportunistic Fixed Income Trust | Opportunistic Fixed Income Fund (JHF II) | 0.650% — first $1 billion; and<br>0.625% — excess over $1 billion. |
| Real Estate Securities Trust | Real Estate Securities Fund (JHF II) | 0.700% — first $1.5 billion<br>0.680% — excess over $1.5 billion |
| Science & Technology Trust | Science & Technology Fund (JHF II)<br>Manulife Provident Funds Unit Trust<br>Series - Manulife Technology Fund | 1.050% — first $50 million<br>1.025% — between $50 million and $100 million<br>1.000% — between $100 million and $200 million\*<br>0.975% — between $200 million and $500 million\*\*<br>0.950% — between $500 million and $1 billion\*\*\*<br>0.925% — excess over $1 billion |
|  |  | \*When Aggregate Net Assets exceed $100 million on any day, the annual rate of advisory fee for that day is 1.000% on the first $100 million of Aggregate Net Assets. |
|  |  | \*\*When Aggregate Net Assets exceed $200 million on any day, the annual rate of advisory fee for that day is 0.975% on the first $200 million of Aggregate Net Assets. |
|  |  | \*\*When Aggregate Net Assets exceed $500 million on any day, the annual rate of advisory fee for that day is 0.950% on the first $500 million of Aggregate Net Assets. |

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| | | |
|:---|:---|:---|
| Select Bond Trust | Not Applicable | 0.650% — first $500 million;<br>0.600% — next $1 billion;<br>0.575% — next $1 billion;<br>0.550% — next $7.5 billion; and<br>0.525% — excess over $10 billion. |
| Short Term Government Income Trust | Not Applicable | 0.570% — first $250 million; and<br>0.550% — excess over $250 million. |
| Small Cap Core Trust *(formerly, Small Cap Value Trust)* | JH Small Cap Core Fund (JH Investment Trust) | 0.870% — first $300 million<br> 0.830% — next $300 million<br>0.815% — next $300 million<br>0.800% — excess over $900 million<br>|
| Small Cap Index Trust | Not Applicable | 0.490% — first $250 million;<br>0.480% — next $250 million; and<br>0.460% — excess over $500 million. |
| Small Cap Opportunities Trust | Not Applicable | 0.720% — all assets levels. |
| Small Cap Stock Trust | Not Applicable | 1.050% — first $50 million; and<br>1.000% — excess over $50 million. |
| Small Company Value Trust | Not Applicable | 1.050% — first $500 million; and<br>1.000% — excess over $500 million. |
| Strategic Equity Allocation Trust | International Strategic Equity Allocation Fund (JHF II)<br>Strategic Equity Allocation Fund (JHF II)<br>U.S. Sector Rotation Fund (JHF II) | 0.675% — first $2.5 billion;<br>0.650% — next $5 billion;<br>0.625% — next $2.5 billion;<br>0.600% — next $5 billion;<br>0.595% — next $10 billion; and<br>0.590% — excess over $25 billion. |
| Strategic Income Opportunities Trust | Strategic Income Opportunities Fund (JHF II)<br>JHF II Multi-Asset High Income Fund (only with respect to the assets of the Multi-Asset High Income Fund managed according to the subadviser's strategic income opportunities strategy))<br>Manulife Strategic Income Opportunities Fund*,* a sub-fund of Manulife Investment Management I PLC | 0.700% — first $500 million;<br>0.650% — next $3 billion;<br>0.600% — next $4 billion;<br>0.590% — next $4.5 billion; and<br>0.575% — excess over $12 billion. |
| Total Bond Market Trust | Not Applicable | 0.470% — first $1.5 billion; and<br>0.460% — excess over $1.5 billion. |
| Total Stock Market Index Trust | Not Applicable | 0.490% — first $250 million;<br>0.480% — next $250 million; and<br>0.460% — excess over $500 million. |

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| | | |
|:---|:---|:---|
| Ultra Short Term Bond Trust | Not Applicable | 0.550% — first $250 million; and<br>0.530% — excess over $250 million. |
| U.S. Growth Trust *(formerly, Capital Appreciation Trust)* | John Hancock U.S. Growth Fund (JHF III)<br>Manulife Wellington U.S. Quality Growth Fund *(formerly, Manulife U.S. Diversified Growth Equity Fund), a* series trust of The Manufacturers Life Insurance Company | 0.600% — first $500 million;<br>0.550% — next $1 billion;<br>0.530% — excess over $1.5 billion. |

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------

**<u>Capital Appreciation Value Trust</u>**

**If net assets are less than $500 million, the following fee schedule shall apply:** 

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| | | |
|:---|:---|:---|
| **Portfolio** | **First<br>$250 million<br>of Aggregate<br>Net Assets** | **Excess over<br>$250 million<br>of Aggregate<br>Net Assets** |
|  Capital Appreciation Value Trust | 0.950% | 0.850% |

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**If net assets equal or exceed $500 million but are less than $2 billion, the following fee schedule shall apply:** 

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| | | |
|:---|:---|:---|
| **Portfolio** | **First<br>$1 billion<br>of Aggregate<br>Net Assets** | **Excess over<br>$1 billion<br>of Aggregate<br>Net Assets** |
|  Capital Appreciation Value Trust | 0.850% | 0.800% |

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**If net assets equal or exceed $2 billion but are less than $3 billion, the following fee schedule shall apply:** 

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| | | |
|:---|:---|:---|
| **Portfolio** | **First<br>$500 million<br>of Aggregate<br>Net Assets** | **Excess over<br>$500 million<br>of Aggregate<br>Net Assets** |
|  Capital Appreciation Value Trust | 0.850% | 0.800% |

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**If net assets equal or exceed $3 billion, the following fee schedule shall apply:** 

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| | |
|:---|:---|
| **Portfolio** | **All Asset Levels** |
|  Capital Appreciation Value Trust | 0.800% |

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------

**<u>Funds of Funds</u>**

The Adviser shall serve as investment adviser for each of the Trusts named below (each a "Fund of Funds"):

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| | |
|:---|:---|
| Lifestyle Balanced Portfolio | Managed Volatility Balanced Portfolio |
| Lifestyle Conservative Portfolio | Managed Volatility Conservative Portfolio |
| Lifestyle Growth Portfolio | Managed Volatility Growth Portfolio |
| Lifestyle Moderate Portfolio | Managed Volatility Moderate Portfolio |
| (collectively, the "Lifestyle Portfolios") | (collectively, the "Managed Volatility Portfolios") |

---

**<u>Certain Definitions</u>:** 

"<u>Affiliated Fund Assets</u>" means the net assets <u>or</u> Aggregate Net Assets (as applicable) of a Fund of Funds that are invested in Affiliated Funds.

"<u>Affiliated Funds</u>" are any fund of John Hancock Variable Insurance Trust ("JHVIT"), John Hancock Funds II ("JHF II") or John Hancock Funds III ("JHF III"), excluding the following funds of JHVIT: the 500 Index Trust, International Equity Index Trust, and Total Bond Market Trust.

"<u>Aggregate Net Assets</u>" of a Fund of Funds means the net assets of the Fund of Funds and the net assets of one or more other Funds of JHVIT, JHF II or JHF III, but only with respect to and for so long as such other Fund or Funds are managed by the same subadviser as the Fund of Funds.

"<u>Other Assets</u>" means the net assets or Aggregate Net Assets, as applicable, of a Fund of Funds that are not invested in Affiliated Funds.

**<u>Adviser Fee:</u>**

The Trust will pay the Adviser, as full compensation for all services provided under this Agreement with respect to each Fund of Funds, a fee computed separately for each Fund of Funds as follows (the "Adviser Fee").

The Adviser Fee for each Fund of Funds has two components: (a) a fee on Affiliated Fund Assets; and (b) a fee on Other Assets. Each such fee shall each be accrued and paid daily to the Adviser for each calendar day. The daily Adviser Fee for each Fund of Funds shall be the sum of the daily fee on Affiliated Fund Assets and the daily fee on Other Assets. Fees shall be paid either by wire transfer or check, as directed by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Fee on Affiliated Fund Assets</u>. The fee on Affiliated Fund Assets is stated as an annual percentage of the current value of <u>either</u> the net assets <u>or</u> the Aggregate Net Assets (as applicable) of the Fund of Funds, in each case determined in accordance with the fee schedule set forth below for the Fund of Funds, and that percentage rate (the "Applicable Annual Affiliated Funds Fee Rate") is applied to the Affiliated Fund Assets of the Fund of Funds. For each day, the Applicable Annual Affiliated Funds Fee Rate for the Fund of Funds shall be equal to (i) the sum of the amounts

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determined by applying the annual percentage rates for Affiliated Fund Assets in the fee schedule to the applicable portions of the net assets <u>or</u> Aggregate Net Assets of the Fund of Funds divided by (ii) the net assets <u>or</u> Aggregate Net Assets, respectively, of the Fund of Funds. The daily fee accrual on Affiliated Fund Assets will be computed by multiplying the fraction of one over the number of calendar days in the year by the Applicable Annual Affiliated Funds Fee Rate, and multiplying this product by the Affiliated Fund Assets of the Fund of Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Fee on Other Assets</u>. The fee on Other Assets is stated as an annual percentage of the current value of <u>either</u> the net assets <u>or</u> the Aggregate Net Assets (as applicable) of the Fund of Funds, in each case determined in accordance with the fee schedule set forth below for the Fund of Funds, and that percentage rate (the "Applicable Annual Other Assets Fee Rate") is applied to the Other Assets of the Fund of Funds. For each day the Applicable Annual Other Assets Fee Rate for the Fund of Funds shall be equal to (i) the sum of the amounts determined by applying the annual percentage rates for Other Assets in the fee schedule to the applicable portions of the net assets <u>or</u> Aggregate Net Assets of the Fund of Funds, divided by (ii) the net assets <u>or</u> Aggregate Net Assets, respectively, of the Fund of Funds. The daily fee accrual on Other Assets will be computed by multiplying the fraction of one over the number of calendar days in the year by the Applicable Annual Other Assets Fee Rate, and multiplying this product by the Other Assets of the Fund of Funds.

Net assets, Aggregate Net Assets, Affiliated Fund Assets and Other Assets with respect to a Fund of Funds shall be determined as of the close of business on the previous business day of JHVIT for JHVIT Funds, as of the close of business on the previous business day of JHF II for JHF II Funds and as of the close of business on the previous business day of JHF III for JHF III Funds.

If, with respect to any Fund of Funds, this Agreement becomes effective or terminates, or if the manner of determining the Applicable Annual Affiliated Funds Fee Rate or the Applicable Annual Other Assets Fee Rate changes, before the end of any month, the fee (if any) for the period from the effective date to the end of such month or from the beginning of such month to the date of termination or from the beginning of such month to the date such change, as the case may be, shall be prorated according to the proportion which such period bears to the full month in which such effectiveness or termination or change occurs.

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**Managed Volatility Portfolios** 

**Lifestyle Portfolios** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Rates Applied to Aggregate Net Assets of the Fund of Funds (1)** | **Rates Applied to Aggregate Net Assets of the Fund of Funds (1)** | **Rates Applied to Aggregate Net Assets of the Fund of Funds (1)** | **Rates Applied to Aggregate Net Assets of the Fund of Funds (1)** |
|  | **Affiliated Fund Assets** | **Affiliated Fund Assets** | **Other Assets** | **Other Assets** |
| **Fund of Funds** | **First<br>$7.5 billion** | **Excess Over<br>$7.5 billion** | **First<br>$7.5 billion** | **Excess Over<br>$7.5 billion** |
|  Each Managed Volatility Portfolio | 0.050% | 0.040% | 0.500% | 0.490% |
|  Each Lifestyle Portfolio |  |  |  |  |

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(1) <u>Aggregate Net Assets</u>. For each Managed Volatility Portfolio and each Lifestyle Portfolio, Aggregate Net
Assets include the net assets of all the JHVIT Managed Volatility Portfolios, the JHVIT Lifestyle Portfolios, the JHF II Multimanager Lifestyle Portfolios and the JHF II Multi-Index Lifestyle Portfolios. The JHVIT Managed Volatility Portfolios are
Managed Volatility Aggressive Portfolio, Managed Volatility Balanced Portfolio, Managed Volatility Conservative Portfolio, Managed Volatility Growth Portfolio, and Managed Volatility Moderate Portfolio. The JHVIT Lifestyle Portfolios are: Lifestyle
Aggressive Portfolio, Lifestyle Balanced Portfolio, Lifestyle Conservative Portfolio, Lifestyle Growth Portfolio, and Lifestyle Moderate Portfolio. The JHF II Multimanager Lifestyle Portfolios are: Multimanager Lifestyle Aggressive Portfolio,
Multimanager Lifestyle Balanced Portfolio, Multimanager Lifestyle Conservative Portfolio, Multimanager Lifestyle Growth Portfolio and Multimanager Lifestyle Moderate Portfolio. The JHF II Multi-Index Lifestyle Portfolios are: Multi-Index Lifestyle
Aggressive Portfolio, Multi-Index Lifestyle Balanced Portfolio, Multi-Index Lifestyle Conservative Portfolio, Multi-Index Lifestyle Growth Portfolio and Multi-Index Lifestyle Moderate Portfolio.

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**<u>APPENDIX B</u>**

[not applicable]

## Ex-99.(D)(16)

**JOHN HANCOCK VARIABLE INSURANCE TRUST** 

AMENDMENT TO

AMENDED AND RESTATED ADVISORY AGREEMENT

AMENDMENT (the "Amendment") made this 26th day of June, 2025, to the Amended and Restated Advisory Agreement dated June 30, 2020, as amended, (the Agreement") between John Hancock Variable Insurance Trust, a Massachusetts business trust (the "Trust" or "JHVIT") and John Hancock Variable Trust Advisers LLC, a Delaware limited liability company ("JHVTA" or the "Adviser"). In consideration of the mutual covenants contained herein, the parties agree as follows:

**1. CHANGE IN APPENDIX A** 

Appendix A of the Agreement, which relates to Section 4 of the Agreement, "COMPENSATION OF ADVISER," is hereby amended to change the fee schedule for Strategic Income Opportunities Trust and any contrary fee schedule information is hereby superseded:

**2. EFFECTIVE DATE** 

The Amendment shall become effective on July 1, 2025 for Strategic Income Opportunities Trust, following approval of the Amendment by the Board of Trustees of the Trust.

**3. DEFINED TERMS** 

Unless otherwise defined herein, capitalized terms used herein have the meanings specified in or pursuant to the Agreement.

**4. OTHER TERMS OF THE AGREEMENT** 

Except as specifically amended hereby, all of the terms and conditions of the Agreement shall continue to be in full force and effect and shall be binding upon the parties in accordance with their respective terms.

*[Remainder of page intentionally left blank]* 

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed under seal by their duly authorized officers as of the date first mentioned above.

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| | |
|:---|:---|
| **JOHN HANCOCK VARIABLE INSURANCE TRUST** | **JOHN HANCOCK VARIABLE INSURANCE TRUST** |
| By: | /s/ Kristie Feinberg |
| Name: | Kristie Feinberg |
| Title: | President |

---

---

| | |
|:---|:---|
| **JOHN HANCOCK VARIABLE TRUST ADVISERS LLC** | **JOHN HANCOCK VARIABLE TRUST ADVISERS LLC** |
| By: | /s/ Jay Aronowitz |
| Name: | Jay Aronowitz |
| Title: | Chief Investment Officer |

---

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**<u>APPENDIX A</u>**

**ADVISORY FEE SCHEDULE** 

The Adviser shall serve as investment adviser for each Portfolio of the Trust listed below. The Trust will pay the Adviser, as full compensation for all services provided under this Agreement with respect to each Portfolio, the fee computed separately for such Portfolio at an annual rate as follows (the "Adviser Fee").

The term Aggregate Net Assets in the chart below includes the net assets of a Portfolio of the Trust. It also includes with respect to certain Portfolios as indicated in the chart the net assets of one or more other portfolios, but in each case only for the period during which the subadviser for the Portfolio also serves as the subadviser for the other portfolio(s) and only with respect to the net assets of such other portfolio(s) that are managed by the subadviser.

With respect to Mid Value Trust, the term Aggregate Net Assets in the chart below includes the net assets of the Fund. This term also includes, as indicated in the chart, the net assets of one or more other portfolios that are subadvised by T. Rowe Price Associates, Inc. ("T. Rowe") or represent investment in a fund managed by T. Rowe, but in each case only for the period during which T. Rowe serves as the subadviser for the other portfolio(s) or the other portfolios invest in a fund managed by T. Rowe and only with respect to the net assets of such other portfolio(s) that are either managed by T. Rowe as subadviser or represent an investment in another fund managed by T. Rowe.

For purposes of determining Aggregate Net Assets and calculating the Adviser Fee, the net assets of the Portfolio and each other fund of the Trust are determined as of the close of business on the previous business day of the Trust, and the net assets of each portfolio of each other fund are determined as of the close of business on the previous business day (and to the extent not available, as of the most recent practicable day) of that fund.

The Adviser Fee for a Portfolio shall be based on the applicable annual fee rate for the Portfolio which for each day shall be equal to (i) the sum of the amounts determined by applying the annual percentage rates in the table to the applicable portions of Aggregate Net Assets divided by (ii) Aggregate Net Assets (the "Applicable Annual Fee Rate"). The Adviser Fee for each Portfolio shall be accrued and paid daily to the Adviser for each calendar day. The daily fee accruals will be computed by multiplying the fraction of one over the number of calendar days in the year by the Applicable Annual Fee Rate, and multiplying this product by the net assets of the Portfolio. Fees shall be paid either by wire transfer or check, as directed by the Adviser.

If, with respect to any Portfolio, this Agreement becomes effective or terminates, or if the manner of determining the Applicable Annual Fee Rate changes, before the end of any month, the fee (if any) for the period from the effective date to the end of such month or from the beginning of such month to the date of termination or from the beginning of such month to the date of such change, as the case may be, shall be prorated according to the proportion which such period bears to the full month in which such effectiveness or termination or change occurs.

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**Advisory Fee Schedules** 

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| | | |
|:---|:---|:---|
| **Trust Portfolio** | **Aggregate Net Assets Include the Net Assets of the<br>following funds in addition to the Trust Portfolio** | **Advisory Fee of the Trust Portfolio-** |
| 500 Index Trust | Not Applicable | 0.470% — first $500 million; and |
|  |  | 0.460% — excess over $500 million. |
| Active Bond Trust | Not Applicable | 0.600% — first $2.5 billion;<br> 0.575% — next $2.5 billion; and<br> 0.550% — excess over $5 billion. |
| Blue Chip Growth Trust | Blue Chip Growth Fund (JHF II) and<br>Manulife North American<br> Equity Fund Series – (I) | 0.780% – first $500 million;<sup>#</sup><br> 0.775% – next $500 million;<sup>##</sup><br> 0.740% – next $2 billion; <sup>###</sup> and<br> 0.725% – excess over $3 billion. |
|  |  | <sup>#</sup>When Aggregated Net Assets exceed $500 million on any day, the annual rate of Advisory fee is 0.775% on the first $500 million of Aggregate Net Assets. |
|  |  | <sup>##</sup>When Aggregated Net Assets exceed $1 billion on any day, the annual rate of Advisory fee is 0.750% on the first $1 billion of Aggregate Net Assets. |
|  |  | <sup>###</sup>When Aggregated Net Assets exceed $2 billion on any day, the annual rate of Advisory fee is 0.740% on the first $1 billion of Aggregate Net Assets. |
| Capital Appreciation Value Trust | Capital Appreciation Value Fund (JHF II) | See below |
| Core Bond Trust | Core Bond Fund (JHF II) | 0.690% — first $200 million;<br> 0.640% — next $200 million;<br> 0.570% — next $600 million;<br> 0.560% — next $1 billion; and<br> 0.550% — excess over $2 billion. |
| Disciplined Value International Trust | John Hancock Disciplined Value International Fund (JH Investment Trust) | 0.710% — first $500 million<br> 0.690% — next $500 million<br> 0.680% — next $1 billion<br> 0.670% — next $1 billion<br> 0.660% — next $2 billion<br> 0.650% — excess over $5 billion |
|  | <br> Manulife Boston Partners International Equity Fund (Canada) | 0.710% — first $500 million<br> 0.690% — next $500 million<br> 0.680% — next $1 billion<br> 0.670% — next $1 billion<br> 0.660% — next $2 billion<br> 0.650% — excess over $5 billion |
|  | <br> The portion of the net assets of Manulife Balanced Fund (Canada) invested in Boston Partners International Equity Pooled Fund (Canada) | 0.710% — first $500 million<br> 0.690% — next $500 million<br> 0.680% — next $1 billion<br> 0.670% — next $1 billion<br> 0.660% — next $2 billion<br> 0.650% — excess over $5 billion |
|  | <br> The portion of the net assets of MLI Pension Plus Growth Fund (Canada) invested in Boston Partners International Equity Pooled Fund (Canada) | 0.710% — first $500 million<br> 0.690% — next $500 million<br> 0.680% — next $1 billion<br> 0.670% — next $1 billion<br> 0.660% — next $2 billion<br> 0.650% — excess over $5 billion |

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| | | |
|:---|:---|:---|
|  | The portion of the net assets of Manulife MIM Diversified Fund (Canada) invested in Boston Partners International Equity Pooled Fund (Canada) |  |
|  | The portion of the net assets of Manulife Diversified Tri-Plan Fund (Canada) invested in Boston Partners International Equity Pooled Fund (Canada) |  |
|  | John Hancock Disciplined Value International Trust, a series of John Hancock Trust Company |  |
|  | The portion of the net assets of the Canada Target Date suite allocated to Boston Partners International Equity Pooled Fund (Canada); and |  |
|  | The portion of the net assets of Canada Target Risk suite allocated to Boston Partners International Equity Pooled Fund (Canada). |  |
| Disciplined Value Emerging Markets Equity Trust | Disciplined Value Emerging Markets Equity Fund (JHF II) | 0.780% — first $100 million<br> 0.750% — next $900 million<br> 0.740% — next $1 billion<br> 0.730% — excess over $2 billion |
| Equity Income Trust | Equity Income Fund (JHF II)<br>Manulife US Large Cap Value Equity Fund (Canada)<br>Manulife North American Equity Fund<br>Series – (II) (Asia) | 0.800% — first $100 million;<br> 0.775% — between $100 million and $200 million;<sup>#</sup><br> 0.750% — between $200 million and $500 million;<sup>##</sup><br> 0.725% — between $500 million and $1 billion;<sup>###</sup><br> 0.725% — between $1 billion and $1.5 billion;<sup>####</sup><br> 0.700% — between $1.5 billion and $2 billion; <sup>#####</sup><br> 0.695% — between $2 billion and $3 billion; <sup>######</sup><br> 0.690% — between $3 billion and $4 billion; <sup>#######</sup><br> 0.680% — between $4 billion and $5.5 billion; <sup>########</sup><br> 0.675% — between $5.5 billion and $7.5 billion; <sup>#########</sup><br> 0.670% — excess over $7.5 billion<br><sup>#</sup> When Aggregate Net Assets exceed $200 million on any day, the annual rate of advisory fee for that day is 0.775% on the first $200 million of Aggregate Net Assets. |

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| | | |
|:---|:---|:---|
|  |  | <sup>##</sup> When Aggregate Net Assets exceed $500 million on any day, the annual rate of advisory fee for that day is 0.750% on the first $500 million of Aggregate Net Assets and 0.725% on the amount above $500 million. |
|  |  | <sup>###</sup> When Aggregate Net Assets exceed $1 billion on any day, the annual rate of advisory fee for that day is 0.725% on the first $1 billion of Aggregate Net Assets.<br><sup>####</sup> When Aggregate Net Assets exceed $1.5 billion on any day, the annual rate of advisory fee for that day is 0.700% on the first $1.5 billion of Aggregate Net Assets. |
|  |  | <sup>#####</sup> When Aggregate Net Assets exceed $2 billion on any day, the annual rate of advisory fee for that day is 0.695% on the first $2 billion of Aggregate Net Assets.<br><sup>######</sup> When Aggregate Net Assets exceed $3 billion on any day, the annual rate of advisory fee for that day is 0.690% on the first $3 billion of Aggregate Net Assets. |
|  |  | <sup>#######</sup>When Aggregate Net Assets exceed $4 billion on any day, the annual rate of advisory fee for that day is 0.680% on the first $4 billion of Aggregate Net Assets.<br><sup>########</sup> When Aggregate Net Assets exceed $5.5 billion on any day, the annual rate of advisory fee for that day is 0.675% on the first $5.5 billion of Aggregate Net Assets. |
|  |  | <sup>#########</sup> When Aggregate Net Assets exceed $7.5 billion on any day, the annual rate of advisory fee for that day is 0.670% on the first $7.5 billion of Aggregate Net Assets. |
| Financial Industries Trust | John Hancock Financial Industries Fund (JH Investment Trust II) | 0.800% — first $250 million;<br> 0.775% — next $250 million;<br> 0.750% — next $500 million; and<br> 0.725% — excess over $1 billion. |
| Fundamental All Cap Core Trust | Fundamental All Cap Core Fund (JHF II)<br>John Hancock Fundamental All Cap Core ETF (JH Investment Trust) | 0.675% — first $2.5 billion; and<br> 0.650% — excess over $2.5 billion. |
| Fundamental Large Cap Value Trust | Not Applicable | 0.700% — first $500 million;<br> 0.650% — next $500 million; and<br> 0.600% — excess over $1 billion. |
| Global Equity Trust | Global Equity Fund (JHF II) | 0.800% — first $1 billion; and<br> 0.790% — excess over $1 billion. |

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| | | |
|:---|:---|:---|
| Health Sciences Trust | Health Sciences Fund (JHF II)<br>Manulife Health Care Fund Series (I) – (Asia Platform) | 1.050% — first $500 million<br> 1.000% — next $250 million<br> 0.950% — excess over $750 million<sup>\*</sup><br> 0.950% — next $250 million<br> 0.900% — next $500 million<br> 0.770% — excess over $1.5 billion<sup>\*\*,</sup> †<br> 0.750% — excess over $2 billion <sup>\*\*\*,</sup> † |
|  |  | \*When Aggregate Net Assets exceed $750 million on any day, the annual rate of advisory fee for that day is 0.950% on all assets. |
|  |  | \*\*When Aggregate Net Assets exceed $1.5 billion on any day, the annual rate of advisory fee for that day is 0.770% on all assets. |
|  |  | \*\*\*When Aggregate Net Assets exceed $2 billion on any day, the annual rate of advisory fee for that day is 0.750% on all assets. |
|  |  | <sup>†</sup>When Aggregate Net Assets are between $1 billion and $1.5 billion or between $1.875 billion and $2 billion, the management fee retained by the Adviser after payment of the subadvisory fees for the Fund will not exceed 0.45% as a percentage of the average daily net assets (on an annualized basis) of the Fund. |
| High Yield Trust | John Hancock High Yield Fund (JH Bond Trust) | 0.625% — first $75 million<br> 0.5625% — next $75 million<br> 0.500% — next $350 million<br> 0.475% — next $2 billion<br> 0.450% — excess over $2.5 billion |
| International Equity Index Trust | Not Applicable | 0.550% — first $100 million;<br> 0.530% — next $150 million;<br> 0.520% — next $250 million; and<br> 0.510% — excess over $500 million. |
| International Small Company Trust | International Small Company Fund (JHF II) | 0.800% — all asset levels. |
| Investment Quality Bond Trust | Not Applicable | 0.600% — first $500 million; and<br> 0.550% — excess over $500 million. |
| Lifestyle Portfolios | See below | See below |
| Managed Volatility Portfolios | See below | See below |
| Mid Cap Index Trust | Not Applicable | 0.490% — first $250 million;<br> 0.480% — next $250 million; and<br> 0.460% — excess over $500 million. |
| Mid Cap Growth Trust | John Hancock Mid Cap Growth Fund (JH Investment Trust) | 0.875% — first $200 million;<br> 0.850% — next $300 million;<br> 0.825% — next $2.7 billion.<br> 0.800% — next $500 million;<br> 0.775% — next $500 million; and<br> 0.755% — excess over $4.2 billion. |
| Mid Value Trust | Mid Value Fund (JHF II) | 0.950% – first $1 billion<br> 0.865% – over $1 billion\*<br> 0.860% – over $2 billion\*\* |

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| | | |
|:---|:---|:---|
|  |  | 0.855% – over $3 billion\*\*\*<br> 0.850% – over $5.5 billion\*\*\*\* |
|  |  | \*When Aggregate Net Assets exceed $1 billion on any day, the annual rate of advisory fee for that day is 0.865% on all assets. |
|  |  | \*\*When Aggregate Net Assets exceed $2 billion on any day, the annual rate of advisory fee for that day is 0.860% on all assets. |
|  |  | \*\*\*When Aggregate Net Assets exceed $3 billion on any day, the annual rate of advisory fee for that day is 0.855% on all assets. |
|  |  | \*\*\*\*When Aggregate Net Assets exceed $5.5 billion on any day, the annual rate of advisory fee for that day is 0.850% on all assets. |
| Money Market Trust | John Hancock Money Market Fund (JH Current Interest) | 0.500% — first $500 million;<br> 0.425% — next $250 million;<br> 0.375% — next $250 million;<br> 0.350% — next $500 million;<br> 0.325% — next $500 million;<br> 0.300% — next $500 million; and<br> 0.275% — excess over $2.5 billion. |
| Opportunistic Fixed Income Trust | Opportunistic Fixed Income Fund (JHF II) | 0.650% — first $1 billion; and<br> 0.625% — excess over $1 billion. |
| Real Estate Securities Trust | Real Estate Securities Fund (JHF II) | 0.700% — first $1.5 billion<br> 0.680% — excess over $1.5 billion |
| Science & Technology Trust | Science & Technology Fund (JHF II)<br>Manulife Provident Funds Unit Trust Series - Manulife Technology Fund | 1.050% — first $50 million<br> 1.025% — between $50 million and $100 million<br> 1.000% — between $100 million and $200 million\*<br> 0.975% — between $200 million and $500 million\*\*<br> 0.950% — between $500 million and $1 billion\*\*\*<br> 0.925% — excess over $1 billion |
|  |  | \*When Aggregate Net Assets exceed $100 million on any day, the annual rate of advisory fee for that day is 1.000% on the first $100 million of Aggregate Net Assets. |
|  |  | \*\*When Aggregate Net Assets exceed $200 million on any day, the annual rate of advisory fee for that day is 0.975% on the first $200 million of Aggregate Net Assets. |
|  |  | \*\*When Aggregate Net Assets exceed $500 million on any day, the annual rate of advisory fee for that day is 0.950% on the first $500 million of Aggregate Net Assets. |

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| | | |
|:---|:---|:---|
| Select Bond Trust | Not Applicable | 0.650% — first $500 million;<br> 0.600% — next $1 billion;<br> 0.575% — next $1 billion;<br> 0.550% — next $7.5 billion; and<br> 0.525% — excess over $10 billion. |
| Short Term Government Income Trust | Not Applicable | 0.570% — first $250 million; and<br> 0.550% — excess over $250 million. |
| Small Cap Index Trust | Not Applicable | 0.490% — first $250 million;<br> 0.480% — next $250 million; and<br> 0.460% — excess over $500 million. |
| Small Cap Opportunities Trust | Not Applicable | 0.720% — all assets levels. |
| Small Cap Stock Trust | Not Applicable | 1.050% — first $50 million; and<br> 1.000% — excess over $50 million. |
| Small Cap Value Trust | Small Cap Value Fund (JHF II) | 0.950% — first $250 million;<br> 0.940% — next $500 million;<br> 0.930% — next $500 million; and<br> 0.920% — excess over $1.25 billion. |
| Small Company Value Trust | Not Applicable | 1.050% — first $500 million; and<br> 1.000% — excess over $500 million. |
| Strategic Equity Allocation Trust | International Strategic Equity Allocation Fund (JHF II)<br>Strategic Equity Allocation Fund (JHF II)<br>U.S. Sector Rotation Fund (JHF II) | 0.675% — first $2.5 billion;<br> 0.650% — next $5 billion;<br> 0.625% — next $2.5 billion;<br> 0.600% — next $5 billion;<br> 0.595% — next $10 billion; and<br> 0.590% — excess over $25 billion. |
| Strategic Income Opportunities Trust | Strategic Income Opportunities Fund (JHF II)<br>JHF II Multi-Asset High Income Fund (only with respect to the assets of the Multi-Asset High Income Fund managed according to the subadviser's strategic income opportunities strategy))<br>Manulife Strategic Income Opportunities Fund*,* a sub-fund of Manulife Investment Management I PLC | 0.680% — first $500 million;<br> 0.630% — next $3 billion;<br> 0.580% — next $4 billion;<br> 0.570% — next $4.5 billion; and<br> 0.555% — excess over $12 billion. |
| Total Bond Market Trust | Not Applicable | 0.470% — first $1.5 billion; and<br> 0.460% — excess over $1.5 billion. |
| Total Stock Market Index Trust | Not Applicable | 0.490% — first $250 million;<br> 0.480% — next $250 million; and<br> 0.460% — excess over $500 million. |

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| | | |
|:---|:---|:---|
| Ultra Short Term Bond Trust | Not Applicable | 0.550% — first $250 million; and<br> 0.530% — excess over $250 million. |
| U.S. Growth Trust *(formerly, Capital Appreciation Trust)* | John Hancock U.S. Growth Fund (JHF III)<br>Manulife Wellington U.S. Quality Growth Fund *(formerly, Manulife U.S. Diversified Growth Equity Fund),* a series trust of The Manufacturers Life Insurance Company | 0.600% — first $500 million;<br> 0.550% — next $1 billion;<br> 0.530% — excess over $1.5 billion. |

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**Capital Appreciation Value Trust** 

**If net assets are less than $500 million, the following fee schedule shall apply:** 

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| | | |
|:---|:---|:---|
| **Portfolio** | **First<br>$250 million<br>of Aggregate<br>Net Assets** | **Excess over<br>$250 million<br>of Aggregate<br>Net Assets** |
|  Capital Appreciation Value Trust | 0.950% | 0.850% |

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**If net assets equal or exceed $500 million but are less than $2 billion, the following fee schedule shall apply:** 

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| | | |
|:---|:---|:---|
| **Portfolio** | **First<br>$1 billion<br>of Aggregate<br>Net Assets** | **Excess over<br>$1 billion<br>of Aggregate<br>Net Assets** |
|  Capital Appreciation Value Trust | 0.850% | 0.800% |

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**If net assets equal or exceed $2 billion but are less than $3 billion, the following fee schedule shall apply:** 

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| | | |
|:---|:---|:---|
| **Portfolio** | **First<br>$500 million<br>of Aggregate<br>Net Assets** | **Excess over<br>$500 million<br>of Aggregate<br>Net Assets** |
|  Capital Appreciation Value Trust | 0.850% | 0.800% |

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**If net assets equal or exceed $3 billion, the following fee schedule shall apply:** 

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| | |
|:---|:---|
| **Portfolio** | **All Asset Levels** |
|  Capital Appreciation Value Trust | 0.800% |

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**<u>Funds of Funds</u>**

The Adviser shall serve as investment adviser for each of the Trusts named below (each a "Fund of Funds"):

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| | |
|:---|:---|
| Lifestyle Balanced Portfolio | Managed Volatility Balanced Portfolio |
| Lifestyle Conservative Portfolio | Managed Volatility Conservative Portfolio |
| Lifestyle Growth Portfolio | Managed Volatility Growth Portfolio |
| Lifestyle Moderate Portfolio | Managed Volatility Moderate Portfolio |
| (collectively, the "Lifestyle Portfolios") | (collectively, the "Managed Volatility Portfolios") |

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**<u>Certain Definitions</u>:** 

"<u>Affiliated Fund Assets</u>" means the net assets <u>or</u> Aggregate Net Assets (as applicable) of a Fund of Funds that are invested in Affiliated Funds.

"<u>Affiliated Funds</u>" are any fund of John Hancock Variable Insurance Trust ("JHVIT"), John Hancock Funds II ("JHF II") or John Hancock Funds III ("JHF III"), excluding the following funds of JHVIT: the 500 Index Trust, International Equity Index Trust, and Total Bond Market Trust.

"<u>Aggregate Net Assets</u>" of a Fund of Funds means the net assets of the Fund of Funds and the net assets of one or more other Funds of JHVIT, JHF II or JHF III, but only with respect to and for so long as such other Fund or Funds are managed by the same subadviser as the Fund of Funds.

"<u>Other Assets</u>" means the net assets <u>or</u> Aggregate Net Assets, as applicable, of a Fund of Funds that are not invested in Affiliated Funds.

**<u>Adviser Fee:</u>**

The Trust will pay the Adviser, as full compensation for all services provided under this Agreement with respect to each Fund of Funds, a fee computed separately for each Fund of Funds as follows (the "Adviser Fee").

The Adviser Fee for each Fund of Funds has two components: (a) a fee on Affiliated Fund Assets; and (b) a fee on Other Assets. Each such fee shall each be accrued and paid daily to the Adviser for each calendar day. The daily Adviser Fee for each Fund of Funds shall be the sum of the daily fee on Affiliated Fund Assets and the daily fee on Other Assets. Fees shall be paid either by wire transfer or check, as directed by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Fee on Affiliated Fund Assets</u>. The fee on Affiliated Fund Assets is stated as an annual percentage of the current value of <u>either</u> the net assets <u>or</u> the Aggregate Net Assets (as applicable) of the Fund of Funds, in each case determined in accordance with the fee schedule set forth below for the Fund of Funds, and that percentage rate (the "Applicable Annual Affiliated Funds Fee Rate") is applied to the Affiliated Fund Assets of the Fund of Funds. For each day, the Applicable Annual Affiliated Funds Fee Rate for the Fund of Funds shall be equal to (i) the sum of the amounts

------

determined by applying the annual percentage rates for Affiliated Fund Assets in the fee schedule to the applicable portions of the net assets <u>or</u> Aggregate Net Assets of the Fund of Funds divided by (ii) the net assets <u>or</u> Aggregate Net Assets, respectively, of the Fund of Funds. The daily fee accrual on Affiliated Fund Assets will be computed by multiplying the fraction of one over the number of calendar days in the year by the Applicable Annual Affiliated Funds Fee Rate, and multiplying this product by the Affiliated Fund Assets of the Fund of Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Fee on Other Assets</u>. The fee on Other Assets is stated as an annual percentage of the current value of <u>either</u> the net assets <u>or</u> the Aggregate Net Assets (as applicable) of the Fund of Funds, in each case determined in accordance with the fee schedule set forth below for the Fund of Funds, and that percentage rate (the "Applicable Annual Other Assets Fee Rate") is applied to the Other Assets of the Fund of Funds. For each day the Applicable Annual Other Assets Fee Rate for the Fund of Funds shall be equal to (i) the sum of the amounts determined by applying the annual percentage rates for Other Assets in the fee schedule to the applicable portions of the net assets <u>or</u> Aggregate Net Assets of the Fund of Funds, divided by (ii) the net assets <u>or</u> Aggregate Net Assets, respectively, of the Fund of Funds. The daily fee accrual on Other Assets will be computed by multiplying the fraction of one over the number of calendar days in the year by the Applicable Annual Other Assets Fee Rate, and multiplying this product by the Other Assets of the Fund of Funds.

Net assets, Aggregate Net Assets, Affiliated Fund Assets and Other Assets with respect to a Fund of Funds shall be determined as of the close of business on the previous business day of JHVIT for JHVIT Funds, as of the close of business on the previous business day of JHF II for JHF II Funds and as of the close of business on the previous business day of JHF III for JHF III Funds.

If, with respect to any Fund of Funds, this Agreement becomes effective or terminates, or if the manner of determining the Applicable Annual Affiliated Funds Fee Rate or the Applicable Annual Other Assets Fee Rate changes, before the end of any month, the fee (if any) for the period from the effective date to the end of such month or from the beginning of such month to the date of termination or from the beginning of such month to the date such change, as the case may be, shall be prorated according to the proportion which such period bears to the full month in which such effectiveness or termination or change occurs.

------

**Managed Volatility Portfolios** 

**Lifestyle Portfolios** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Rates Applied to Aggregate Net Assets of the Fund of Funds (1)** | **Rates Applied to Aggregate Net Assets of the Fund of Funds (1)** | **Rates Applied to Aggregate Net Assets of the Fund of Funds (1)** | **Rates Applied to Aggregate Net Assets of the Fund of Funds (1)** |
|  | **Affiliated Fund Assets** | **Affiliated Fund Assets** | **Other Assets** | **Other Assets** |
| **Fund of Funds** | **First<br>$7.5 billion** | **Excess Over<br>$7.5 billion** | **First<br>$7.5 billion** | **Excess Over<br>$7.5 billion** |
|  Each Managed Volatility Portfolio | 0.050% | 0.040% | 0.500% | 0.490% |
|  Each Lifestyle Portfolio |  |  |  |  |

---

(1) <u>Aggregate Net Assets</u>. For each Managed Volatility Portfolio and each Lifestyle Portfolio, Aggregate Net
Assets include the net assets of all the JHVIT Managed Volatility Portfolios, the JHVIT Lifestyle Portfolios, the JHF II Multimanager Lifestyle Portfolios and the JHF II Multi-Index Lifestyle Portfolios. The JHVIT Managed Volatility Portfolios are
Managed Volatility Aggressive Portfolio, Managed Volatility Balanced Portfolio, Managed Volatility Conservative Portfolio, Managed Volatility Growth Portfolio, and Managed Volatility Moderate Portfolio. The JHVIT Lifestyle Portfolios are: Lifestyle
Aggressive Portfolio, Lifestyle Balanced Portfolio, Lifestyle Conservative Portfolio, Lifestyle Growth Portfolio, and Lifestyle Moderate Portfolio. The JHF II Multimanager Lifestyle Portfolios are: Multimanager Lifestyle Aggressive Portfolio,
Multimanager Lifestyle Balanced Portfolio, Multimanager Lifestyle Conservative Portfolio, Multimanager Lifestyle Growth Portfolio and Multimanager Lifestyle Moderate Portfolio. The JHF II Multi-Index Lifestyle Portfolios are: Multi-Index Lifestyle
Aggressive Portfolio, Multi-Index Lifestyle Balanced Portfolio, Multi-Index Lifestyle Conservative Portfolio, Multi-Index Lifestyle Growth Portfolio and Multi-Index Lifestyle Moderate Portfolio.

------

**<u>APPENDIX B</u>**

[not applicable]

## Ex-99.(D)(17)

**JOHN HANCOCK VARIABLE INSURANCE TRUST** 

AMENDMENT TO

AMENDED AND RESTATED ADVISORY AGREEMENT

AMENDMENT (the "Amendment") made this 25th day of September, 2025, to the Amended and Restated Advisory Agreement dated June 30, 2020, as amended, (the Agreement") between John Hancock Variable Insurance Trust, a Massachusetts business trust (the "Trust" or "JHVIT") and John Hancock Variable Trust Advisers LLC, a Delaware limited liability company ("JHVTA" or the "Adviser"). In consideration of the mutual covenants contained herein, the parties agree as follows:

**1. CHANGE IN APPENDIX A** 

Appendix A of the Agreement, which relates to Section 4 of the Agreement, "COMPENSATION OF ADVISER," is hereby amended to change the fee schedule for Blue Chip Growth Trust and any contrary fee schedule information is hereby superseded:

**2. EFFECTIVE DATE** 

The Amendment is effective retroactive to June 1, 2025 with respect to the Fund, following approval of the Amendment by the Board of Trustees of the Trust.

**3. DEFINED TERMS** 

Unless otherwise defined herein, capitalized terms used herein have the meanings specified in or pursuant to the Agreement.

**4. OTHER TERMS OF THE AGREEMENT** 

Except as specifically amended hereby, all of the terms and conditions of the Agreement shall continue to be in full force and effect and shall be binding upon the parties in accordance with their respective terms.

*[Remainder of page intentionally left blank]* 

------

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed under seal by their duly authorized officers as of the date first mentioned above.

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| | |
|:---|:---|
|  **JOHN HANCOCK VARIABLE INSURANCE TRUST** | **JOHN HANCOCK VARIABLE INSURANCE TRUST** |
| By: | /s/ Kristie Feinberg |
| Name: | Kristie Feinberg |
| Title: | President |

---

---

| | |
|:---|:---|
|  **JOHN HANCOCK VARIABLE TRUST ADVISERS LLC** | **JOHN HANCOCK VARIABLE TRUST ADVISERS LLC** |
| By: | /s/ Jay Aronowitz |
| Name: | Jay Aronowitz |
| Title: | Chief Investment Officer |

---

------

**<u>APPENDIX A</u>**

**ADVISORY FEE SCHEDULE** 

The Adviser shall serve as investment adviser for each Portfolio of the Trust listed below. The Trust will pay the Adviser, as full compensation for all services provided under this Agreement with respect to each Portfolio, the fee computed separately for such Portfolio at an annual rate as follows (the "Adviser Fee").

The term Aggregate Net Assets in the chart below includes the net assets of a Portfolio of the Trust. It also includes with respect to certain Portfolios as indicated in the chart the net assets of one or more other portfolios, but in each case only for the period during which the subadviser for the Portfolio also serves as the subadviser for the other portfolio(s) and only with respect to the net assets of such other portfolio(s) that are managed by the subadviser.

For purposes of determining Aggregate Net Assets and calculating the Adviser Fee, the net assets of the Portfolio and each other fund of the Trust are determined as of the close of business on the previous business day of the Trust, and the net assets of each portfolio of each other fund are determined as of the close of business on the previous business day of that fund.

The Adviser Fee for a Portfolio shall be based on the applicable annual fee rate for the Portfolio which for each day shall be equal to (i) the sum of the amounts determined by applying the annual percentage rates in the table to the applicable portions of Aggregate Net Assets divided by (ii) Aggregate Net Assets (the "Applicable Annual Fee Rate"). The Adviser Fee for each Portfolio shall be accrued and paid daily to the Adviser for each calendar day. The daily fee accruals will be computed by multiplying the fraction of one over the number of calendar days in the year by the Applicable Annual Fee Rate, and multiplying this product by the net assets of the Portfolio. Fees shall be paid either by wire transfer or check, as directed by the Adviser.

If, with respect to any Portfolio, this Agreement becomes effective or terminates, or if the manner of determining the Applicable Annual Fee Rate changes, before the end of any month, the fee (if any) for the period from the effective date to the end of such month or from the beginning of such month to the date of termination or from the beginning of such month to the date of such change, as the case may be, shall be prorated according to the proportion which such period bears to the full month in which such effectiveness or termination or change occurs.

------

**Advisory Fee Schedules** 

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| | | |
|:---|:---|:---|
| **Trust Portfolio** | **Aggregate Net Assets<br>Include the Net Assets of the<br>following funds in addition<br>to the Trust Portfolio** | **Advisory Fee of the Trust Portfolio-** |
| 500 Index Trust | Not Applicable | 0.470% — first $500 million; and |
|  |  | 0.460% — excess over $500 million. |
| Active Bond Trust | Not Applicable | 0.600% — first $2.5 billion; |
|  |  | 0.575% — next $2.5 billion; and |
|  |  | 0.550% — excess over $5 billion. |
| Blue Chip Growth Trust | JHF II Blue Chip Growth Fund and Manulife North American Equity Fund Series – (I) (Asia). | See below |
| Capital Appreciation Value Trust | Capital Appreciation Value Fund (JHF II) | See below |
| Core Bond Trust | Core Bond Fund (JHF II) | 0.690% — first $200 million; |
|  |  | 0.640% — next $200 million; |
|  |  | 0.570% — next $600 million; |
|  |  | 0.560% — next $1 billion; and |
|  |  | 0.550% — excess over $2 billion. |
| Disciplined Value International Trust | John Hancock Disciplined Value International Fund (JH Investment Trust)<br>Manulife Boston Partners International Equity Fund (Canada)<br>The portion of the net assets of Manulife Balanced Fund (Canada) invested in Boston Partners International Equity Pooled Fund (Canada)<br>The portion of the net assets of MLI Pension Plus Growth Fund (Canada) invested in Boston Partners International Equity Pooled Fund (Canada)<br>The portion of the net assets of Manulife MIM Diversified Fund (Canada) invested in Boston Partners International Equity Pooled Fund (Canada)<br>The portion of the net assets of Manulife Diversified Tri-Plan Fund (Canada) invested in Boston Partners International Equity Pooled Fund (Canada) | 0.710% — first $500 million<br>0.690% — next $500 million<br>0.680% — next $1 billion<br>0.670% — next $1 billion<br>0.660% — next $2 billion<br>0.650% — excess over $5 billion |

---

------

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| | | |
|:---|:---|:---|
|  | John Hancock Disciplined Value International Trust, a series of John Hancock Trust Company |  |
|  | The portion of the net assets of the Canada Target Date suite allocated to Boston Partners International Equity Pooled Fund (Canada); and |  |
|  | The portion of the net assets of Canada Target Risk suite allocated to Boston Partners International Equity Pooled Fund (Canada). |  |
| Disciplined Value Emerging Markets Equity Trust | Disciplined Value Emerging Markets Equity Fund (JHF II) | 0.780% — first $100 million<br>0.750% — next $900 million |
|  |  | 0.740% — next $1 billion |
|  |  | 0.730% — excess over $2 billion |
| Equity Income Trust | Equity Income Fund (JHF II)<br>Manulife US Large Cap Value Equity Fund (Canada)<br>Manulife North American Equity Fund Series – (II) (Asia) | 0.800% — first $100 million;<br>0.775% — between $100 million and $200 million;<sup>#</sup><br>0.750% — between $200 million and $500 million;<sup>##</sup><br>0.725% — between $500 million and $1 billion;<sup>###</sup><br>0.725% — between $1 billion and $1.5 billion;<sup>####</sup><br>0.700% — between $1.5 billion and $2 billion;<sup>#####</sup><br>0.695% — between $2 billion and $3 billion;<sup>######</sup><br>0.690% — between $3 billion and $4 billion;<sup>#######</sup><br>0.680% — between $4 billion and $5.5 billion;<sup>########</sup><br>0.675% — between $5.5 billion and $7.5 billion;<sup>#########</sup><br>0.670% — excess over $7.5 billion |
|  |  | <sup>#</sup> When Aggregate Net Assets exceed $200 million on any day, the annual rate of advisory fee for that day is 0.775% on the first $200 million of Aggregate Net Assets. |
|  |  | <sup>##</sup> When Aggregate Net Assets exceed $500 million on any day, the annual rate of advisory fee for that day is 0.750% on the first $500 million of Aggregate Net Assets and 0.725% on the amount above $500 million. |
|  |  | <sup>###</sup> When Aggregate Net Assets exceed $1 billion on any day, the annual rate of advisory fee for that day is 0.725% on the first $1 billion of Aggregate Net Assets. |

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------

---

| | | |
|:---|:---|:---|
|  |  | <sup>####</sup> When Aggregate Net Assets exceed $1.5 billion on any day, the annual rate of advisory fee for that day is 0.700% on the first $1.5 billion of Aggregate Net Assets. |
|  |  | <sup>#####</sup> When Aggregate Net Assets exceed $2 billion on any day, the annual rate of advisory fee for that day is 0.695% on the first $2 billion of Aggregate Net Assets. |
|  |  | <sup>######</sup> When Aggregate Net Assets exceed $3 billion on any day, the annual rate of advisory fee for that day is 0.690% on the first $3 billion of Aggregate Net Assets. |
|  |  | <sup>#######</sup>When Aggregate Net Assets exceed $4 billion on any day, the annual rate of advisory fee for that day is 0.680% on the first $4 billion of Aggregate Net Assets. |
|  |  | <sup>########</sup> When Aggregate Net Assets exceed $5.5 billion on any day, the annual rate of advisory fee for that day is 0.675% on the first $5.5 billion of Aggregate Net Assets. |
|  |  | <sup>#########</sup> When Aggregate Net Assets exceed $7.5 billion on any day, the annual rate of advisory fee for that day is 0.670% on the first $7.5 billion of Aggregate Net Assets. |
| Financial Industries Trust | John Hancock Financial | 0.800% — first $250 million; |
|  | Industries Fund (JH | 0.775% — next $250 million; |
|  | Investment Trust II) | 0.750% — next $500 million; and |
|  |  | 0.725% — excess over $1 billion. |
| Fundamental All Cap Core Trust | Fundamental All Cap Core Fund (JHF II)<br>John Hancock Fundamental All Cap Core ETF (JH Investment Trust) | 0.675% — first $2.5 billion; and<br>0.650% — excess over $2.5 billion. |
| Fundamental Large Cap Value Trust | Not Applicable | 0.700% — first $500 million;<br>0.650% — next $500 million; and |
|  |  | 0.600% — excess over $1 billion. |
| Global Equity Trust | Global Equity Fund (JHF II) | 0.800% — first $1 billion; and |
|  |  | 0.790% — excess over $1 billion. |
| Health Sciences Trust | Health Sciences Fund (JHF II)<br>Manulife Health Care Fund Series (I) – (Asia Platform) | 1.050% — first $500 million<br>1.000% — next $250 million<br>0.950% — excess over $750 million<sup>\*</sup><br>0.950% — next $250 million<br>0.900% — next $500 million |
|  |  | 0.770% — excess over $1.5 billion<sup>\*\*,</sup> † |
|  |  | 0.750% — excess over $2 billion <sup>\*\*\*,</sup> † |
|  |  | \*When Aggregate Net Assets exceed $750 million on any day, the annual rate of advisory fee for that day is 0.950% on all assets. |

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------

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| | | |
|:---|:---|:---|
|  |  | \*\*When Aggregate Net Assets exceed $1.5 billion on any day, the annual rate of advisory fee for that day is 0.770% on all assets. |
|  |  | \*\*\*When Aggregate Net Assets exceed $2 billion on any day, the annual rate of advisory fee for that day is 0.750% on all assets. |
|  |  | **<sup>†</sup>**When Aggregate Net Assets are between $1 billion and $1.5 billion or between $1.875 billion and $2 billion, the management fee retained by the Adviser after payment of the subadvisory fees for the Fund will not exceed 0.45% as a percentage of the average daily net assets (on an annualized basis) of the Fund. |
| High Yield Trust | John Hancock High Yield Fund (JH Bond Trust) | 0.625% — first $75 million<br>0.5625% — next $75 million |
|  |  | 0.500% — next $350 million |
|  |  | 0.475% — next $2 billion |
|  |  | 0.450% — excess over $2.5 billion |
| International Equity Index Trust | Not Applicable | 0.550% — first $100 million; |
|  |  | 0.530% — next $150 million; |
|  |  | 0.520% — next $250 million; and |
|  |  | 0.510% — excess over $500 million. |
| International Small Company Trust | International Small Company Fund (JHF II) | 0.800% — all asset levels. |
| Investment Quality Bond Trust | Not Applicable | 0.600% — first $500 million; and |
|  |  | 0.550% — excess over $500 million. |
| Lifestyle Portfolios | See below | See below |
| Managed Volatility Portfolios | See below | See below |
| Mid Cap Index Trust | Not Applicable | 0.490% — first $250 million; |
|  |  | 0.480% — next $250 million; and |
|  |  | 0.460% — excess over $500 million. |
| Mid Cap Growth Trust | John Hancock Mid Cap Growth Fund (JH Investment Trust) | 0.875% — first $200 million;<br>0.850% — next $300 million;<br>0.825% — next $2.7 billion. |
|  |  | 0.800% — next $500 million; |
|  |  | 0.775% — next $500 million; and |
|  |  | 0.755% — excess over $4.2 billion. |
| Mid Value Trust | Mid Value Fund (JHF II) | 0.950% — first $1 billion<br>0.865% — over $1 billion\* |
|  |  | 0.860% — over $2 billion\*\* |
|  |  | 0.855% — over $3 billion\*\*\* |
|  |  | 0.850% — over $5.5 billion\*\*\*\* |
|  |  | \*When Aggregate Net Assets exceed $1 billion on any day, the annual rate of advisory fee for that day is 0.865% on all assets. |
|  |  | \*\*When Aggregate Net Assets exceed $2 billion on any day, the annual rate of advisory fee for that day is 0.860% on all assets. |

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------

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| | | |
|:---|:---|:---|
|  |  | \*\*\*When Aggregate Net Assets exceed $3 billion on any day, the annual rate of advisory fee for that day is 0.855% on all assets. |
|  |  | \*\*\*\*When Aggregate Net Assets exceed $5.5 billion on any day, the annual rate of advisory fee for that day is 0.850% on all assets. |
| Money Market Trust | John Hancock Money Market Fund (JH Current Interest) | 0.500% — first $500 million;<br>0.425% — next $250 million; |
|  |  | 0.375% — next $250 million; |
|  |  | 0.350% — next $500 million; |
|  |  | 0.325% — next $500 million; |
|  |  | 0.300% — next $500 million; and |
|  |  | 0.275% — excess over $2.5 billion. |
| Opportunistic Fixed Income Trust | Opportunistic Fixed Income Fund (JHF II) | 0.650% — first $1 billion; and<br>0.625% — excess over $1 billion. |
| Real Estate Securities Trust | Real Estate Securities Fund (JHF II) | 0.700% — first $1.5 billion<br>0.680% — excess over $1.5 billion |
| Science & Technology Trust | Science & Technology Fund (JHF II)<br>Manulife Provident Funds Unit Trust Series - Manulife Technology Fund | 1.050% — first $50 million<br>1.025% — between $50 million and $100 million<br> 1.000% — between $100 million and $200 million\*<br>0.975% — between $200 million and $500 million\*\* |
|  |  | 0.950% — between $500 million and $1 billion\*\*\* |
|  |  | 0.925% — excess over $1 billion |
|  |  | \*When Aggregate Net Assets exceed $100 million on any day, the annual rate of advisory fee for that day is 1.000% on the first $100 million of Aggregate Net Assets. |
|  |  | \*\*When Aggregate Net Assets exceed $200 million on any day, the annual rate of advisory fee for that day is 0.975% on the first $200 million of Aggregate Net Assets. |
|  |  | \*\*When Aggregate Net Assets exceed $500 million on any day, the annual rate of advisory fee for that day is 0.950% on the first $500 million of Aggregate Net Assets. |
| Select Bond Trust | Not Applicable | 0.650% — first $500 million; |
|  |  | 0.600% — next $1 billion; |
|  |  | 0.575% — next $1 billion; |
|  |  | 0.550% — next $7.5 billion; and |
|  |  | 0.525% — excess over $10 billion. |
| Short Term Government Income Trust | Not Applicable | 0.570% — first $250 million; and<br>0.550% — excess over $250 million. |

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------

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| | | |
|:---|:---|:---|
| Small Cap Index Trust | Not Applicable | 0.490% — first $250 million; |
|  |  | 0.480% — next $250 million; and |
|  |  | 0.460% — excess over $500 million. |
| Small Cap Opportunities Trust | Not Applicable | 0.720% — all assets levels. |
| Small Cap Stock Trust | Not Applicable | 1.050% — first $50 million; and |
|  |  | 1.000% — excess over $50 million. |
| Small Cap Value Trust | Small Cap Value Fund (JHF II) | 0.950% – first $250 million;<br>0.940% – next $500 million; |
|  |  | 0.930% – next $500 million; and |
|  |  | 0.920% – excess over $1.25 billion. |
| Small Company Value Trust | Not Applicable | 1.050% — first $500 million; and |
|  |  | 1.000% — excess over $500 million. |
| Strategic Equity Allocation Trust | International Strategic Equity Allocation Fund (JHF II)<br>Strategic Equity Allocation Fund (JHF II)<br>U.S. Sector Rotation Fund (JHF II)<br>| 0.675% — first $2.5 billion;<br>0.650% — next $5 billion;<br>0.625% — next $2.5 billion;<br>0.600% — next $5 billion;<br>0.595% — next $10 billion; and<br>0.590% — excess over $25 billion. |
| Strategic Income Opportunities Trust | Strategic Income Opportunities Fund (JHF II)<br>JHF II Multi-Asset High Income Fund (only with respect to the assets of the Multi-Asset High Income Fund managed according to the subadviser's strategic income opportunities strategy)) | 0.680% — first $500 million;<br>0.630% — next $3 billion;<br>0.580% — next $4 billion;<br>0.570% — next $4.5 billion; and<br>0.555% — excess over $12 billion. |
|  | Manulife Strategic Income Opportunities Fund*,* a sub- fund of Manulife Investment Management I PLC |  |
| Total Bond Market Trust | Not Applicable | 0.470% — first $1.5 billion; and |
|  |  | 0.460% — excess over $1.5 billion. |
| Total Stock Market Index Trust | Not Applicable | 0.490% — first $250 million; |
|  |  | 0.480% — next $250 million; and |
|  |  | 0.460% — excess over $500 million. |
| Ultra Short Term Bond Trust | Not Applicable | 0.550% — first $250 million; and |
|  |  | 0.530% — excess over $250 million. |
| U.S. Growth Trust *(formerly, Capital Appreciation Trust)* | John Hancock U.S. Growth Fund<br>(JHF III)<br>Manulife Wellington U.S. Quality Growth Fund *(formerly, Manulife U.S. Diversified Growth Equity Fund), a* series trust of The Manufacturers Life Insurance Company | 0.600% — first $500 million;<br>0.550% — next $1 billion;<br>0.530% — excess over $1.5 billion. |

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------

**Blue Chip Growth Trust** 

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| | | |
|:---|:---|:---|
| **Aggregate Net Assets\*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Tier**  | **Fee 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 JHF II Blue Chip Growth Fund and Manulife North American Equity Fund Series – (I) (Asia).

------

**Capital Appreciation Value Trust** 

**If net assets are less than $500 million, the following fee schedule shall apply:** 

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| | | |
|:---|:---|:---|
| **Portfolio** | **First<br>$250 million<br>of Aggregate<br>Net Assets** | **Excess over<br>$250 million<br>of Aggregate<br>Net Assets** |
|  Capital Appreciation Value Trust | 0.950% | 0.850% |

---

**If net assets equal or exceed $500 million but are less than $2 billion, the following fee schedule shall apply:** 

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| | | |
|:---|:---|:---|
| **Portfolio** | **First<br>$1 billion<br>of Aggregate<br>Net Assets** | **Excess over<br>$1 billion<br>of Aggregate<br>Net Assets** |
|  Capital Appreciation Value Trust | 0.850% | 0.800% |

---

**If net assets equal or exceed $2 billion but are less than $3 billion, the following fee schedule shall apply:** 

---

| | | |
|:---|:---|:---|
| **Portfolio** | **First<br>$500 million<br>of Aggregate<br>Net Assets** | **Excess over<br>$500 million<br>of Aggregate<br>Net Assets** |
|  Capital Appreciation Value Trust | 0.850% | 0.800% |

---

**If net assets equal or exceed $3 billion, the following fee schedule shall apply:** 

---

| | |
|:---|:---|
| **Portfolio** | **All Asset Levels** |
|  Capital Appreciation Value Trust | 0.800% |

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------

**<u>Funds of Funds</u>**

The Adviser shall serve as investment adviser for each of the Trusts named below (each a "Fund of Funds"):

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| | |
|:---|:---|
| Lifestyle Balanced Portfolio | Managed Volatility Balanced Portfolio |
| Lifestyle Conservative Portfolio | Managed Volatility Conservative Portfolio |
| Lifestyle Growth Portfolio | Managed Volatility Growth Portfolio |
| Lifestyle Moderate Portfolio | Managed Volatility Moderate Portfolio |
| (collectively, the "Lifestyle Portfolios") | (collectively, the "Managed Volatility Portfolios") |

---

**<u>Certain Definitions</u>:** 

"<u>Affiliated Fund Assets</u>" means the net assets <u>or</u> Aggregate Net Assets (as applicable) of a Fund of Funds that are invested in Affiliated Funds.

"<u>Affiliated Funds</u>" are any fund of John Hancock Variable Insurance Trust ("JHVIT"), John Hancock Funds II ("JHF II") or John Hancock Funds III ("JHF III"), excluding the following funds of JHVIT: the 500 Index Trust, International Equity Index Trust, and Total Bond Market Trust.

"<u>Aggregate Net Assets</u>" of a Fund of Funds means the net assets of the Fund of Funds and the net assets of one or more other Funds of JHVIT, JHF II or JHF III, but only with respect to and for so long as such other Fund or Funds are managed by the same subadviser as the Fund of Funds.

"<u>Other Assets</u>" means the net assets <u>or</u> Aggregate Net Assets, as applicable, of a Fund of Funds that are not invested in Affiliated Funds.

**<u>Adviser Fee:</u>**

The Trust will pay the Adviser, as full compensation for all services provided under this Agreement with respect to each Fund of Funds, a fee computed separately for each Fund of Funds as follows (the "Adviser Fee").

The Adviser Fee for each Fund of Funds has two components: (a) a fee on Affiliated Fund Assets; and (b) a fee on Other Assets. Each such fee shall each be accrued and paid daily to the Adviser for each calendar day. The daily Adviser Fee for each Fund of Funds shall be the sum of the daily fee on Affiliated Fund Assets and the daily fee on Other Assets. Fees shall be paid either by wire transfer or check, as directed by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Fee on Affiliated Fund Assets</u>. The fee on Affiliated Fund Assets is stated as an annual percentage of the current value of <u>either</u> the net assets <u>or</u> the Aggregate Net Assets (as applicable) of the Fund of Funds, in each case determined in accordance with the fee schedule set forth below for the Fund of Funds, and that percentage rate (the "Applicable Annual Affiliated Funds Fee Rate") is applied to the Affiliated Fund Assets of the Fund of Funds. For each day, the Applicable Annual Affiliated Funds Fee Rate for the Fund of Funds shall be equal to (i) the sum of the amounts

------

determined by applying the annual percentage rates for Affiliated Fund Assets in the fee schedule to the applicable portions of the net assets <u>or</u> Aggregate Net Assets of the Fund of Funds divided by (ii) the net assets <u>or</u> Aggregate Net Assets, respectively, of the Fund of Funds. The daily fee accrual on Affiliated Fund Assets will be computed by multiplying the fraction of one over the number of calendar days in the year by the Applicable Annual Affiliated Funds Fee Rate, and multiplying this product by the Affiliated Fund Assets of the Fund of Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Fee on Other Assets</u>. The fee on Other Assets is stated as an annual percentage of the current value of <u>either</u> the net assets <u>or</u> the Aggregate Net Assets (as applicable) of the Fund of Funds, in each case determined in accordance with the fee schedule set forth below for the Fund of Funds, and that percentage rate (the "Applicable Annual Other Assets Fee Rate") is applied to the Other Assets of the Fund of Funds. For each day the Applicable Annual Other Assets Fee Rate for the Fund of Funds shall be equal to (i) the sum of the amounts determined by applying the annual percentage rates for Other Assets in the fee schedule to the applicable portions of the net assets <u>or</u> Aggregate Net Assets of the Fund of Funds, divided by (ii) the net assets <u>or</u> Aggregate Net Assets, respectively, of the Fund of Funds. The daily fee accrual on Other Assets will be computed by multiplying the fraction of one over the number of calendar days in the year by the Applicable Annual Other Assets Fee Rate, and multiplying this product by the Other Assets of the Fund of Funds.

Net assets, Aggregate Net Assets, Affiliated Fund Assets and Other Assets with respect to a Fund of Funds shall be determined as of the close of business on the previous business day of JHVIT for JHVIT Funds, as of the close of business on the previous business day of JHF II for JHF II Funds and as of the close of business on the previous business day of JHF III for JHF III Funds.

If, with respect to any Fund of Funds, this Agreement becomes effective or terminates, or if the manner of determining the Applicable Annual Affiliated Funds Fee Rate or the Applicable Annual Other Assets Fee Rate changes, before the end of any month, the fee (if any) for the period from the effective date to the end of such month or from the beginning of such month to the date of termination or from the beginning of such month to the date such change, as the case may be, shall be prorated according to the proportion which such period bears to the full month in which such effectiveness or termination or change occurs.

------

**Managed Volatility Portfolios** 

**Lifestyle Portfolios** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Rates Applied to Aggregate Net Assets of the Fund of Funds (1)** | **Rates Applied to Aggregate Net Assets of the Fund of Funds (1)** | **Rates Applied to Aggregate Net Assets of the Fund of Funds (1)** | **Rates Applied to Aggregate Net Assets of the Fund of Funds (1)** |
|  | **Affiliated Fund Assets** | **Affiliated Fund Assets** | **Other Assets** | **Other Assets** |
| **Fund of Funds** | **First<br>$7.5 billion** | **Excess Over<br>$7.5 billion** | **First<br>$7.5 billion** | **Excess Over<br>$7.5 billion** |
|  Each Managed Volatility Portfolio | 0.050% | 0.040% | 0.500% | 0.490% |
|  Each Lifestyle Portfolio |  |  |  |  |

---

(1) <u>Aggregate Net Assets</u>. For each Managed Volatility Portfolio and each Lifestyle Portfolio, Aggregate Net
Assets include the net assets of all the JHVIT Managed Volatility Portfolios, the JHVIT Lifestyle Portfolios, the JHF II Multimanager Lifestyle Portfolios and the JHF II Multi-Index Lifestyle Portfolios. The JHVIT Managed Volatility Portfolios are
Managed Volatility Aggressive Portfolio, Managed Volatility Balanced Portfolio, Managed Volatility Conservative Portfolio, Managed Volatility Growth Portfolio, and Managed Volatility Moderate Portfolio. The JHVIT Lifestyle Portfolios are: Lifestyle
Aggressive Portfolio, Lifestyle Balanced Portfolio, Lifestyle Conservative Portfolio, Lifestyle Growth Portfolio, and Lifestyle Moderate Portfolio. The JHF II Multimanager Lifestyle Portfolios are: Multimanager Lifestyle Aggressive Portfolio,
Multimanager Lifestyle Balanced Portfolio, Multimanager Lifestyle Conservative Portfolio, Multimanager Lifestyle Growth Portfolio and Multimanager Lifestyle Moderate Portfolio. The JHF II Multi-Index Lifestyle Portfolios are: Multi-Index Lifestyle
Aggressive Portfolio, Multi-Index Lifestyle Balanced Portfolio, Multi-Index Lifestyle Conservative Portfolio, Multi-Index Lifestyle Growth Portfolio and Multi-Index Lifestyle Moderate Portfolio.

------

**<u>APPENDIX B</u>**

[not applicable]

## Ex-99.(D)(39)

**JOHN HANCOCK VARIABLE INSURANCE TRUST** 

AMENDMENT TO SUBADVISORY AGREEMENT

Manulife Investment Management (US) LLC

AMENDMENT (the "Amendment") made this 25th day of April, 2025, to the Subadvisory Agreement dated April 28, 2006, as amended (the "Agreement"), between John Hancock Variable Trust Advisers LLC (formerly, John Hancock Investment Management Services, LLC), a Delaware limited liability company (the "Adviser"), and Manulife Investment Management (US) LLC (formerly, John Hancock Asset Management a division of Manulife Asset Management (US) LLC), a Delaware limited liability company (the "Subadviser"). In consideration of the mutual covenants contained herein, the parties agree as follows:

**1. CHANGE IN APPENDIX A** 

Appendix A of the Agreement relating to the compensation of the Subadviser is amended to add Small Cap Core Trust *(formerly, Small Cap Value Trust)*.

**2. EFFECTIVE DATE** 

The Amendment shall become effective April 25, 2025, following approval of the Amendment by the Board of Trustees of John Hancock Variable Insurance Trust.

**3. DEFINED TERMS** 

Unless otherwise defined herein, capitalized terms used herein have the meanings specified in or pursuant to the Agreement.

**4. OTHER TERMS OF THE AGREEMENT** 

Except as specifically amended hereby, all of the terms and conditions of the Agreement shall continue to be in full force and effect and shall be binding upon the parties in accordance with their respective terms.

*(THE REMAINDER OF THIS SPACE HAS BEEN INTENTIONALLY LEFT BLANK)*

------

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed under seal by their duly authorized officers as of the date first mentioned above.

---

| | |
|:---|:---|
| **JOHN HANCOCK VARIABLE TRUST ADVISERS LLC** | **JOHN HANCOCK VARIABLE TRUST ADVISERS LLC** |
| By: | /s/ Jay Aronowitz |
| Name: | Jay Aronowitz |
| Title: | Chief Investment Officer |

---

---

| | |
|:---|:---|
| **MANULIFE INVESTMENT MANAGEMENT (US) LLC** | **MANULIFE INVESTMENT MANAGEMENT (US) LLC** |
| By: | /s/ Diane Landers |
| Name: | Diane Landers |
| Title: | President and COO |

---

**<u>APPENDIX A</u>**

The Subadviser shall serve as investment subadviser for the Portfolios of the Trust listed below (portion of the net assets of the Portfolio as shall be assigned to the Subadviser by the Adviser from time to time in the case of the Active Bond Trust). The Adviser will pay the Subadviser, as full compensation for all services provided under this Agreement with respect to the Portfolio, the fee computed separately for such Portfolio at an annual rate as follows (the "Subadviser Fee"):

[ ]

\*The term Aggregate Net Assets for a given day includes the net assets of a Portfolio of the Trust. It also includes the net assets of one or more other portfolios of the Trust or other trusts as indicated below, but in each case only for the period during which the Subadviser for the Portfolio also serves as the subadviser for the other portfolio(s). For purposes of determining Aggregate Net Assets and calculating the Subadviser Fee for a given day, the net assets of the Portfolio and each other portfolio of the Trust are determined by the Custodian as of the close of business on the previous business day of the Trust, and the net assets of each portfolio of each other fund or trust are determined as of the close of business on the previous business day of that fund.

---

| | |
|:---|:---|
| Trust Portfolio(s) | Other Portfolio(s) |
| Active Bond Trust | Active Bond Fund, a series of John Hancock Funds II |
| Financial Industries Trust | John Hancock Financial Industries Fund, a series of John Hancock Investment Trust II |

---

------

---

| | |
|:---|:---|
| Fundamental All Cap Core Trust | Fundamental All Cap Core Fund, a series of John Hancock Funds II |
|  | John Hancock Fundamental All Cap Core ETF, a series of John Hancock Exchange-Traded Fund Trust |
| Fundamental Large Cap Value Trust | N/A |
| Global Equity Trust | Global Equity Fund, a series of John Hancock Funds II |
| High Yield Trust | John Hancock High Yield Fund, a series of John Hancock Bond Trust |
| Select Bond Trust | Not Applicable |
| Short-Term Government Income Trust | N/A |
| Small Cap Core Trust *(formerly, Small Cap Value Trust)* | John Hancock Small Cap Core Fund, a series of John Hancock Investment Trust |
| Strategic Income Opportunities Trust | Strategic Income Opportunities Fund, a series of John Hancock Funds II |
|  | Multi-Asset High Income Fund, a series of John Hancock Funds II, only with respect to the assets of Multi-Asset High Income |
| Strategic Equity Allocation Trust | Strategic Equity Allocation Fund, a series of John Hancock Funds II |
| Total Bond Market Trust | N/A |
| Ultra Short Term Bond Trust | N/A |
| Lifestyle Balanced Portfolio | See note below. |
| Lifestyle Conservative Portfolio | See note below. |
| Lifestyle Growth Portfolio | See note below. |
| Lifestyle Moderate Portfolio | See note below. |
| *(collectively, the "JHVIT Lifestyle Portfolios")* |  |
| Managed Volatility Balanced Portfolio | See note below. |
| Managed Volatility Conservative Portfolio | See note below. |
| Managed Volatility Growth Portfolio | See note below. |
| Managed Volatility Moderate Portfolio | See note below. |
| *(collectively, the "JHVIT Managed Volatility Portfolios")* | Note: For each JHVIT Managed Volatility Portfolio, Aggregate Net Assets include the net assets of all of the JHVIT Managed Volatility Portfolios, the net assets of all of the JHVIT |

---

------

Lifestyle Portfolios, the net assets of all of the JHF II Multimanager Lifestyle Portfolios and the net assets of the JHF II Lifestyle Blend Portfolios. The JHVIT Lifestyle Portfolios are: Lifestyle Balanced Portfolio, Lifestyle Conservative Portfolio, Lifestyle Growth Portfolio, and Lifestyle Moderate Portfolio. The JHF II Multimanager Lifestyle Portfolios are: Multimanager Lifestyle Aggressive Portfolio, Multimanager Lifestyle Balanced Portfolio, Multimanager Lifestyle Conservative Portfolio, Multimanager Lifestyle Growth Portfolio, and Multimanager Lifestyle Moderate Portfolio. The JHF II Lifestyle Blend Portfolios are: Lifestyle Blend Aggressive Portfolio, Multi-Index Lifestyle Blend Balanced Portfolio, Multi-Index Lifestyle Blend Conservative Portfolio, Multi-Index Lifestyle Blend Growth Portfolio, and Multi-Index Lifestyle Blend Moderate Portfolio.

The Subadviser Fee for a Portfolio shall be based on the applicable annual fee rate for the Portfolio which for each day shall be equal to (i) the sum of the amounts determined by applying the annual percentage rates in the table to the applicable portions of Aggregate Net Assets divided by (ii) Aggregate Net Assets (the "Applicable Annual Fee Rate"). The Subadviser Fee for the Portfolio shall be accrued for each calendar day, and the sum of the daily fee accruals shall be paid monthly to the Subadviser within 30 calendar days of the end of each month. The daily fee accruals will be computed by multiplying the fraction of one over the number of calendar days in the year by the Applicable Annual Fee Rate, and multiplying this product by the net ai3ssets of the Portfolio. The Adviser shall provide Subadviser with such information as Subadviser may reasonably request supporting the calculation of the fees paid to it hereunder. Fees shall be paid either by wire transfer or check, as directed by Subadviser.

If, with respect to any Portfolio, this Agreement becomes effective or terminates, or if the manner of determining the Applicable Annual Fee Rate changes, before the end of any month, the fee (if any) for the period from the effective date to the end of such month or from the beginning of such month to the date of termination or from the beginning of such month to the date such change, as the case may be, shall be prorated according to the proportion which such period bears to the full month in which such effectiveness or termination or change occurs.

## Ex-99.(D)(40)

**JOHN HANCOCK VARIABLE INSURANCE TRUST** 

AMENDMENT TO SUBADVISORY AGREEMENT

Manulife Investment Management (US) LLC

AMENDMENT (the "Amendment") made this 26th day of June, 2025, to the Subadvisory Agreement dated April 28, 2006, as amended (the "Agreement"), between John Hancock Variable Trust Advisers LLC, a Delaware limited liability company (the "Adviser"), and Manulife Investment Management (US) LLC, a Delaware limited liability company (the "Subadviser"). In consideration of the mutual covenants contained herein, the parties agree as follows:

**1. CHANGE IN APPENDIX A** 

Appendix A of the Agreement relating to the compensation of the Subadviser is amended to change the subadvisory fees for Strategic Income Opportunities Trust.

**2. EFFECTIVE DATE** 

The Amendment shall become effective July 1, 2025, with respect to the Strategic Income Opportunities Trust, following approval of the Amendment by the Board of Trustees of John Hancock Variable Insurance Trust.

**3. DEFINED TERMS** 

Unless otherwise defined herein, capitalized terms used herein have the meanings specified in or pursuant to the Agreement.

**4. OTHER TERMS OF THE AGREEMENT** 

Except as specifically amended hereby, all of the terms and conditions of the Agreement shall continue to be in full force and effect and shall be binding upon the parties in accordance with their respective terms.

*(THE REMAINDER OF THIS SPACE HAS BEEN INTENTIONALLY LEFT BLANK)*

------

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed under seal by their duly authorized officers as of the date first mentioned above.

---

| | |
|:---|:---|
| **JOHN HANCOCK VARIABLE TRUST ADVISERS LLC** | **JOHN HANCOCK VARIABLE TRUST ADVISERS LLC** |
| By: | /s/ Jay Aaronowitz |
| Name: | Jay Aaronowitz |
| Title: | Chief Investment Officer |

---

---

| | |
|:---|:---|
| **MANULIFE INVESTMENT MANAGEMENT (US) LLC** | **MANULIFE INVESTMENT MANAGEMENT (US) LLC** |
| By: | /s/ Diane Landers |
| Name: | Diane Landers |
| Title: | President and COO |

---

------

**<u>APPENDIX A</u>**

The Subadviser shall serve as investment subadviser for the Portfolios of the Trust listed below (portion of the net assets of the Portfolio as shall be assigned to the Subadviser by the Adviser from time to time in the case of the Active Bond Trust). The Adviser will pay the Subadviser, as full compensation for all services provided under this Agreement with respect to the Portfolio, the fee computed separately for such Portfolio at an annual rate as follows (the "Subadviser Fee"):

[ ]

\*The term Aggregate Net Assets for a given day includes the net assets of a Portfolio of the Trust. It also includes the net assets of one or more other portfolios of the Trust or other trusts as indicated below, but in each case only for the period during which the Subadviser for the Portfolio also serves as the subadviser for the other portfolio(s). For purposes of determining Aggregate Net Assets and calculating the Subadviser Fee for a given day, the net assets of the Portfolio and each other portfolio of the Trust are determined by the Custodian as of the close of business on the previous business day of the Trust, and the net assets of each portfolio of each other fund or trust are determined as of the close of business on the previous business day of that fund.

---

| | |
|:---|:---|
| Trust Portfolio(s) | Other Portfolio(s) |
| Active Bond Trust | Active Bond Fund, a series of John Hancock Funds II |
| Financial Industries Trust | John Hancock Financial Industries Fund, a series of John Hancock Investment Trust II |
| Fundamental All Cap Core Trust | Fundamental All Cap Core Fund, a series of John Hancock Funds II |
|  | John Hancock Fundamental All Cap Core ETF, a series of John Hancock Exchange-Traded Fund Trust |
| Fundamental Large Cap Value Trust | N/A |

---

------

---

| | |
|:---|:---|
| Global Equity Trust | Global Equity Fund, a series of John Hancock Funds II |
| High Yield Trust | John Hancock High Yield Fund, a series of John Hancock Bond Trust |
| Select Bond Trust | Not Applicable |
| Short-Term Government Income Trust | N/A |
| Small Cap Core Trust | John Hancock Small Cap Core Fund, a series of John Hancock Investment Trust |
| Strategic Income Opportunities Trust | Strategic Income Opportunities Fund, a series of John Hancock Funds II |
|  | Multi-Asset High Income Fund, a series of John Hancock Funds II, only with respect to the assets of Multi-Asset High Income |
| Strategic Equity Allocation Trust | Strategic Equity Allocation Fund, a series of John Hancock Funds II |
| Total Bond Market Trust | N/A |
| Ultra Short Term Bond Trust | N/A |
| Lifestyle Balanced Portfolio | See note below. |
| Lifestyle Conservative Portfolio | See note below. |
| Lifestyle Growth Portfolio | See note below. |
| Lifestyle Moderate Portfolio | See note below. |
| *(collectively, the "JHVIT Lifestyle Portfolios")* |  |
| Managed Volatility Balanced Portfolio | See note below. |
| Managed Volatility Conservative Portfolio | See note below. |
| Managed Volatility Growth Portfolio | See note below. |
| Managed Volatility Moderate Portfolio | See note below. |
| *(collectively, the "JHVIT Managed Volatility Portfolios")* | Note: For each JHVIT Managed Volatility Portfolio, Aggregate Net Assets include the net assets of all of the JHVIT Managed Volatility Portfolios, the net assets of all of the JHVIT Lifestyle Portfolios, the net assets of all of the JHF II Multimanager Lifestyle Portfolios and the net assets of the JHF II Lifestyle Blend Portfolios. The JHVIT Lifestyle Portfolios are: Lifestyle Balanced Portfolio, Lifestyle Conservative Portfolio, Lifestyle Growth Portfolio, and Lifestyle Moderate Portfolio. The JHF II Multimanager Lifestyle Portfolios are: Multimanager Lifestyle Aggressive |

---

------

Portfolio, Multimanager Lifestyle Balanced Portfolio, Multimanager Lifestyle Conservative Portfolio, Multimanager Lifestyle Growth Portfolio, and Multimanager Lifestyle Moderate Portfolio. The JHF II Lifestyle Blend Portfolios are: Lifestyle Blend Aggressive Portfolio, Multi-Index Lifestyle Blend Balanced Portfolio, Multi-Index Lifestyle Blend Conservative Portfolio, Multi-Index Lifestyle Blend Growth Portfolio, and Multi-Index Lifestyle Blend Moderate Portfolio.

The Subadviser Fee for a Portfolio shall be based on the applicable annual fee rate for the Portfolio which for each day shall be equal to (i) the sum of the amounts determined by applying the annual percentage rates in the table to the applicable portions of Aggregate Net Assets divided by (ii) Aggregate Net Assets (the "Applicable Annual Fee Rate"). The Subadviser Fee for the Portfolio shall be accrued for each calendar day, and the sum of the daily fee accruals shall be paid monthly to the Subadviser within 30 calendar days of the end of each month. The daily fee accruals will be computed by multiplying the fraction of one over the number of calendar days in the year by the Applicable Annual Fee Rate, and multiplying this product by the net ai3ssets of the Portfolio. The Adviser shall provide Subadviser with such information as Subadviser may reasonably request supporting the calculation of the fees paid to it hereunder. Fees shall be paid either by wire transfer or check, as directed by Subadviser.

If, with respect to any Portfolio, this Agreement becomes effective or terminates, or if the manner of determining the Applicable Annual Fee Rate changes, before the end of any month, the fee (if any) for the period from the effective date to the end of such month or from the beginning of such month to the date of termination or from the beginning of such month to the date such change, as the case may be, shall be prorated according to the proportion which such period bears to the full month in which such effectiveness or termination or change occurs.

## Ex-99.(D)(55)

**JOHN HANCOCK VARIABLE INSURANCE TRUST** 

AMENDMENT TO SUBADVISORY AGREEMENT

**T. ROWE PRICE ASSOCIATES, INC.** 

AMENDMENT made as of this 25th day of September, 2025 to the Subadvisory Agreement dated January 28, 1999, as amended (the "Agreement"), between John Hancock Variable Trust Advisers LLC, a Delaware limited liability company (the "Adviser"), and T. Rowe Price Associates, Inc., a Maryland Corporation (the "Subadviser"). In consideration of the mutual covenants contained herein, the parties agree as follows:

**1. CHANGE IN APPENDIX A** 

Appendix A of the Agreement relating to the compensation of the Subadviser is hereby amended to change the fee schedule for Blue Chip Growth Trust (the "Fund").

**2. EFFECTIVE DATE** 

This Amendment shall become effective retroactive to June 1 with respect to the Fund, following approval of the Amendment by the Board of Trustees of John Hancock Variable Insurance Trust.

**3. EXECUTION** 

This Agreement and any amendments hereto and any notices or other communications hereunder that are required to be in writing may be in electronic form (including without limitation by facsimile and, in the case of notices and other communications, email) and may be executed by means of electronic signatures.

**4. SUBADVISORY AGREEMENT** 

In all other respects, the Agreement is confirmed and remains in full force and effect.

*[Remainder of page intentionally left blank]* 

------

**IN WITNESS WHEREOF,** the parties hereto have caused this Amendment to be executed under seal by their duly authorized officers as of the date first mentioned above.

---

| | |
|:---|:---|
| JOHN HANCOCK VARIABLE TRUST ADVISERS LLC | JOHN HANCOCK VARIABLE TRUST ADVISERS LLC |
| By: | /s/ JayAronowitz |
| Name: | JayAronowitz |
| Title: | Chief Investment Officer |

---

---

| | |
|:---|:---|
| T. ROWE PRICE ASSOCIATES, INC. | T. ROWE PRICE ASSOCIATES, INC. |
| By: | /s/ Terence Baptiste |
| Name: | Terence Baptiste |
| Title: | Vice President |

---

------

**APPENDIX A** 

**Blue Chip Growth Trust** 

**Equity Income Trust** 

**Health Sciences Trust** 

**Mid Value Trust** 

**Science & Technology Trust** 

**Small Company Value Trust** 

The Subadviser shall serve as investment subadviser for each Portfolio of the Trust listed below. The Adviser will pay the Subadviser, as full compensation for all services provided under this Agreement with respect to each Portfolio, the fee computed separately for such Portfolio accrued daily at an annual rate as follows (the "Subadviser Fee"):

[ ]

\*The term Aggregate Net Assets for a given day includes the net assets of the Portfolio managed by the Subadviser. It also includes the net assets of one or more other portfolios of the Trust, or other portfolios managed by the Subadviser as indicated below, but in each case only for the period during which the Subadviser for the Portfolio also serves as the subadviser for the other portfolio(s). For purposes of determining Aggregate Net Assets and calculating the Subadviser Fee for a given day, the net assets of the Portfolio and each other portfolio of the Trust are determined by the custodian or fund accountant as of the close of business on the previous business day of the Trust, and the net assets of each other portfolio are determined as of the close of business on the previous business day (and to the extent not available, as of the most recent practicable day) of that other portfolio.

---

| | |
|:---|:---|
| **Trust Portfolio(s)** | **Other Portfolio(s)** |
| Blue Chip Growth Trust | Blue Chip Growth Fund, a series of John Hancock Funds II, and |
|  | Manulife North American Equity Fund Series – (I) |
| Equity Income Trust | Equity Income Fund, a series of John Hancock Funds II, and |
|  | Manulife US Large Cap Value Equity Fund and |

---

------

---

| | |
|:---|:---|
|  | Manulife North American Equity Fund Series – (II) (Asia) |
| Health Sciences Trust | Health Sciences Fund, a series of John Hancock Funds II and |
|  | Manulife Health Care Fund Series (I) - (Asia Platform) |
| Mid Value Trust | Mid Value Fund, a series of John Hancock Funds II |
| Science & Technology Trust | Science & Technology Fund, a series of John Hancock Funds II and |
|  | Manulife Provident Funds Unit Trust Series - Manulife Technology Fund |
| Small Company Value Trust | N/A |

---

The Subadviser Fee for a Portfolio shall be based on the applicable annual fee rate for the Portfolio which for each day shall be equal to (i) the sum of the amounts determined by applying the annual percentage rates in the table to the applicable portions of Aggregate Net Assets divided by (ii) Aggregate Net Assets (the "Applicable Annual Fee Rate"). The Applicable Annual Fee Rate is then applied to Portfolio assets as described below. The Subadviser Fee for each Portfolio shall be accrued for each calendar day, and the sum of the daily fee accruals shall be paid monthly to the Subadviser within 30 calendar days of the end of each month. The daily fee accruals will be computed by multiplying the fraction of one over the number of calendar days in the year by the Applicable Annual Fee Rate, and multiplying this product by the net assets of the Portfolio. The Adviser shall provide Subadviser with such information as Subadviser may reasonably request supporting the calculation of the fees paid to it hereunder. Fees shall be paid either by wire transfer or check, as directed by Subadviser.

If, with respect to any Portfolio, this Agreement becomes effective or terminates, or if the manner of determining the Applicable Annual Fee Rate changes, before the end of any month, the fee (if any) for the period from the effective date to the end of such month or from the beginning of such month to the date of termination or from the beginning of such month to the date of such change, as the case may be, shall be prorated according to the proportion which such period bears to the full month in which such effectiveness or termination or change occurs.

------

**Capital Appreciation Value Trust** 

The Subadviser shall serve as subadviser for the Portfolio of the Trust listed below. The Adviser will pay the Subadviser, as full compensation for all services provided under this Agreement with respect to the Portfolio, the fee computed separately for such Portfolio at an annual rate as follows (the "Subadviser Fee"):

[ ]

\*The term Aggregate Net Assets for a given day includes the net assets of a Portfolio of the Trust managed by the Subadviser. It also includes with respect to each Portfolio the net assets of one or more other portfolios as indicated below managed by the Subadviser, but in each case only for the period during which the Subadviser for the Portfolio also serves as the subadviser for the other portfolio(s). For purposes of determining Aggregate Net Assets and calculating the Subadviser Fee for a given day, the net assets of the Portfolio and each other portfolio of the Trust are determined by the custodian or fund accountant as of the close of business on the previous business day of the Trust, and the net assets of each other portfolio are determined as of the close of business on the previous business day of that other portfolio.

---

| | |
|:---|:---|
| **Trust Portfolio(s)** | **Other Portfolio(s)** |
| Capital Appreciation Value Trust | Capital Appreciation Value Fund, a series of John Hancock Funds II |

---

The Subadviser Fee for the Portfolio shall be accrued for each calendar day, and the sum of the daily fee accruals shall be paid monthly to the Subadviser within 30 calendar days of the end of each month. The Adviser shall provide Subadviser with such information as Subadviser may reasonably request supporting the calculation of the fees paid to it hereunder. Fees shall be paid either by wire transfer or check, as directed by Subadviser.

If, with respect to the Portfolio, this Agreement becomes effective or terminates, or if the manner of determining the Applicable Annual Fee Rate changes, before the end of any month, the fee (if any) for the period from the effective date to the end of such month or from the beginning of such month to the date of termination or from the beginning of such month to the date of such change, as the case may be, shall be prorated according to the proportion which such period bears to the full month in which such effectiveness or termination or change occurs.

## Ex-99.(D)(64)

**JOHN HANCOCK VARIABLE INSURANCE TRUST** 

AMENDMENT TO SUBADVISORY AGREEMENT

**Wellington Management Company LLP** 

AMENDMENT made as of this 27th day of March, 2025 to the Subadvisory Agreement dated January 29, 1999 as amended (the "Agreement"), between John Hancock Variable Trust Advisers LLC *(formerly, John Hancock Investment Management Services, LLC)*, a Delaware limited liability company (the "Adviser"), and Wellington Management Company, LLP, a Delaware limited liability partnership (the "Subadviser"). In consideration of the mutual covenants contained herein, the parties agree as follows:

**1. CHANGE IN APPENDIX A** 

Appendix A of the Agreement relating to compensation of the Subadviser is replaced in its entirety by the attached Appendix A. Appendix A was amended to restate the fee schedule for U.S. Growth Trust *(formerly, Capital Appreciation Trust)* (also referred to as the "Portfolio"). This Amendment supersedes any prior amendment to the Agreement relating to compensation of the Subadviser.

**2. EFFECTIVE DATE** 

The Amendment shall become effective on May 28, 2025, following approval of the Amendment by the Board of Trustees of the John Hancock Variable Insurance Trust.

**3. ELECTRONIC SIGNATURES** 

The parties agree that this Agreement and any documents related hereto may be electronically signed. The parties agree that any electronic signatures appearing on this Agreement and any related documents are the same as handwritten signatures for the purposes of validity, enforceability and admissibility.

(THE REMAINDER OF THIS SPACE HAS BEEN INTENTIONALLY LEFT BLANK)

------

**IN WITNESS WHEREOF**, the parties hereto have caused this Amendment to be executed under seal by their duly authorized officers as of the date first mentioned above.

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| | |
|:---|:---|
| **JOHN HANCOCK VARIABLE TRUST ADVISERS LLC** | **JOHN HANCOCK VARIABLE TRUST ADVISERS LLC** |
| By: | /s/ Jay Aronowitz |
| Name: | Jay Aronowitz |
| Title: | Chief Investment Officer |

---

---

| | |
|:---|:---|
| **WELLINGTON MANAGEMENT COMPANY LLP** | **WELLINGTON MANAGEMENT COMPANY LLP** |
| By: | /s/ Desmond Havlicek |
| Name: | Desmond Havlicek |
| Title: | Senior Managing Director |

---

------

**<u>APPENDIX A</u>**

The Subadviser shall serve as investment subadviser for the Portfolios of the Trust listed below. The Adviser will pay the Subadviser, as full compensation for all services provided under this Agreement with respect to each Portfolio, a fee computed separately for each Portfolio at an annual rate as follows (the "Subadviser Fee"):

[ ]

\*The term Aggregate Net Assets for a given day includes the net assets of the Portfolio of the Trust managed by the Subadviser. It also includes the net assets of one or more other portfolios of the Trust or other trusts as indicated below managed by the Subadviser, but in each case only for the period during which the Subadviser for the Portfolio also serves as the subadviser for the other portfolio(s). For purposes of determining Aggregate Net Assets and calculating the Subadviser Fee for a given day, the net assets of the Portfolio and each other portfolio of the Trust are determined by the Custodian as of the close of business on the previous business day of the Trust, and the net assets of each portfolio of each other fund or trust are determined as of the close of business on the previous business day of that fund.

---

| | |
|:---|:---|
| Trust Portfolio(s) | Other Portfolio(s) |
| Mid Cap Growth Trust | John Hancock Mid Cap Growth Fund, a series of John Hancock Investment Trust |
| Opportunistic Fixed Income Trust | Opportunistic Fixed Income Fund, a series of John Hancock Funds II |
| Real Estate Securities Trust | Real Estate Securities Fund, a series of John Hancock Funds II |
|  | US Real Estate sleeve of John Hancock Diversified Real Assets Fund, a series of John Hancock Investment Trust, for purposes of determining management fee breakpoints. |
| U.S. Growth Trust | John Hancock U.S. Growth Fund, a series of John Hancock Funds III |
|  | Manulife Wellington U.S. Quality Growth Fund *(formerly, Manulife U.S. Diversified Growth Equity Fund),* a series trust of The Manufacturers Life Insurance Company |

---

The Subadviser Fee for a Portfolio shall be based on the applicable annual fee rate for the Portfolio which for each day shall be equal to (i) the sum of the amounts determined by applying the annual percentage rates in the table to the applicable portions of Aggregate Net Assets divided by (ii) Aggregate Net Assets (the "Applicable Annual Fee"). The Subadviser Fee for the Portfolio shall be accrued for each calendar day, and the sum of the daily fee accruals shall be paid monthly to the Subadviser within 30 calendar days of the end of each month. The daily fee accruals will be computed by multiplying the fraction of one over the number of calendar days in the year by the Applicable Annual Fee, and multiplying this product by the net assets of the Portfolio. The Adviser shall provide Subadviser with such information as Subadviser may reasonably request supporting the calculation of the fees paid to it hereunder. Fees shall be paid either by wire transfer or check, as directed by Subadviser.

------

If, with respect to a Portfolio, this Agreement becomes effective or terminates, or if the manner of determining the Applicable Annual Fee Rate changes, before the end of any month, the fee (if any) for the period from the effective date to the end of such month or from the beginning of such month to the date of termination or from the beginning of such month to the date such change, as the case may be, shall be prorated according to the proportion which such period bears to the full month in which such effectiveness or termination or change occurs.

## Ex-99.(G)(4)

![LOGO](g224548dsp065.jpg)

March 27, 2025

State Street Bank and Trust Company

Channel Center

One Iron Street

Boston, Massachusetts 02210

Attention: Mark Branigan

Re: <u>Appendix A to Master Custodian Agreement dated September 26, 2008 for JH Funds II and JH Variable Insurance Trust (the "Agreement")</u>

Dear Mark:

Please be advised that the JHF II 2070 Lifetime Blend Portfolio and JHF II Multimanager 2070 Lifetime Portfolio (the "Funds") are added as Funds listed in Appendix A to the Agreement.

In accordance with the Master Custodian Agreement dated as of September 26, 2008 (the "Agreement") by and among each management investment company identified on Appendix A thereto and State Street Bank and Trust Company, the Funds hereby requests that State Street Bank and Trust Company act as Custodian for the Funds. In addition to the foregoing, Appendix A to the Agreement is hereby amended and restated as set forth on Appendix A attached hereto.

Kindly indicate your acceptance of the foregoing by executing this letter agreement, returning a copy to John Hancock Funds II and John Hancock Variable Insurance Trust.

---

| | |
|:---|:---|
| Sincerely, | Sincerely, |
| **JOHN HANCOCK FUNDS II** | **JOHN HANCOCK FUNDS II** |
| **JOHN HANCOCK VARIABLE INSURANCE TRUST** | **JOHN HANCOCK VARIABLE INSURANCE TRUST** |
| By: | /s/ Fernando Silva |
| Name | Fernando Silva |
| Title: | Chief Financial Officer |

---

Agreed and Accepted:

---

| | |
|:---|:---|
| **STATE STREET BANK AND TRUST COMPANY** | **STATE STREET BANK AND TRUST COMPANY** |
| By: | /s/ Mark Branigan |
| Name: | Mark Branigan |
| Title: |  |

---

------

**Appendix A** 

**to the** 

**MASTER CUSTODIAN AGREEMENT** 

**dated September 26, 2008** 

**Between** 

**John Hancock Funds and** 

**State Street Bank and Trust Company** 

**Amended as of:** 

March 27, **2025**

---

| | | |
|:---|:---|:---|
| **Fund No.** | **Trusts and Funds of John Hancock Funds:** | **Adviser: John Hancock Investment Management LLC.**<br> **Subadvisor for Fund:** |
|  | **JOHN HANCOCK FUNDS II** |  |
| 2DNC | 2010 Lifetime Blend Portfolio *(formerly, Multi-Index 2010 Lifetime Portfolio)* | Manulife Investment Management (US) LLC |
| 2DNK | 2015 Lifetime Blend Portfolio *(formerly, Multi-Index 2015 Lifetime Portfolio)* | Manulife Investment Management (US) LLC |
| 2DOC | 2020 Lifetime Blend Portfolio *(formerly, Multi-Index 2020 Lifetime Portfolio)* | Manulife Investment Management (US) LLC |
| 2DOK | 2025 Lifetime Blend Portfolio *(formerly, Multi-Index 2025 Lifetime Portfolio)* | Manulife Investment Management (US) LLC |
| 2DPC | 2030 Lifetime Blend Portfolio *(formerly, Multi-Index 2030 Lifetime Portfolio)* | Manulife Investment Management (US) LLC |
| 2DPK | 2035 Lifetime Blend Portfolio *(formerly, Multi-Index 2035 Lifetime Portfolio)* | Manulife Investment Management (US) LLC |
| 2DQC | 2040 Lifetime Blend Portfolio *(formerly, Multi-Index 2040 Lifetime Portfolio)* | Manulife Investment Management (US) LLC |
| 2DQK | 2045 Lifetime Blend Portfolio *(formerly, Multi-Index 2045 Lifetime Portfolio)* | Manulife Investment Management (US) LLC |
| 2DRC | 2050 Lifetime Blend Portfolio *(formerly, Multi-Index 2050 Lifetime Portfolio)* | Manulife Investment Management (US) LLC |
| 2DRK | 2055 Lifetime Blend Portfolio *(formerly, Multi-Index 2055 Lifetime Portfolio)* | Manulife Investment Management (US) LLC |
| 2CBC | 2060 Lifetime Blend Portfolio *(formerly, Multi-Index 2060 Lifetime Portfolio)* | Manulife Investment Management (US) LLC |
| 2XTC | 2065 Lifetime Blend Portfolio *(formerly, Multi-Index 2065 Lifetime Portfolio)* | Manulife Investment Management (US) LLC |
|  | **2070 Lifetime Blend Portfolio** | Manulife Investment Management (US) LLC |
| 2C4K | Alternative Asset Allocation Fund | Manulife Investment Management (US) LLC |
| 2CZY | Blue Chip Growth Fund | T. Rowe Price Associates, Inc. |
| 2CVA | Capital Appreciation Fund | Jennison Associates LLC |
| 2Y57 | Capital Appreciation Value Fund | T. Rowe Price Associates, Inc. |
| 2CZS | Core Bond Fund | Allspring Global Investments, LLC |
| 2CZ0 | Equity Income Fund | T. Rowe Price Associates, Inc. |
| 2DCU | Floating Rate Income Fund | BCSF Advisors, LP |
| 2Y68 | Fundamental All Cap Core Fund | Manulife Investment Management (US) LLC |

---

------

---

| | | |
|:---|:---|:---|
| 2Y74 | Health Sciences Fund | T. Rowe Price Associates, Inc. |
| 2DAC | Lifestyle Blend Aggressive Portfolio *(formerly, Multi-Index Lifestyle Aggressive Portfolio)* | Manulife Investment Management (US) LLC |
| 2DAK | Lifestyle Blend Balanced Portfolio *(formerly, Multi-Index Lifestyle Balanced Portfolio)* | Manulife Investment Management (US) LLC |
| 2DCK | Lifestyle Blend Conservative Portfolio *(formerly, Multi-Index Lifestyle Conservative Portfolio)* | Manulife Investment Management (US) LLC |
| 2DDC | Lifestyle Blend Growth Portfolio *(formerly, Multi-Index Lifestyle Growth Portfolio)* | Manulife Investment Management (US) LLC |
| 2DDK | Lifestyle Blend Moderate Portfolio *(formerly, Multi-Index Lifestyle Moderate Portfolio)* | Manulife Investment Management (US) LLC |
| 2Y16 | Mid Value Fund | T. Rowe Price Associates, Inc. |
| 2C4C | Multi-Asset High Income Fund | Manulife Investment Management (US) LLC |
| 2DGK | Multimanager 2010 Lifetime Portfolio | Manulife Investment Management (US) LLC |
| 2DHC | Multimanager 2015 Lifetime Portfolio | Manulife Investment Management (US) LLC |
| 2DHK | Multimanager 2020 Lifetime Portfolio | Manulife Investment Management (US) LLC |
| 2DIC | Multimanager 2025 Lifetime Portfolio | Manulife Investment Management (US) LLC |
| 2DIK | Multimanager 2030 Lifetime Portfolio | Manulife Investment Management (US) LLC |
| 2DJC | Multimanager 2035 Lifetime Portfolio | Manulife Investment Management (US) LLC |
| 2DJK | Multimanager 2040 Lifetime Portfolio | Manulife Investment Management (US) LLC |
| 2DLC | Multimanager 2045 Lifetime Portfolio | Manulife Investment Management (US) LLC |
| 2DMC | Multimanager 2050 Lifetime Portfolio | Manulife Investment Management (US) LLC |
| 2DLK | Multimanager 2055 Lifetime Portfolio | Manulife Investment Management (US) LLC |
| 2DMK | Multimanager 2060 Lifetime Portfolio | Manulife Investment Management (US) LLC |
| 2XRC | Multimanager 2065 Lifetime Portfolio | Manulife Investment Management (US) LLC |
|  | **Multimanager 2070 Lifetime Portfolio** | Manulife Investment Management (US) LLC |
| 2DGC | Multimanager Lifestyle Aggressive Portfolio | Manulife Investment Management (US) LLC |
| 2DFC | Multimanager Lifestyle Balanced Portfolio | Manulife Investment Management (US) LLC |
| 2DEC | Multimanager Lifestyle Conservative Portfolio | Manulife Investment Management (US) LLC |
| 2DFK | Multimanager Lifestyle Growth Portfolio | Manulife Investment Management (US) LLC |
| 2DEK | Multimanager Lifestyle Moderate Portfolio | Manulife Investment Management (US) LLC |
| 2CHK | New Opportunities Fund | GW&K Investment Management, LLC |
| 2CZ1 | Opportunistic Fixed Income Fund | Manulife Investment Management (US) LLC |
| 2CZB | Real Estate Securities Fund | Wellington Management Company LLP |
| 2X5C | Science & Technology Fund | T. Rowe Price Associates, Inc. |
| 2DAB | Small Cap Dynamic Growth Fund | Axiom Investors LLC |
| 2Y21 | Small Cap Value Fund | Wellington Management Company LLP |
| 2DBP | Strategic Income Opportunities Fund | Manulife Investment Management (US) LLC |
| 2X7C | U.S. Sector Rotation Fund | Manulife Investment Management (US) LLC |

---

Information Classification: Limited Access

------

---

| | | |
|:---|:---|:---|
| **Fund No.** | **Trusts and Funds of John Hancock Funds:** | **Adviser: John Hancock Variable Trust Advisers LLC.**<br> **Subadvisor for Fund:** |
|  | **JOHN HANCOCK VARIABLE INSURANCE TRUST** |  |
| 6721 | 500 Index Trust | Manulife Investment Management (North America) Limited |
| 675C | Active Bond Trust | Manulife Investment Management (US) LLC |
| 2CIP | American Asset Allocation Trust | Capital Research and Management Company |
| 2CIJ | American Global Growth Trust | Capital Research and Management Company |
| 2A19 | American Growth Trust | Capital Research and Management Company |
| 2A21 | American Growth-Income Trust | Capital Research and Management Company |
| 2A20 | American International Trust | Capital Research and Management Company |
| 2C25 | Blue Chip Growth Trust | T. Rowe Price Associates, Inc. |
| 2C75 | Capital Appreciation Trust | Jennison Associates LLC |
| 2CKR | Capital Appreciation Value Trust | T. Rowe Price Associates, Inc.; sub-subadvisor: T. Rowe Price Investment Management, Inc. |
| 2A39 | Core Bond Trust | Allspring Global Investments, LLC |
| 2C26 | Equity Income Trust | T. Rowe Price Associates, Inc. |
| 2C78 | Financial Industries Trust | Manulife Investment Management (US) LLC |
| 2A17 | Fundamental All Cap Core Trust | Manulife Investment Management (US) LLC |
| 2A28 | Fundamental Large Cap Value Trust | Manulife Investment Management (US) LLC |
| 2C77 | Health Sciences Trust | T. Rowe Price Associates, Inc. |
| 2C46 | High Yield Trust | Manulife Investment Management (US) LLC |
| 2C03 | Investment Quality Bond Trust | Wellington Management Company LLP |
| 2Y63 | Lifestyle Balanced Portfolio | Manulife Investment Management (US) LLC |
| 2Y65 | Lifestyle Conservative Portfolio | Manulife Investment Management (US) LLC |
| 2Y62 | Lifestyle Growth Portfolio | Manulife Investment Management (US) LLC |
| 2Y64 | Lifestyle Moderate Portfolio | Manulife Investment Management (US) LLC |
| 2C2K | Managed Volatility Balanced Portfolio | Manulife Investment Management (US) LLC |
| 2C1C | Managed Volatility Conservative Portfolio | Manulife Investment Management (US) LLC |
| 2C3C | Managed Volatility Growth Portfolio | Manulife Investment Management (US) LLC |
| 2C2C | Managed Volatility Moderate Portfolio | Manulife Investment Management (US) LLC |
| 2C62 | Mid Cap Growth Trust *(formerly, Mid Cap Stock Trust)* | Wellington Management Company LLP |
| 2C71 | Mid Cap Index Trust | Manulife Investment Management (North America) Limited |
| 6743 | Mid Value Trust | T. Rowe Price Associates, Inc. |
| 2C01 | Money Market Trust | Manulife Investment Management (US) LLC |
| 2C32 | Opportunistic Fixed Income Trust | Wellington Management Company LLP |
| 2A04 | Real Estate Securities Trust | Wellington Management Company LLP |
| 2DBK | Science & Technology Trust | T. Rowe Price Associates, Inc. |
| 2Y31 | Select Bond Trust | Manulife Investment Management (US) LLC |
| 2Y13 | Short Term Government Income Trust | Manulife Investment Management (US) LLC |
| 2C70 | Small Cap Index Trust | Manulife Investment Management (North America) Limited |
| 2ACK | Small Cap Opportunities Trust | Dimensional Fund Advisors LP and GW&K Investment Management, LLC |

---

------

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| | | |
|:---|:---|:---|
| 6724 | Small Cap Stock Trust | Wellington Management Company LLP |
| 6753 | Small Cap Value Trust | Wellington Management Company LLP |
| 2C52 | Small Company Value Trust | T. Rowe Price Associates, Inc.; Sub-Subadvisor T. Rowe Price Investment Management, Inc. |
| 2X1C | Strategic Equity Allocation Trust | Manulife Investment Management (US) LLC |
| 2A29 | Strategic Income Opportunities Trust | Manulife Investment Management (US) LLC |
| 6741 | Total Bond Market Trust | Manulife Investment Management (US) LLC |
| 2C72 | Total Stock Market Index Trust | Manulife Investment Management (North America) Limited |
| 2Y50 | Ultra Short Term Bond Trust | Manulife Investment Management (US) LLC |

---

Information Classification: Limited Access

## Ex-99.(H)(8)

June 26, 2025

To the Trustees of the John Hancock Group of Funds

200 Berkeley Street

Boston, MA 02116

Re: <u>Agreement to Waive Advisory Fees and Reimburse Expenses</u>

John Hancock Variable Trust Advisers LLC (formerly John Hancock Investment Management Services, LLC) and John Hancock Investment Management LLC (formerly John Hancock Advisers, LLC) (collectively, the "Advisers"), each an investment adviser to the investment companies listed in Appendix A (collectively, the "John Hancock Funds"), hereby notify you as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Each Adviser agrees to waive its management fee for a John Hancock Fund portfolio, as applicable, or otherwise reimburse the expenses of that portfolio as set forth below (the "Reimbursement").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Reimbursement shall apply to all John Hancock Fund portfolios in existence on the date of this Agreement, except those noted below, and to all future John Hancock Fund portfolios to which an Adviser agrees this Agreement should apply (the "Participating Portfolios").

The Reimbursement shall not apply to the following John Hancock Variable Insurance Trust portfolios:

Each Managed Volatility Portfolio

Each Lifestyle Portfolio

The reimbursement shall not apply to the following John Hancock Funds II portfolios:

Each Preservation Blend Portfolio (formerly, the Multi-Index Preservation Portfolios)

Each Multimanager Lifestyle Portfolio

Each Lifestyle Blend Portfolio (formerly, the Multi-Index Lifestyle Portfolios)

------

Each Multimanager Lifetime Portfolio

Each Lifetime Blend Portfolio (formerly, the Multi-Index Lifetime Portfolios)

Alternative Asset Allocation Fund

The Reimbursement shall not apply to John Hancock Collateral Trust.

The Reimbursement shall not apply to the following John Hancock Strategic Series portfolios:

John Hancock Managed Account Shares Investment-Grade Corporate Bond Portfolio

John Hancock Managed Account Shares Securitized Debt Portfolio

John Hancock Managed Account Shares Non-Investment-Grade Corporate Bond Portfolio

John Hancock Managed Account Shares Non-Investment-Grade Municipal Bond Portfolio

John Hancock Managed Account Shares Bond Completion Portfolio

The Reimbursement shall not apply to the Manulife Private Credit Plus Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Reimbursement shall equal on an annualized basis:

0.01% of that portion of the aggregate net assets of all the Participating Portfolios that exceeds $75 billion but is less than or equal to $125 billion;

0.0125% of that portion of the aggregate net assets of all the Participating Portfolios that exceeds $125 billion but is less than or equal to $150 billion;

0.0150% of that portion of the aggregate net assets of all the Participating Portfolios that exceeds $150 billion but is less than or equal to $175 billion;

0.0175% of that portion of the aggregate net assets of all the Participating Portfolios that exceeds $175 billion but is less than or equal to $200 billion;

0.02% of that portion of the aggregate net assets of all the Participating Portfolios that exceeds $200 billion but is less than or equal to $225 billion; and

0.0225% of that portion of the aggregate net assets of all the Participating Portfolios that exceeds $225 billion.

------

The amount of the Reimbursement shall be calculated daily and allocated among all the Participating Portfolios in proportion to the daily net assets of each such portfolio, except as noted. With respect to Participating Portfolios that pay advisory fees based on managed assets, "aggregate net assets" above is defined to include managed assets, as defined in each such Participating Portfolio's respective Advisory Agreement. With respect to John Hancock Marathon Asset-Based Lending Fund, "daily net assets" as described above shall be calculated based on the prior month's managed asset value and then adjusted as necessary following the end of each monthly period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Reimbursement with respect to each Participating Portfolio expires on July 31, 2027 unless renewed by mutual agreement of the John Hancock Funds and the Advisers based upon a determination that this is appropriate under the circumstances at the time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. This Agreement is effective as of June 26, 2025 and supersedes the prior Letter Agreement from the Adviser to the Trustees relating to the same subject matter.

------

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| John Hancock Variable Trust Advisers LLC | John Hancock Variable Trust Advisers LLC |
| By: | /s/ Jay Aronowitz |
|  | Jay Aronowitz |
| John Hancock Investment Management LLC | John Hancock Investment Management LLC |
| By: | /s/ Jay Aronowitz |
|  | Jay Aronowitz |

---

---

| | |
|:---|:---|
| ACCEPTED BY: |  |
| John Hancock Asset-Based Lending Fund | John Hancock Investment Trust |
| John Hancock Asset Backed Securities Fund | John Hancock Investment Trust II |
| John Hancock Bond Trust | John Hancock Investors Trust |
| John Hancock California Tax-Free Income Fund | John Hancock Multi Asset Credit Fund |
| John Hancock Capital Series | John Hancock Municipal Securities Trust |
| John Hancock Current Interest | John Hancock Preferred Income Fund |
| John Hancock Exchange-Traded Fund Trust | John Hancock Preferred Income Fund II |
| John Hancock Financial Opportunities Fund | John Hancock Preferred Income Fund III |
| John Hancock Funds II | John Hancock Premium Dividend Fund |
| John Hancock Funds III | John Hancock Sovereign Bond Fund |
| John Hancock Hedged Equity & Income Fund | John Hancock Strategic Series |
| John Hancock Income Securities Trust | John Hancock Tax-Advantaged Dividend Income Fund |
|  | John Hancock Variable Insurance Trust |

---

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| | |
|:---|:---|
| On behalf of each of its series identified as a Participating Portfolio | On behalf of each of its series identified as a Participating Portfolio |
| By: | /s/ Kristie Feinberg |
|  | Kristie Feinberg |

---

------

**Appendix A** 

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| | |
|:---|:---|
| John Hancock Asset-Based Lending Fund | John Hancock Investment Trust |
| John Hancock Asset Backed Securities Fund | John Hancock Investment Trust II |
| John Hancock Bond Trust | John Hancock Investors Trust |
| John Hancock California Tax-Free Income Fund | John Hancock Multi Asset Credit Fund |
| John Hancock Capital Series | John Hancock Municipal Securities Trust |
| John Hancock Current Interest | John Hancock Preferred Income Fund |
| John Hancock Exchange-Traded Fund Trust | John Hancock Preferred Income Fund II |
| John Hancock Financial Opportunities Fund | John Hancock Preferred Income Fund III |
| John Hancock Funds II | John Hancock Premium Dividend Fund |
| John Hancock Funds III | John Hancock Sovereign Bond Fund |
| John Hancock Hedged Equity & Income Fund | John Hancock Strategic Series |
| John Hancock Income Securities Trust | John Hancock Tax-Advantaged Dividend Income Fund |
|  | John Hancock Variable Insurance Trust |

---

## Ex-99.(H)(9)

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| | |
|:---|:---|
| **John Hancock Variable Trust Advisers LLC**<br> 200 Berkeley Street<br> Boston, MA 02116 | ![LOGO](g224548dsp075.jpg) |

---

December 11, 2025

To the Trustees of:

John Hancock Variable Insurance Trust

200 Berkeley Street

Boston, MA 02116

<u>Re: Advisory Fee Waiver Agreement</u>

With reference to the Amended and Restated Advisory Agreement dated September 26, 2008, as amended, entered into by and between John Hancock Variable Trust Advisers LLC (the "Adviser") and John Hancock Variable Insurance Trust (the "Trust"), on behalf of each series of the Trust (each, a "Fund" and collectively, the "Funds"), we hereby notify you as follows:

1. The Adviser agrees to waive its advisory fee for each Fund and, to the extent necessary, bear other expenses, as set forth in the Appendix attached hereto. As noted in the Appendix, certain waivers are voluntary and may be terminated at any time by the Adviser upon notice to the Trust.

2. We understand and intend that you will rely on this undertaking in overseeing the preparation and filing of Post-effective Amendments to the Registration Statements on Form N-1A for the Trust and the Fund with the Securities and Exchange Commission and in accruing the Fund's expenses for purposes of calculating its net asset value per share and for other purposes permitted under Form N-1A and/or the Investment Company Act of 1940, as amended, and we expressly permit you so to rely.

Very truly yours,

---

| | | | |
|:---|:---|:---|:---|
| JOHN HANCOCK VARIABLE TRUST ADVISERS LLC | JOHN HANCOCK VARIABLE TRUST ADVISERS LLC | ACCEPTED BY:<br> JOHN HANCOCK VARIABLE INSURANCE TRUST | ACCEPTED BY:<br> JOHN HANCOCK VARIABLE INSURANCE TRUST |
| By: | /s/ Effie Georgountzos | By: | /s/ Fernando A. Silva |
|  | Name: Effie Georgountzos |  | Name: Fernando A. Silva |
|  | Title: Chief Financial Officer |  | Title: Chief Financial Officer |

---

------

**Appendix** 

**Lifestyle Balanced Portfolio** 

**Lifestyle Conservative Portfolio** 

**Lifestyle Growth Portfolio** 

**Lifestyle Moderate Portfolio** 

The Adviser *voluntarily* agrees to reduce its advisory fee that would be payable by each Fund listed above (after giving effect to asset-based breakpoints) by 0.005% of the fund's average daily net assets. This voluntary management fee waiver may be terminated at any time by the Adviser upon notice to the Trust.

**Lifestyle Balanced Portfolio** 

**Lifestyle Conservative Portfolio** 

**Lifestyle Growth Portfolio** 

**Lifestyle Moderate Portfolio** 

The Adviser *contractually* agrees until April 30, 2026 to reimburse Expenses of each class of shares of the Funds listed below so that Expenses for a class of shares do not exceed the Expense Limit set forth below. Expenses include all expenses of the Fund attributable to the class except: (a) advisory fees, (b) Rule 12b-1 fees, (c) taxes, (d) portfolio brokerage commissions, (e) interest, (f) underlying fund expenses, (g) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the business of the Trust and (h) short dividends.

---

| | |
|:---|:---|
| **Fund** | **(Expense Limit<br>(as a percentage of the**<br> **Average Annual<br>Net Assets of the class of shares)** |
|  Lifestyle Balanced Portfolio | 0.04% |
|  Lifestyle Conservative Portfolio | 0.04%<sup>1</sup> |
|  Lifestyle Growth Portfolio | 0.04% |
|  Lifestyle Moderate Portfolio | 0.04%<sup>1</sup> |

---

This expense limit expires on April 30, 2026 unless renewed by mutual agreement of the Fund and the Adviser based upon a determination that this is appropriate under the circumstances at that time.

**Managed Volatility Balanced Portfolio** 

**Managed Volatility Conservative Portfolio** 

**Managed Volatility Growth Portfolio** 

**Managed Volatility Moderate Portfolio** 

<sup>1</sup> At the December 9-11, 2025 meeting of the Board of Trustees of the Trust, the Adviser notified the Board of, and the Board approved, the renewal of the contractual limit on fund level expenses for the JHVIT Lifestyle Conservative Portfolio (0.04%); and the JHVIT Lifestyle Moderate Portfolio (0.04%), each with an expiration date of April 30, 2027, effective upon the current expiration date of April 30, 2026. 

------

The Adviser *voluntarily* agrees to reduce the advisory fee that would be payable by each series of the Trust listed below (after giving effect to asset-based breakpoints) by 0.010% of the Fund's average daily net assets.

**Managed Volatility Balanced Portfolio** 

**Managed Volatility Conservative Portfolio** 

**Managed Volatility Growth Portfolio** 

**Managed Volatility Moderate Portfolio** 

This voluntary advisory fee waiver may be terminated at any time by the Adviser upon notice to the Trust.

**Small Cap Opportunities Trust** 

The Adviser contractually agrees until April 30, 2027 to waive its advisory fee for the Fund listed above so that the amount retained by the Adviser after payment of the subadvisory fee does not exceed 0.45% of the Fund's average daily net assets.

This advisory fee waiver expires on April 30, 2027 unless renewed by mutual agreement of the Fund and the Adviser based upon a determination that this is appropriate under the circumstances at that time.

**Strategic Equity Allocation Trust** 

The Adviser *voluntarily* agrees to waive its advisory fee for the Strategic Equity Allocation Trust so that the amount retained by the Adviser after payment of the subadvisory fee does not exceed 0.45% of the Fund's average daily net assets. This voluntary management fee waiver may be terminated at any time by the Adviser upon notice to the Trust.

**Money Market Trust** 

The Adviser and its affiliates have *voluntarily* agreed to waive a portion of their fees (including, but not limited to, Rule 12b-1 fees) and/or reimburse certain expenses to the extent necessary to assist the fund in attempting to achieve a positive yield. These fee waivers and/or expense reimbursements are voluntary and may be amended or terminated at any time by the Adviser on notice to the Trust.

**Money Market Trust** 

**Total Bond Market Trust** 

The Adviser *contractually* agrees until April 30, 2027 to reimburse Expenses of each class of the Funds listed below so that the Expenses for each class of the Fund do not exceed the amounts listed below. Expenses of the Fund attributable to the class include all expenses of the Fund including advisory fees but excluding: (a) taxes, (b) portfolio brokerage commissions, (c) interest, (d) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the business of the Trust, (e) short dividends, (f) acquired fund fees and (g) Rule 12b-1 fees.

------

---

| | |
|:---|:---|
| **Fund** | **Expense Limit (as a percentage of<br>Average Daily Net Assets of the Fund)** |
|  Money Market Trust | 0.28% |
|  Total Bond Market Trust | 0.25% |

---

Each expense reimbursement expires on April 30, 2027 unless renewed by mutual agreement of the Fund and the Adviser based upon a determination that this is appropriate under the circumstances at that time. This expense reimbursement supercedes all prior agreements by the Adviser to reimburse expenses of the Funds.

**500 Index Trust** 

**International Equity Index Trust** 

The Adviser *contractually* agrees until April 30, 2027 to reimburse Expenses of each class of the Funds listed below so that the Expenses for each class of the Fund do not exceed the amounts listed below. Expenses of the Fund attributable to the class include all expenses of the Fund including advisory fees but excluding: (a) taxes, (b) portfolio brokerage commissions, (c) interest, (d) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the business of the Trust, (e) short dividends, (f) acquired fund fees and (g) Rule 12b-1 fees.

---

| | |
|:---|:---|
| **Fund** | **Expense Limit (as a percentage of<br>Average Daily Net Assets of the Fund)** |
|  500 Index Trust | 0.25% |
|  International Equity Index Trust | 0.34% |

---

Each expense reimbursement expires on April 30, 2027 unless renewed by mutual agreement of the Fund and the Adviser based upon a determination that this is appropriate under the circumstances at that time. This expense reimbursement supersedes all prior agreements by the Adviser to reimburse expenses of the Funds.

**T. Rowe Price Subadvised Funds** 

The Adviser has *voluntarily* agreed to reduce the management fee for each of the following funds subadvised by T. Rowe Price Associates, Inc. ("T. Rowe Price") by the amount that the subadvisory fee for the Fund is reduced by T. Rowe Price pursuant to the Amended John Hancock Relationship Pricing Discount Letter between John Hancock Variable Trust Advisers LLC and T. Rowe Price Associates, Inc. dated March 30, 2022.

Blue Chip Growth Trust

Capital Appreciation Value Trust

Equity Income Trust

Health Sciences Trust

Mid Value Trust

Science & Technology Trust

Small Company Value Trust

------

This voluntary expense reimbursement will continue in effect until terminated at any time by the Adviser on notice to the Trust.

**Real Estate Securities Trust** 

This voluntary expense reimbursement will continue in effect until terminated at any time by the Adviser on notice to the Trust.

**Managed Volatility Balanced Portfolio** 

**Managed Volatility Conservative Portfolio** 

**Managed Volatility Growth Portfolio** 

**Managed Volatility Moderate Portfolio** 

**(the "Managed Volatility Portfolios")** 

The Adviser *voluntarily* agrees to waive its advisory fee for each Managed Volatility Portfolio so that the aggregate advisory fee retained by the Adviser with respect to both the Managed Volatility Portfolio and its underlying investments (after payment of subadvisory fees) does not exceed 0.50% of the Managed Volatility Portfolio's first $7.5 billion of average daily net assets and 0.49% of the Managed Volatility Portfolio's average daily net assets in excess of $7.5 billion. The Adviser may terminate this voluntary waiver at any time as to a Managed Volatility Portfolio upon notice to such Managed Volatility Portfolio.

**Lifestyle Balanced Portfolio** 

**Lifestyle Conservative Portfolio** 

**Lifestyle Growth Portfolio** 

**Lifestyle Moderate Portfolio** 

The Adviser *voluntarily* agrees to waive its advisory fee for each Lifestyle Portfolio so that the aggregate advisory fee retained by the Adviser with respect to both the Lifestyle Portfolio and its underlying investments (after payment of subadvisory fees) does not exceed 0.50% of the Lifestyle Portfolios' first $7.5 billion of average daily net assets and 0.49% of the Lifestyle Portfolios' average daily net assets in excess of $7.5 billion. The Adviser may terminate this voluntary waiver at any time as to a Lifestyle Portfolio upon notice to such Lifestyle Portfolio.

**Lifecycle Portfolios** 

The Adviser *voluntarily* agrees to waive its advisory fee for each Lifecycle Portfolio (each a "Fund") so that the aggregate advisory fee retained by the Adviser with respect to both the Fund and its underlying investments (after payment of subadvisory fees) does not exceed 0.51% of the Fund's first $7.5 billion of average daily net assets and 0.50% of the Fund's average daily net assets in excess of $7.5 billion. The Adviser may terminate this voluntary waiver as to a Lifecycle Portfolio at any time upon notice to such Lifecycle Portfolio.

------

**Mid Cap Index Trust** 

The Adviser *contractually* agrees until April 30, 2027 to reduce its advisory fee that would be payable by the Mid Cap Index Trust (after giving effect to asset-based breakpoints) by 0.10% of the fund's average daily net assets.

This advisory fee waiver expires on April 30, 2027 unless renewed by mutual agreement of the Mid Cap Index Trust and the Adviser based upon a determination that this is appropriate under the circumstances at that time.

**Small Cap Index Trust** 

The Adviser *contractually* agrees until April 30, 2027 to reduce its advisory fee that would be payable by the Small Cap Index Trust (after giving effect to asset-based breakpoints) by 0.05% of the fund's average daily net assets.

This advisory fee waiver expires on April 30, 2027 unless renewed by mutual agreement of the Small Cap Index Trust and the Adviser based upon a determination that this is appropriate under the circumstances at that time.

**Ultra Short Term Bond Trust** 

The Adviser *voluntarily* agrees to reduce the advisory fee that would be payable by Ultra Short Term Bond Trust (after giving effect to asset-based breakpoints) by 0.06% of the Fund's average daily net assets.

This voluntary advisory fee waiver may be terminated at any time by the Adviser upon notice to the Trust.

**Fundamental Large Cap Value Trust** 

The Adviser *voluntarily* agrees to reduce the advisory fee that would be payable by Fundamental Large Cap Value Trust (after giving effect to asset-based breakpoints) by 0.003% of the Fund's average daily net assets.

This voluntary advisory fee waiver may be terminated at any time by the Adviser upon notice to the Trust.

**Science & Technology Trust** 

The Adviser *voluntarily* agrees to waive its advisory fee for the Science & Technology Trust so that the amount retained by the Adviser after payment of the subadvisory fee does not exceed 0.45% of the Fund's average daily net assets. This voluntary management fee waiver may be terminated at any time by the Adviser upon notice to the Trust.

**Total Stock Market Index Trust** 

The Adviser *voluntarily* agrees to reduce the advisory fee that would be payable by the Total Stock Market Index Trust (after giving effect to asset-based breakpoints) by 0.07% of the Fund's average daily net assets.

------

This voluntary advisory fee waiver may be terminated at any time by the Adviser upon notice to the Trust.

**Select Bond Trust** 

The Adviser *voluntarily* agrees to reduce the advisory fee that would be payable by the Select Bond Trust (after giving effect to asset-based breakpoints) by 0.02% of the Fund's average daily net assets. This voluntary advisory fee waiver may be terminated at any time by the Adviser upon notice to the Trust.

In addition, the Adviser *voluntarily* agrees to waive and/or reimburse all class specific expenses for the share classes of the Trust listed below, to the extent they exceed the amount of average daily net assets (on an annualized basis) attributable to the classes set forth:

Select Bond Trust Series I: 0.04%

Select Bond Trust Series II: 0.24%

This voluntary class specific waiver may be terminated at any time by the Adviser upon notice to the Trust.

**Opportunistic Fixed Income Trust (formerly, Global Bond Trust)** 

The Adviser *voluntarily* agrees to reduce the advisory fee that would be payable by the Opportunistic Fixed Income Trust (after giving effect to asset-based breakpoints) by 0.02% of the Fund's average daily net assets. This voluntary advisory fee waiver may be terminated at any time by the Adviser upon notice to the Trust.

**Contractual Limitation on Total Operating Expenses** 

For purposes of this Agreement:

The Adviser contractually agrees to reduce its management fee for the Fund or, if necessary, make payment to a specific class of shares of the Fund (up to the amount of the expenses related solely to such class of shares), in an amount equal to the amount by which the "Expenses" of the Fund exceed the percentage of average daily net assets (on an annualized basis) of the Fund as set forth in the table below. "Expenses" means all the expenses of the Fund, 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) borrowing costs, (f) prime brokerage fees, and (g) short dividend expense.

"Expense Limit" means the percentage of a Fund's average daily net assets (on an annualized basis) set forth below.

The current expense limitation agreement expires on the date specified, unless renewed by mutual agreement of the Fund and the Adviser based upon a determination that this is appropriate under the circumstances at that time.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Series I** | **Series II** | **Series NAV** | **Expiration Date<br>of Expense<br>Limit** |
|  JHVIT Lifestyle Balance Portfolio | 1.83% | 1.83% | 1.83 | 4/30/2027 |

---

**Funds Listed in Attachment A** 

The Adviser *voluntarily* agrees to reduce its management fee for the Fund, or if necessary make payment to the Fund, in an amount equal to the amount by which the "Expenses" of the Fund exceed the percentage of average daily net assets (on an annualized basis) of the Fund listed in Attachment A. "Expenses" means all the expenses of the Fund, 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) advisory fee, (f) 12b-1 fee, (g) underlying fund expenses and, in the case of a feeder fund, the expenses of the master fund, and (h) short dividends. This voluntary expense reimbursement will continue in effect until terminated at any time by the Adviser on notice to the Trust.

------

**Attachment A** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Platform** | **Fund** | **Fund Name** | **Cap %** | **Effective Date** | **Expiration Date** |
| JHVIT | 675C | JHVIT Active Bond Trust | 0.150% | 10/1/2009 | Voluntary |
| JHVIT | 2CIP | JHVIT American Asset Allocation Trust | 0.100% | 5/1/2010 | Voluntary |
| JHVIT | 2CIJ | JHVIT American Global Growth Trust | 0.100% | 5/1/2010 | Voluntary |
| JHVIT | 2A19 | JHVIT American Growth Trust | 0.100% | 10/1/2009 | Voluntary |
| JHVIT | 2A21 | JHVIT American Growth - Income Trust | 0.100% | 10/1/2009 | Voluntary |
| JHVIT | 2A20 | JHVIT American International Trust | 0.100% | 10/1/2009 | Voluntary |
| JHVIT | 2C25 | JHVIT Blue Chip Growth Trust | 0.200% | 10/1/2009 | Voluntary |
| JHVIT | 2C75 | JHVIT Capital Appreciation Trust | 0.200% | 10/1/2009 | Voluntary |
| JHVIT | 2CKR | JHVIT Capital Appreciation Value Trust | 0.200% | 10/1/2009 | Voluntary |
| JHVIT | 2A39 | JHVIT Core Bond Trust | 0.150% | 10/1/2009 | Voluntary |
|  |  | JHVIT Disciplined Value International Trust |  |  |  |
| JHVIT | 3369 | (formerly, JHVIT International Value Trust) | 0.250% | 10/1/2009 | Voluntary |
| JHVIT | 3363 | JHVIT Emerging Markets Value Trust | 0.250% | 10/1/2009 | Voluntary |
| JHVIT | 2C26 | JHVIT Equity Income Trust | 0.200% | 10/1/2009 | Voluntary |
| JHVIT | 2C78 | JHVIT Financial Industries Trust | 0.200% | 10/1/2009 | Voluntary |
| JHVIT | 2A17 | JHVIT Fundamental All Cap Core Trust | 0.200% | 10/1/2009 | Voluntary |
| JHVIT | 2A28 | JHVIT Fundamental Large Cap Value Trust | 0.200% | 10/1/2009 | Voluntary |
|  |  | JHVIT Global Equity Trust |  |  |  |
| JHVIT | 3368 | (formerly, JHVIT Global Trust) | 0.250% | 5/1/2010 | Voluntary |
| JHVIT | 2C77 | JHVIT Health Sciences Trust | 0.200% | 10/1/2009 | Voluntary |
| JHVIT | 2C46 | JHVIT High Yield Trust | 0.150% | 10/1/2009 | Voluntary |
| JHVIT | 3364 | JHVIT International Small Company Trust | 0.250% | 10/1/2009 | Voluntary |
| JHVIT | 2C03 | JHVIT Investment Quality Bond Trust | 0.150% | 10/1/2009 | Voluntary |
| JHVIT | 2C49 | JHVIT Managed Volatility Balanced Portfolio | 0.100% | 10/1/2009 | Voluntary |
| JHVIT | 2C47 | JHVIT Managed Volatility Conservative Portfolio | 0.100% | 10/1/2009 | Voluntary |
| JHVIT | 2C50 | JHVIT Managed Volatility Growth Portfolio | 0.100% | 10/1/2009 | Voluntary |
| JHVIT | 2C48 | JHVIT Managed Volatility Moderate Portfolio | 0.100% | 10/1/2009 | Voluntary |
| JHVIT | 2C71 | JHVIT Mid Cap Index Trust | 0.075% | 11/1/2009 | Voluntary |
|  |  | JHVIT Mid Cap Growth Trust |  |  |  |
| JHVIT | 2C62 | (formerly, JHVIT Mid Cap Stock Trust) | 0.200% | 10/1/2009 | Voluntary |
| JHVIT | 6743 | JHVIT Mid Value Trust | 0.200% | 10/1/2009 | Voluntary |
| JHVIT | 2C01 | JHVIT Money Market Trust | 0.150% | 10/1/2009 | Voluntary |
|  |  | JHVIT Opportunistic Fixed Income Trust |  |  |  |
| JHVIT | 2C32 | (formerly, JHVIT Global Bond Trust) | 0.150% | 10/1/2009 | Voluntary |
| JHVIT | 2A04 | JHVIT Real Estate Securities Trust | 0.200% | 10/1/2009 | Voluntary |
| JHVIT | 2DBK | JHVIT Science and Technology Trust | 0.200% | 10/1/2009 | Voluntary |
| JHVIT | 2Y31 | JHVIT Select Bond Trust | 0.150% | 11/1/2009 | Voluntary |
| JHVIT | 2Y13 | JHVIT Short Term Government Income Trust | 0.150% | 1/1/2009 | Voluntary |
| JHVIT | 2C70 | JHVIT Small Cap Index Trust | 0.075% | 11/1/2009 | Voluntary |
| JHVIT | 2ACK | JHVIT Small Cap Opportunities Trust | 0.200% | 10/1/2009 | Voluntary |
| JHVIT | 6724 | JHVIT Small Cap Stock Trust | 0.200% | 10/1/2009 | Voluntary |
| JHVIT | 6753 | JHVIT Small Cap Value Trust | 0.200% | 10/1/2009 | Voluntary |
| JHVIT | 2C52 | JHVIT Small Company Value Trust | 0.200% | 10/1/2009 | Voluntary |
| JHVIT | 2X1C | JHVIT Strategic Equity Allocation Trust | 0.200% | 3/26/2012 | Voluntary |
| JHVIT | 2A29 | JHVIT Strategic Income Opportunities Trust | 0.150% | 10/1/2009 | Voluntary |
| JHVIT | 2C72 | JHVIT Total Stock Market Index Trust | 0.075% | 11/1/2009 | Voluntary |
| JHVIT | 2Y50 | JHVIT Ultra Short Term Bond Trust | 0.150% | 7/28/2010 | Voluntary |

---

## Ex-99.(I)

Exhibit 99(i)

**JOHN HANCOCK VARIABLE INSURANCE TRUST** <br>**200 Berkeley Street** <br>**Boston, Massachusetts 02116**

April 15, 2026

To whom it may concern:

John Hancock Variable Insurance Trust (the "Trust") is a voluntary association (commonly referred to as a "business trust") established under Massachusetts law with the powers and authority set forth under its Amended and Restated Declaration of Trust dated January 22, 2016, as amended from time to time (the "Declaration of Trust"). The Trustees of the Trust have the powers set forth in the Declaration of Trust, subject to the terms, provisions and conditions therein provided.

As provided in the Declaration of Trust, the Trustees may authorize one or more series or classes of shares, without par value, the number of shares of each series or class authorized is unlimited, and the Trustees may from time to time issue and sell or cause to be issued and sold shares of the Trust for cash or for property. All such shares, when so issued, shall be fully paid and nonassessable by the Trust.

This opinion is furnished in connection with the shares of the Trust to be offered and sold pursuant to Post-Effective Amendment No. 128 to the Trust's Registration Statement under the Securities Act of 1933, as amended, and Amendment No. 129 to its Registration Statement under the Investment Company Act of 1940, as amended, as may be supplemented from time to time (the "Registration Statement").

I am a member of the Massachusetts bar and have acted as internal legal counsel to the Trust in connection with the preparation of the Registration Statement. I have examined originals, or copies, certified or otherwise identified to my satisfaction, of such certificates, records and other documents as I have deemed necessary or appropriate for the purpose of this opinion.

Based upon the foregoing, and with respect to existing Massachusetts law (other than the Massachusetts Uniform Securities Act), only to the extent that Massachusetts law may be applicable and without reference to the laws of the other several states or of the United States of America, I am of the opinion that the Shares, when issued, sold and consideration therefore is paid in accordance with the Registration Statement, will be legally issued, fully paid and non-assessable by the Trust. In this regard, however, I note that the Trust is a Massachusetts business trust and, under certain circumstances, shareholders of a Massachusetts business trust could be held personally liable for the obligations of the Trust.

I consent to the filing of this opinion with the U.S. Securities and Exchange Commission as an exhibit to the Registration Statement.

Very truly yours,

---

| |
|:---|
| /s/ Harsha Pulluru |
| Harsha Pulluru<br> Assistant Secretary of the Trust<br>|

---

------

## Ex-99.(J)

<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u> 

We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of John Hancock Variable Insurance Trust of our reports dated February 20, 2026, relating to the financial statements and financial highlights, of each of the funds listed in Appendix A (collectively, the "Funds"), which appear in John Hancock Variable Insurance Trust's Certified Shareholder Report on Form N-CSR for the year ended December 31, 2025. We also consent to the references to us under the headings "Financial Highlights", "Independent Registered Public Accounting Firm" and "Policy Regarding Disclosure of Portfolio Holdings" in such Registration Statement.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

April 14, 2026

------

**Appendix A** 

---

| | | |
|:---|:---|:---|
| **Trust** | **Fund Name** | **Report Date** |
| John Hancock Variable Insurance Trust | John Hancock 500 Index Trust | February 20, 2026 |
| John Hancock Variable Insurance Trust | John Hancock Active Bond Trust | February 20, 2026 |
| John Hancock Variable Insurance Trust | John Hancock American Asset Allocation Trust | February 20, 2026 |
| John Hancock Variable Insurance Trust | John Hancock American Global Growth Trust | February 20, 2026 |
| John Hancock Variable Insurance Trust | John Hancock American Growth-Income Trust | February 20, 2026 |
| John Hancock Variable Insurance Trust | John Hancock American Growth Trust | February 20, 2026 |
| John Hancock Variable Insurance Trust | John Hancock Blue Chip Growth Trust | February 20, 2026 |
| John Hancock Variable Insurance Trust | John Hancock Capital Appreciation Value Trust | February 20, 2026 |
| John Hancock Variable Insurance Trust | John Hancock Core Bond Trust | February 20, 2026 |
| John Hancock Variable Insurance Trust | John Hancock Disciplined Value Emerging Markets Equity Trust | February 20, 2026 |
| John Hancock Variable Insurance Trust | John Hancock Disciplined Value International Trust | February 20, 2026 |
| John Hancock Variable Insurance Trust | John Hancock Equity Income Trust | February 20, 2026 |
| John Hancock Variable Insurance Trust | John Hancock Financial Industries Trust | February 20, 2026 |
| John Hancock Variable Insurance Trust | John Hancock Fundamental All Cap Core Trust | February 20, 2026 |
| John Hancock Variable Insurance Trust | John Hancock Fundamental Large Cap Value Trust | February 20, 2026 |
| John Hancock Variable Insurance Trust | John Hancock Global Equity Trust | February 20, 2026 |
| John Hancock Variable Insurance Trust | John Hancock Health Sciences Trust | February 20, 2026 |
| John Hancock Variable Insurance Trust | John Hancock High Yield Trust | February 20, 2026 |
| John Hancock Variable Insurance Trust | John Hancock International Equity Index Trust | February 20, 2026 |
| John Hancock Variable Insurance Trust | John Hancock International Small Company Trust | February 20, 2026 |
| John Hancock Variable Insurance Trust | John Hancock Investment Quality Bond Trust | February 20, 2026 |
| John Hancock Variable Insurance Trust | John Hancock Lifestyle Balanced Portfolio | February 20, 2026 |
| John Hancock Variable Insurance Trust | John Hancock Lifestyle Conservative Portfolio | February 20, 2026 |
| John Hancock Variable Insurance Trust | John Hancock Lifestyle Growth Portfolio | February 20, 2026 |
| John Hancock Variable Insurance Trust | John Hancock Lifestyle Moderate Portfolio | February 20, 2026 |
| John Hancock Variable Insurance Trust | John Hancock Managed Volatility Balanced Portfolio | February 20, 2026 |
| John Hancock Variable Insurance Trust | John Hancock Managed Volatility Conservative Portfolio | February 20, 2026 |
| John Hancock Variable Insurance Trust | John Hancock Managed Volatility Growth Portfolio | February 20, 2026 |
| John Hancock Variable Insurance Trust | John Hancock Managed Volatility Moderate Portfolio | February 20, 2026 |
| John Hancock Variable Insurance Trust | John Hancock Mid Cap Growth Trust | February 20, 2026 |
| John Hancock Variable Insurance Trust | John Hancock Mid Cap Index Trust | February 20, 2026 |
| John Hancock Variable Insurance Trust | John Hancock Mid Value Trust | February 20, 2026 |
| John Hancock Variable Insurance Trust | John Hancock Money Market Trust | February 20, 2026 |
| John Hancock Variable Insurance Trust | John Hancock Opportunistic Fixed Income Trust | February 20, 2026 |
| John Hancock Variable Insurance Trust | John Hancock Real Estate Securities Trust | February 20, 2026 |
| John Hancock Variable Insurance Trust | John Hancock Science & Technology Trust | February 20, 2026 |

---

------

---

| | | |
|:---|:---|:---|
| **Trust** | **Fund Name** | **Report Date** |
| John Hancock Variable Insurance Trust | John Hancock Select Bond Trust | February 20, 2026 |
| John Hancock Variable Insurance Trust | John Hancock Short Term Government Income Trust | February 20, 2026 |
| John Hancock Variable Insurance Trust | John Hancock Small Cap Core Trust | February 20, 2026 |
| John Hancock Variable Insurance Trust | John Hancock Small Cap Index Trust | February 20, 2026 |
| John Hancock Variable Insurance Trust | John Hancock Small Cap Opportunities Trust | February 20, 2026 |
| John Hancock Variable Insurance Trust | John Hancock Small Cap Stock Trust | February 20, 2026 |
| John Hancock Variable Insurance Trust | John Hancock Small Company Value Trust | February 20, 2026 |
| John Hancock Variable Insurance Trust | John Hancock Strategic Equity Allocation Trust | February 20, 2026 |
| John Hancock Variable Insurance Trust | John Hancock Strategic Income Opportunities Trust | February 20, 2026 |
| John Hancock Variable Insurance Trust | John Hancock Total Bond Market Trust | February 20, 2026 |
| John Hancock Variable Insurance Trust | John Hancock Total Stock Market Index Trust | February 20, 2026 |
| John Hancock Variable Insurance Trust | John Hancock U.S. Growth Trust | February 20, 2026 |
| John Hancock Variable Insurance Trust | John Hancock Ultra Short Term Bond Trust | February 20, 2026 |

---

## Ex-99.(P)(2)

![LOGO](g466944g01g01.jpg)

Code of Ethics

Effective March 2, 2026

GENERAL

------

---

| | |
|:---|:---|
| ![LOGO](g466944g02g02.jpg) | CODE OF ETHICS |

---

**Table of Contents**

---

| | |
|:---|:---|
|  [Purpose and Scope](#allspr_coe466944_1) | 3 |
|  [Applicability of this Code](#allspr_coe466944_2) | 3 |
|  [Principles of this Code](#allspr_coe466944_3) | 4 |
|  [Reportable Accounts and Holdings Reports](#allspr_coe466944_4) | 4 |
|  [Pre-Clearance and Approval Requirements](#allspr_coe466944_5) | 6 |
|  [Trading Restrictions and Prohibitions](#allspr_coe466944_6) | 6 |
|  [Education, Certifications, and Reporting Requirements](#allspr_coe466944_7) | 9 |
|  [Violations, Escalation, and Exceptions](#allspr_coe466944_8) | 10 |
|  [Governance and Reporting](#allspr_coe466944_9) | 10 |
|  [Related Policies](#allspr_coe466944_10) | 11 |
|  [Records Retention](#allspr_coe466944_11) | 11 |

---

Appendices

---

| | |
|:---|:---|
|  [Appendix A - Key Terms and Definitions](#allspr_coe466944_12) | 12 |
|  [Appendix B - Guidance](#allspr_coe466944_13) | 14 |

---

---

| | |
|:---|:---|
| GENERAL | 2.0 |

---

------

---

| | |
|:---|:---|
| ![LOGO](g466944g02g02.jpg) | CODE OF ETHICS |

---

Purpose and Scope

Allspring Global Investments, including all global affiliates ("Allspring"), has adopted this Code of Ethics (the "Code") to establish standards of conduct and ethics and to outline requirements reasonably designed to prevent fraudulent, manipulative, or improper practices or transactions. This Code is maintained, administered, and enforced by the Allspring Chief Compliance Officer ("CCO"), and the Allspring Conduct and Ethics Team. Please contact the Allspring Conduct and Ethics Team at <u>Conduct@allspringglobal.com</u> with any questions or inquiries pertaining to this Code.

Capitalized terms are defined herein and in Appendix A - Key Terms and Definitions.

Applicability of this Code

Access Persons

This Code applies to all of Allspring's officers, directors, full-time or part-time employees, contingent workers who have been notified they are subject to the Code, and any other person designated by the Allspring Conduct and Ethics Team ("Access Persons").

Immediate Family Members and Beneficial Ownership

The requirements of this Code also apply to "Immediate Family Members," which include any person sharing the same household with an Access Person and any other person for which an Access Person has Beneficial Ownership of their accounts or securities.

In general, a person has Beneficial Ownership of an account or security if he or she, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a direct or indirect pecuniary interest<sup>1</sup> in the account or security.

*Access Persons are presumed to have a pecuniary interest in securities held by Immediate Family Members. References to Access Persons hereinafter also includes their Immediate Family Members.* 

Investment Persons

An "Investment Person" is any Access Person involved with making investment decisions, recommendations, or securities transactions, including portfolio managers, traders, and investment analysts of Allspring or any other Access Persons designated by the Allspring Conduct and Ethics Team to meet these criteria. In addition to complying with all the obligations of Access Persons, Investment Persons are also required to comply with additional provisions set forth within this Code, specifically with respect to blackout periods defined within the "Trading Restrictions and Prohibitions" section.

<sup>1</sup> "Pecuniary interest" has the same meaning as in Rule 16a-1(a)(2) under the Securities Exchange Act of 1934. Generally, a pecuniary interest in the security means the opportunity, directly or indirectly to profit or share in any profit derived from a transaction in a security.

---

| | |
|:---|:---|
| GENERAL | 3.0 |

---

------

---

| | |
|:---|:---|
| ![LOGO](g466944g02g02.jpg) | CODE OF ETHICS |

---

Principles of this Code

Access Persons must always observe the highest standards of conduct and ethics. Access Persons must act professionally, exercise independent judgment, comply with all applicable laws and regulations, and adhere to Allspring's policies and procedures. Access Persons have a duty of care and loyalty to Allspring's clients<sup>2</sup> and must avoid actual or perceived conflicts of interest. Access Persons may never:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage in any behavior or activities that place their personal interests above the interests of
clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Take investment opportunities away from clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage in any transaction, act, practice, or course of business that operates or would operate as a fraud or
deceit upon any client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Make any untrue statement of a material fact, or omit to state a material fact, to mislead
clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Use Allspring's proprietary information to benefit them personally, including the use of proprietary
investment research, technology, or other information for personal gain; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage in any personal activities, including personal securities transactions, private placements, outside
activities, gifts and entertainment, political contributions, charitable contributions, or other activities, that do not comply with this Code or other relevant Allspring policies.

Reportable Accounts and Holdings Reports

Reportable Accounts Requirements

**Access Persons are responsible for disclosing all their Reportable Accounts in the FIS ECM system ("ECM")**<sup>3</sup> **no later than 10 calendar days after becoming an Access Person.** Reportable Accounts are those accounts in which an Access Person has direct or indirect Beneficial Ownership (including any accounts of Immediate Family Members) that can hold Reportable Securities (even if the account does not currently hold Reportable Securities).

The most common types of Reportable Securities are listed below. Please refer to Appendix A for a complete definition of Reportable Securities and Appendix B for examples and guidance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stocks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Corporate and municipal bonds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Closed-end funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchange-Traded Funds ("ETFs")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Options on Reportable Securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any funds for which Allspring serves as an investment manager, sponsor, or adviser, including third party funds
for which Allspring serves as sub-adviser (except for money market funds) ("Reportable Funds")

<sup>2</sup> The term "client" also includes any fund for which Allspring serves as an investment manager, adviser, or sub-adviser.

<sup>3</sup> FIS Employee Compliance Manager ("ECM"), formerly FIS Protegent Personal Trading Assistant ("PTA").

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| GENERAL | 4.0 |

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Examples of accounts that can hold Reportable Securities include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Brokerage accounts**, including custodial and trust accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **External retirement accounts**, such as IRA, 401(k), and global equivalents, which are capable<sup>4</sup> of investing in Reportable Securities (including Reportable Funds).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Education Savings Accounts ("ESA")**, such as 529 Plans, Coverdell ESAs, or global equivalents,
which are capable<sup>5</sup> of investing in Reportable Securities (including Reportable Funds).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Former Employee Benefit Accounts**, such as Health Savings Accounts from a former employer, which are
capable of investing in Reportable Securities (including Reportable Funds).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Allspring Employee Benefit Accounts**, as described below.

Please refer to Appendix B for examples and guidance.

Allspring Employee Benefit Accounts

Certain Allspring benefit accounts are Reportable Accounts because they are capable of investing in Reportable Securities. This includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Allspring 401(k) accounts,** which are capable of investing in Reportable Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Allspring Health Savings Accounts ("HSA"),** which are capable of investing in Reportable
Securities once the account has exceeded a minimum balance threshold. Note that an HSA account becomes a Reportable Account when the employee opens up the corresponding investment account through either Optum Bank or Betterment. At that time, a
request to open a new account form must be completed in ECM. An Allspring HSA account that does not have the investment account opened is not considered a Reportable Account.

Approved Brokers

Access Persons may only maintain Reportable Accounts with an approved broker included on the Allspring Approved Broker List ("Approved Brokers"). Access Persons that have a Reportable Account with a non-Approved Broker must either close the account or transfer the account to an Approved Broker. This requirement is not applicable to Managed Accounts<sup>6</sup> or Allspring employee benefit accounts. This requirement is also not applicable to certain non-U.S. employees who reside in a jurisdiction where access to Approved Brokers is limited; non-U.S. employees must confirm applicability of this requirement with the Allspring Conduct and Ethics Team. Any exemptions to this requirement must be approved in writing by the Allspring Conduct and Ethics Team.

Please refer to the Conduct and Ethics page on Springboard to view the "Allspring Approved Broker List."

<sup>4</sup> An IRA account or a 401(k) account with a brokerage window would be a Reportable Account because it is capable of investing in Reportable Securities. A 401(k) account that offers only a selection of investable funds, all of which are not Reportable Funds, is not a Reportable Account; however, if a Reportable Fund is on or added to the investable menu, then the 401(k) account is a Reportable Account.

<sup>5</sup> Coverdell ESAs are Reportable Accounts because they are capable of investing in Reportable Securities. A 529 plan that offers only a selection of investable funds, all of which are not Reportable Funds, is not a Reportable Account; however, if a Reportable Fund is on or added to the investable menu, then the 529 plan is a Reportable Account.

<sup>6</sup> A "Managed Account" (also referred to as a discretionary account) is an account that is managed by a non-affiliated third party (broker-dealer, registered investment advisor, or other investment manager acting in a similar fiduciary capacity) who exercises sole investment discretion. Documentation to support a Managed Account includes an official discretionary letter from the non-affiliated third party which expressly states that the Access Person does not have any investment discretion over the account. Access Persons with Managed Accounts will also be required to complete an annual attestation confirming that they did not direct any investment decisions during the year.

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| GENERAL | 5.0 |

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Initial and Annual Holdings Reports

**Access Persons must provide a complete initial report of their holdings in Reportable Accounts in ECM no later than 10 calendar days after becoming an Access Person.** The initial holdings report must include information that is current as of a date no more than 45 days prior to becoming an Access Person. At least annually thereafter, Access Persons must provide a complete report of their holdings in Reportable Accounts which is current as of a date no more than 45 days prior to submission.

Opening and Closing Reportable Accounts

Access Persons must submit a New Account Request Form in ECM and receive approval prior to opening any new Reportable Account, which includes those of Immediate Family Members. Access Persons must notify the Allspring Conduct and Ethics Team upon closing any Reportable Accounts in a timely manner so that they may be removed from ECM. After closing an account, Access Persons must deliver a copy of the most recent account statement, showing no assets, to the Allspring Conduct and Ethics Team

Pre-Clearance and Approval Requirements

Pre-Clearance of Reportable Securities

Access Persons must pre-clear all personal transactions in Reportable Securities, except for open-end Reportable Funds and ETFs (excluding single-stock ETFs), for themselves and their Immediate Family Members, and receive approval via ECM prior to executing trades with their broker. Pre-clearance is not required for transactions in Managed Accounts and Automatic Investment Plans. Please refer to Appendix B for a complete list of Reportable Securities that require pre-clearance.

How to Pre-Clear Reportable Securities

Follow the steps below to pre-clear and receive approval via ECM:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Request for approval:** Request pre-clearance approval in ECM by
inputting all required information regarding the proposed transaction. Note that Access Persons may only request pre-clearance for market orders or same day limit orders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Wait for notification of approval:** Do not execute the trade until receiving an approval email from ECM.
The approval email grants authorization to execute the trade, as requested, and is only effective until the close of business on the same trading day. Approvals for trading received after the market has closed are valid until the close of business
on the next trading day. If the approved transaction is not executed within the approved timeframe, the pre-clearance process must be repeated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Denials:** Pre-clearance requests that are denied must not be
executed. The reasons for denying a trade may not be explained due to material non-public information ("MNPI") concerns.

Trading Restrictions and Prohibitions

Ban on Short-Term Trading Profits

Access Persons are not permitted to profit from short-term trading in their personal accounts. Short term trading is any buy and sell of the same Reportable Security within 60 calendar days. This prohibition applies even if the transactions occur in separate personal accounts and regardless of tax lots (i.e., the most recent previous transaction of the security will be considered against the subsequent transaction in that same security). This prohibition also applies to options on Reportable Securities. Additionally, any option transaction must have an expiration date that is at least 60 calendar days from the date of purchase or sale, and Access Persons may not exercise an option for profit within the 60-day period<sup>7</sup>. Violations of the short-term trading prohibition may be subject to disgorgement of profit.

<sup>7</sup> Note that multiple option contracts for the same underlying security must have expirations dates that comply with this rule when potential contract redemption(s) create short-term trading profits in the underlying security.

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| GENERAL | 6.0 |

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Exceptions to the short-term trading restriction may potentially be granted for certain rare cases (e.g., economic hardships, gifts of securities, or other specific circumstances) if it is determined that there is no misconduct. Exception requests must be approved by the Allspring Conduct and Ethics Team in advance of the trade and must include evidence of mitigating factors that strongly support the exception. The ban on short-term trading profits does not apply to transactions that involve:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reportable Securities that do not require pre-clearance, excluding
Reportable Funds (which includes Allspring ETFs) (refer to Appendix B);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions in Managed Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Automated transactions pursuant to an Automatic Investment Plan that has been approved by the Allspring Conduct
and Ethics Team;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Involuntary actions, such as vested deferred stock compensation, involuntary call of an option, or corporate
actions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchase of a Reportable Security less than 60 calendar days after selling the same Reportable Security.

60-Day Holding Period for Reportable Funds

Access Persons who purchase shares of Reportable Funds (which includes Allspring ETFs) are required to hold them for at least 60 calendar days, regardless of tax lots<sup>8</sup>. This 60-day holding period does not apply to Allspring money market funds or ultra-short funds (which includes Allspring ultra-short ETFs).

Allspring Closed-End Funds

Access Persons may only purchase or sell shares of an Allspring closed-end fund during the 10 calendar days beginning on the next day after the release of dividend announcements to the public for such fund. In addition, Access Persons may be prohibited from transacting in Allspring closed- end funds (even during such trading windows) if the Allspring Conduct and Ethics Team determines that transactions must be restricted due to MNPI. Access Persons that are designated as insiders of an Allspring closed -end fund under Section 16 of the Securities Exchange Act of 1934 are required to submit SEC regulatory filings in connection with their transactions pursuant to the Allspring Funds Section 16 Procedures.

Allspring ETFs

Allspring ETFs are Reportable Funds, and therefore Reportable Securities, as defined within this Code. Allspring ETFs do not require pre-clearance but do require quarterly transaction reporting, in accordance with this Code.

If an Allspring ETF is trading at a premium or discount that is 2% or greater than the ETF's net asset value at end of day, then Access Persons are prohibited from personally transacting in that Allspring ETF. The Allspring Conduct and Ethics Team will notify Access Persons if the 2% threshold has been met, at which point personal trading in the affected ETF is prohibited. A subsequent notification will be sent once trading may resume.

<sup>8</sup> If applicable, Access Persons must additionally abide by any requirements regarding frequent purchases and redemptions of shares in accordance with a fund's prospectus.

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| GENERAL | 7.0 |

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Private Placements

Access Persons must obtain approval via ECM prior to any acquisition of securities in a Private Placement (i.e., a non-public offering). Access Persons must request pre-clearance approval via ECM by completing a Private Securities Transaction Request Form and inputting all required information. If approved, Access Persons must confirm that the transaction was completed, provide the final Private Placement agreement in ECM, and attest to the Private Placement on their next Quarterly Transaction Report certification (refer to the "Certifications and Reporting" section of this Code).

Access Persons must disclose to the Allspring Conduct and Ethics Team any investments in a Private Placement when they become aware of any potential conflicts of interest (e.g., Access Person's involvement in any subsequent consideration of an investment in the issuer by Allspring).

Initial Public Offerings

Access Persons are generally prohibited from purchasing shares in an Initial Public Offering ("IPO"). Exceptions may be granted in certain circumstances (e.g., if an Immediate Family Member is offered shares of his or her employer firm). Any investment by an Access Person in an IPO, or other limited offering, must receive written pre-approval by the Allspring Conduct and Ethics Team.

Investment Clubs

Access Persons are generally prohibited from participating in an Investment Club. Any requests to participate in an Investment Club must be submitted to the Allspring Conduct and Ethics Team for review and approval. If approved to participate in an Investment Club, the account(s) of that club would become applicable to this Code and its requirements.

Excessive Trading

Excessive trading, as determined by the Allspring Conduct and Ethics Team in its sole discretion, is not tolerated as it may interfere with job performance and the duty of loyalty and care to Allspring's clients. In general, Access Persons trading more than 60 times in a quarter should expect a notification regarding excessive trading<sup>9</sup>, including notice to their manager. Excessive trading is monitored and reported to senior management. Self-directed transactions involving Reportable Securities are included in the trade count for excessive trading. The following types of transactions are excluded from the count:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions in Managed Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Automated transactions pursuant to an Automatic Investment Plan that has been approved by the Allspring Conduct
and Ethics Team; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Involuntary actions, such as vested deferred stock compensation, involuntary call of an option, or corporate
actions.

Insider Trading

Access Persons are prohibited from misusing or inappropriately disclosing confidential information, including MNPI. Access Persons may not use MNPI for personal gain, for the benefit of Allspring, or for the benefit of our clients. While in possession of MNPI, you may not trade, or recommend trading, for any securities or funds on the basis of that information. Engaging in insider trading is a violation of global laws and regulations and is a breach of this Code. Access Persons that come into possession of MNPI must immediately notify the Allspring Conduct and Ethics Team and must additionally comply with the Allspring Information Barrier Policy.

<sup>9</sup> Access Persons should notify the Allspring Conduct and Ethics Team if they anticipate executing a one-time rebalance that will exceed 60 transactions. In general, such cases will not be considered excessive trading.

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| GENERAL | 8.0 |

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Restricted Securities List

Allspring maintains a "Restricted List" that includes individual securities and issuers for which one or more persons at Allspring may hold price sensitive information. Any pre-clearance requests to trade in a security on the Restricted List will be denied. The Restricted List is not distributed to employees; it is maintained and updated periodically in ECM by the Allspring Conduct and Ethics Team. Please refer to the Allspring Information Barrier Policy.

Blackout Periods for Investment Persons

Subject to the de minimis exception, Investment Persons (and their Immediate Family Members) are prohibited from executing personal securities transactions during certain blackout periods.

**Blackout Period** 

Investment Persons are prohibited from transacting in Reportable Securities during the 7 calendar days immediately preceding and immediately following the date of the same trade in a client account where there is a perceived or actual conflict of interest (e.g., the Investment Person services the account or has access to sensitive information related to the account).

Personal securities transactions executed during the blackout period will be investigated for conflicts of interest and any violations identified may be subject to sanctions (please refer to the Conduct Framework on Springboard's Conduct and Ethics page).

**De Minimis Exception** 

Transactions by Investment Persons that meet the de minimis exception will generally be approved unless they are restricted for another reason (e.g., Ban on Short-Term Trading Profits, Restricted List, etc.). A transaction in a security (either a single transaction or multiple transactions in the same security within 7 calendar days not exceeding 250 shares in the aggregate) qualifies for the de minimis exception if the security has a market capitalization exceeding $10 billion.

Education, Certifications, and Reporting Requirements

Education

Access Persons are required to complete training on the Code within 15 days of hire date and then annually thereafter.

Certifications and Reporting

Access Persons must complete initial, quarterly, and annual certifications and reporting in ECM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Code of Ethics Certification**: Access Persons are required to certify in writing upon hire date, and
annually thereafter, that they have received and understand this Code. Additionally, all Access Persons must provide a written acknowledgement of their receipt and understanding of any material amendment to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Quarterly Transactions Reports:** Access Persons are required to report all personal securities transactions
of Reportable Securities within 30 calendar days of each calendar quarter end. Access Persons must certify that they have reported all Reportable Accounts and that the personal securities transactions reported within these accounts are complete,
accurate, and in compliance with this Code.

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| GENERAL | 9.0 |

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Transactions of Managed Accounts are not subject to Quarterly Transactions Reporting. Self-directed transactions<sup>10</sup> of Reportable Funds within Allspring 401(k) accounts require reporting; however, transactions initiated by the 401(k)-plan advisor (e.g., when Access Persons have enrolled in the discretionary managed accounts program) do not require reporting. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Initial and Annual Holdings Reports:** As noted under the Reportable Accounts and Holdings Reports section,
Access Persons are required to report initial (upon becoming an Access Person) and annual holdings reports (within 30 calendar days of calendar year end). Access Persons must certify that they have reported all holdings of Reportable Accounts and
that the holdings reported within these accounts are complete, accurate, and current as of a date no more than 45 days prior to submission.

Violations, Escalation, and Exceptions

Violations

Access Persons must promptly report any violations of this Code to the Allspring Conduct and Ethics Team. The Allspring Conduct and Ethics Team is responsible for investigating any actual or suspected violation of this Code and reporting the results to the Chief Compliance Officer. Access Persons that have violated this Code will be sanctioned depending on the severity of the infraction. The Allspring Conduct and Ethics Team, in its sole discretion, may issue any sanctions deemed appropriate to address the infraction, subject to applicable law. This may include: a written notice, additional training, deduction from wages/compensation and/or disgorgement of profit, restriction or suspension of certain personal and/or business activities, heightened monitoring or supervision, termination of employment, referral to civil or criminal authorities, or any other remedies necessary to address the violation.

Please refer to the Conduct Framework on Springboard's Conduct and Ethics page.

Escalation

Access Persons are expected to report any concerns regarding unethical behavior or misconduct to the CCO upon identification. This includes any actual or suspected violations of this Code or other Allspring policies or any non-compliance with applicable laws and regulations. Access Persons may refer to the Whistleblowing Policy for information on how to report a concern anonymously. No retaliation may be taken against any person for providing information in good faith about such violations or concerns.

All questions and inquiries regarding this Code or any assistance with ECM should be communicated to <u>Conduct@allspringglobal.com</u>.

Exceptions

The Allspring Conduct and Ethics Team may grant certain exceptions to this Code. Exception requests must be submitted to <u>Conduct@allspringglobal.com</u> with rationale to justify the request. Any exceptions to this Code must be approved in writing by the Allspring Conduct and Ethics Team and are reported to the Allspring Conduct and Ethics Committee.

Governance and Reporting

The Code is reviewed and approved by the Allspring Conduct and Ethics Committee at least annually. The Allspring Conduct and Ethics Committee receives periodic reporting in relation to adherence to the requirements associated with this Code.

<sup>10</sup> Excluding payroll contributions (or company matches).

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| GENERAL | 10.0 |

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Related Policies

Client Complaint Handling Policy

As outlined within this Code, Access Persons must promptly report any client complaints and follow the Client Complaint Handling Policy to ensure fair, consistent, and timely resolution. This includes complaints from clients, employees, or third parties, and requires coordination with Compliance to determine appropriate responses and regulatory reporting.

Conflicts of Interest Policy

As outlined within the Principles of the Code, Access Persons must never engage in any behavior or activities that place their personal interests above the interests of clients and must always follow the Conflicts of Interest Policy.

Global Fraud Risk Management Policy

As outlined within the Principles of the Code, Access Persons must never engage in any transaction, practice, or course of business which operates as a fraud or deceit upon any client. Access Persons must always follow the Global Fraud Risk Management Policy to report actual or suspected fraud.

Information Barrier Policy

As outlined with this Code, Access Persons are prohibited from misusing or inappropriately disclosing confidential information, including MNPI. Access Persons that come into possession of MNPI must comply with the Allspring Information Barrier Policy.

Standards of Professional Conduct

This Code establishes standards of business conduct and ethics; and must be considered in connection with Allspring's Standards of Professional Conduct, which describes the responsibility of acting in a professional manner and contributing to a work environment free from harassment and violence.

Whistleblowing Policy

As outlined within this Code, Access Persons must report suspected wrongdoing and follow the Whistleblowing Policy to ensure concerns are raised safely and appropriately. Whistleblowers are protected from retaliation and may report issues such as financial crime, regulatory breaches, or threats to safety through designated channels, including anonymous options.

Records Retention

Records associated with the implementation and execution of this Code are required to be maintained in line with applicable rules and regulations as outlined in the Records Management Policy. The Retention Schedule records associated with this Policy must be maintained and accessible for 7 years.

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| GENERAL | 11.0 |

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Appendix A – Key Terms and Definitions

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| TERM | DEFINITION |
| Access Person | All of Allspring's officers, directors, full-time or part-time employees, contingent workers that have been notified they are subject to the Code, and any other person designated by the Allspring Conduct and Ethics Team. |
| Approved Broker | A broker that is included on the Allspring Approved Broker List. These are brokers that provide automated holdings and transactions reporting into ECM through an electronic feed. Subject to the exceptions set forth in the Code, Access Persons and their Immediate Family Members may only maintain personal accounts with Approved Brokers. |
| Automatic Investment Plan | A program that allows a person to purchase or sell Reportable Securities, automatically and on a regular basis in accordance with a pre-determined schedule and allocation, without any further action by the person. |
| Beneficial Ownership | In general, a person has Beneficial Ownership of an account or security if they, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a direct or indirect pecuniary interest in the account or security. "Pecuniary interest" has the same meaning as in Rule 16a-1(a)(2) under the Securities Exchange Act of 1934. Generally, a pecuniary interest in the security means the opportunity, directly or indirectly to profit or share in any profit derived from a transaction in a security. *Access Persons are presumed to have a pecuniary interest in securities held by Immediate Family Members.* |
| ECM | FIS Employee Compliance Manager ("ECM"), formerly FIS Protegent Personal Trading Assistant ("PTA"), is the technology vendor used by Allspring to monitor employees' personal activities, including personal securities transactions, private placements, outside activities, gifts and entertainment, political contributions, and other activities. |
| Immediate Family Member | Any person sharing the same household with an Access Person (including spouses or domestic partners, children (including those who may be temporarily living away for college/boarding school), grandchildren, siblings, parents, grandparents, relatives-in-law, step relative, adoptive relative, legal guardian), or any other person for which an Access Person has "Beneficial Ownership" of their accounts or securities. |
| Investment Person | Any Access Person involved with making investment decisions, recommendations, or securities transactions, including portfolio managers, traders, and investment analysts of Allspring or any other Access Persons designated by the Allspring Conduct and Ethics Team to meet these criteria. |
| Managed Account / Discretionary Account | An account that is managed by a non-affiliated third party (broker-dealer, registered investment advisor, or other investment manager acting in a similar fiduciary capacity) who exercises sole investment discretion. |
| Private Placement | A non-public security offering. This includes offerings exempt from registration under Section 4(2) or 4(6) of the Securities Act of 1933, as amended, or Rule 504, Rule 505, or Rule 506 thereunder. |
| Reportable Account | Any account in which an Access Person has direct or indirect Beneficial Ownership (including any accounts of Immediate Family Members) that can hold Reportable Securities (even if the account does not currently hold Reportable Securities). Refer to Appendix B for additional guidance. |

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| GENERAL | 12.0 |

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|:---|:---|
| Reportable Fund | Any funds for which Allspring serves as an investment manager, sponsor, or adviser, including third party funds for which Allspring serves as sub-adviser (except for money market funds). This has the same meaning as in rule 204A-1 of the Investment Advisors Act of 1940. |
| Reportable Security | Any security as defined in section 202(a)(18) of the Investment Advisers Act of 1940 and section 2(a)(36) of the Investment Company Act of 1940, except that it does not include:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Direct obligations of the U.S. Government;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Shares issued by money market funds;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Shares issued by open-end funds other than Reportable Funds; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Shares issued by unit investment trusts that are invested exclusively in one or more open-end funds, none of which are Reportable Funds. |

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| GENERAL | 13.0 |

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Appendix B - Guidance

The below tables include non-exhaustive lists to be used for reference. Please contact the Allspring Conduct and Ethics Team (<u>Conduct@allspringglobal.com</u>) for additional guidance.

Reportable Accounts

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|:---|:---|
| ACCOUNT | REPORTABLE<br>ACCOUNT? |
| Brokerage accounts (including IRA, GIA, ISA, SIPP, custodial, and trust accounts) | Yes |
| Managed Accounts and Automatic Investment Plans | Yes |
| Allspring 401(k) plans | Yes |
| Education/junior savings accounts that can invest in Reportable Securities (e.g., ESA, Junior ISA) | Yes |
| Health Savings Account ("HSA") that can invest in Reportable Securities | Yes |
| Employee stock purchase or ownership plans ("ESPP" or "ESOP") | Yes |
| External (non-Allspring) 401(k) plans that can invest in Reportable Funds | Yes |
| External (non-Allspring) 401(k) plan that cannot hold Reportable Funds | No |
| Cash management accounts that cannot buy or sell Reportable Securities (e.g., Cash ISA) | No |
| Cryptocurrency accounts | No |

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Reportable Securities and Pre-Clearance

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| | | |
|:---|:---|:---|
| SECURITY | REPORTABLE SECURITY? | PRE-CLEAR? |
| Stocks (common, preferred, rights and warrants) | Yes | Yes |
| Bonds (corporate, municipal, convertible and notes) | Yes | Yes |
| Closed-end funds (also referred to as investment trusts) | Yes | Yes |
| Options on Reportable Securities | Yes | Yes |
| Open-end Reportable Funds (except for money market funds) | Yes | No |
| Allspring ETFs | Yes | No |
| Non-Allspring ETFs (excluding single-stock ETFs) and options on ETFs | Yes | No |
| Single-stock ETFs | Yes | Yes |
| Private placements (i.e., non-public or limited offering) | Yes | Yes |
| Direct obligations of the U.S. Government (e.g., U.S. Treasuries) | No | No |
| Money market instruments—bankers' acceptances, bank certificates of deposit, commercial paper, repurchase agreements and other high quality short-term debt instruments (including highly rated direct obligations of sovereign governments, such as U.K. Treasuries) | No | No |
| Money market funds | No | No |
| Open-end mutual funds (that are not Reportable Funds) | No | No |
| Commodities | No | No |
| Foreign currencies, including futures | No | No |
| Cryptocurrencies | No | No |

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|:---|:---|
| GENERAL | 14.0 |

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## Ex-99.(P)(3)

**BOSTON PARTNERS** 

**CODE OF ETHICS** 

As of May 1, 2025

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**COMPLIANCE POLICIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Code of Ethics** 

Boston Partners has built a reputation for integrity and professionalism among its clients. We value the confidence and trust those clients have placed in us and strive to protect that trust. This Code of Ethics (the "Code") is our commitment to protecting our clients' trust by establishing formal standards for general personal and professional conduct. Furthermore, this Code does not attempt to identify all potential conflicts of interest or conduct abuses, and violations regarding the spirit of the Code may be subject to disciplinary action. Questions regarding the interpretation of the Code or its application to particular conduct should be addressed with Legal or the CD.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.**  **<u>APPLICABILITY AND DEFINITIONS</u>** 

This Code and all sections, unless specifically noted otherwise, apply to all Supervised Persons.

"***Supervised Persons"*** for purposes of this Code means:

1. Directors, and officers of Boston Partners (or other persons occupying a similar status or performing similar
functions);

2. Employees of Boston Partners and registered representatives of Boston Partners Securities LLC (collectively
"Employees");

3. Any other person who provides investment advisory advice on behalf of Boston Partners and is subject to Boston
Partners' supervision and control; and

4. Certain other persons designated by the CD, such as temporary/contract workers who support our businesses.

"***Access Person***" for purposes of this Code means any Supervised Person:

1. Who has access to non-public information regarding any client's
purchases or sales of securities, or

2. Who has non-public information regarding the portfolio holdings of any
mutual fund, managed account, or private investment fund managed by Boston Partners ("client accounts"); or

3. Who is involved in making securities recommendations to clients or who has access to such recommendations that
are nonpublic; or

4. Who is a director or officer of Boston Partners. Excepted from this requirement are Directors of Boston
Partners who are not involved in the day-to-day business activities of the firm or do not have access to confidential information regarding client securities holdings,
transactions, or recommendations. Also exempted from this requirement are Boston Partners Funds' directors who are not employees of Boston Partners nor have access to confidential information regarding client securities holdings, transactions
or recommendations; or

5. Certain other persons designated by the CD, such as temporary/contract workers who support our businesses.

The CD will notify all individuals of their status as either a Supervised Person or an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.**  **<u>STANDARDS OF BUSINESS CONDUCT</u>** 

The following principles are intended to guide in the applicability of this Code of Ethics:

1. Boston Partners is a fiduciary and its Supervised Persons have a duty to act for the benefit of Boston
Partners' clients and shall at all times place the financial interests of the client ahead of Boston Partners;

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2. Boston Partners holds all Supervised Persons responsible to high standards of integrity, professionalism, and
ethical conduct; and

3. Boston Partners fosters a spirit of cohesiveness and teamwork while ensuring the fair treatment of all
Supervised Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.**  **<u>COMPLIANCE WITH FEDERAL SECURITIES LAWS</u>** 

All Supervised Persons must comply with applicable federal securities laws. Federal securities laws means the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940 (the "Investment Company Act"), the Advisers Act, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the Commission under any of these statutes, the Bank Secrecy Act as it applies to funds and investment advisers, and any rules adopted thereunder by the Commission or the Department of the Treasury. The applicable laws are designed to prevent the following practices, which should not be viewed as all-encompassing and are not intended to be exclusive of others.

Supervised Persons must never:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Defraud any client in any manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mislead any client, including by making a statement that omits material facts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage in any act, practice or course of conduct which operates or would operate as a fraud or deceit upon any
client, including misappropriation of an investment opportunity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage in any manipulative practice with respect to any client or security, including price manipulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.**  **<u>CONFLICTS OF INTEREST</u>** 

As a fiduciary, Boston Partners has an affirmative duty of care, loyalty, honesty to its clients and a duty of utmost good faith to act in the best interests of Boston Partners' clients. Compliance with this fiduciary responsibility can be accomplished by avoiding conflicts of interest and by fully, adequately, and fairly disclosing all material facts concerning any conflict which arises with respect to any client.

The following specific guidelines should not be viewed as all-encompassing and are not intended to be exclusive of others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No Supervised Person shall take inappropriate advantage of their position with respect to a client, advancing
their position for self-gain;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No Supervised Person shall use knowledge about pending or currently considered client securities transactions to
profit personally as a result of such transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All securities transactions affected for the benefit of a client account shall avoid inappropriate favoritism of
one client over another client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All securities transactions affected for the benefit of a Supervised Person shall be conducted in such a manner
as to avoid abuse of that individual's position of trust and responsibility.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.**  **<u>CONFIDENTIALITY</u>** 

Boston Partners generates, maintains, and possesses information that it views as proprietary, and it must be held strictly confidential by all Supervised Persons. This information includes, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the financial condition and business activity of Boston Partners or any enterprise with which Boston Partners is
conducting business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investment management agreements and partnership agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• client specific information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• holdings in client accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• research analyses and trading strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• internal communications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• legal advice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• computer access codes.

Supervised Persons may not use proprietary information for their own benefit or for the benefit of any party other than the client. Failure to maintain the confidentiality of this information may have serious detrimental consequences for Boston Partners, its clients, and the Supervised Person who breached the confidence.

In order to safeguard Boston Partners' proprietary information, Supervised Persons are expected to abide by the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Never share proprietary information with anyone at Boston Partners except on a needs-to-know basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Never disclose proprietary information to anyone outside of Boston Partners, except in connection with Boston
Partners' business and in a manner consistent with the client's interests, or unless required in order to make a statement not misleading, or to otherwise comply with the law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclosing proprietary information in connection with Boston Partners' business is permissible in
accordance with Boston Partners' Selective Disclosure and Disclosing Portfolio Holdings Policy, Boston Partners' Privacy and Disposal Policy, and Boston Partners' Media Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Never remove any proprietary information from Boston Partners' premises, unless absolutely necessary for
business purposes (and, if so, the information must be kept in the possession of the Supervised Person or in a secure place at all times and returned promptly to Boston Partners' premises);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise caution in displaying documents or discussing information in public places such as in elevators,
restaurants, or airplanes, or in the presence of outside vendors or others not employed by Boston Partners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise caution when using e-mail, cellular telephones, facsimile
machines or messenger services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Never leave documents containing proprietary information in conference rooms, wastebaskets, or desks, or anywhere
else where the information could be seen or retrieved.

Boston Partners' restrictions on the use of proprietary information continue in effect after termination of employment with Boston Partners, unless specific written permission is obtained from the General Counsel. For purposes of clarification, the terms of any separate confidentiality agreement between an Employee and Boston Partners or any of its affiliates shall supersede this general restriction, to the extent applicable.

Federal law protects the ability of "whistleblowers" to report violations of applicable law. Nothing in any agreement between yourself and Boston Partners shall be interpreted or deemed to limit you in any way from communicating with the Securities and Exchange Commission and/or other regulators about any actions that you reasonably believe to be a violation of applicable securities laws or with any other regulatory or enforcement agency about any actions that you reasonably believe to be a violation of any other applicable law.

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Any questions regarding policies and procedures on the use of proprietary information should be brought to the attention of the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.**  **<u>EMPLOYEE PERSONAL SECURITIES MONITORING</u>** 

**<u>DEFINITIONS</u>**

*"****Covered Security***" shall include any type of equity or debt instrument, including any rights, warrants, derivatives, convertibles, options, puts, calls, straddles, exchange traded funds (including single-stock ETFs), shares of closed-end mutual funds, shares of open end mutual funds that are advised or sub advised by Boston Partners, its affiliates or, in general, any interest or investment commonly known as a security.

***"Non-Covered Security"*** shall include shares of open-ended mutual funds that are not advised or sub-advised by Boston Partners or its affiliates, direct obligations of the US government, bankers' acceptances, bank certificates of deposit, commercial paper, high quality short-term debt instruments, including repurchase agreements, which have a maturity at issuance of less than 366 days and that are rated in one of the two highest rating categories by a Nationally Recognized Statistical Rating Organization ("NRSRO").

*"****Investment Personnel****"* shall include portfolio managers, research analysts, traders and any other person who provides information or advice to portfolio managers, or who helps execute or implement the portfolio manager's decisions as designated by the CD.

***"Beneficial Interest"*** shall include any Covered Security in which a Supervised Person has an opportunity directly or indirectly to provide or share in any profit derived from a transaction in a Covered Security, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accounts personally held by the Supervised Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accounts held by the Supervised Person's immediate family members related by blood or marriage sharing the
same household;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any person or organization (such as an investment club) with whom a Supervised Person has an opportunity to
directly or indirectly share in any profit from a transaction in a Covered Security; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any trusts of which a Supervised Person is trustee with investment control and/or trading authority.

***"Designated Broker/Dealer"*** is one who has contracted with Boston Partners to make available Supervised Persons' investment accounts, statements and confirmations via electronic download. A list of designated broker/dealers is available upon request from the CD.

***"Outside Account"*** shall include any Supervised Person's Covered Securities account not held at a Designated Broker/Dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **ACCESS TO SUPERVISED PERSONS' ACCOUNTS, CONFIRMATIONS AND STATEMENTS** 

Supervised Persons are required to maintain all discretionary or non-discretionary securities or commodities accounts with a Designated Broker/Dealer, unless prior written permission to maintain an Outside Account has been granted by the CD. This includes any account over which the Supervised Person has the power to exercise investment control, including but not limited to accounts in which the Supervised Person has a direct or indirect Beneficial Interest. If an Outside Account is approved, the Supervised Person must instruct their broker to send duplicate statements and confirmations to the CD.

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The CD will supervise the review of all confirmations and/or account statements to ensure the required pre-approvals were obtained and to verify the accuracy of the information submitted in the quarterly reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **INVESTMENT ACTIVITIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Supervised Persons may not offer investment advice or manage any person's portfolio in which he/she does
not have a beneficial interest without prior written approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Supervised Persons may not participate in an investment club without prior written approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **PRE-CLEARANCE** 

Unless otherwise noted, the following provisions apply to all Covered Securities beneficially owned by Supervised Persons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.**  **<u>Covered Securities Transactions</u>** 

Mandatory written/electronic pre-clearance prior to the execution of any transaction involving a Covered Security. The CD may approve transactions. See Section 6 for exemptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.**  **<u>Approvals</u>** 

Pre-clearance is valid only for the day of approval. If the trade is not executed on the approved date, the pre-clearance process must be repeated *<u>prior</u> <u>to</u>* execution on the day the transaction is to be effected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.**  **<u>Initial Public Offering (IPO) Transactions</u>** 

Mandatory written/electronic pre-clearance prior to participation in an IPO, except for Government Bonds and Municipal Securities. Approval is determined on a case-by-case basis; documentation supporting the decision rationale will be maintained on all requests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.**  **<u>Private Limited Opportunity Investments</u>** 

Mandatory written/electronic pre-clearance prior to the execution of any private limited opportunity investment in a security. Private limited opportunity investments include, but are not limited to, private investments in hedge funds and Delaware Statutory Trusts, as well as any private business investment in a security, including a family business. Any questions regarding whether or not a particular investment requires written/electronic consent should be addressed with the CD prior to investment. Approval is determined on a case-by-case basis; documentation supporting the decision rationale will be maintained on all requests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.**  **<u>Short Sales/Cover Shorts/Options</u>** 

Mandatory written/electronic pre-clearance prior to execution of any personal transaction involving a short position or option position except for ETFs/ETNs. Supervised Persons may not sell a security short if it is currently held long in a client account. This prohibition includes writing naked call options, or buying naked put options. Approval is determined based on the underlying security and transactions are subject to all blackout policies including the short-term profit prohibition. Short positions on ETFs/ETNs do not require pre-clearance and are not subject to the blackout periods or a 30-day holding period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.**  **<u>Gifts of Securities</u>** 

Gifts of securities do not need pre-clearance but must be reported on quarterly transaction and annual holdings statements.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Single-Stock ETFs** 

Mandatory written/electronic pre-clearance prior to investing in any single-stock ETFs. Exemptions under Section 6.B.2. will not apply to single-stock ETFs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **HOLDING PERIODS** 

Unless otherwise noted, the following provisions apply to all Covered Securities beneficially owned by Supervised Persons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Supervised Persons may not profit from the purchase and sale, or sale and purchase, of the same (or equivalent)
securities within 30 calendar days. "Equivalent" security means any option, warrant, convertible security, stock appreciation right, or similar right with an exercise or conversion privilege at a price related to the subject security or
similar securities with a value derived from the value of the subject security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Multiple purchases/sales of the same or equivalent security will be considered on a First-In-First-Out ("FIFO") basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Closing transactions resulting in a loss may be made after a holding period of one day. Note that pre-clearance is still required for transactions that do not meet the de minimis exemption under Section 6.B.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Trading of a security in both directions (buy/sell or sell/buy), ("Day Trading") is prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **BLACK OUT PERIODS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. No Supervised Persons shall purchase or sell any Covered Security for which an open order currently exists in a
client portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Investment Personnel are prohibited from purchasing or selling any Covered Security for which they have
responsibility for a Client Transaction or should have knowledge that the security may be under active consideration 3 days before a "Client Transaction." Transactions are allowed on the third day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Supervised Persons are prohibited from purchasing or selling any Covered Security that is also held in client
accounts 3 calendar days after a "Client Transaction." Employee trades are allowed on the third day.

"Client Transaction" is generally defined as any trade across all or a significant number of portfolios in one strategy whereby the Covered Security: 1) has been newly established, or 2) the percent holding has been increased or decreased, 3) or a new account is being funded and a significant position, as determined by Boston Partners, is being established.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **EXEMPT TRANSACTIONS** 

Outlined below are certain exemptions to the Code; however, such exemptions may be withheld by Boston Partners in its sole discretion. Additional exemptions may be permitted on a case-by-case basis to any provision in this Code when the circumstances of the situation strongly support an exemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.**  **<u>Black Out Period Exemptions</u>** 

Covered Security transactions for which a Supervised Person has requested and received preclearance from the CD will not be deemed to have violated any blackout period in Section 5 based upon subsequent information or events unless the Supervised Person is the Portfolio Manager or other Investment Person directly responsible for recommending, approving/initiating, or executing the client transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.**  **<u>Pre-Clearance and Black Out Period Exemptions</u>** 

The following transactions are exempt from the Pre-Clearance provisions as defined in Section 3 and from the Black Out Period provisions as defined in Section 5.

These transactions are **<u>NOT</u>** exempt from Holding Period provisions as defined in Section 4 or from the Reporting provisions as defined in Section 7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Purchases and Sales of shares of mutual funds advised or sub-advised by Boston Partners or its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Purchases and sales involving a <u>long\*</u> position in a common stock, exchange-traded fund, or a closed end fund when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) the market cap is in excess of $3 billion; AND

ii) the aggregate share amount executed across all accounts in which the Employee has a Beneficial Interest is 1,000 shares or fewer over a 30-day period. 

**\*** **Note, this exemption does not apply to single-stock ETFs, short positions or options.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Purchases and sales of Corporate Bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.**  **<u>Pre-Clearance, Holding, and Black Out Period, Period Exemptions</u>** 

The following transactions are exempt from all Pre-Clearance provisions defined in Section 3, Holding Period provisions as defined in Section 4, and Black Out Period provisions as defined in Section 5.

These transactions are **<u>NOT</u>** exempt from the Reporting provisions as defined in Section 7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Covered Security transactions executed on a fully discretionary basis by a Registered Investment Adviser (other
than Boston Partners) on behalf of a Supervised Person and a letter stating such is maintained in the file;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** Purchases and sales of Exchange traded funds ("ETFs") / Exchange traded notes ("ETN")
or options on ETFs/ETNs. (\*Exemption applies to 30 days hold for profit, does not apply to prohibition of Day Trading. Day Trading of ETFs/ETNs or options on ETFs/ETNs is prohibited);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Purchases or sales effected in any account over which there is no direct or indirect influence or control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Purchases or sales that are non-volitional such as margin calls, stock
splits, stock dividends, bond maturities, automatic dividend reinvestment plans, mergers, consolidations, spin-offs, or other similar corporate reorganizations or distributions generally applicable to all holders of the same class of securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Systematic investment plans provided the CCO, or designee, has been previously notified of the participation in
the plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Any acquisition of a Covered Security through the exercise of rights issued pro rata to all holders of the
class, to the extent such rights were acquired in the issue (and not through the acquisition of transferable rights);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Transactions by an Investment Person acting as a portfolio manager for an investment limited partnership or
investment company where Boston Partners is the contractual investment adviser and in which the Investment Person has a Beneficial Interest or for or any account in which Boston Partners has a proprietary interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **REPORTING REQUIREMENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.**  **<u>Quarterly Transaction Reports</u>** 

All Supervised Persons must submit to the CD a report of every Covered Security transaction, IPO, private limited opportunity investment, and gift of covered securities in which they received/participated or in which they beneficially owned/participated during the calendar quarter no later than 30 days after the end of that quarter.

The report shall include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The name of the security, the date of the transaction, the interest rate and maturity (if applicable), the
number of shares, and the principal amount of each Covered Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The nature of the transaction (i.e., purchase, sale or other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The price at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The name of the broker, dealer, or bank through which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. With respect to any account established by an Access Person during the quarter, the name of the broker, dealer,
or bank with whom the account was established;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The date the report was submitted.

**<u>ACCOUNTS HELD AT DESIGNATED BROKER/DEALERS EXCEPTION</u>**

For securities transactions for which the CD has direct access through a Designated Broker/Dealer electronic confirmation, such electronic access is deemed to be sufficient reporting to comply with the above requirement although a quarterly certification of completeness is still required. Each Supervised Person must verify that the CD has this required access prior to taking advantage of this exception.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.**  **<u>Initial Holdings Report</u>** 

All Access Persons shall disclose to the CD, no later than 10 days after becoming an Access Person, a listing of Covered Securities in which the Access Person has a Beneficial Interest as of a date no more than 45 days before the report is submitted.

The report shall include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The name of the security, the number of shares, and the principal amount of each Covered Security in which the
Access Person had any direct or indirect Beneficial Interest when the person became an Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The name of any broker, dealer, or bank with whom the Access Person maintained an account in which any
securities are held for the direct or indirect benefit of the Access Person as of the date the person became an Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The date the report is submitted.

The CD will review all Initial Holdings Reports in an effort to monitor potential conflicts of interest and to understand the full nature of the Access Person's current holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.**  **<u>Annual Holdings Reports</u>** 

Annually, on a date determined by the CD, Access Persons shall deliver to the CD, a listing of Covered Securities in which the Access Person has a Beneficial Interest that must be current as of a date no more than 45 days before the report is submitted.

The report shall include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The name of the security, the number of shares, and the principal amount of each Covered Security in which the
Access Person had any direct or indirect Beneficial Interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The name of any broker, dealer, or bank with whom the Access Person maintains an account in which any
securities are held for the direct or indirect benefit of the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The date the report is submitted.

The CD will review all Annual Holdings Reports in an effort to monitor potential conflicts of interest and to understand the full nature of the Access Person's current holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **RESTRICTED SECURITIES LIST** 

The CD maintains a Restricted Security List (the "Restricted List") which includes all securities where a Supervised Person has, or is in a position to receive, material non-public information about a company, such as information about a company's earnings or dividends, as a result of a special relationship between Boston Partners or a Supervised Person and the company.

If a Supervised Person knows or believes they have material, non-public information, they must immediately notify Legal or the CD. The decision whether to place a security on the Restricted List and the amount of time a security will remain on the Restricted List shall be made by Legal.

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If it is determined that the Supervised Person is in possession of material, non-public information, the CD will establish a "Protective Wall" around the Supervised Person, to the extent reasonably possible. In order to avoid inadvertently imposing greater restrictions on trading than are necessary, a Supervised Person may not discuss this information with anyone without the approval of Legal. In addition, Supervised Persons having access to the Restricted List are to be reminded that the securities on the list are confidential and proprietary and should not be disclosed to anyone without the prior approval of Legal.

When a pre-clearance request is received from a Supervised Persons in a security on the Restricted List, ComplySci will automatically deny the request. The CD maintains procedures for adding securities to the Restricted List as well as monitoring and removal of those securities from the list.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **TRADING ACTIVITY REVIEW** 

Supervised Persons are expected to devote their full time and attention to their work responsibilities. Boston Partners may take steps to curtail an individual's trading activity if, in the judgment of the appropriate department manager or the CD, the Supervised Person's trading activity is having or may have an adverse impact on their job performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.**  **<u>INSIDER TRADING AND MATERIAL NON-PUBLIC INFORMATION</u>** 

Boston Partners has developed the following policies to monitor, restrict if necessary, and educate Supervised Persons with respect to acquiring and investing when in possession of material, non-public information.

Insider trading is generally defined as purchasing or selling securities while in the possession of material, non-public information in violation of a duty not to trade. However, if no duty exists, it is permissible to trade when in possession of this information. The question of duty is complex and depends on facts and circumstances. Situations which could require a fiduciary duty not to act include but are not limited to: information gained directly from corporate insiders or temporary insiders (i.e. officers, directors and employees of a company), information gained from participation on formal or informal creditors' committees, and information prohibited from disclosure by confidentiality agreements. Additionally, a misappropriation theory exists whereby an individual who possesses inside information would be prohibited from trading on such information if they are found to owe a duty to a third party and not the corporation whose securities are being traded. You must refer any questions to Legal for a correct interpretation if you believe you may be in possession of material non-public information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**  **<u>What is Material Information?</u>** 

There is no statutory definition of material information. Information an investor would find useful in deciding whether or when to buy or sell a security is generally material. In most instances, any non-public information that, if announced, could affect the price of the security should be considered to be material information. If you are not sure whether non-public information is material, you must consult Legal.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.**  **<u>What is Non-public Information?</u>** 

Non-public information is information that is not generally available to the investing public. Information is public if it is generally available through the media or disclosed in public documents such as corporate filings with the SEC. If it is disclosed in a national business or financial wire service (such as Dow Jones or Bloomberg), in a national news service (such as AP or Reuters), in a newspaper, magazine, on the television, on the radio or in a publicly disseminated disclosure document (such as a proxy statement, quarterly or annual report, or prospectus), consider the information to be public. If the information is not available in the general media or in a public filing, consider the information to be non-public. If you are uncertain as to whether material information is non-public, you must consult Legal.

While Supervised Persons must be especially alert to sensitive information, you may consider information directly from a company representative to be public information unless you know or have reason to believe that such information is not generally available to the investing public. In addition, information you receive from company representatives during a conference call that is open to the investment community is public. The disclosure of this type of information is covered by SEC Regulation FD. Please contact Legal if you have any questions with regard to this Regulation.

Supervised Persons working on a private securities transaction who receive information from a company representative regarding the transaction or who have knowledge of an affiliate's private equity transactions should treat the information as non-public. The termination or conclusion of the negotiations in many instances will not change the status of that information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.**  **<u>Examples of Material, Non-Public Information</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Material information may be about the issuer itself such as:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information about a company's earnings or dividends, (such as whether they will be increasing or
decreasing);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any merger, acquisition, tender offer, joint venture or similar transaction involving the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• information about a company's physical assets (e.g., an oil discovery, or an environmental problem);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• information about a company's personnel (such as a valuable employee leaving or becoming seriously ill); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• information about a company's financial and/or legal status (e.g., any plans or other developments concerning major litigation, financial restructuring or the issuance or redemption of, or any payments on, any securities).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Information may be material that is not directly about a company, if the information is relevant to that company or its products, business, or assets such as:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information that a company's primary supplier is going to increase dramatically the prices it charges; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• information that a competitor has just developed a product that may cause sales of a company's products to
decrease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Material information may include information about Boston Partners' portfolio management activities such as:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any information that Boston Partners is considering when assessing whether to purchase or sell a security;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any actual purchase or sale decisions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all client holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.**  **<u>Boston Partners' Use of Material, Non-Public Information</u>** 

Supervised Persons may receive or have access to material, non-public information in the course of their work at Boston Partners. Company policy, industry practice and federal and state law establish strict guidelines for the use of material, non-public information. To ensure that Supervised Persons adhere to the applicable laws, Boston Partners has adopted the following policies:

Supervised Persons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may not use material, non-public information about an issuer for
investment purposes to benefit client or proprietary accounts, for personal gain, or share such information with others for their personal benefit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may not pass material, non-public information about an issuer on to
others or recommend that others trade the issuer's securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• must treat as confidential all information defined in Section E, Confidentiality, of this Code and preserve the
confidentiality of such information and disclose it only as defined in that section;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• must consider all client holdings as material, nonpublic information. In addition, if a Supervised Person is
aware that Boston Partners is considering or actually trading any security for any account it manages, the Supervised Person must regard that as material, nonpublic information. While deemed material, nonpublic information, securities which Boston
Partners is considering or actually trading for client accounts may be traded by Boston Partners and are exempt from reporting to Legal, but remain subject to all other confidentiality provisions discussed above in Section E as well as Boston
Partners' Privacy Policy, Selective Disclosure and Disclosing Portfolio Holdings Policy, and Investment Recommendations Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are prohibited from discussing the following when sourcing or analyzing investment ideas with buy-side investment professionals:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disclosing whether or not a particular security is held in client accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disclosing Boston Partners' immediate buy/sell intent with respect to a specific security, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• making consensus buy/sell decisions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for material nonpublic information other than Boston Partners client holdings or transactions must contact Legal
immediately and disclose that they are in possession of material nonpublic information and may not communicate such information to anyone without the advance approval of Legal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.**  **<u>Penalties for Insider Trading</u>** 

Trading securities while in possession of material, nonpublic information or improperly communicating that information to others may expose you to stringent penalties. Criminal sanctions may include a monetary fine and/or imprisonment. The SEC can recover the profits gained or losses avoided through the volatile trading, a penalty of up to three times the illicit windfall and an order permanently barring you from the securities industry. Finally, investors seeking to recover damages for insider trading violations may sue you.

------

Regardless of whether a government inquiry occurs, Boston Partners views seriously any violation of this Policy Statement. Disciplinary sanctions may be imposed on any person committing a violation, including, but not necessarily limited to, censure, suspension, or termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.**  **<u>Monitoring</u>** 

In addition to maintaining a Restricted List, Boston Partners maintains Value Added Investor Procedures to monitor potential conflicts of interest and potential insider trading due to the nature of these relationships. Furthermore, the CD monitors for instances of insider trading which include, but are not limited to, reviews of personal trading activity and email surveillance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.**  **<u>Engagement of Research Consultants</u>** 

No research consultant may be engaged by Boston Partners without the prior approval of the Head of Research and the CCO or his delegate in the CD. An engagement of a research consultant must be undertaken with appropriate safeguards to prevent the transmission of inside information from the consultant to Boston Partners. Any engagement of a research consultant shall be pursuant to a written agreement that shall, at a minimum, (i) impose confidentiality obligations on the consultant, (ii) contain an acknowledgement by the Consultant that Boston Partners is not requesting and does not want to be provided with material non-public information regarding any issuer of securities or information the provision of which would breach any duty, and (iii) contain a covenant by the consultant not to provide any material non-public information to Boston Partners. Prior to approval, the CD shall undertake sufficient due diligence to ensure that the consultant is suitable for retention by Boston Partners, including, in particular, that the consultant has in place reasonable procedures to prevent the transmission to Boston Partners of material nonpublic information. Boston Partners personnel should notify any prospective consultant as soon as reasonably possible at the inception of any discussions about the engagement or services that the consultant may perform for Boston Partners that Boston Partners does not wish to receive any material nonpublic information and requests that the consultant not provide any such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.**  **<u>GIFTS AND ENTERTAINMENT POLICY</u>** 

Supervised Persons or their family members should not offer or accept gifts, favors, entertainment or other things of value that could be viewed as overly generous or aimed at influencing decision-making or making a client feel beholden to the firm or the Supervised Person. The following guidelines will further clarify this general principal. Please refer to *Boston Partners' Gift & Entertainment Policy Supplement* for specific examples and additional guidance.

**DEFINITIONS:** 

***"Gift"*** – anything of value, including, but not limited to gratuities, tokens, objects, clothing, or certificates for anything of value. The definition also includes any meal, tickets or admission to events where the person supplying the meal or event is not present.

***"Entertainment"*** – business meals and events such as sporting events, shows, concerts where the person supplying the meal or event is present.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **GIFTS POLICY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. In a given calendar year, no Supervised Person shall **accept** any Gift(s), in the aggregate, of more than
$100 value from the same person or entity that does business with or on behalf of a client (or any of its portfolios), or any entity that provides a service to Boston Partners. Gifts of greater than $100 value are to be declined or returned in order
not to compromise the reputation of Boston Partners or the individual. Gifts valued at less than $100 and that are considered customary in the industry, are considered appropriate. Further, small, inconsequential gifts, such as gifts received at a
conference that were provided to all attendees, inexpensive promotional items from vendors, and other mementos of the like can be accepted without consequence, as long as they meet the conditions listed above. Additional exemptions may be permitted
on a case-by-case basis when the circumstances of the situation strongly support an exemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. No Supervised Person shall **provide** Gifts of more than $100 value, per person, per year, to existing
clients, prospective clients, or any entity that does business with or on behalf of a client (or any of its portfolios), or any entity that provides a service to Boston Partners. Gifts valued at less than $100 and considered customary in the
industry, are considered appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Generally, a Supervised Person may not accept or provide a Gift of cash or cash equivalent, (such as a gift
card, gift certificate or gift check). Exceptions may be permissible with the approval of a member of Boston Partners' Management Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Supervised Persons are expressly prohibited from soliciting anything of value from a client, or other entity
with which the firm does business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Similarly, Supervised Persons should not agree to provide a Gift that is requested by a client, or other entity
with which the firm does business, (such as concert, sporting event or theater tickets,), except if (1) providing the Gift is permissible under this Policy or (2) if not permissible under this Policy, assisting a client or other entity in
acquiring tickets for which they intend to pay full value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **ENTERTAINMENT POLICY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Supervised Persons may engage in normal and customary business entertainment. Entertainment that is
extraordinary or extravagant, or that does not pertain to business, is not permitted.

Importantly, please note that certain rules and regulations enacted by the client or a regulator of the client may exist which prevent any form of Gifts or Entertainment. You must be cognizant of what each client allows, especially pertaining to public funds, where rules may be very stringent. Prior to providing Entertainment or a Gift to a representative of a public entity, contact the CD to verify interpretation of state or municipal regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **STANDARD OF REASONABLENESS** 

The terms "extraordinary" or "extravagant," "customary in the industry," and "normal and customary" may be subjective. Reasonableness is a standard that may vary depending on the facts and circumstances. If you have questions regarding a gift or entertainment, contact your supervisor, or Legal or the CD.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **RECORDS AND REPORTING** 

Boston Partners must retain records of all Gifts and Entertainment given or received for a period of a minimum of five years. Records of all received Gifts and Entertainment must be logged in ComplySci. Outgoing Gifts and Entertainment are not reported through ComplySci. Records of outgoing Gifts and Entertainment are retained by administration responsible for purchasing and disseminating the Gifts and Entertainment, which are recorded using travel and expense reimbursement forms/systems retained by Boston Partners Finance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.**  **<u>FOREIGN CORRUPT PRACTICES ACT POLICY</u>** 

In addition to Boston Partners internal Code of Ethics, salespersons soliciting in foreign jurisdictions must be aware of compliance with the Foreign Corrupt Practices Act (the "FCPA").

Anti-**bribery Provisions**

The FCPA makes it unlawful to bribe foreign government officials to obtain or retain business.

*<u>5 Elements:</u>* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Who: The law applies to any individual, firm, officer, director, employee or agent of a firm and any
stockholder acting on behalf of a firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Corrupt intent: The person making the payment must have a corrupt intent and the payment must be intended to
induce the recipient to misuse his official position to direct business wrongfully to the payer (or firm.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Payment: Money or anything of value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Recipient: Corrupt payments to a foreign official, a foreign political party or party official, or any
candidate for foreign political office. "Foreign official" means any officer or employee of a foreign government, a public international organization, or any department or agency thereof or any person acting in an official capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Business Purpose Test – Payments made in order to assist the firm in obtaining or retaining business.
Interpreted broadly.

<u>Exception:</u>

Payments to facilitate or expedite performance of a "routine governmental action." Such as: obtaining permits; licenses; or other official documents; processing governmental papers such as visas; providing police protection; mail pick-up and delivery; providing phone service; power and water supply; loading and unloading cargo; protecting perishable products; scheduling inspections.

<u>Procedures:</u>

Gift giving, entertainment and political contribution policies are incorporated in this policy.

Employees may not make payments on behalf of Boston Partners.

In the case of a request for facilitation or other payment by any foreign official, candidate, organization, agency or government or any person acting on their behalf, payment on behalf of Boston Partners requires the review and authorization by both the CFO and CLO.

<u>Violations:</u>

The sanctions for FCPA violations can be significant. Companies and individuals that have committed violations of the FCPA may have to disgorge their ill-gotten gains plus pay prejudgment interest and substantial civil penalties. Companies may also be subject to oversight by an independent consultant.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J.**  **<u>CHARITABLE CONTRIBUTIONS POLICY</u>** 

From time to time, Boston Partners or its Supervised Persons may be asked by a client to make a charitable contribution. To avoid any real or perceived conflict of interests, Boston Partners has adopted the following procedures.

If a contribution is requested by a client, Boston Partners may agree to charitable contributions subject to the following terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The check must be made in Boston Partners' name (not the client or the Supervised Person)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any tax benefit is taken by Boston Partners

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The contribution does not directly benefit the client

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The contribution is not made to satisfy a pledge made by the client

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The contribution must be made payable to the 501c3 charitable organization (otherwise, the contribution may be
subject to LM-10 filing with the DOL). Upon receiving a charitable contribution request from a labor organization or employee, please contact the CD.

Charitable contributions must be pre-approved by your supervisor. Check request records and corresponding payments will be maintained by Boston Partners Finance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**K.**  **<u>POLITICAL CONTRIBUTIONS POLICY</u>** 

From time to time, Boston Partners or its employees may be asked by a client to make political contributions. In addition, Supervised Persons and members of their household, by their own volition, may seek to make individual political contributions. As an investment adviser, Boston Partners is often eligible to manage money on behalf of a state or municipality. To avoid any real or perceived conflict of interests, Boston Partners requires that all personal political contributions, including members of their household, be subject to a preclearance policy.

For the purposes of this policy, political contribution includes a direct payment of money or contribution of goods or services to, purchase of a ticket to and costs of hosting a fundraising event for, a campaign organization, or fund raising work done on behalf of, or to benefit, a political campaign organization or candidate.

Certain contributions, even within your voting jurisdiction, may restrict or prohibit Boston Partners from transacting business with a related public entity. If a Supervised Person or a member of their household exceeds the stated contribution guidelines, Boston Partners is prohibited from providing advisory services for compensation to the effected government entity for two years after the contribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **FIRM CONTRIBUTIONS** 

Boston Partners does not make political contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **INDIVIDUAL CONTRIBUTIONS** 

<u>For all Supervised Persons (including members of the household)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Boston Partners will not reimburse any employee for individual political contributions. In addition, the Boston
Partners' corporate credit card cannot be used to make contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Preclearance is required for all individual contributions to state, municipal and local candidates and
campaigns, whether inside or outside your voting jurisdiction.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Preapproval is required prior to becoming a member of or contributor to any Political Action Committee
("PAC").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Preclearance is not required prior to individual personal contributions to national election campaigns,
national political parties, or candidates for national office such as President of the U.S. or members of the U.S. Senate or House of Representatives unless the candidate is a current state or municipal office holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Under federal laws personal contributions for which preclearance is required will be limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $350 per household per election per year for candidates for whom a supervised person is eligible to vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $150 per household per election per year for candidate for whom a supervised person is not eligible to vote.

Limitations under state or municipals laws may differ.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Coordinating or soliciting contributions or payments to elected officials or any state or local political party
is prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. If a Supervised Person becomes aware that he or she has exceeded the limitations above, he or she shall contact
the CD immediately and the contribution may be required to be returned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. If there is a chance that an individual contribution may cause a conflict of interest with Boston
Partners' business, please consult with the CD.

Political contribution preclearance is effectuated through ComplySci's system. All political contributions, whether subject to pre-clearance or not, must be logged in ComplySci.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**L.**  **<u>OUTSIDE BUSINESS ACTIVITIES</u>** 

A potential conflict of interest exists between a Supervised Person's duties to Boston Partners and its clients when individuals are permitted to engage in outside business activities.

Written requests must be submitted to the Supervised Person's supervisor with a copy to the CD prior to a Supervised Person seeking to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engage in any outside business activity, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accept any position as an officer or director of any corporation, organization, association, or mutual fund.

The written request must contain all the information necessary to review the activity. The request should contain the name of the organization, whether the organization is public or private, profit or non-profit or charitable, the nature of the business, the capacity in which the employee will serve, an identification of any possible conflicts, the term of the contemplated relationships and any compensation to be received. Supervised Persons are prohibited from serving on the boards of directors of publicly traded companies.

The CD, in conjunction with the Supervised Person's supervisor and the Director of Human Resources, will review and/or identify any potential conflicts.

If approved, the CD will provide the Supervised Person with written approval. In addition, if applicable, the CD will ensure that a registered representative's Form U4 is updated with the FINRA. If a resolution to the conflict cannot be reached, the Supervised Person may be asked to terminate either his/her outside employment or his/her position with Boston Partners.

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Finally, upon employment and annually thereafter, Supervised Persons are required to fill out the New Employee/Annual Compliance Acknowledgement Form and accompanying Conflicts Questionnaire ("Questionnaire"). The Questionnaire requests information regarding a Supervised Person's outside business activities. The CD will verify items reported on the Questionnaire against written requests received throughout the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**M.**  **<u>REPORTING VIOLATIONS</u>** 

All Supervised Persons must report violations of this Code promptly to the CD and the General Counsel. Boston Partners is committed to treating all Supervised Persons in a fair and equitable manner.

Individuals are encouraged to voice concerns regarding any personal or professional issue that may impact their ability or Boston Partners' ability to provide a quality product to its clients while operating under the highest standards of integrity. Retaliation against any individual making such a report is prohibited and constitutes a violation of the Code. Any such reports will be treated confidentially to the extent permitted by law and investigated promptly and appropriately. Based on facts and circumstances, the CD may escalate the matter to Boston Partners' Management Committee for resolution. Supervised Persons may make use of Boston Partners' Global Whistle Blowing Policy as summarized in the Employee Handbook.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**N.**  **<u>ANNUAL REVIEWS AND CERTIFICATIONS</u>** 

The CD will review the Code annually and update any provisions and/or attachments which Boston Partners deems require revision.

Upon employment, all Supervised Persons are required to certify that they have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Received a copy of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Read and understand all provisions of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Agreed to comply with all provisions of the Code.

At the time of any material amendments to this Code, all Supervised Persons are required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Certify they have read and understood the amendments to the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Agree to comply with the amendment and all other provisions of the Code.

Annually, all Supervised Persons are required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Certify they have read and understand all provisions of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Agree to comply with all provisions of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**O.**  **<u>MATERIAL VIOLATIONS AND SANCTIONS</u>** 

A material code of ethics violation means a breach of the Code that raises relatively serious issues that suggest the possibility of a violation of the securities laws, particularly Section 17(j) of the Investment Company Act of 1940 and Rule 17j-1 thereunder or Section 206 of the Investment Advisers Act of 1940. The triggering event can vary based on the specific facts and circumstances of a situation, but may include issues such as insider trading, front running, short-term trading, market timing or other circumstances or patterns of incidents or transactions or a series of minor violations which in their aggregate may constitute a serious violation.

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Regardless of whether a government inquiry occurs, Boston Partners views seriously any violation of its Code of Ethics. Disciplinary sanctions may be imposed on any Supervised Persons committing a violation, including, but not necessarily limited to, censure, suspension, monetary penalties, or termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**P.**  **<u>FURTHER INFORMATION</u>** 

Any Supervised Person that has any questions with regard to the applicability of the provisions of this Code, generally or with regard to any attachment referenced herein, should consult Legal or the CD.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Q.**  **<u>RECORDKEEPING</u>** 

Boston Partners shall maintain the following records at its principal offices as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. This Code and any related procedures, and any code of ethics of Boston Partners that has been in effect during
the past five years, shall be maintained in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. A record of any violation of this Code and of any action taken as a result of the violation, to be maintained
in an easily accessible place for at least five years after the end of the fiscal year in which the violation occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. A copy of each report under this Code made by (or duplicate brokerage statements and/or confirmations for the
account of) an Access Person, to be maintained for at least five years after the end of the fiscal year in which the report is made or the information is provided, the first two years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. A copy of each report by the CCO to the Board, to be maintained for at least five years after the end of the
fiscal year in which it is made, the first two years in an easily accessible place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. A record of any decision, and the reasons supporting the decision, to approve an acquisition by a Supervised
Person of securities offered in an Initial Public Offering or in a Limited Offering, to be maintained for at least five years after the end of the fiscal year in which the approval is granted.

## Ex-99.(P)(6)

![LOGO](g466944dsp44.jpg)

**Code of Ethics** 

**Effective March 31, 2025** 

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| |
|:---|
| <sub>1</sub> |
| Information Classification: General |

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**Table of Contents** 

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| | |
|:---|:---|
|  Overview | 3 |
|  [Covered Person Classifications](#ssga_coe466944_2) | 4 |
|  [Code of Ethics Rule Summary](#ssga_coe466944_3) | 5 |
|  [Statement of General Fiduciary Principles](#ssga_coe466944_4) | 6 |
|  [Related Policies and Procedures](#ssga_coe466944_5) | 6 |
|  [General Requirements](#ssga_coe466944_6) | 7 |
|  [Personal Trading Requirements – Accounts and Holdings](#ssga_coe466944_7) | 8 |
|  [Reportable Accounts Guide](#ssga_coe466944_8) | 10 |
|  [Personal Trading Requirements – Transactions](#ssga_coe466944_9) | 12 |
|  [Exempted Transactions](#ssga_coe466944_10) | 15 |
|  [Pre-Clearance](#ssga_coe466944_11) | 16 |
|  [Personal Trading Requirements – Pre-Clearance](#ssga_coe466944_12) | 16 |
|  [Administration and Enforcement of the Code of Ethics](#ssga_coe466944_13) | 20 |
|  **Appendices** |  |
|  [Appendix A – Terms and Definitions](#ssga_coe466944_14) | 21 |
|  [Appendix B – Beneficial Ownership of Accounts and Securities](#ssga_coe466944_15) | 23 |
|  [Appendix C – Guide: Requirements by Security Types](#ssga_coe466944_16) | 25 |
|  [Appendix D – Country Specific Requirements](#ssga_coe466944_17) | 27 |
|  [Appendix E – Contacts](#ssga_coe466944_18) | 28 |
|  [Appendix F – Code of Ethics Reporting Requirements](#ssga_coe466944_19) | 29 |
|  [Appendix G – Code of Ethics FAQs](#ssga_coe466944_20) | 30 |

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| <sub>2</sub> |
| Information Classification: General |

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**The Purpose of this Code of Ethics** 

State Street Global Advisors+ (the "Firm") will not tolerate misuse of information made available to us for the purpose of making investment decisions or providing advice to our clients. To do so would be a breach of trust that our clients place in us and may also breach securities laws.

**What is the Code of Ethics?** 

The State Street Global Advisors Code of Ethics (the "Code") is designed to promote compliance with regulations that apply to our business and to ensure Firm personnel meet expected standards of conduct. The Code is supplemental to the State Street Standard of Conduct, and Firm personnel are required to comply with both.

In certain countries outside the US, local laws, regulations or customs may impose additional requirements. **Personnel located in countries outside the US must also refer to Appendix D for information on those additional requirements.**

The Conduct Risk Management Office administers this Code in coordination with State Street Global Advisors' Chief Compliance Officer ("CCO"). 

**Questions about the Code?** 

Contact the Conduct Risk Management Office**:**

<u>**ethics@statestreet.com**</u>

**Definitions for some of the terms used in this Code of Ethics are provided in Appendix A.** 

**Who is subject to the Code of Ethics?** 

The Code of Ethics applies to you if:

• You are a full-time or part-time employee at State Street Global Advisors;

• You are a contingent worker at State Street Global Advisors and have been notified that you are subject to the Code of Ethics;

• You are an officer of the registered investment companies managed\* by SSGA Funds Management, Inc. ("SSGA FM") who is not employed by the Firm, but is employed by another business unit with access to Firm
data such as non-public information regarding any client's purchase or sale of securities, non-public information regarding any client's portfolio holdings,
or non-public securities recommendations made to clients; or

• The Conduct Risk Management Office has designated you as a person subject to the Code of Ethics.

For the purposes of the remainder of this document, those personnel who are subject the Code of Ethics will be called "Covered Persons".

**Your family members may also be subject to the Code of Ethics.** 

If you are a Covered Person, the requirements of this Code also apply to people related to you, such as spouses, domestic partners, minor children, financial dependents, including adult children and other relatives living in your household if they are financially dependent on you, as well as other persons designated as Covered Persons by the CCO or the Conduct Risk Management Office, or their designee(s). 

+ For purposes of this Code of Ethics, "State Street Global Advisors" refers to all State Street Global Advisors legal entities globally.

\* This excludes registered investment companies for which SSGA FM serves as sub-adviser.

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|:---|
| <sub>3</sub> |
| Information Classification: General |

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**Covered Person Classifications** 

As a Covered Person, you are either an **Access Person**, **Investment Person**, or **Non-Access Person**. Your classification is determined by your access to information. The Conduct Risk Management Office will notify you of your classification. Your classification may change as your responsibilities and access to information change. It is your responsibility to notify the Conduct Risk Management Office if your role or level of access to information changes.

**Access Person** Access Persons are those Covered Persons who:

• as part of their regular functions or duties have access to non-public information about a client's holdings, or a client's previous securities transactions; have
access to non-public information about Firm portfolio holdings; or manage or are managed by employees who execute these functions;

• are officers of the funds; or

• have been designated as Access Persons by the Firm's CCO or the Conduct Risk Management Office.

**Investment Person** Investment Persons are Covered Persons who are involved in or have access to the investment decision-making process, or who have access to information regarding pending securities transactions, or decisions to buy or sell securities on behalf of clients. Investment Persons include those Covered Persons who:

• as part of their regular functions or duties, make investment recommendations or decisions on behalf of client portfolios; participate in making investment recommendations or decisions on behalf of client
portfolios; are responsible for day-to-day management of a client or proprietary fund portfolio; have knowledge of or access to investment decisions under consideration for a client or proprietary fund
portfolio; execute trades on behalf of

client or proprietary fund portfolios; have access to information regarding pending trades; analyze and research securities on behalf of client or proprietary fund portfolios; have access to information regarding pending trade orders for any client or proprietary fund portfolio; have access to or knowledge of changes in investment recommendations; have access to mathematical models used by the Firm as basis for investment strategy for client or proprietary fund portfolios; or manage or are managed by employees who execute those functions; or <br>

• other persons designated as Investment Persons by the Firm's CCO or the Conduct Risk Management Office.

**Examples of Investment Persons** include, but are not limited to, portfolio managers, research analysts, IT and Operations professionals with certain systems access, and Investment Risk personnel.

**Non-Access Persons** are Covered Persons who are not categorized as Access Persons or Investment Persons.

**Unsure what classification applies to you?** 

The Conduct Risk Management Office will notify you of your classification, which is based on your responsibilities and level of access to information at the Firm.

Dual employees may also be subject to the State Street Securities Trading policy and/or the Global Personal Investment Policy.

Contact the Conduct Risk Management Office at <u>ethics@StateStreet.com</u> if you have questions.

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| <sub>4</sub> |
| Information Classification: General |

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**Code of Ethics Rule Summary** 

Refer to the list below to understand which rules apply to you based on your Covered Person Classification. Read the full text of the Code of Ethics to fully understand the requirements and prohibitions, as well as any exceptions to these rules.

**All Covered Persons** 

**Required** 

• Ensure compliance with the Code on the part of your spouse, domestic partner or other Covered Persons [p. 3]

• Comply with applicable securities laws [p. 7]

• Acknowledge the Code of Ethics when you become a Covered Person and annually thereafter [p. 7]

• Report accounts and holdings when you become a Covered Person and annually thereafter [p. 8]

• Report or confirm transactions quarterly [p. 12]

• Maintain accounts at Approved Brokers if required in your region [p. 9]

• Provide duplicate statements and confirmations to the Conduct Risk Management Office [p. 8]

• Report any actual, attempted, or suspected violation of this policy as soon as you are aware of it [p. 7]

• Obtain pre-approval from the Conduct Risk Management Office before
participating in investment clubs [p. 13]

• Contact the Conduct Risk Management Office for any exemption to this Code of Ethics [p. 20]

• Understand if and how the State Street Securities Trading Policy applies to you [p. 15]

**Prohibited** 

• Do not misuse client or proprietary fund information, or State Street proprietary information for personal gain
[p. 14]

• Do not trade excessively [p. 13]

• Do not sell securities short [p. 13]

• Do not trade options or futures on Covered Securities or engage in spread-betting [p. 13] Do not participate in
Initial Public Offerings [p. 13]

**Access Persons** 

**Required** 

• Follow all above rules for Covered Persons

• Pre-Clear trades in Covered Securities [p. 16]

**Prohibited** 

• Do not sell or dispose of positions in Covered Securities for a profit that have been held for less than 60 days
[p. 14] **  

**Investment Persons** 

**Required** 

• Follow all the above rules for Covered Persons and for Access Persons

**Prohibited** 

• Do not personally trade Covered Securities when there is an open order on any trading desk for a client portfolio
or fund for the same or similar security (Open Order Rule) [p. 17]

• Do not personally trade Covered Securities within seven days (before or after) of a trade in the same or
equivalent security in a client portfolio with which you are associated (Blackout Period) [p. 17]

• Research Analysts: Do not personally trade Covered Securities in proximity to a recommendation you have made or
to which you have access (Research Analyst Waiting Period) [p. 18]. This Rule applies regardless of the direction of trade, nature of recommendation, or amount traded.

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| <sub>5</sub> |
| Information Classification: General |

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**Statement of General Fiduciary Principles** 

State Street Global Advisors, its subsidiaries and affiliates, and the officers of the Funds owe a fiduciary duty to their advisory clients (including the Funds) and are subject to certain laws and regulations governing personal securities trading. As a Covered Person, you have an obligation to adhere to the following principles:

• At all times, avoid placing your personal interest ahead of the interests of the clients or Funds of the Firm;

• Avoid actual and potential conflicts of interests between personal activities and the activities of the Firm's clients or Funds;

• Do not misappropriate investment opportunities from clients or Funds;

• Do not employ or engage in any device, scheme, artifice, act, course of business, or manipulative practice to defraud clients or Funds; and

• Do not make untrue or misleading statements that defraud clients or Funds.

As such, your personal financial transactions and related activities, along with those of your family members and other Covered Persons, must be conducted consistently with this Code, including the principles herein, to avoid any actual or potential conflicts of interest with the Firm's clients or funds, or abuse of your position of trust and responsibility.

When making personal investment decisions, you must ensure that you do not violate the letter or the spirit of this Code. We have developed this Code to promote the highest standards of behavior and ensure compliance with applicable laws. The Code sets forth procedures and limitations that govern the personal securities transactions of every Covered Person.

**Related Policies and Procedures** 

All employees of the Firm are required to comply with the following key policies and procedures, which set forth ethical standards required of all Firm personnel. This is not an exhaustive list of State Street or State Street Global Advisors Policies or Procedures to which employees are subject.

**State Street Corporate Policies and Procedures** 

• Standard of Conduct

• Gifts and Entertainment Policy

• Political Contributions and Activities Policy

• Outside Activities Policy

• Conflicts of Interest Policy

• Anti-Corruption and Bribery Policy

• Conduct Standards Policy

• Inside Information Standard

**State Street Global Advisors Policies and Procedures** 

• Inside Information/Information Barriers Policy and Procedure

• Global Conflicts of Interest Procedure

• Anti-Corruption and Bribery Procedure

Note: Policies and related procedures or guidance may be revised from time to time. Employees will find the most up-to-date policies on the intranet.

It is not possible for this Code to address every situation involving the personal trading of Covered Persons. The Conduct Risk Management Office is charged with oversight and interpretation of the Code in a manner considered fair and equitable, in all cases placing the Firm's clients' interests first.

It is not enough to only comply with the technical aspects of the Code – **it is every Covered Person's responsibility to ensure their personal investments do not, in any way, compromise the Firm's fiduciary duty to any client.**

If you are not certain whether it is appropriate to trade, then do not trade. If you are unsure whether a personal investment matter meets the required ethical standard, contact the Conduct Risk Management Office.

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|:---|
| <sub>6</sub> |
| Information Classification: General |

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**Requirements of the Code** 

**General Requirements** 

Applicable to All Covered Persons

**001.** **Comply with Applicable Securities Laws** 

As a Covered Person, you must comply with securities laws and firm-wide policies and procedures, including this Code of Ethics. Securities laws include the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, the Investment Advisers Act of 1940, the Sarbanes-Oxley Act of 2002, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the SEC under these statutes, the Bank Secrecy Act and rules adopted there under by the SEC or the Department of the Treasury. Covered Persons outside the US may be subject to additional country-specific requirements and securities laws, which are included in Appendix D.

**002.** **Report Violations** 

Covered Persons are required to promptly report any violation of the Code, whether their own or another individual's, to the Conduct Risk Management Office. Alternatively, you may contact the Senior Compliance Officer in your region, the CCO, or, to report anonymously, The Speakup Line (see Appendix E for contact information).

Nothing in the Code is intended to or should be understood to prohibit or otherwise discourage certain disclosures of confidential information protected by "whistleblower" laws to appropriate government authorities. State Street will not tolerate any discipline or other retaliation against employees who properly make such legally-protected disclosures.

**Keep in mind** 

Our policies and procedures and the Code of Ethics may be more restrictive than applicable securities laws. 

**003.** **Certify Receipt and Compliance with the Code** 

*Initial Certification (New Covered Person)* 

Within 10 calendar days of becoming subject to the Code, each new Covered Person must certify in writing that they (i) have read, understand, and will comply with the Code, (ii) will promptly report violations or possible violations, and (iii) recognize that an employee conduct issue related to the Code may be grounds for action under the *State Street Conduct Standards Policy.*

*Annual Certification (All Covered Persons)* 

Each Covered Person is required to certify annually in writing that they (i) have read and understand the Code, (ii) have complied with the Code during the course of their association with the Advisor; (iii) will continue to comply with the Code in the future; (iv) will promptly report violations or possible violations, (iv) recognize that an employee conduct issue with the Code may be grounds for action under the *State Street Conduct Standards Policy*.

**Certification Required** 

Covered persons are required to certify to the Code of Ethics <u>within 10 days</u> of becoming subject to the Code of Ethics and on an <u>annual</u> basis.

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|:---|
| <sub>7</sub> |
| Information Classification: General |

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**Personal Trading Requirements – Accounts and Holdings** 

Applicable to All Covered Persons

You must disclose all Reportable Accounts (as defined on page 10) when you become a Covered Person and continue to make accurate and timely account and holding reports. If you are an employee in the US, you must maintain your account(s) with an Approved Broker. Employees in other regions are encouraged to maintain accounts with "Preferred Brokers" where available. All Covered Persons must ensure the Conduct Risk Management Office receives timely and accurate reporting from your broker.

**004.** **File Initial and Annual Holding Reports** 

Covered Persons must file initial and annual holdings reports ("Holdings Reports") in StarCompliance as follows:

a. Content of Holdings Reports

i. The name of any broker, dealer or bank with whom the Covered Person maintained a Reportable Account. Please
note that all Reportable Accounts (see page 10) must be reported in StarCompliance.

ii. The title, number of shares and principal amount of each Covered Security.

b. Timing of Holdings Reports

i. Initial Report – No later than 10 calendar days after becoming a Covered Person. The information must be
current as of a date no more than 45 days prior to the date the Covered Person became an Access Person, Investment Person, or Non-Access Person.

ii. Annual Report – Annually, within 30 calendar days following calendar year end, and the information must
be current as of a date no more than 45 calendar days prior to the date the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

c. Exceptions from Holdings Report Requirements

i. Holdings in securities which are not Covered Securities are not required to be included in Holdings Reports
(please see Appendix C).

Any Reportable Accounts opened during the Covered Person's employment or engagement with the Firm must also be immediately disclosed in StarCompliance regardless of whether there is any activity in the account. Any Reportable Accounts and holdings that become newly associated with a Covered Person through marriage, gift, inheritance, or any other life event, must be disclosed within 30 days of the event.

**005.** **Provide Duplicate Statements and Confirms** 

Each Covered Person is responsible for ensuring the Conduct Risk Management Office receives timely reporting for their Reportable Accounts holdings, (as well as timely reporting for transactions of Covered Securities within the Reportable Account). This applies to any Reportable Accounts (including Fully Managed Accounts) active during the Covered Person's employment or engagement with the Firm. Covered Persons must ensure that on a regular basis the Conduct Risk Management Office or their designee(s) receives account statements (e.g. monthly, quarterly statements) listing all transactions for the reporting period. (See Section 007 – Filing Quarterly Transaction Reports.)

The Covered Person can accomplish this one of two ways:

a. Maintain Reportable Accounts at Approved Brokers (or Preferred Brokers for employees based in non-US jurisdictions, where available). Approved Brokers and Preferred Brokers send electronic feeds to the Conduct Risk Management Office; Covered Persons are not required to provide paper-based reporting for
accounts with Approved Brokers or Preferred Brokers. However, it

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| <sub>8</sub> |
| Information Classification: General |

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is the responsibility of the Covered Person to verify the accuracy of these feeds through Quarterly Transaction Reports and Annual Holdings Reports. Employees in the US, with limited exceptions, are required to maintain their accounts at Approved Brokers. (See Section 006- Maintain Accounts with Approved Brokers.) <br>

b. For accounts not on an electronic feed, the Covered Person must supply the Conduct Risk Management Office with
required duplicate documents. Please see Appendix D for regional requirements.

**006.** **Maintain Accounts with Approved Brokers (US Employees) or Preferred Brokers (Non-US employees)** 

Unless an exemption applies, Covered Persons must maintain accounts with Approved Brokers or Preferred Brokers if required in their region. Please refer to the Personal Securities Trading FAQs on the Conduct Risk Management sharepoint site for regional requirements and for a list of Approved Brokers. The Approved Brokers provide both the holdings and transaction activity in each account through an electronic feed into StarCompliance.

The categorical exemptions to the Approved Broker and Preferred Broker requirement are:

a. Accounts approved by the Conduct Risk Management Office as Fully Managed Accounts (also known as Discretionary
Accounts. See Appendix A.)

b. Accounts that are part of a former employer's retirement plan (such as a 401(k)); or accounts that are
part of a spouse's or other Covered family member's retirement plan at their employer.

c. Employees who are not US citizens and are working in the US on an ex-pat assignment or whose status is non-permanent resident.

d. Securities held in physical form.

e. Securities restricted from transfer.

f. Accounts held by employees, or any Covered Persons, in countries outside the

region where they are currently assigned, which are not eligible for transfer to an Approved or Preferred Broker in that region.

To apply for an exception to maintain an account outside of an Approved Broker, contact the Conduct Risk Management Office at <u>ethics@statestreet.com</u>.

Please see Appendix D for additional regional requirements.

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|:---|
| <sub>9</sub> |
| Information Classification: General |

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**Reportable Accounts Guide** 

To determine whether an account is a Reportable Account, determine who owns or benefits from the account *and* what types of investments the account can hold. If you have a beneficial interest in an account and the account can hold Covered Securities, it is likely a Reportable Account.

**What is a Beneficially Owned Account?** 

A Beneficially Owned Account is:

• An account where the Covered Person enjoys the benefits of ownership (even if title is held in another name); and/or

• An account where the Covered Person, either directly or indirectly, has investment control or the power to vote or influence the transaction decisions of the account.

Generally, an individual is considered to be a beneficial owner of accounts or securities when the individual has or shares direct or indirect pecuniary interest in the accounts or securities. Pecuniary interest means that an individual has the ability to profit, directly or indirectly, or share in any profit from a transaction. Indirect pecuniary interest extends to, but is not limited to:

• Accounts and securities held by immediate family members sharing the same household;

• Securities held in trust (certain restrictions may apply, see Appendix B for more details); and

• A right to acquire Covered Securities through the exercise or conversion of any derivative security, whether or not presently exercisable

**No Reporting Required** 

• Checking and savings accounts holding only cash

• Government-subsidized pension saving products

• Pension Accounts established under the Hong Kong regulation or Singapore Regulation with **no capacity** to invest in Covered Securities

• Savings Plans within the course of company pension schemes which only allow unaffiliated open-end mutual funds

• Educational Savings Plans which only allow unaffiliated open-end mutual funds

• Other Registered Commingled Funds (such as IRC 529 Plans in the US)

**When in doubt, contact the Conduct Risk Management Office e<u>thics@statestreet.com</u>** 

**What are Covered Securities?** 

For a complete list of Covered Securities, see Appendix C. Some of the most common types are listed below.

• Stocks, including State Street Corp. ("STT")

• Exchange-traded funds ("ETFs")

• Exchange-traded notes ("ETNs")

• Open-ended mutual funds advised by the Firm

• Municipal and Corporate bonds

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| <sub>10</sub> |
| Information Classification: General |

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**Do I Have to Report this Account?**![LOGO](g466944dsp00027.jpg)

**Common Reportable Account Types** 

The list of account types below is not all-inclusive. Consult the Conduct Risk Management Office if you have questions about whether an account is a Reportable Account.

• **Brokerage Account** 

All brokerage accounts are reportable, including but not limited to retirement accounts, non-retirement accounts, IRAs, RRSPs, UTMA and UGMA accounts. For further definition see Appendix A.

• **Employee Incentive Awards Deposit Account Provided by the Firm** 

Accounts that are provided to employees into which their Employee Incentive Awards are deposited are reportable.

• **Employee Stock Ownership and Purchase Plans ("ESOPs"/ "ESPPs")** 

• **Employer-sponsored Retirement Plans that invest/hold Covered Securities** 

**Practical Examples of Beneficial Ownership** 

**See Appendix B for a more detailed discussion of Beneficial Ownership. For the purposes of this sidebar, "you" includes you, your spouse or domestic partner, or anyone else in your household who would be covered by the Code of Ethics, as discussed on page 3.** 

**UGMA/UTMA Accounts** 

If you are the custodian of an UGMA/UTMA account for a minor, and one or both of you is a parent of the minor, you are a beneficial owner. If you are the beneficiary of an UGMA/UTMA and are of majority age, you are a beneficial owner.

**Education Accounts** 

If you are the custodian of an Education Savings Account (ESA), or Coverdell IRA, you are a beneficial owner.

**Trusts** 

If you are a trustee or the settlor of the trust who can independently revoke the trust and participate in making investment decisions for the trust, you are a beneficial owner.

If you are a beneficiary of the trust but have no investment control, the account is beneficially owned as of the date the trust is distributed, not before.

**Investment Powers over an Account** 

If you have any form of investment control, such as trading authorization or power of attorney, the account is beneficially owned as of the date you are able to direct or participate in the trading decisions.

Employer-sponsored retirement plans and accounts globally in which the employee/participant invests in or transacts in Covered Securities are reportable. Please see Appendix G "Code of Ethics FAQs" for further clarification on Reportable Retirement Plans.

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| <sub>11</sub> |
| Information Classification: General |

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**Personal Trading Requirements – Transactions** 

Applicable to All Covered Persons

The Code of Ethics requires quarterly reporting of all Covered Transactions and imposes restrictions on certain types of transactions.

**007.** **Filing Quarterly Transaction Reports** 

Each Covered Person is required to submit a quarterly transaction report for and certify to transactions during the calendar quarter in all Covered Securities. Each Covered Person shall also certify that the Reportable Accounts listed in the transaction report are the only Reportable Accounts in which Covered Securities were traded during the quarter for their direct or indirect benefit. For the purposes of this report, transactions in Covered Securities that are effected in Automatic Investment Plans or accounts approved by the Conduct Risk Management Office as Fully Managed Accounts need not be reported.

Covered Persons must file quarterly transaction reports ("Transaction Reports") in StarCompliance

a. Quarterly Transactions Report For Transactions in Covered Securities are reported on a standardized form in
StarCompliance that identifies the date, security, price, volume, amount, and effecting broker of each Covered Security transaction.

b. Quarterly Transactions Report For Newly Established Reportable Accounts reported in StarCompliance Holding ANY
Securities (provided there were transactions during the quarter) include the broker dealer or bank with whom the reportable account is held, the date the account was opened, and the date the report was submitted to the Conduct Risk Management
Office.

c. Timing of Transactions Report: No later than 30 calendar days after the end of the calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

d. Exception from Transactions Report Requirements

i. Transactions effected pursuant to an Automatic Investment Plan as well as transactions in securities that are
not Covered Securities,

ii. Transactions effected in accounts that are not Reportable Accounts are not required to be included in the
Quarterly Transaction Report (please see Appendix C), and

iii. Transactions effected in a previously-approved Fully Managed Account.

e. Confirmation of Trades

i. Employees must confirm their transactions in StarCompliance after execution and before or simultaneously with
their quarterly transaction certification.

ii. If an electronic feed has been set up for broker account (e.g. Fidelity account), the trading data will flow
automatically to StarCompliance overnight, however, it is still the employee's responsibility to maintain accurate data in StarCompliance and it is best practice to check whether electronic feeds were accurate by checking records in
StarCompliance prior to completing a quarterly certification.

f. State Street Employee Incentive Stock Awards

i. STT employee incentive stock awards must be treated as Covered Securities. Employees receiving awards during a
quarter should ensure any awards vested during the quarter are appropriately reflected in their holdings, and

ii. All employees must preclear  **<u>any</u>** transactions in STT (note, STT employee incentive awards are not
subject to the 60 day profit prohibition when they become vested).

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| <sub>12</sub> |
| Information Classification: General |

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**008.** **Excessive Trading** 

Excessive trading may interfere with job performance or compromise the duty that the Firm owes to clients and consequently is not permitted. Levels of personal trading will be monitored by the Conduct Risk Management Office and high levels of personal trading will be reported to senior management. A pattern of excessive trading may lead to action under the *State Street Conduct Standards Policy*.

**009.** **Futures, Options, Contracts for Difference, and Spread Betting** 

Covered Persons are prohibited from buying or selling options and futures on Covered Securities (other than employee stock options). Covered Persons are also prohibited from engaging in Contracts for Difference ("CFDs") and spread betting related to Covered Securities.

**010.** **Shorting of Securities** 

Covered Persons are prohibited from selling securities short.

**011.** **Initial Public Offerings** 

Covered Persons are prohibited from acquiring securities through an allocation by an underwriter of an initial public offering ("IPO"). An exception may be considered for situations where the spouse/domestic partner/partner of a Covered Person ("PACs") is eligible to acquire shares in an IPO of his/her employer with prior written disclosure to and written approval from the Conduct Risk Management Office.

**012.** **Private Transactions** 

Covered Persons must obtain prior written approval from the Conduct Risk Management Office before participating in a Private Placement or any other private securities transaction. To request prior approval, Covered Persons must provide the Conduct Risk Management Office with a completed Private Placement Request form, which is available on StarCompliance.

If the request is approved, the Covered Person must confirm the transaction in StarCompliance, verify the details on the next

Quarterly Transaction Report, and report the holding on the Annual Holdings Report. If the transaction has already been loaded to the Covered Person's Transaction report, the Covered Person must confirm the transaction in the Quarterly Transaction Report.

Covered Persons may not invest in Private Transactions if the opportunity to invest could be considered a favor or gift designed to influence the Covered Person's judgment in the performance of his/her job duties, or as compensation for services rendered to the issuer, or if there are any other potential conflicts of interest with State Street business. In determining whether to grant approval for any investment for a Private Transaction, the Conduct Risk Management Office will consider, among other things, whether it would be possible (and appropriate) to reserve that investment opportunity for one or more of the Firm's clients, as well as whether the opportunity to invest has been offered to the Covered Person as a gift, or as compensation for services rendered.

See Appendix A for definitions.

**013.** **Investment Clubs and Investment Contests** 

Covered Persons must obtain prior written approval from the Conduct Risk Management Office before participating in an Investment Club. If approved, the brokerage account(s) of the Investment Club are subject to the Approved Broker, pre-clearance and reporting requirements of the Code. Sharing research or other proprietary information obtained through employment with State Street with Investment Club participants is prohibited.

Covered Persons are prohibited from direct or indirect participation in an investment contest. These prohibitions extend to the direct or indirect acceptance of payment or offers of payments of compensation, gifts, prizes, or winnings as a result of participation in such activities.

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| <sub>13</sub> |
| Information Classification: General |

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**014.** **Use of the Firm's Proprietary Information** 

The Firm's investment recommendations and other Proprietary Information are for the exclusive use of the Firm and may not be used to inform employees' personal investment decisions. Examples of Proprietary Information include but are not limited to:

• Information about Firm or issuer business strategies, technologies, or ideas;

• client or proprietary transactions;

• changes to recommended portfolio weightings, portfolio composition, or target prices for any security;

• voluntary actions to be taken on any corporate actions;

• research produced by employees of the Firm that could influence client investment decisions, such as employees' recommendations maintained in internal databases ; or

• any other information that may reasonably be expected could influence an investor's decision-making that has not been made public without violation of law or our policies.

The definition of Proprietary Information does not include information that has been made public or comes from a service that broadly disseminates published information, such as Bloomberg. You should always assume that information is confidential, and treat it as such, unless it is clearly indicated otherwise. It is our responsibility to protect Proprietary Information and Confidential Information against unintentional, malicious, or unauthorized disclosure or misuse. Any pattern of personal trading suggesting misuse of proprietary information may be investigated. Any misuse or distribution of information that is proprietary, confidential, or non-public is prohibited.

Applicable to Access Persons and Investment Persons

**015.** **Short-Term Trading** 

All Access Persons and Investment Persons are prohibited from profiting from the purchase and sale (or sale and purchase) of the same or equivalent Covered Security within sixty (60) calendar days. Transactions that result in a profit will be considered an employee conduct issue and may result in action under *the State Street Conduct Standards Policy*. Any profit amount shall be calculated by the Conduct Risk Management Office or their designee(s), the calculation of which shall be binding. The following will not be matched with other purchases and sales for purposes of this provision:

a. Transactions in securities that are not Covered Securities such as money market funds (see Appendix C);

b. Transactions in ETFs, except certain actively-managed SSGA ETFs (see Appendix C);

c. Securities received as a gift or inheritance that cannot be matched to another transaction effected by a
Covered Person within 60 days;

d. Involuntary actions such as vested employer stock awards, dividend reinvestments, or other corporate actions;

e. Cashless exercise of a Covered Person's employer stock options

f. Transactions executed in Fully Managed Accounts that have been approved by the Conduct Risk Management Office;
or

g. Transactions effected through an Automatic Investment Plan, the details of which the Conduct Risk Management
Office has been notified of in advance.

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| <sub>14</sub> |
| Information Classification: General |

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**Exempted Transactions** 

Pre-clearance is **not required** for certain common transactions.

**Automatic Investment Plans** 

*Prior Notification to Conduct Risk Management Office Required*

Purchases or sales that are part of an Automatic Investment Plan where the investment decisions are non-discretionary after the initial selections by the account owner (although the initial selection requires pre-clearance). These include dividend reinvestment plans, payroll and employer contributions to retirement plans, transactions in Employee Stock Ownership Programs ("ESOPs") and similar services. Initiation of an Automatic Investment Plan must be disclosed to the Conduct Risk Management Office in advance.

**Certain Exempt Covered Securities** 

Transaction(s) in Covered Securities for which the Conduct Risk Management Office has determined pre-clearance is not required (see Appendix C).

**Discretionary Accounts (Fully Managed Accounts)** 

*Prior Approval from Ethics Office Required*

Subject to prior approval of the account from the Conduct Risk Management Office, transactions made in a Discretionary Account. An account will not be deemed a Discretionary Account until the Conduct Risk Management Office has approved the account as such.

**Certain Educational Savings Plans** 

Transactions in educational savings plans that only allow unaffiliated open-end mutual funds, unit-investment trusts, or other registered commingled products (such as IRC 529 Plans in the US).

**Involuntary Transactions** 

**Involuntary** purchases or sales such as mandatory tenders, dividend reinvestments, broker disposition of fractional shares, debt maturities. **Voluntary** tenders, transactions executed as a result of a margin call, and other non-mandatory corporate actions are to be pre-cleared, unless the timing of the action is outside the control of the Covered Person, or the Conduct Risk Management Office has determined pre-clearance is not required for a particular voluntary transaction.

**Gifts or Inheritance** 

Covered Securities received via a gift or inheritance, although such Covered Securities must be reported in StarCompliance. Note that pre-clearance is required prior to giving or donating Covered Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**016.** **State Street Securities** 

Each Covered Person must ensure that they have reported any Reportable Account holding State Street securities, and that they have reported in StarCompliance any vested State Street shares acquired through an employee incentive award. During certain trading windows, employees may be permitted to exercise Employee Incentive Awards without being subject to the Blackout and Open Order rules (page 17). **However, these transactions remain subject to the pre-clearance and reporting requirements of the Code at all times**. Employees will be notified when a trading window commences and terminates. During this period, all employees remain subject to the *State Street Global Advisors Inside Information/Information Barrier Policy and Procedure*, as well as the Personal Trading section of the State Street Standard of Conduct.

Additionally, certain employees of the Firm are subject to the State Street Securities Trading Policy ("SSTP") and will be notified of this by the Conduct Risk Management Office. Employees subject to SSTP must also comply with all notifications under that Policy.

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| Information Classification: General |  |

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**Pre-Clearance** 

The Pre-Clearance requirement mitigates the risk of creating actual or perceived conflicts of interest with the trading activities made on behalf of Firm clients. **With limited exceptions, pre-clearance approval is required before you make any personal trades of Covered Securities.**

It applies to all your Reportable Accounts, including those belonging to, or in which, your spouse or other Covered family member has an economic interest or control. (See Appendix B)

It applies to transactions in most types of securities, including transactions in State Street Corp. stock (STT). (See Appendix C)

![LOGO](g466944dsp00032.jpg)

**Personal Trading Requirements – Pre-Clearance** 

Applicable to Access Persons and Investment Persons

You are required to receive pre-clearance approval before trading in any Covered Security, with limited exceptions. This applies to transactions made by your spouse, other Covered family member and/or in any other accounts in which you or they have beneficial ownership or control.

**017.** **Pre-Clearance** 

Access Persons and Investment Persons must request and receive pre-clearance approval prior to effecting a personal transaction in all Covered Securities (see Appendix C).

a. All pre-clearance requests must be made by submitting a Trade Request
for the amount of shares to be transacted in StarCompliance.

b. Pre-clearance is required for donations and/or gifts of securities
made.

Trade requests may be approved or denied at the discretion of the Conduct Risk Management Office, In general, a transaction will be denied if the Covered Security is on any relevant Restricted List or if the Conduct Risk Management Office has reason to believe that the Covered Person has access to relevant information concerning the security or the issuer that is intended for the sole purpose of the Firm or its clients. **If the Covered Person has access to such information, it is the Covered Person's responsibility not to seek pre-clearance nor to trade in the security even if pre-clearance approval has been granted**. For Investment Persons, a transaction may also be denied if the Covered Security is actively being purchased or sold for a client account or account of a Fund, or the Covered Security has been traded within seven days in a portfolio for which they have management discretion.

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**018.** **Restricted List** 

To manage potential conflicts of interest, lists of issuers whose securities (including options and futures) may not be traded are integrated into the pre-clearance approval process. A security that you already own could be placed on a Restricted List at any time. If this happens, you may be unable to sell the security until it is removed from any Restricted List. Employees are not entitled to review any Restricted List.

The contents of any Restricted Lists shall be considered material non-public information and is subject to the considerations of the *Inside Information/Information Barrier Policy and Procedure*.

**019.** **Pre-Clearance Approval** 

Pre-clearance approval granted by the Conduct Risk Management Office is valid only for the same business day the approval is granted and is ineffective on all dates where the relevant Exchange is not open for business. Make note of any expiration time and date displayed on any approved Trade Request. Because approvals are strictly time-limited, place day orders only. "Good-till-cancelled" orders are not permitted, including stop-loss, limit, and stop-limit orders other than day orders. This is a result of the pre-clearance function relying upon point-in-time data in order to have any effect.

Applicable to Investment Persons

**020.** **Open Order Rule** 

Subject to the de minimis transaction threshold (Section 023-De Minimis Transactions), Investment Persons may not trade in a Covered Security, with the exception of ETFs, on any day that the Firm, globally, has a pending buy or sell order in the same Covered Security on any of the trading desk(s) for any client or proprietary fund portfolio until the order is executed or withdrawn (note: Executed trades are considered with regards to the Blackout Period, as outlined below).

**By seeking pre-clearance, you are attesting that you understand that the proposed trade:** 

• Is not influenced by any non-public information that is proprietary or confidential to State Street or to our clients

• Does not create any conflict with State Street's responsibilities to its clients

• Is lawful

If you are not certain whether it is appropriate to trade, then do not trade. Contact the Conduct Risk Management Office at <u>Ethics@StateStreet.com</u> for guidance prior to placing any order to trade.

**021.** **Blackout Period for Investment Persons** 

Subject to the de minimis transaction threshold described below, Investment Persons may not buy or sell a Covered Security for seven calendar days before or after a transaction in the same or equivalent security for a client or proprietary fund portfolio with which they are associated. An employee is considered "associated" with a client or proprietary fund portfolio if they have ability to exercise, or direct, trades for the portfolio.

All Covered Persons are required to avoid placing their personal interest ahead of the interests of the clients of the Firm. Investment Persons associated with portfolios must be particularly careful not to engage in personal trading that calls into question whether they have placed their interests ahead of the interest of their clients. Trading in securities personally in advance of similar trades made by the respective Portfolio may lead to questions about the Covered Person's priorities. In such cases, it will be incumbent upon the Covered Person to demonstrate that the clients' priorities were not subordinated to their own priorities. Similarly, failing to trade in a security for a Portfolio because of a personal trade that has recently been made is also a subordination of client interest. Covered Persons with responsibility for portfolios finding themselves needing to violate the Blackout Period in order to avoid placing their personal interest ahead of the clients' interest must inform the Conduct Risk Management Office. Such violations are subject to action under the State Street Conduct Standards Policy.

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| Information Classification: General |  |

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**022.** **Waiting Period for Research Analysts** 

Research Analysts with access to tools containing proprietary buy or sell recommendations, who receive internal communications regarding buy or sell recommendations, or participate in investment meetings where buy or sell recommendations are discussed, must refrain from trading in securities that are the subject of such recommendations for their personal account if it could reasonably be presumed that such information was relevant to an investment decision. Examples of recommendations that could reasonably be presumed to be relevant to investment decisions on behalf of client portfolios include but are not limited to buy or sell recommendations, internal analyst upgrades or downgrades related to an issuer, changes to recommended portfolio weightings, portfolio composition, or target prices for any security, or recommendations regarding voluntary corporate actions. Examples of information that are not presumed to be relevant to investment decisions include market analyses, economic updates, or financial updates regarding an issuer that do not also include a buy/sell recommendation or ratings analysis. Research Analysts who trade Covered Securities for their personal account should expect heightened monitoring

of such trades. If there is a reason to question whether such trades were made on the basis of confidential or proprietary non-public information, it will be incumbent upon the Covered Person to demonstrate otherwise.

Please see Appendix D for additional regional requirements.

**023.** **De Minimis Transactions** 

De Minimis transactions are subject to the pre-clearance and reporting requirements of the Code, and must follow all holding period and Restricted List requirements of this Code. However, there is a limited exclusion applied for De Minimis transactions in that they are not subject to the Open Order Rule or the Blackout Rule as described above. This exclusion exists because of the breadth and frequency with which securities are being traded across all of the portfolios of the Firm, which would effectively prohibit almost all equity trading by Investment Persons.

A "De Minimis transaction" is a personal trade that meets one of the following conditions: A single transaction in a security with a value equal to or less than US $10,000 (or the local country equivalent) or multiple transactions in a security within a five business day window following the initial trade date (i.e. initial trade date plus five subsequent business days) that have an aggregate value equal to or less than US $10,000.

<u>De Minimis Transaction Examples: (*All values are in US Dollars)*</u>

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|:---|:---|:---|
| **Status** | **Transaction(s)** | **Notes** |
| De minimis | Day One: Buy $10,000 of ABC, Inc. | No subsequent transactions in the following five business days |
| De minimis | Day One: Sell $4,000 of XYZ Corp.<br> Day Two: Sell $3,000 of XYZ Corp.<br> Day Four: Sell $800 of XYZ Corp. | Within five business days, less than $10,000 worth of XYZ Corp. is sold; all transactions in the aggregate are under the de minimis threshold |
| NOT de minimis | Day One: Buy $9,500 of PQR, Inc.<br> Day Three: Buy $1,000 of PQR, Inc. | Day Three transaction is not considered de minimis, as it brings the total for the five business day window after the initial trade date over $10,000 |
| NOT de minimis\* | Day One: Sell $9,000 of Acme Corp.<br> Day Six: Sell $1,500 of Acme Corp. | Day Six transaction is not considered de minimis, as it brings the total for the five business day window following the initial trade date over $10,000 |

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\* Day One is the initial trade date and Day 6 is the fifth business day following the initial trade date.

StarCompliance will calculate whether a transaction meets the De Minimis thresholds and will take this into account when determining whether to approve or deny a personal trade.

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**024.** **Additional Requirements for Fundamental Equity Investment Persons** 

Investment Persons on Fundamental Equity Teams are required to obtain the respective Asset Class CIO's approval before transacting in single name equities and securities that can convert to single name equities for their personal accounts, including but not limited to transactions in stock, preferred stock, warrants, and any security convertible to an equity. This additional preapproval requirement includes the purchase of new positions and purchase of additional shares of existing positions, with the exception of dividend reinvestments and other involuntary corporate actions. With prior approval from the Conduct Risk Management Office, exceptions from the additional preapproval requirement may be allowed for Fully Managed Accounts. Prior approval can also be requested to transact in securities directly through an employer stock plan or employer stock options, or in circumstances of hardship.

Pre-approvals provided by Asset-Class CIOs will be effected after a trade pre-clearance request has been approved in StarCompliance. Upon receipt of the StarCompliance approval email, the employee shall forward the approval to the appropriate CIO and cc GA_Compliance_CIO_CodeReview. The employee shall provide the Asset Class CIO with any relevant information regarding the trade request. The CIO will review the request and "reply all" when approving or denying the request. Employees may not trade if the request has been denied by Conduct Risk Management Office via StarCompliance or by the CIO. Pre-approvals provided by Asset-Class CIOs expire at the same time and date noted on the StarCompliance pre-approval.

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**Administration and Enforcement of the Code** 

The Code of Ethics is administered by the Conduct Risk Management Office and reviewed and approved by State Street Global Advisors' Global Fiduciary and Conduct Committee. Violations of the Code are subject to consideration under the conduct standards framework and the *State Street Conduct Standards Policy.*

**025.** **Distribution of the Code** 

Each new Covered Person will be given a copy of the Code. Each new employee's offer letter will include a statement advising the individual that he/she will be subject to the Code if he/she accepts the offer or employment. If, outside the US due to local employment practices it is necessary to modify this approach, then the offer letters will be revised in accordance with local law.

**026.** **Applicability of the Code of Ethics' Provisions** 

The Conduct Risk Management Office has the discretion to determine that the provisions of the Code do not apply to a specific transaction or activity and may exempt any transaction from one or more trading prohibitions. The Conduct Risk Management Office will review applicable facts and circumstances of such situations, such as specific legal requirements, contractual obligations or financial hardship. Any Covered Person who would like such consideration must submit a request in writing to the Conduct Risk Management Office. Further, all granted exemptions must be in writing.

**027.** **Review of Reports** 

The Conduct Risk Management Office shall review and monitor reports filed by Covered Persons. Covered Persons and their

<sup>1</sup> In the US, recordkeeping requirements for code of ethics are set forth in Rule 17j-1 of the Investment Company Act of 1940 and Rule 204-2 of the Investment Advisers Act of 1940.

supervisors may or may not be notified of the Conduct Risk Management Office's review.

**028.** **Violations and Sanctions** 

Any potential employee conduct issues related to the provisions of the Code may be investigated. If a determination is made that an employee conduct issue occurred, the issue will be addressed under the *State Street Conduct Standards Policy*. Where consistent with applicable law, and among other appropriate sanctions that should be considered, sanctions may include a requirement to disgorge an amount equivalent to profits earned or losses avoided as a result of personal trading made in egregious violation of the Code. Material violations will be reported promptly to the respective Firm Committees, boards of trustees/managers of the Reportable Funds or relevant committees of the boards and, when relevant, impacted clients. Please see Appendix D for additional regional requirements.

**029.** **Amendments and Committee Procedures** 

The Global Fiduciary and Conduct Committee ("the Committee") will review and approve the Code, including appendices and exhibits, and any amendments thereto. The Committee may, from time to time, amend the Code and any appendices and exhibits to the Code to reflect updated business practice or changes in applicable law and regulation. In addition, the Committee, or its designee, shall submit any material amendments to this Code to the respective boards of trustees/managers of the Reportable Funds, or their designee(s), for ratification no later than six months after adoption of the material change.

**030.** **Recordkeeping** 

The Conduct Risk Management Office shall maintain records in accordance with the requirements set forth in applicable securities laws.<sup>1</sup>

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Appendix A

Terms and Definitions

These definitions are designed to help you, as a Covered Person, understand and apply the Code. These definitions are integral and a proper comprehension of them is necessary to comply with the Code.

Please contact the Conduct Risk Management Office (<u>ethics@statestreet.com</u>) if you have any questions.

**Covered Person** employees of the Firm, including full-time and part-time, exempt and non-exempt employees (where applicable); officers of the Funds who are not employed by the Firm; and other such persons as designated by the Conduct Risk Management Office. Covered Person also includes certain designated contingent workers engaged at the Firm, including but not limited to consultants, contractors, and temporary help, as well as an employee of another business unit with access to Firm data such as non-public information regarding any client's purchase or sale of securities, non-public information regarding any client's portfolio holdings, or non-public securities recommendations made to clients (SSGS APAC, corporate functions, etc.).

Covered Persons are subject to the provisions of this Code. The personal trading requirements of the Code also apply to related persons of Covered Persons, such as spouses, domestic partners, minor children, adult children and other relatives living in the Covered Person's household, as well as other persons designated as a Covered Person by the CCO or the Conduct Risk Management Office, or their designee(s).

**Automatic Investment Plan** means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. This includes a dividend reinvestment plan and some payroll or employer contributions to retirement plans.

**Brokerage Account** means an account with a financial institution in which the account owner can hold or trade a wide variety of securities and

exercises brokerage capabilities. Covered Persons should contact their financial institution(s) to verify whether or not their account(s) can hold Covered Securities.

**Covered Securities** are those securities subject to certain provisions of the Code. See Appendix C - Guide: Requirements by Security Types.

**Contract for Difference** ("CFD") a financial derivative, a contract between two parties typically described as "buyer" and "seller", stipulating that the seller will pay to the buyer the difference between the current value of an asset and its value at contract time. If the difference is negative, then the buyer pays instead to the seller. CFD allows investors to take advantage of prices moving up (long positions) or prices moving down (short positions) on underlying financial instruments and are often used to speculate on those markets.

**Employees Incentive Awards** means Firm Performance Equity Plan ("PEP") Awards in State Street Corporation ("STT") stock, Deferred Stock Awards ("DSAs"), Restricted Stock Awards ("RSAs"), STT stock options which are granted to employees, and any other awards that are convertible into or otherwise based on STT common stock.

**Fully Managed Account (also known as Discretionary Account)** means an account Beneficially Owned by you or your Related Persons in which you or your Related Persons have ceded all direct control, influence, and approval, and have contractually assigned responsibility for the timing and nature of all trades and all day-to-day investment management decisions to an independent party. For the purpose of this Policy, the Conduct Risk Management Office is required to approve in advance account arrangements qualifying as Fully Managed Accounts.

**Private Transaction** means a securities offering that is executed outside of a recognized securities exchange. Examples of private transactions include private placements, co-operative investments in real estate, commingled investment vehicles such as hedge funds, investments in family owned or privately held businesses, private company shares, and Initial Coin or Token Offerings promoted by a

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Decentralized Autonomous Organization ("DAO")2 where there is investment in a venture or project for expectation of profit. Time-shares and cooperative investments in real estate used as a primary or secondary residence are not considered to be private placements.

**Reportable Fund** means any commingled investment vehicle (except money market funds), or Exchange Traded Note ("ETN") for which the Firm act as investment advisor, sub-advisor, principal underwriter, or marketing agent.

**Selling Short** is the practice of selling a stock that is not currently owned, while simultaneously borrowing the shares from a lending party and delivering the borrowed shares to the buyer.

**State Street Global Advisors Compliance Department** means all global Firm compliance staff, including those in local offices, in charge of ensuring compliance with the laws and regulations in force worldwide and who report up to the Chief Compliance Officer of the Firm.

**Spread Betting** is any of various types of wagering, such as on sports, financial instruments or house prices for example, on the outcome of an event where the pay-off is based on the accuracy of the wager, rather than a simple "win or lose" outcome. As an example, spread betting on a stock allows the investor to speculate on the price movement of the stock.

<sup>2</sup> A "virtual" organization embodied in computer code and executed on a distributed ledger of blockchain.

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Appendix B

Beneficial Ownership of Accounts and Securities

**A Beneficially Owned Account is:** 

• An account where the Covered Person enjoys the benefits of ownership (even if title is held in another name); and/or

• An account where the Covered Person either directly or indirectly, has investment control or the power to vote or influence the transaction decisions of the account.

The Code's provisions apply to accounts beneficially owned by the Covered Person, as well as accounts under direct or indirect influence or control of the Covered Person.

Generally, an individual is considered to be a beneficial owner of accounts or securities when the individual has or shares direct or indirect pecuniary interest in the accounts or securities. Pecuniary interest means that an individual has the ability to profit, directly or indirectly, or share in any profit from a transaction. Indirect pecuniary interest extends to, but is not limited to:

• Accounts and securities held by immediate family members sharing the same household;

• Securities held in trust (certain restrictions may apply); and

• A right to acquire Covered Securities through the exercise or conversion of any derivative security, whether or not presently exercisable.

Practical Application

**If an adult child is living with his or her parents:** If the child is living in the parents' house, but does not financially support the parent, the parents' accounts and securities are not beneficially owned by the child. If the child works for the Firm and does not financially support the parents, accounts and securities owned by the parents are not subject to the Code, with the exception of UGMA/UTMA, or similar types of accounts, which are legally owned by the child. If one or both parents work for the Firm, and the child is supported by the parent(s), the child's accounts and securities are subject to the Code because the parent(s) is a beneficial owner of the child's accounts and securities.

**Co-habitation (domestic partnership or PACS):** Domestic partnerships or PACS are generally considered to be permanent, committed arrangements. Accounts where the Covered Person is a joint owner are subject to the Code. If the Covered Person contributes to the maintenance of the household and the financial support of the partner, the partner's accounts and securities are beneficially owned by the Covered Person and are therefore subject to the Code.

**Co-habitation (roommate):** Generally, roommates are presumed to be temporary and have no beneficial interest in one another's accounts and securities.

**UGMA/UTMA and similar types of accounts:** If the Covered Person or the Covered Person's spouse or other Covered family member is the custodian for a minor child, the account is beneficially owned by the Covered Person. If someone other than the Covered Person, or the Covered Person's spouse or other Covered family member, is the custodian for the Covered Person's minor child, the account is not beneficially owned by the Covered Person. If a Covered Person is the minor/beneficiary of the account, the account is a Reportable Account.

**Transfer on Death accounts ("TOD accounts"):** TOD accounts where the Covered Person receives the interest of the account upon death of the account owner are not beneficially owned by the Covered Person until the account transfer occurs (this particular account registration is not common).

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**Trusts** 

• If the Covered Person is the trustee for an account where the beneficiaries are not immediate family members, the position should be reviewed in light of outside business activity reporting requirements and generally
will be subject to a case-by-case review for Code applicability.

• If the Covered Person is a beneficiary and does not share investment control with a trustee, the Covered Person is not a beneficial owner until the Trust assets are distributed.

• If a Covered Person is a beneficiary and can make investment decisions without consultation with a trustee, the trust is beneficially owned by the Covered Person.

• If the Covered Person is a trustee and a beneficiary, the trust is beneficially owned by the Covered Person.

• If the Covered Person is a trustee, and a family member is beneficiary, then the account is beneficially owned by the Covered Person.

• If the Covered Person is a settler of a revocable trust, the trust is beneficially owned by the Covered Person.

• If the Covered Person's spouse/domestic partner is trustee and beneficiary, a case-by-case review will be performed to determine
applicability of the Code.

**College age children:** If a Covered Person has a child in college and still claims the child as a dependent for tax purposes, the Covered Person is a beneficial owner of the child's accounts and securities.

**Powers of Attorney:** If a Covered Person has been granted durable or conditional power of attorney over an account, the Covered Person is not the beneficial owner of the account until such time as the power of attorney is exercised. If a Covered Person has been granted full power of attorney over an account, the account is a

Reportable Account. Beneficial ownership runs until revocation/termination of the power of attorney.

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Appendix C

Guide: Requirements by Security Types

*This list is not all inclusive and may be updated from time to time. Contact the Conduct Risk Management Office for additional guidance as needed.* 

![LOGO](g466944dsp0041.jpg)

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![LOGO](g466944dsp0042.jpg)

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Appendix D

Country Specific Requirements

All Countries

**Personal Data** 

Refer to the Global Privacy and Personal Data Protection Standard (Standard) for the minimum requirements on how to handle and protect personal data in all jurisdictions in which State Street operates. Also reference the regional addenda to the Standard for any laws of a specific country that may require additional privacy or data protection measures.

Australia

**Additional Blackout Period** 

From time to time the Responsible Entity ("RE") of the Australian domiciled Exchange Traded Funds (ETFs) may determine certain Covered Persons could be in possession of material, non-public information relating to one or more ETFs for which State Street Global Advisors, Australia, Limited is the investment advisor, and request a blackout period covering the securities be implemented, whether due to consideration of Australian Securities Exchange listing rules, the insider trading provisions of the Corporations Act 2001 or similar. Typically this may occur during the two weeks prior to the public announcement of income distributions for an ETF.

Upon receipt of a request from the RE, Compliance will review the request and may initiate a blackout period over the relevant ETFs on such terms as are deemed appropriate. Covered Persons to whom a blackout period applies will be advised of the commencement, duration and other specifics of any such blackout period. Any trading in contravention of the blackout period will be treated as an employee conduct issue.

Japan

**Holding Period** 

Covered Persons in Japan are subject to a minimum holding period of 6 months regardless of whether a transaction would result in the Covered Person realizing a loss or profit. (Section V. B. Short—Term Trading) This requirement applies to equities, equity warrants, convertible bonds and other equity related products, and does not apply to ETFs, mutual funds, and non-convertible bonds.

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Appendix E

Contacts

Questions or Concerns about Policies or Situations:

The Conduct Risk Management Office *(<u>ethics@statestreet.com</u>)* 

Actual or Possible Violations of Policy:

The Conduct Risk Management Office *(<u>ethics@statestreet.com</u>)* 

Speak Up Line

<u>https://secure.ethicspoint.com/domain/media/en/gui/55139/index.html</u>

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Appendix F

Code of Ethics Reporting Requirements

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|:---|:---|:---|:---|
| **Report** | **Frequency** | **Requirements** | **Notes** |
| **Initial Holdings Report** | Once; completed after becoming Covered Person | Disclose all Reportable Accounts and Holdings in StarCompliance (See Page 8) | Remember to set up duplicate statements and confirmations from your broker, if necessary (See 005. Duplicate Statements and Confirms on Page 8). |
| **Annual Holdings Report** | Annually in January | Ensure all holdings in Covered Securities (See Appendix C) are correctly reflected in StarCompliance. This includes updating holdings to account for involuntary transactions that have occurred, such as mergers, stock splits, and other corporate actions. | **You are responsible for ensuring the data in this report is accurate.** If you hold an account at an Approved Broker and holdings data is fed to StarCompliance (See 006. Maintain Accounts with Approved Brokers), you must still review the data on the report for accuracy. |
| **Quarterly Transaction Report** | Quarterly | Ensure all Reportable Transactions for the quarter are correctly reflected in StarCompliance.<br>Transactions in accounts previously approved by the Conduct Risk Management Office as Fully Managed Accounts or Automatic Investment Plans are not Reportable Transactions. | **You are responsible for ensuring the data in this report is accurate.** If you hold an account at an Approved Broker and holdings data is fed to StarCompliance (See 006. Maintain Accounts with Approved Brokers), you must still review the data on the report for accuracy. |
| **Ad Hoc Holdings Report** | Ad hoc<br>*Marriage, new children, inheritance, and financial planning activities may cause accounts and holdings to be opened or associated to you.* | Disclose any newly opened or newly associated Reportable Accounts and Holdings in StarCompliance within 30 days of opening or association. | Remember to set up Duplicate Statements and Confirms (See 005. Duplicate Statements and Confirms on Page 8). |

---

---

| | |
|:---|:---|
|  | 29 |
| Information Classification: General |  |

---

------

Appendix G

Code of Ethics FAQs

The Conduct Risk Management Office has additional FAQ and How-To documents related to using Star and completing required reporting (e.g., Initial and Annual Holdings Reports) available on its sharepoint site.

I work in the United States. Do I have to report my State Street 401(k)?

No, you are not required to disclose your State Street 401(k) at this time unless you have chosen to participate in the linked brokerage account option, in which case the linked brokerage account, and the holdings in the account, do need to be reported. 401(k) and other self-invested workplace pension accounts are reportable where you or your Covered Persons have investment discretion beyond that of allocating a monthly value to a specific risk profile or sector, or selecting from a limited number of pre-selected funds.

However, if you have activated the Brokerage Link feature for your 401(k), you must report that account and ensure that all transactions and holdings are reflected accurately in Quarterly Transaction Reports and Annual Holdings Reports, respectively.

My spouse (or I) has a company- or government-sponsored retirement plan (such as a 401(k) in the US, or a superannuation plan in Australia). How do I determine what accounts, holdings, and transactions must be disclosed and pre-cleared?

*Due to the wide variety of plans available globally, it's important to check with the Conduct Risk Management Office if you have any questions about how this applies to you.* 

---

| |
|:---|
| **Accounts**<br>|
| If the account or plan currently holds Covered Securities (see Appendix C), you must disclose the account. |
| Retirement plans usually have a "line up" of available investments from which the account owner can choose; if there is a Covered Security in the lineup of available investments, but you do not currently invest in Covered Securities, you are not required to disclose the account. If at any point, your retirement plan invests in Covered Securities, you must disclose the account, the holdings in Covered Securities, and the Transactions in Covered Securities, as described below. |
| **Holdings**<br>|
| You must disclose any holdings in Covered Securities (see Appendix C). |
| **Transactions** |
| <u>Usually</u>, transactions in a retirement plan you are actively participating in fall under the Automatic Investment Plan definition (see Appendix A) and are treated as such. However, you must pre- clear and disclose any transactions over which you exercised discretion. For example, the following types of transactions must be pre- cleared and disclosed: |
| &nbsp;&nbsp;&nbsp;&nbsp; • A change in future investment allocations in Covered Securities, such as increasing your automatic payroll investment in Security XYX from 15% to 20%. Note: only the initial change must be pre-cleared and reported.<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; • Re-allocating your existing holdings in Covered Securities, such as changing your portfolio from 50% Security XYZ and 50% Security ABC to 75% Security XYZ and 25% Security ABC.<br>|
| If you or your Covered Person are automatically enrolled in a plan with default investment percentages (e.g., 7% of salary) and investment options, any transactions made as a result of your automatic enrollment are not subject to disclosure or pre-clearance. |

---

---

| | |
|:---|:---|
|  | 30 |
| Information Classification: General |  |

---

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![LOGO](g466944dsp047.jpg)

**I have an account with an Approved or Preferred Broker** which feeds my transactions to Star. Can you tell me what I have to do with regards to pre-clearance and reporting whenever I make personal trades?

In order to ensure your trades are properly pre-cleared and reported, make sure that you:

(1) Pre-clear the trade by submitting a Trade Request in StarCompliance.
Trade Requests:

• Must be for the correct security, account, and trade direction (buy vs. sell).

• Must be for at least the amount of shares that you plan on trading. You may always trade **fewer** shares than you were approved for, but you may not trade **more.** 

(2) Are valid only for the day they are approved. Wait for the result (Approved or Denied) from Star before
trading. You'll typically receive the result within seconds on screen and will receive an email with the results. Trade Request approvals are valid only for the day they are approved. Make note of the expiration time and date for any approved
Trade Request.

(3) Ensure your transactions are accurately reflected in Star.

• You are **required** to do this on a quarterly basis (known as the Quarterly Transactions Report), but many people find it easier to compare their transactions in Star with their broker's records (e.g., a
statement or trade confirmations) more frequently.

• When you submit your Quarterly Transactions Report, it must accurately reflect all Reportable Transactions for the quarter.

• The Approved Broker feeds are tools to help keep accurate records in Star; you are responsible for the accuracy of the data in your Code of Ethics reports.

**My account is not with an Approved Broker.** Can you tell me what I have to do with regards to pre-clearance and reporting whenever I make personal trades?

In order to ensure your trades are properly pre-cleared and reported, make sure that you:

(1) Pre-clear the trade by submitting a Trade Request in StarCompliance.
Trade Requests:

• Must be for the correct security, account, and trade direction (buy vs. sell).

• Must be for at least the amount of shares that you plan on trading. You may always trade **fewer** shares than you were approved for, but you may not trade **more.** 

• Are valid only for the day they are approved.

(2) Wait for the result (Approved or Denied) from Star before trading. You'll typically receive the result
within seconds on screen and will receive an email with the results. Trade Request approvals are valid only for the day they are approved. Make note of any expiration time and date for any approved Trade Request.

(3) Ensure your transactions are accurately reflected in Star.

• You are **required** to do this on a quarterly basis (known as the Quarterly Transactions Report), but many people find it easier to use the StarCompliance "Execute" function after they trade. The <u>StarCompliance User Guide</u> on the Conduct Risk Management sharepoint site provides step-by-step instructions.

• When you submit your Quarterly Transactions Report, it must accurately reflect all Reportable Transactions for the quarter.

---

| | |
|:---|:---|
|  | 31 |
| Information Classification: General |  |

---

## Ex-99.(P)(7)

**T. ROWE PRICE GROUP, INC. AND ITS SUBSIDIARIES** 

**T. ROWE PRICE MUTUAL FUNDS** 

**T. ROWE PRICE EXCHANGE-TRADED FUNDS** 

**CODE OF ETHICS AND PERSONAL TRANSACTIONS POLICY** 

**July 1, 2025** 

**Table of Contents** 

---

| | | |
|:---|:---|:---|
| **I.** | **INTRODUCTION** | **2** |
| **II.** | **STANDARDS OF BUSINESS CONDUCT** | **3** |
| **III.** | **REPORTING REQUIREMENTS** | **5** |
| A. | Initial Disclosure of Existing Accounts | 5 |
| B. | New Accounts | 5 |
| C. | Transaction Reporting | 5 |
| D. | Exceptions to the Reporting Requirements | 6 |
| **IV.** | **PRE-CLEARANCE AND HOLDING PERIOD REQUIREMENTS** | **6** |
| A. | Pre-clearance Requirements for all Associates | 6 |
| B. | Pre-clearance Requirements for Access Persons | 7 |
| C. | Pre-clearance for Private Placements: | 7 |
| D. | Holding Period Requirements | 7 |
| E. | Exceptions to the Pre-Clearance Requirement | 8 |
| **V.** | **OTHER PROVISIONS RELATING TO PERSONAL TRANSACTIONS** | **8** |
| A. | Limit Orders | 8 |
| B. | Transacting in TRPG Securities | 8 |
| C. | Transacting in ETFs | 8 |
| D. | Initial Public Offerings ("IPOs") | 9 |
| E. | Options and Futures | 9 |
| F. | Participation in Investment Clubs | 9 |
| **VI.** | **PERSONAL TRANSACTIONS RESTRICTIONS** | **10** |
| **VII.** | **CERTIFICATION REQUIREMENTS** | **10** |
| A. | Initial Holdings | 11 |
| B. | Annual Compliance Certification | 11 |
| C. | Reporting of One – Half of One Percent Ownership | 12 |
| VIII. | ROLES AND RESPONSIBILITIES | 12 |
| **IX.** | **VIOLATIONS AND SANCTIONS** | **13** |
| **X.** | **EXCEPTIONS AND INTERPRETATIONS** | **14** |
| **XI.** | **DEFINED TERMS** | **14** |
| **Provisions Applicable to Independent Directors** | **Provisions Applicable to Independent Directors** | **18** |
| **Pre-clearance and Reporting Matrix** | **Pre-clearance and Reporting Matrix** | **23** |

---

------

**T. ROWE RICE GROUP, INC. AND ITS SUBSIDIARIES** 

**T. ROWE PRICE MUTUAL FUNDS** 

**T. ROWE PRICE EXCHANGE-TRADED FUNDS** 

**CODE OF ETHICS AND PERSONAL TRANSACTIONS POLICY** 

**I.**  **<u>INTRODUCTION</u>** 

This Code of Ethics and Personal Transactions Policy (the "Policy") sets forth the standards of business conduct expected of all:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• officers, directors and employees of T. Rowe Price Group, Inc. ("TRPG") and certain of its
subsidiaries<sup>1</sup> (collectively, "T. Rowe Price") and their Family Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• officers, directors and employees of the Price Funds, the SICAVs, or the Cayman Funds (each as defined below);
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• contingent workers, agency temporary workers, contractors, consultants, and any other personnel who have been
notified that they are subject to this Policy

(collectively referred to as "Associates") in connection with their personal securities transactions.

The Policy is designed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reflect the fiduciary duty of the firm to its clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Address compliance with laws, rules, and regulations applicable to T. Rowe Price's business, including, but
not limited to Rule 204A-1 under the Investment Advisers Act ("Rule 204A-1") and Rule 17j-1 under the Investment
Company Act of 1940 ("Rule 17j-1");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prevent regulatory, business and ethical conflicts as they relate to personal transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Minimize the potential of a transaction or circumstance occurring that a regulatory agency would view as
inconsistent with T. Rowe Price's role as a fiduciary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Avoid situations in which it might appear that any officer, director, employee or other personnel of T. Rowe
Price or the Price Funds had benefited personally at the expense of a client or fund shareholder or taken inappropriate advantage of their fiduciary position; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Detect and prevent the misuse of material, non-public information.

All Associates must comply with the Policy. Certain Associates will be notified by Code Compliance that they have been designated as "Access Persons" and are subject to more restrictive pre-clearance and reporting requirements.

"Access Persons" are defined as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any officer or director of any of the Price Advisers and the Price Funds (except the Independent Directors of the
Price Funds);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any person associated with T. Rowe Price who, in connection with their regular functions or duties:
(i) makes, participates in, obtains or has access to non-public information regarding the purchase or sale of securities by any Price Adviser client; (ii) has access to non-public information regarding the securities holdings of any Price Adviser client; or(iii) makes recommendations with respect to the purchases or sales of securities for a Price Adviser client; or

<sup>1</sup> For the avoidance of doubt, this Policy does not apply to Oak Hill Advisors, L.P and its subsidiaries.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any other person classified as such by Code Compliance.

The Policy has been adopted by T. Rowe Price and its subsidiaries<sup>2</sup>, the Price Funds, T. Rowe Price UK Limited (TRP UK"), the SICAVs, and the Cayman Funds.

The independent directors of TRPG, TRP UK , T. Rowe Price Funds SICAV ("SICAVI"), T. Rowe Price Funds Series II SICAV ("SICAVII"), Select Investments Series III SICAV ("SICAVIII"), T. Rowe Price Funds B SICAV ("SICAVB" and together with the SICAVI, SICAVII, SICAVIII and SICAVB, the "SICAVs"), T. Rowe Price Macro and Absolute Return Strategies Master Fund Ltd and T. Rowe Price Macro and Absolute Return Strategies Offshore Fund Ltd (together the "Cayman Funds") and Price Funds are not subject to all the requirements of the Policy. The requirements of the Policy applicable to independent directors are set forth in <u>Exhibit A.</u>

This Policy and each Associate's adherence to it is meant to satisfy T. Rowe Price's requirements under Rule 204A-1 and Rule 17j-1.

Certain defined terms used in the Policy are set forth in "*Defined Terms."*

**II.**  **<u>STANDARDS</u> <u> </u> <u>OF</u> <u> </u> <u>BUSINESS</u> <u> </u> <u>CONDUCT</u>** 

T. Rowe Price has established a *Code of Conduct* that sets standards expected of all Associates and provides the framework for conducting business in a fair and ethical manner. Consistent with the *Code of Conduct*, T. Rowe Price and each Associate have a fiduciary duty to put client interests first and to always act in the clients' best interests. Associates must comply with applicable legal requirements, securities laws, the Code of Conduct and related policies and procedures.

**Conflicts of Interest** 

The *Code of Conduct* states that conflicts of interest may arise between clients, between clients and T. Rowe Price, between clients and Associates, and among T. Rowe Price's own entities or business divisions. T. Rowe Price takes all reasonable steps to identify and manage conflicts. It is the responsibility of each Associate to disclose all material conflicts and to act in a manner consistent with this Policy. Conflicts or potential conflicts of interest involving an Associate's behavior may arise through, among other activities, an Associate's personal securities transactions, outside business activities, political contributions and activities and the exchange of gifts and business entertainment.

*Personal securities transactions.* An Associate's personal securities transactions may present an actual, potential or apparent conflict or other risk that could harm T. Rowe Price, its shareholders or its clients. For T. Rowe Price to identify and manage these conflicts and risks, Associates must disclose their personal brokerage accounts and holdings, disclose and receive approval for any trading accounts subject to this Policy and conduct approved securities transactions in accordance with the requirements of this Policy.

<sup>2</sup> For the avoidance of doubt, this Policy does not apply to Oak Hill Advisors, L.P and its subsidiaries.

------

Associates must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Improperly benefit personally by causing a client to act, or fail to act, in making investment decisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Profit, or cause others to profit, based on their knowledge of completed or contemplated client transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transact on the basis on material, non-public (inside) information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage in personal securities transactions that are in conflict with the interests of clients, the parameters set
by the Policy, or the restrictions imposed by T. Rowe Price restricted lists.

T. Rowe Price maintains lists of issuers for which a Price Adviser or an Associate may be in possession of material, non-public information (the "Restricted Lists"). When an issuer is listed on a Restricted List, personal trading by Access Persons is prohibited.

*Outside business activities.* Associates are expected to put their responsibilities at T. Rowe Price ahead of any other personal business opportunities or second jobs and must avoid any activities, relationships or situations that might conflict with, or appear to conflict with, their duties on behalf of T. Rowe Price. When an Associate is engaged in an approved outside business activity, they must be vigilant about any changes in the arrangement that may present a real or perceived conflict of interest with T. Rowe Price. Refer to the *Global Outside Business Activities Policy* for more information.

*Political contributions and activities.* Associates must obtain prior clearance for their political contributions and activities in support of candidates for political office in the U.S. Political contributions and activities undertaken by Associates must always be lawful and consistent with T. Rowe Price and business unit policies. Associates may not coordinate or solicit third parties to make a contribution or payment to any candidate, officeholder, political party, political action committee, political organization or bond ballot campaign in the U.S. Furthermore, Associates may not do anything indirectly that, if done directly, would violate T. Rowe Price policies or applicable regulation. Refer to the *Global Political Contributions and Activities Policy* for more information.

*Gifts and business entertainment.* Associates may not offer, give, provide, or accept any gift or business entertainment unless such gift or entertainment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Is reasonable and customary under the circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Is not lavish in value, unique in nature, or excessive in frequency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cannot be construed as a bribe, payoff, or kickback to obtain or retain business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Is an appropriate reimbursable business expense; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Does not violate any applicable law or regulation.

Refer to the *Global Gifts and Business Entertainment Policy* for more information.

Associates must contact Code Compliance for guidance if they believe that a perceived or actual conflict arises under any of the activities described above or otherwise.

------

**III.**  **<u>REPORTING</u> <u>REQUIREMENTS</u>** 

Securities accounts are generally defined as accounts that satisfy one of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Associate is a direct or Beneficial Owner of the account; **OR** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Associate Controls or directs securities trading for another person or entity, even if they are not the
Beneficial Owner of the account;

**AND** invest in, or have the ability to invest in, any of the following securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Individual equity securities, including ETFs, and derivatives of these securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fixed income securities and derivatives of these securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reportable Funds.

**A. Initial Disclosure of Existing Accounts** 

All Associates must disclose their securities accounts and the securities accounts of their Family Members (including Fully Discretionary Accounts and any securities accounts holding TRPG securities) maintained with any broker, dealer, investment adviser, bank or other financial institution via myTRPcompliance. Such disclosure must take place within <u>ten calendar days</u> of becoming subject to the Policy, opening or discovering a reportable account.

**B. New Accounts** 

All Associates must obtain prior approval via myTRPcompliance for all new non-T. Rowe Price securities accounts opened while they are associated with the firm. Associates in the U.S. and the U.K. may only open new securities accounts with financial institutions that agree to provide Code Compliance with an automated data feed of the transactions effected in the account (the Approved Broker List). All Associates opening a new securities account with a broker-dealer must inform such firm of their association with a T. Rowe Price-affiliated broker-dealer.

Securities held in securities accounts are generally subject to reporting and <u>may</u> require pre-clearance. Refer to "*Reporting Requirements"* and "*Pre-clearance and Holding Period Requirements"* for details. Code Compliance may, in certain circumstances, grant an exception to the requirements described above. Refer to *"Exceptions and Interpretations"* for more information.

**C. Transaction Reporting** 

All Associates must request broker-dealers, investment advisers, banks, or other financial institutions executing transactions in securities in the Associate's securities accounts to provide: (i) a duplicate trade confirmation with respect to each transaction in a security; and (ii) a copy of all periodic account statements.

<u>If the executing firm provides a trade confirmation directly to Code Compliance via an established</u> <u>automated data feed, no further reporting is needed.</u>

------

If the broker is unable to satisfy transaction reporting through an automated data feed or by delivery of a paper copy of trade confirmations and statements, Associates are required to enter transaction details in myTRPcompliance (as prescribed in Rule 17j-1(d)(1)(ii)) within <u>10 calendar days</u> after the transaction occurred.

A transaction in a Reportable Fund, a spousal payroll deduction plan or a stock split or similar acquisition or disposition must be reported within <u>30 calendar days</u> after the end of the calendar quarter in which the transaction occurred

**D. Exceptions to the Reporting Requirements** 

***Robo Adviser Accounts****.* Accounts held through a robo-adviser platform that invest solely in third party collective investment vehicles that are not advised by T. Rowe Price (such as non-Price ETFs) do not require approval or reporting to Code Compliance. Transactions effected in such accounts do not need to be reported. Questions on whether an account is classified as a robo-adviser should be directed to Code Compliance

***Fully Discretionary Accounts.*** A Fully Discretionary Account is a securities account for which an Associate has completely relinquished decision-making authority to a professional money manager (who is not a Family Member or not otherwise subject to this Policy) and over which the Associate has no direct or indirect influence or Control. When disclosing Fully Discretionary Accounts, Associates must provide Code Compliance with a copy of the investment management agreement (or equivalent).

**IV.**  **<u>PRE-CLEARANCE</u> <u> </u> <u>AND</u> <u> </u> <u>HOLDING PERIOD</u> <u> </u> <u>REQUIREMENTS</u>** 

All Associates must obtain pre-clearance via myTRPcompliance when transacting in TRPG securities. Associates who have been designated as Access Persons must also obtain pre-clearance for other securities transactions, as described in further detail below.

Associates will receive a response via myTRPcompliance indicating whether the request was approved or denied and must refrain from executing the transaction until such response is obtained.

Pre-clearance approval is valid for <u>the day it is received and the following business day</u> (measured from the first business day in the requesting Associate's time zone). Pre-clearance approval for Private Placements is valid for 90 calendar days.

**A. Pre-clearance Requirements for all Associates** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All Associates must request pre-clearance via myTRPcompliance <u>before</u> executing a transaction to sell or transfer TRPG securities (TRPG stock ticker: TROW) from their ESPP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All Associates must request pre-clearance via myTRPcompliance <u>before</u> executing a transaction to purchase, sell, or gift TRPG securities outside of the ESPP.

------

**B. Pre-clearance Requirements for Access Persons** 

Access Persons must request pre-clearance via myTRPcompliance <u>before</u> executing a transaction in any individual stocks, bonds, Private Placements and derivatives of these securities, and Price ETFs for which the Access Person is a Beneficial Owner. Refer to <u>Exhibit B</u> for additional pre-clearance requirements.

**C. Pre-clearance for Private Placements:** 

Access Persons and FINRA -registered representatives must obtain pre-clearance when investing in a Private Placement, including the purchase of limited partnership interests. Along with the Private Placement offering document, the Access Person or FINRA registered representative must provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name, location and a brief description of the private issuer/company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The amount of investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The desired date of investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If applicable, the percentage of the Access Person's ownership in the private issuer/company after
investment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The source (name and relationship to Access Person) that introduced the investment opportunity to the Access
Person.

An Access Person or FINRA-registered representative who has invested in a Private Placement and who later anticipates participating in a Price Adviser's investment decision regarding the purchase or sale of securities of the issuer of that Private Placement on behalf of any Price Adviser client, must immediately disclose their investment to the Chairperson of the Ethics Committee, or their designee and to the Chairperson of the appropriate Investments steering committee.

**D. Holding Period Requirements** 

A 60-day holding period applies to securities and transactions requiring pre-clearance. Access Persons are not permitted to: (i) sell shares of an issuer if they have purchased shares of the same issuer for a lesser price during the previous 60 calendar days; or (ii) buy shares to cover a short position when the short position was entered in the previous 60 calendar days, if covering the position for a lesser price. Access Persons must check their compliance with the holding period requirement **before** entering into a transaction.

***Holding Period for Associates in Japan.*** Securities acquired by employees of T. Rowe Price Japan, Inc. are subject to a holding period of six months. Refer to *TRP Japan Compliance Manual* for more information.

***Holding Period for the Price Funds.*** Associates must comply with the provisions of the holding restrictions set forth in the prospectus for the applicable Price Fund.

------

**E. Exceptions to the Pre-Clearance Requirement** 

***Fully Discretionary Accounts.*** Transactions in securities held in Fully Discretionary Accounts are not subject to the pre- clearance requirement, except transactions involving TRPG securities, short sales and Private Placements.

Refer to <u>Exhibit B</u> for other exceptions to the pre-clearance requirement.

**V.**  **<u>OTHER</u> <u> </u> <u>PROVISIONS</u> <u> </u> <u>RELATING TO</u> <u> </u> <u>PERSONAL</u> <u>TRANSACTIONS</u>** 

**A. Limit Orders** 

While limit orders are permitted, Access Persons must be careful using "good until cancelled" orders, keeping in mind that pre-clearance is valid for the day it is received and the following business day. Use of "day" limit orders are encouraged.

**B. Transacting in TRPG Securities** 

The following chart is a summary of requirements applicable when Associates transact in TRPG securities:

---

| | |
|:---|:---|
| **Description of Activity** | **Requirement Under the Policy** |
| Executing a transaction to sell or transfer TRPG securities from an Associate's ESPP | &nbsp;&nbsp;&nbsp;&nbsp; • Pre-clearance via myTRPcompliance<br>• Reporting<br>|
| Executing a transaction to purchase, sell, or gift TRPG securities outside of an Associate's ESPP\* | &nbsp;&nbsp;&nbsp;&nbsp; • Pre-clearance via myTRPcompliance<br>• Reporting<br>|
| Giving TRPG securities as a gift (including a gift to a donor advised fund) after holding the stock for at least 60 days | &nbsp;&nbsp;&nbsp;&nbsp; • Pre-clearance via myTRPcompliance<br>• Reporting<br>|
| Applicability of a holding period [not applicable to options or vested shares] | Yes, 60 calendar days |
| Transacting in TRPG during a Blackout Period | **Prohibited** |
| Transacting in options related to TRPG securities (other than stock options granted to Associates) | **Prohibited** |
| Selling TRPG securities short | **Prohibited** |
| Entering into any contract or purchasing any instrument designed to hedge or offset any decrease in the market value of TRPG securities | **Prohibited** |
| Reporting of transactions in TRPG securities to the SEC (applies to Associates subject to Section 16 of the Securities Exchange Act of 1934, as amended) | Transactions must be reported immediately |

---

\* Associates should contact Payroll & Stock Transactions in the event of uncertainty regarding applicability of the pre-clearance requirement.

**C. Transacting in ETFs** 

Following is a summary of requirements applicable when Associates transact in ETFs:

---

| | | |
|:---|:---|:---|
|  | **Access Persons** | **All Other Associates** |
| Pre-clearance (Price ETFs) | Yes | No |
| Pre-clearance (Third-party ETFs) | No | No |

---

------

---

| | | |
|:---|:---|:---|
|  | **Access Persons** | **All Other Associates** |
| Post-trade reporting (Price ETFs) | Yes | Yes |
| Post-trade reporting (Third-party ETFs) | Yes | Yes |
| Subject to the 60-Day Rule (Price ETFs) | Yes | No |
| Subject to the 60-Day Rule (Third-party ETFs) | No | No |
| Able to buy/sell in the primary market (Price ETFs) | No | No |
| Able to buy/sell in the primary market (Third-party ETFs) | Yes | Yes |
| Able to sell short (Price ETFs) | No | No |
| Able to sell short (Third-party ETFs) | Yes | Yes |
| Able to transact in options (Price ETFs) | No | No |
| Able to transact in options (Third-party ETFs) | Yes | Yes |
| Able to transact in inverse/short and narrow Price ETFs\* | No | Yes |
| Able to transact in inverse/short and narrow (Third-party ETFs\*) | No | Yes |
| Able to transact in single-stock ETFs | No | No |

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\* Narrow ETFs include, but are not limited to, those focused on specific industries *(e.g.,* energy, healthcare, financial services, etc.), commodities, currencies, and specific geographical markets (*e.g.,* countries or regions). 

**D. Initial Public Offerings ("IPOs")** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment Personnel and FINRA-registered representatives are prohibited from purchasing securities in an IPO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Persons other than Investment Personnel and FINRA-registered representatives may purchase securities in an
IPO only after receiving pre-clearance via Code Compliance or myTRPcompliance. The 60-day holding period requirement applies to transactions in securities purchased in
an IPO.

**E. Options and Futures** 

The purchase, sale and exercise of options are generally subject to the same restrictions as applicable to securities (*i.e.,* an option should be treated as if it were the common stock). If a transaction in the underlying instrument does not require pre-clearance (*e.g.,* ETFs, national government obligations, unit investment trusts), then an options or futures transaction on the underlying instrument does not require pre-clearance.

Closing (selling to close or buying to close) or exercising an option (for which the underlying instrument is subject to pre-clearance, *e.g*., stock options) requires pre-clearance. Pre-clearance is not required when an Access Person writes (sells) an option and the option is exercised against such Access Person, without any action on their part. Access Persons should be cautious when transacting in options since a client transaction in the underlying security or a restriction associated with the underlying security may prevent an option transaction from being closed or exercised.

**F. Participation in Investment Clubs** 

Associates may form or participate in an investment club. Investment club transactions in TRPG securities are subject to pre-clearance and must be reported along with the Associate's personal transactions activity.

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Access Persons or their Family Members must not form or participate in an investment club without prior written approval from the Chairperson of the Ethics Committee, or their designee. Transactions effected by an investment club in which an Access Person is a member, Beneficial Owner or Controller are subject to the same pre-clearance and reporting requirements as apply to the Access Person's personal trades.

**VI.**  **<u>PERSONAL</u> <u> </u> <u>TRANSACTIONS</u> <u>RESTRICTIONS</u>** 

**Associates must not:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage in personal transactions that are excessive or that compromise the firm's fiduciary duty to clients.
Excessive trading in covered accounts is strongly discouraged. In general, anyone requesting and/or trading covered securities more than 20 times (other than TRP funds) in a month across all their covered accounts should expect additional scrutiny
of their activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Code Compliance monitors trading activity and may send notice to your direct manager regarding the number of
trades and associated details during a given period for further review and potential escalation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Wager, bet or gamble in connection with individual securities, securities indices, currency spreads, or other
similar financial indices or instruments including contracts for difference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Participate in initial coin offerings.

**Access Persons must not:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transact in securities for which orders have been placed by any Price Adviser to purchase or sell the security,
unless certain size or volume parameters<sup>3</sup> as set forth by the Ethics Committee are met.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transact in any security that has been purchased or sold by any Price Adviser client seven calendar days
immediately prior to the date of the Access Person's proposed transaction, unless certain size or volume parameters3 as established by the Ethics Committee are met.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transact in securities issued by broker-dealers, underwriters or SEC-registered investment advisers, unless the entity is traded on an exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transact in securities of issuers on any of the firm's Restricted Lists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transact in securities for which a change in the rating of an issuer has occurred within seven calendar days
immediately prior to the date of the proposed transaction.

**VII.**  **<u>CERTIFICATION</u> <u>REQUIREMENTS</u>** 

In addition to disclosure of their securities accounts (as described in "*Types of Accounts/Account Opening Requirements"),* Associates are required to, among other things, disclose the holdings in such accounts upon becoming subject to the Policy and periodically thereafter.

<sup>3</sup> Transactions involving no more than US $50,000 or the nearest round lot (even if the amount of the transaction marginally exceeds US $50,000) per security per seven calendar day period in securities of (i) issuers with market capitalizations of US $7.5 billion or more, or (ii) U.S. issuers with an average daily trading volume in excess of 750,000 shares over the preceding 90 trading days in the U.S., **<u>unless</u>** the rating on the security has been changed within the seven calendar days immediately prior to the date of the proposed transaction. 

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**A. Initial Holdings** 

<u>All Associates</u> must disclose and certify, via myTRPcompliance, any shares of TRPG securities that they Beneficially Own no later than <u>ten calendar days</u> after they become subject to this Policy.

<u>Access Persons</u> must disclose and certify, via myTRPcompliance, all holdings in the following securities in which they have a Beneficial Interest or Control (the "Initial Holdings Report"**)** no later than <u>ten calendar days</u> after the become subject to the Policy as an Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Individual equity securities, including any derivatives (*e.g.,* options, futures, etc.) of these
securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bonds, including any derivatives of these securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ETFs, including any derivatives of these securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unit investment trusts and listed closed end funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Private Placements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Products (AUTs, ITMs, ETFs, mutual funds, OEICs, 529 portfolios, SICAVs, trusts) advised by a Price Adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Products sub-advised by a Price Adviser.

The Initial Holdings Report must be current as of a date no more than <u>45 days</u> prior to the date the individual becomes an Access Person, and include, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The title, number of shares and principal amount of each security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name of the broker, dealer or bank with whom the Access Person maintains a securities account in which any
securities are for the Access Person's direct or indirect benefit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date the Access Person submits the Initial Holdings Report.

<u>Securities that are not subject to reporting</u> include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bankers' acceptances, bank certificates of deposit and commercial paper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Currency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cryptocurrency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct obligations of the U.S. Government;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment grade, short-term debt instruments, including repurchase agreements (which for these purposes are
repurchase agreements and any instrument that has a maturity at issuance of fewer than 366 days that is rated in one of the two highest categories by a nationally recognized statistical rating organization);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Open end mutual funds, including money market funds, advised by a third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• UCITS advised by a third-party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Variable insurance products that invest in third-party funds.

Refer to <u>Exhibit B</u> for applicable exemptions from the reporting requirement.

**B. Annual Compliance Certification** 

<u>All Associates</u> must certify annually via myTRPcompliance to, among other things, their securities accounts and transactions and compliance with various firm policies (including the Policy).

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<u>Access Persons</u> must certify annually via myTRPcompliance to, among other things, their personal securities holdings, their securities accounts and transactions and compliance with various firm policies (including the Policy).

**C. Reporting of One – Half of One Percent Ownership** 

An Associate owning more than one half of one percent of the total outstanding shares of a public or private company must immediately disclose such information in writing to Code Compliance via Code_of_Ethics@troweprice.com, providing the name of the company and the total number of such company's shares they Beneficially Own.

Refer to <u>Exhibit B</u> for applicable exceptions from the reporting requirement.

**VIII.**  **<u>ROLES</u> <u> </u> <u>AND</u> <u>RESPONSIBILITIES</u>** 

All Associates must attest to receipt and understanding of the Policy: (i) upon becoming subject to it; (ii) on an annual basis; and (iii) whenever material amendments to the Policy are made. In attesting to the Policy, Associates agree to their understanding of the Policy and agree to comply with the requirements of the Policy. See "*Annual Compliance Certification*."

Associates should contact LegalCompliance_EmployeeTrading@TRowePrice.com regarding the applicability, meaning or administration of the Policy, including requests for an exception, <u>in</u> <u>advance</u> of any contemplated transaction.

Code Compliance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Administers and monitors adherence to the Policy, including reviewing disclosures, providing training and
identifying violations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maintains and oversees the maintenance of certain records in accordance with applicable legal and regulatory
requirements.

The Payroll & Stock Transaction Group provides guidance to Associates when they are transacting in TRPG securities.

The Ethics Committee provides oversight of the Policy, including reviewing exceptions and violations. The Ethics Committee also provides a point of escalation for Code Compliance and the Payroll & Stock Transactions Group.

Material changes to the Policy shall be approved by the Board of TRPG, the board of directors of TRP UK and by the board of directors of each Price Fund, including a majority of the Independent Directors of the Price Funds. Approval of any material change to the Policy by the board of directors of the Price Funds shall be obtained within six months after the change is implemented.

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**IX.**  **<u>VIOLATIONS AND</u> <u> </u> <u>SANCTIONS</u>** 

Violations and potential violations of the Policy are typically investigated by Code Compliance or, if necessary, the Ethics Committee. Violations are taken seriously and may result in sanctions or other consequences, including one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A letter of censure or suspension;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disgorgement of profit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A fine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A suspension of trading privileges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consideration in Associate performance review and year-end compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disciplinary action, up to and including, termination of employment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any other sanction as may be determined by the Business Unit in consultation with Human Resources and the Ethics
Committee.

When tracking violations, Code Compliance generally utilizes a rolling two-year look-back period in the administration of the sanctions guidelines set forth below. All violations of the Policy shall be reported to the Board of Directors of TRPG, the Board of Directors of any Price Fund and any other applicable board. As noted above, however, these sanctions are not the exclusive remedy for violations of this Policy.

<u>First Violation</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Associate and manager notification; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Associate required to complete online remedial training course.

<u>Second Violation</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Associate and escalated manager notifications, up to and including, applicable Management Committee member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Associate required to complete online remedial training course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consideration in Associate performance review and year-end compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Associate required to meet with applicable Chief Compliance Officer and Senior Compliance Manager; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Associate fined according to officer or role guidelines.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Associate** | **VP, TRPG** | **VP, TRPG** | **Investment<br>Personnel** | **Investment<br>Personnel** | **Portfolio Manager, Management Committee<br>Member, Direct Report of Management<br>Committee Member** |
|  US $250 | US$ | 750 | US$ | 750 | US$1500 |

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*Subsequent violation(s) may result in disciplinary action, up to and including, termination of employment.* 

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<u>Third Violation</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Associate and escalated manager notifications, up to and including applicable Management Committee member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Chief Executive Officer notification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Associate required to complete online remedial training course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Associate subject to a personal trading prohibition of at least three months;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consideration in Associate performance review and year-end compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disciplinary action, up to and including, termination of employment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Associate fined according to officer or role guidelines.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Associate** | **VP, TRPG** | **VP, TRPG** | **Investment<br>Personnel** | **Investment<br>Personnel** | **Portfolio Manager, Management Committee<br>Member, Direct Report of Management<br>Committee Member** |
|  At least US $500 | At least US $| 2000 | At least US $| 2000 | At least US<br>$5000 |

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<u>More than Three Violations</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Along with the notifications and sanctions listed above for a third violation, evaluation of additional sanctions
to be determined by the Business Unit in consultation with Human Resources and the Ethics Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consideration in Associate performance review and year-end compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Associate subject to an extended personal trading prohibition; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disciplinary action, up to and including, termination of employment.

**X.**  **<u>EXCEPTIONS</u> <u> </u> <u>AND</u> <u> </u> <u>INTERPRETATIONS</u>** 

Code Compliance, in conjunction with the Ethics Committee, may grant an exception from any provision of the Policy, including pre-clearance, other trading restrictions, and certain reporting requirements. Exceptions will be considered on a case-by-case basis if it is determined that the proposed conduct involves no opportunity for abuse and does not conflict with client interests. Exceptions are expected to be rare.

From time to time, situations may arise with respect to certain provisions of this Policy that require interpretation. Associates may submit a written request for clarification or interpretation to Code Compliance (Code_of_Ethics@TRowePrice.com). Any such request for clarification or interpretation should name the account, the Associate's interest in the account, the persons or firms responsible for its management, and the specific facts of the situation. **Associates may not assume that the Policy (or a specific provision of the Policy) is not applicable to their situation.** Code Compliance will provide a response to each properly submitted request for clarification or interpretation. When in doubt, Associates must not proceed with a transaction or course of action until they receive a response from Code Compliance.

**XI.**  **<u>DEFINED</u> <u>TERMS</u>** 

***AUT*** means Australian unit trusts.

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***Beneficial Owner*** means an individual with the opportunity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, to share at any time in any economic interest or profit derived from ownership of or a transaction in a security. An Associate may be deemed to be the Beneficial Owner of securities belonging to others and not registered in their name.

The SEC will presume that a person Beneficially Owns securities held by a Family Member who shares their household or securities held by a trust of which the individual is a beneficiary or a trustee with investment Control.

An individual is not considered to be the Beneficial Owner of a 401(k) account, individual retirement account or a transfer upon death account for which they are solely a named beneficiary, assuming the individual does not reside with the Family Member and does not have the ability to Control and/or direct transactions in such account.

***Blackout Period*** means the period from the second trading day after quarter end (or such other date as management shall determine) through the end of the first trading day following when TRPG's earnings release is filed with the SEC. Quarterly notifications with respect to the Blackout Period are published on the firm's intranet site.

***Control*** means the power to exercise a controlling influence over the management or policies of a company unless such power is solely the result of an official position with such company. Ownership of more than 25% of a company's outstanding voting securities is presumed to give the holder thereof Control over the company.

***ESPP*** means the T. Rowe Price Group, Inc. Employee Stock Purchase Plan.

***ETF*** means exchange traded fund.

***Exchange traded fund or ETF*** means an investment fund that is traded on a stock exchange.

***Family Member*** means the Associate's spouse, domestic partner, parent, stepparent, child, stepchild, sibling, grandparent, or in-law (including mother, father, sister, brother, daughter or son) sharing the same household as the Associate.

***Independent Director of TRPG, TRP UK, the SICAVs, or the Cayman Funds*** means those directors who are neither officers nor employees of TRPG or any of its subsidiaries.

***Investment Personnel*** means an Access Person who, in connection with their regular functions or duties, makes or participates in making, or is closely associated with personnel who make recommendations regarding the purchase or sale of securities by a Price Adviser client.

The term "Investment Personnel" includes, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Individuals who are authorized to make investment decisions or to recommend securities transactions on behalf of
the firm's clients (investment counselors and members of the mutual fund advisory committees);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Research and credit analysts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Traders who assist in the investment process; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Support staff who assist in the investment process.

***Investment Advisers Act*** means the U.S. Investment Advisers Act of 1940, as amended.  ****

***Investment Company Act*** means the U.S. Investment Company Act of 1940, as amended.  ****

***ITM*** means an investment trust management company.

***OEIC*** means open-ended investment company.

***Price Adviser*** means a subsidiary of T. Rowe Price Group, Inc. that is an investment adviser entity registered with the SEC. For the avoidance of doubt, "Price Adviser" does not include Oak Hill Advisors, L.P. and its subsidiaries.

***Price ETFs*** means the T. Rowe Price Exchange-Traded Funds, the family of ETFs advised by a Price Adviser.

***Price Funds*** means any T. Rowe Price-sponsored fund registered under the Investment Company Act, including but not limited to, the T. Rowe Price Mutual Funds and the Price ETFs, and advised by a Price Adviser.

***Price Funds' Independent Directors*** means those directors of the Price Funds who are not deemed to be "interested persons" (as defined in Section 2(a)(19) of the Investment Company Act) of T. Rowe Price Group, Inc. or the Price Funds.

***Private Placement*** means an offering that is exempt from registration by a regulatory authority and sold through a private offering. For purposes of the Policy, investments made: (i) in a small business sourced through family, friends or any other referral source; and (ii) through a crowdfunding site that matches entrepreneurs with investors, through which investors receive an equity stake in the business, are considered Private Placements (*e.g.,* Seedrs, OurCrowd, Crowdcube).

***Reportable Fund*** means any open-end investment company for which any of the Price Advisers serves as an investment adviser. The term Reportable Fund includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Price Funds, including money market funds and the Price ETFs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• UCITs advised by a Price Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SICAVs advised by a Price Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• OEICs advised by a Price Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ITMs advised by a Price Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AUTs advised by a Price Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any fund managed by a Price Adviser through a sub-advised relationship,
including an ETF;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any fund offered through retirement plans (*e.g.,* 401(k) plans) other than the T. Rowe Price U.S.
Retirement Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any fund managed by a Price Adviser that is an investment option offered as part of a variable annuity.

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Code Compliance maintains a list of sub-advised Reportable Funds on the firm's intranet site.

***SEC*** means the U.S. Securities and Exchange Commission.

***SICAV*** means société d'investissement à capital variable.

***T. Rowe Price*** means T. Rowe Price Group, Inc. and its subsidiaries, except Oak Hill Advisors, L.P. and its subsidiaries.

***TRPG Independent Director*** means those directors of TRPG who are neither officers nor employees of TRPG or any of its subsidiaries.

***TRPG*** means T. Rowe Price Group, Inc.

***TRPG securities*** means any security issued by T. Rowe Price Group, Inc.

***UCITs*** means Undertakings for Collective Investments in Transferrable Securities.

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**EXHIBIT A** 

**CODE OF ETHICS AND PERSONAL TRANSACTION POLICY** 

**Provisions Applicable to Independent Directors** 

**I.**  **<u>INTRODUCTION</u>** 

This Exhibit A sets forth the responsibilities of the Independent Directors of TRPG, TRP UK, SICAVs, Cayman Funds and Price Funds under this *<u>Code of Ethics and Personal Transactions</u> Policy.* Defined terms used herein are the same as those used in the Policy.

The Independent Directors are subject to the requirements set forth below.

**II.**  **<u>REQUIREMENTS FOR THE INDEPENDENT DIRECTORS OF TRPG OR ITS SUBSIDIARIES, OTHER THAN TRP UK</u>** 

**Pre-clearance.** The personal securities trades of TRPG Independent Directors are **<u>not</u>** subject to pre-clearance requirements, <u>except for transactions in TRPG securities</u> for which they are the Beneficial Owner. Pre-clearance is also required when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transferring TRPG securities to another person, entity, or trust account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Giving or receiving TRPG securities, including donation transactions into donor-advised funds such as T. Rowe
Price Charitable Foundation.

Pre-clearance is <u>not</u> required when moving shares of TRPG securities between securities firms or to/from individual or joint brokerage accounts.

Requests for pre-clearance must be submitted to the Payroll & Stock Transactions Group. Pre-clearance is effective for <u>the day it is received and the following business day</u> (taking into consideration the time zone), unless the Independent Director: (i) is advised to the contrary by the Payroll & Stock Transaction Group prior to the proposed transaction; or (ii) comes into possession of material, non-public information concerning T. Rowe Price. Any trades not executed within the prescribed timeframe must be re-submitted.

TRPG Independent Directors may not initiate transactions in TRPG securities during the Blackout Period.

**Reporting.** TRPG Independent Directors are not required to report their personal securities transactions (other than transactions in TRPG securities). If, however, the Independent Director has obtained information about a Price Adviser's investment research, recommendations, or transactions, they must not transact in the securities of the issuers about which they have information.

Independent Directors are reminded that changes to information reported in the Annual Questionnaire for Independent Directors must be reported to Corporate Funds and Administration *(e.g.,* changes in holdings of stock of financial institutions or financial institution holding companies).

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**Reporting of Officership, Directorship, General Partnership or Other Managerial Positions Apart from TRPG.** An Independent Director shall report to Code Compliance any officership, directorship, general partnership or other managerial position which they hold with any public, private, or governmental issuer other than TRPG or any of its subsidiaries.

**Reporting of Significant Ownership.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Issuers (other than a non-public investment partnership, pool or fund).* If a TRPG Independent Director owns more than <sup>1</sup>⁄<sub>2</sub> of 1% of the total outstanding shares of a public or private issuer, they must report such ownership in
writing to Code Compliance, providing the name of the issuer and the total number of the issuer's shares Beneficially Owned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Non-public investment partnerships, pools or funds*. If a TRPG
Independent Director owns more than <sup>1</sup>⁄<sub>2</sub> of 1% of the total outstanding shares or units of a non-public investment
partnership, pool or fund over which the Independent Director exercises Control or influence, they must report such ownership in writing to Code Compliance. For non-public investment partnerships, pools or
funds where the Independent Director does not exercise Control or influence, they need not report such ownership to Code Compliance unless and until such ownership exceeds 4% of the total outstanding shares or units of the entity.

**III.**  **<u>REQUIREMENTS FOR THE INDEPENDENT DIRECTORS OF TRP UK, THE</u> <u>SICAVS AND THE CAYMAN FUNDS</u>** 

**TRPG securities.** The Independent Directors of TRP UK, the SICAVs, or the Cayman Funds may not own TRPG securities in any account of which they are the Beneficial Owner.

**Pre-clearance.** The personal securities trades of the Independent Directors of TRP UK, the SICAVs, or the Cayman Funds are not subject to pre-clearance requirements, as long as the Independent Director had no knowledge of trading involving the Price Funds or the funds overseen by TRP UK, SICAVs, or the Cayman Funds.

**Reporting of Officership, Directorship, General Partnership or Other Managerial Positions Apart from TRPG.** An Independent Director of TRP UK, the SICAVs, or the Cayman Funds shall report to Corporate and Funds Administration any officership, directorship, general partnership or other managerial position which they hold with any public, private, or governmental issuer.

**Reporting of Significant Ownership.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Issuers (other than a non-public investment partnership, pool or fund).* If an Independent Director of TRP UK, the SICAVs, or the Cayman Funds owns more than <sup>1</sup>⁄<sub>2</sub> of 1% of the total outstanding shares of a public or private
issuer, they must report such ownership in writing to Corporate and Funds Administration, providing the name of the issuer and the total number of the issuer's shares Beneficially Owned.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Non-public investment partnerships, pools or funds*. If an
Independent Director of TRP UK, the SICAVs, or the Cayman Funds owns more than <sup>1</sup>⁄<sub>2</sub> of 1% of the total outstanding shares or units of a non-public investment partnership, pool or fund over which the Independent Director exercises Control or influence, they must report such ownership in writing to Corporate and Funds Administration. For non-public investment partnerships, pools or funds where the Independent Director does not exercise Control or influence, they need not report such ownership to Corporate and Funds Administration unless and until
such ownership exceeds 4% of the total outstanding shares or units of the entity.

**IV.**  **<u>REQUIREMENTS FOR THE INDEPENDENT DIRECTORS OF PRICE FUNDS</u>** 

**TRPG securities.** The Independent Directors of the Price Funds may not own TRPG securities in any account of which they are the Beneficial Owner.

**Pre-clearance.** The personal securities trades of the Independent Directors of the Price Funds are not subject to pre-clearance requirements, as long as the Independent Director had no knowledge of trading involving the Price Funds.

**Reporting.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Transactions in Publicly Traded Securities.* A Price Funds' Independent Director must report
transactions in publicly-traded securities in which they have Beneficial Ownership.

An Independent Director is not required to report securities transactions in accounts over which they have no direct or indirect influence, such as an account over which they have granted full investment discretion to a financial adviser. The Independent Director should contact Code Compliance to request approval to exempt any such accounts from this reporting requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Transactions in Non-Publicly-Traded Securities*. A Price
Funds' Independent Director is not required to report transactions in securities which are not traded on an exchange, unless the Independent Director knew, or in the ordinary course of fulfilling their official duties as an Independent
Director, should have known that during the <u>15-day period</u> immediately before or after the Independent Director's transaction in such non-publicly-traded security, a Price Adviser purchased, sold or considered purchasing or selling such security for a Price Fund or Price Adviser client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Methods of Reporting.* 

<u>Duplicate Trade Confirmations.</u> A Price Funds' Independent Director may satisfy their obligation to report transactions in securities by arranging for the executing brokers to provide duplicate trade confirmations directly to Code Compliance.

<u>Quarterly Report Requirements</u>. If a Price Funds' Independent Director elects to report their transactions by submitting a quarterly report: (i) the report must be filed with Code Compliance no later than 30 days after the end of the calendar quarter in which the transaction was effected; and (ii) the report must be filed for each quarter, regardless of whether there were any reportable transactions.

------

Among the types of transactions that are commonly <u>not</u> reported through a broker confirmation and may therefore have to be reported directly to T. Rowe Price on a quarterly basis are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Retirement plan account activity that occurs in a Reportable Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• T. Rowe Price-advised products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Incentive plan account activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise of stock options of a corporate employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An inheritance of a security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A gift of a security; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions in certain commodity futures contracts (*e.g.,* financial indices).

A Price Funds' Independent Director must include any transactions listed above, if applicable, in their quarterly reports if they are not included in a duplicate broker confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Reporting of Officership, Directorship, General Partnership or Other Managerial Positions Apart from the Price Funds.* A Price Funds' Independent Director must report to Corporate Funds and Administration any officership, directorship, general partnership or other managerial position which they hold with any public, private or governmental issuer
other than the Price Funds.

**Reporting of Significant Ownership.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Issuers (other than non-public investment partnerships, pools or funds).* If a Price Funds' Independent Director owns more than <sup>1</sup>⁄<sub>2</sub> of 1% of the total outstanding shares of a public or private issuer (other than a non-public investment partnership, pool or fund), they must report such ownership immediately in writing to Code Compliance, providing the name of the issuer and the total number of the issuer's shares
Beneficially Owned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Non-Public Investment Partnerships, Pools or Funds.* If a Price
Funds' Independent Director owns more than <sup>1</sup>⁄<sub>2</sub> of 1% of the total outstanding shares or units of a non-public investment partnership, pool or fund over which they exercise Control or influence, the Independent Director must report such ownership in writing to Code Compliance. For non-public investment partnerships,
pools or funds where the Independent Director does not exercise Control or influence, they need not report such ownership to Code Compliance unless and until such ownership exceeds 4% of the total outstanding shares or units of the entity.

**Prohibitions.** A Price Funds' Independent Director may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchase or sell the shares of a broker-dealer, underwriter or SEC-registered investment adviser unless that entity is traded on an exchange, or the purchase or sale has otherwise been approved by the Price Funds' board; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Knowingly transact with a Price Fund, other than in connection with market transactions effected through
securities exchanges. This prohibition does not preclude the purchase or redemption of shares of any open-end mutual fund or purchase or sale of any shares of a Price ETF that is a client of any Price Adviser.

**Transactions in Price ETFs.** Following is a summary of requirements applicable when Price Funds' Independent Directors transact in Price ETFs:

---

| | |
|:---|:---|
|  | **Independent Directors of Price Funds** |
| Obtain pre-clearance for trades in Price ETFs | No |
| Post-report trades in Price ETFs | Yes |
| Subject to the holding period | No |
| Subject to ad hoc trading restrictions | Yes |
| Ability to buy/sell Price ETFs in the primary market | No |
| Ability to sell short Price ETFs | No |
| Ability to transact in options of the Price ETFs | No |

---

**V.**  **<u>VIOLATIONS</u>** 

**Violations by Independent Directors of TRPG, the Price Funds, TRP UK, the SICAVs, or the Cayman Funds.** Upon discovering a material violation of the Policy by an Independent Director of TRPG, the Price Funds, TRP UK, the SICAVs, or the Cayman Funds, the applicable board of directors will impose such sanctions as it deems appropriate.

------

**EXHIBIT B** 

**CODE OF ETHICS AND PERSONAL TRANSACTIONS POLICY** 

**Pre-clearance and Reporting Matrix** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Access Person<br>Pre-clearance** | **Access Person**<br> **Reporting** | **Associate**<br> **Pre-clearance** | **Associate**<br> **Reporting** |
| **Stocks/Bonds/Derivatives**<br> (Refer to "*Transacting in TRPG Securities"* for specific information relating to trading in TRPG securities) | **Stocks/Bonds/Derivatives**<br> (Refer to "*Transacting in TRPG Securities"* for specific information relating to trading in TRPG securities) | **Stocks/Bonds/Derivatives**<br> (Refer to "*Transacting in TRPG Securities"* for specific information relating to trading in TRPG securities) | **Stocks/Bonds/Derivatives**<br> (Refer to "*Transacting in TRPG Securities"* for specific information relating to trading in TRPG securities) | **Stocks/Bonds/Derivatives**<br> (Refer to "*Transacting in TRPG Securities"* for specific information relating to trading in TRPG securities) |
|  Equity securities | Yes | Yes | No | Yes |
|  Fixed income securities | Yes | Yes | No | Yes |
|  Corporate and Municipal Bonds | Yes | Yes | No | Yes |
|  Derivative instruments | Yes | Yes | No | Yes |
|  Writing an option to purchase or sell a security | Yes | Yes | No | Yes |
|  Subsequent sale of stock obtained by means of the exercise of stock options | Yes | Yes | No | Yes |
|  Exercise of stock option of corporate employer by Access Person's spouse. | No | Yes | No | Yes |
|  Restricted stock plan automatic sales for tax purposes by Access Person's spouse | No | Yes | No | Yes |
| **Collective Investment Products**<br> **(Refer to "*Transacting in ETFs"* for specific information relating to trading in ETFs)** | **Collective Investment Products**<br> **(Refer to "*Transacting in ETFs"* for specific information relating to trading in ETFs)** | **Collective Investment Products**<br> **(Refer to "*Transacting in ETFs"* for specific information relating to trading in ETFs)** | **Collective Investment Products**<br> **(Refer to "*Transacting in ETFs"* for specific information relating to trading in ETFs)** | **Collective Investment Products**<br> **(Refer to "*Transacting in ETFs"* for specific information relating to trading in ETFs)** |
|  T. Rowe Price products (including the AUTs,<br> ITMs, mutual funds, OEICs, 529 portfolios, SICAVs, and trusts | No | Yes | No | Yes |
|  Exchange listed collective investment vehicles (including closed-end funds) | No | Yes | No | Yes |
|  Third-party mutual funds, 529 portfolios, OEICs, SICAVs and variable insurance products | No | No | No | No |
|  Unit investment trusts | No | No | No | No |
|  Donor-advised funds | No | No | No | No |
| **Private Placements** | **Private Placements** | **Private Placements** | **Private Placements** | **Private Placements** |
| Private Placements | Yes<br> (see *Section IV.C*) | Yes | No\* | No\* |
|  Capital calls for Private Placement investments | No | Yes | No | No |
|  Distributions received from a Private Placement investment | N/A | No | N/A | No |
| **Other Securities** | **Other Securities** | **Other Securities** | **Other Securities** | **Other Securities** |
|  Commercial paper and similar instruments (bankers acceptances, bank certificates of deposit, commercial paper and high quality,<br> short-term debt instruments, including repurchase agreements) | No | No | No | No |
|  U.S. Government obligations | No | No | No | No |
|  National (other than U.S.) government obligations | No | Yes | No | Yes |
|  Currency | No | No | No | No |
|  Securitized or financial instruments used for currency exposure | No | Yes | No | No |
|  Cryptocurrency (*e.g.,* Bitcoin, Ethereum) | No | No | No | No |
|  Publicly traded cryptocurrency tracker instruments (ETFs) | No | Yes | No | Yes |
|  Variable rate demand notes | No | Yes | No | Yes |

---

\* FINRA-registered representatives are required to request pre-clearance and report

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Access Person**<br> **Pre-clearance** | **Access Person**<br> **Reporting** | **Associate<br>Pre-clearance** | **Associate Reporting** |
| **Transactions** | **Transactions** | **Transactions** | **Transactions** | **Transactions** |
|  Securities acquired through an Automatic Investment Plan<sup>4</sup> (initial investment) | Yes | Yes | No | Yes |
|  Securities acquired through an Automatic Investment Plan (subsequent investments) | No | Yes | No | Yes |
|  Non-systemic investment<sup>5</sup> through an Automatic Investment Plan | Yes | Yes | No | Yes |
|  Acquisition of securities through inheritance | No | Yes | No | Yes |
| Giving stock (non-TRPG) as a gift | No | Yes | No | Yes |
| Pro-rata distributions | No | Yes | No | Yes |
| Tender offers | No | Yes | No | Yes |
| Merger election (voluntary) | Yes | Yes | No | Yes |
|  Mandatory acquisition of additional shares or the disposition of existing corporate holdings through stock splits, reverse stock splits, stock dividends, exercise of rights, exchange or conversion | No | Yes<br> *(within 30 days of the end of the quarter in which the transaction occurred)* | No | Yes<br> *(within 30 days of the end of the*<br> *quarter in which the transaction*<br> *occurred)* |
|  Purchases, but not sales, by an Access Person's spouse pursuant to an employee-sponsored payroll deduction plan (as long as Code Compliance has been notified that the spouse will be participating in such plan) | No | Yes<br> *(within 30 days of the end of the quarter in which the transaction occurred)* | No | Yes <br> *(within 30 days of the end of the*<br> *quarter in which the transaction*<br> *occurred)* |
|  Sale or exchange of stock held in an Access Person's spouse's payroll deduction plan | Yes | Yes | No | Yes |
|  Sale of partial shares held in an account when the account is transferred to another broker-dealer or to new owner or partial shares sold automatically by the broker-dealer. | No | Yes | No | Yes |
|  Transactions effected in a robo - adviser account (investing solely in third party collective investment vehicles) | No | No | No | No |

---

<sup>4</sup> A program in which regular, periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

<sup>5</sup> A transaction that overrides the preset schedule or allocations of an Automatic Investment Plan.

## Ex-99.(P)(8)

![LOGO](g466944dsp048.jpg)

WELLINGTON MANAGEMENT Code of Ethics Personal investing Gifts and entertainment Outside activities Client confidentiality 2 February 2026

------

---

| | |
|:---|:---|
|  | *The reputation of a thousand years may be determined by the conduct of one hour.*<br>– Ancient proverb<br>|
|  | **A message from our CEO** |
| ![LOGO](g466944page0049.jpg) <br> **Jean M. Hynes**<br> Chief Executive Officer | <br> Our ability to thrive as an organization is driven by our shared values, and integrity is at the top of the list. This is reflected in our commitment to the "Client, Firm, Self" framework, through which all of our decisions should be viewed if we are to earn and maintain the trust of our clients.<br>Each and every one of us has a role to play in sustaining our clients' trust. We must test every decision we make, no matter how small, against our fiduciary obligations and our high ethical standards. If there is the slightest doubt about whether a decision is in the best interests of our clients, then bring it to someone's attention — your manager, the Legal and Compliance team, or any of my direct reports. But don't just let it go. This is what it means to be a fiduciary: complete dedication to conscientious stewardship of client assets.<br>To support this mandate, our Code of Ethics sets out standards for our personal conduct, including personal investing, acceptance of gifts and entertainment, outside activities, and client confidentiality. Please take the time to read the Code, familiarize yourself with the rules, and determine what you need to do to comply with them. Remember, too, that while our Code of Ethics is reviewed and updated regularly, no set of rules can address every possible circumstance. And so I ask you to remain vigilant, exercise good judgment, ask for help when you need it, consider not just the letter but the spirit of the laws that govern our industry, and do your part to safeguard our clients' trust.<br>Sincerely,<br>![LOGO](g466944page0049a.jpg) <br>Jean M. Hynes<br> Chief Executive Officer |

---

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Contents

---

| | |
|:---|:---|
|  **[Standards of conduct](#well_coe466944_1)** | 1 |
|  **[Who is subject to the Code of Ethics?](#well_coe466944_2)** | 1 |
|  **[Personal investing](#well_coe466944_3)** | 2 |
|  [Which types of investments and related activities are prohibited?](#well_coe466944_4) | 2 |
|  [Which investment accounts must be reported?](#well_coe466944_5) | 3 |
|  [What are the reporting responsibilities for all personnel?](#well_coe466944_6) | 4 |
|  [What are the preclearance responsibilities for all personnel?](#well_coe466944_7) | 5 |
|  [What are the additional requirements for investment professionals?](#well_coe466944_8) | 6 |
|  **[Gifts and entertainment](#well_coe466944_9)** | 7 |
|  **[Outside activities](#well_coe466944_10)** | 8 |
|  **[Client confidentiality](#well_coe466944_11)** | 8 |
|  **[How we enforce our Code of Ethics](#well_coe466944_12)** | 8 |
|  **[Exceptions from the Code of Ethics](#well_coe466944_13)** | 9 |
|  **[Closing](#well_coe466944_14)** | 9 |

---

------

Wellington Management Code of Ethics 1

Standards of conduct

Our standards of conduct are straightforward and essential. Any transaction or activity that violates either of the standards of conduct below is prohibited, regardless of whether it meets the technical rules found elsewhere in the Code of Ethics.

1. We act as fiduciaries to our clients. Each of us must put our clients' interests above our own and must
not take advantage of our management of clients' assets for our own benefit. Our firm's policies and procedures implement these principles with respect to our conduct of the firm's business. This Code of Ethics implements the same
principles with respect to our personal conduct. The procedures set forth in the Code govern specific transactions, but each of us must be mindful at all times that our behavior, including our personal investing activity, must meet our fiduciary
obligations to our clients.

2. We act with integrity and in accordance with both the letter and the spirit of the law **.** Our business is
highly regulated, and we are committed as a firm to compliance with those regulations. Each of us must also recognize our obligations as individuals to understand and obey the laws that apply to us in the conduct of our duties. They include laws and
regulations that apply specifically to investment advisors, as well as more broadly applicable laws ranging from the prohibition against trading on material nonpublic information and other forms of market abuse to anticorruption statutes such as the
US Foreign Corrupt Practices Act and the UK Bribery Act. The firm provides training on their requirements. Each of us must take advantage of these resources to ensure that our own conduct complies with the law.

Who is subject to the Code of Ethics?

Our Code of Ethics applies to all employees of Wellington Management and its affiliates around the world. Its restrictions on personal investing also apply to temporary personnel (including co-ops and interns) and consultants whose tenure with Wellington Management exceeds 90 days and who are deemed by the Chief Compliance Officer to have access to nonpublic investment research, client holdings, or trade information.

All Wellington Management personnel receive a copy of the Code of Ethics (and any amendments) and must certify, upon joining the firm and annually thereafter, that they have read and understood it and have complied with its requirements.

**Adherence to the Code of Ethics is a basic condition of employment. Failure to adhere to our Code of Ethics may result in disciplinary action, including termination of employment.** 

If you have any doubt as to the appropriateness of any activity, believe that you have violated the Code, or become aware of a violation of the Code by another individual, you should consult the manager of the Code of Ethics Team, Chief Compliance Officer, or General Counsel. You also have the right to report violations of law or regulation directly to relevant governmental agencies. You do not need the firm's prior authorization to make any such report or disclosures and are not required to notify the firm that you have done so.

For additional information regarding our **Code of Ethics Policy** refer to the **Guide to Our Policy** document available on the firm's Intranet.

------

Wellington Management Code of Ethics 2

Personal investing

As fiduciaries, each of us must avoid taking personal advantage of our knowledge of investment activity in client accounts. Although our Code of Ethics sets out a number of specific restrictions on personal investing designed to reflect this principle, no set of rules can anticipate every situation. Each of us must adhere to the spirit, and not just the letter, of our Code in meeting this fiduciary obligation to our clients.

Which types of investments and related activities are prohibited?

Our Code of Ethics prohibits the following personal investments and investment-related activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchasing or selling the prohibited investments and activities listed in <u>Appendix A</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchasing an equity security if your aggregate ownership of the equity security exceeds 0.05% of the total
shares outstanding of the issuer

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Taking a profit from any trading activity within a 60-calendar day window<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Using a derivative instrument to circumvent a restriction in the Code of Ethics<br>| ![LOGO](g466944dsp52.jpg) |

---

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Wellington Management Code of Ethics 3

**WHICH INVESTMENT ACCOUNTS MUST BE REPORTED?** 

You are required to report any investment account over which you exercise investment discretion or from which any of the following individuals enjoy economic benefits: (i) your spouse, domestic partner, or minor children, and (ii) any other dependents living in your household,

**AND**

that holds or is capable of holding any of the *covered investments* detailed in **Appendix A** under "Reporting of Securities Transactions".

For purposes of the Code of Ethics, these investment accounts are referred to as *reportable accounts*. Examples of common account types include brokerage accounts, retirement accounts, employee stock compensation plans, and transfer agent accounts. Reportable accounts also include those from which you or an immediate family member may benefit indirectly, such as a family trust or family partnership, and accounts in which you have a joint ownership interest, such as a joint brokerage account.

**Accounts not requiring reporting** 

You do not need to report the following accounts via the Code of Ethics System since the administrator will provide the Code of Ethics Team with access to relevant holdings and transaction information:

• Accounts maintained within the Wellington Retirement and Pension Plan or similar firm-sponsored retirement or
benefit plans identified by the Ethics Committee

• Accounts maintained directly with Wellington Trust Company or other Wellington Management Sponsored Products

Although these accounts do not need to be reported, your investment activities in these accounts must comply with the standards of conduct embodied in our Code of Ethics.

------

Wellington Management Code of Ethics 4

**Managed account exemptions** 

An account from which you or immediate family members could benefit financially, but over which neither you nor they have any investment discretion or influence (a *managed account*), may be exempted from the Code of Ethics' personal investing requirements upon written request and approval. An example of a managed account would be a professionally advised account about which you will not be consulted or have any input on specific transactions placed by the investment manager prior to their execution.

**Designated Brokers for US Reportable Accounts** 

US-based reportable accounts must be held at one or more of the brokers on the Designated Brokers List. This requirement does not apply to managed accounts that are exempt from certain provisions of the Code of Ethics, employee stock purchase and stock option plans and other accounts (including pension, retirement and compensation accounts) required to be held at a specific broker.

New employees must transfer all reportable accounts to a Designated Broker within 45 days from the start of their employment.

**WHAT ARE THE REPORTING RESPONSIBILITIES FOR ALL PERSONNEL?** 

**Initial and annual holdings reports** 

You must disclose all reportable accounts and all covered investments you hold within 10 calendar days after you begin employment at or association with Wellington Management. You will be required to review and update your holdings and securities account information annually thereafter.

---

| | |
|:---|:---|
| For initial holdings reports, holdings information must be current as of a date no more than 45 days prior to the date you became covered by the Code of Ethics. *Please note that you cannot make personal trades until you have filed an initial holdings report via the Code of Ethics System on the Intranet.* | ![LOGO](g466944dsp54.jpg) |

---

For subsequent annual reports, holdings information must be current as of a date no more than 45 days prior to the date the report is submitted. *Please note that your annual holdings report must account for both volitional and non-volitional transactions.* 

At the time you file your initial and annual reports, you will be asked to confirm that you have read and understood the Code of Ethics and any amendments.

**Quarterly transactions reports** 

You must submit a quarterly transaction report no later than 30 calendar days after quarter-end via the Code of Ethics System on the Intranet, even if you did not make any personal trades during that quarter. In the reports, you must either confirm that you did not make any personal trades (except for those resulting from non-volitional events) or provide information regarding all volitional transactions in covered investments.

**Duplicate statements and trade confirmations** 

For each of your reportable accounts, you are required to provide duplicate statements and duplicate trade confirmations to Wellington Management.

------

Wellington Management Code of Ethics 5

**WHAT ARE THE PRECLEARANCE RESPONSIBILITIES FOR ALL PERSONNEL?** 

**Preclearance of publicly traded securities** 

You must receive clearance before buying or selling stocks, bonds, options, and most other publicly traded securities in any reportable account. A full list of the categories of publicly traded securities requiring preclearance, and of certain exceptions to this requirement, is included in **<u>Appendix A</u>**. Transactions in accounts that are not reportable accounts do not require preclearance or reporting.

Preclearance requests must be submitted online via the Code of Ethics System, which is accessible through the Intranet. If clearance is granted, the approval will be effective for a period of 24 hours. If you preclear a transaction and then place a limit order with your broker, that limit order must either be executed or expire at the end of the 24-hour period. *If you want to execute the order after the 24-hour period expires, you must resubmit your preclearance request.* 

**Please note that preclearance approval does not alter your responsibility to ensure that each personal securities transaction complies with the general standards of conduct, the reporting requirements, the restrictions on short-term trading, or the special rules for investment professionals set out in our Code of Ethics .** 

**Caution on short sales, margin transactions, and options** 

You may engage in short sales and margin transactions and may purchase or sell options (excluding options on ETFs) provided you receive preclearance and meet all other applicable requirements under our Code of Ethics (including the additional rules for investment professionals described on page 7). *Please note, however, that these types of transactions can have unintended consequences.* For example, any sale by your broker to cover a margin call or to buy in a short position will be in violation of the Code unless precleared. Likewise, any volitional sale of securities acquired at the expiration of a long call option will be in violation of the Code unless precleared. You are responsible for ensuring any subsequent volitional actions relating to these types of transactions meet the requirements of the Code.

**Preclearance of private placement securities** 

You cannot invest in securities offered to potential investors in a private placement without first obtaining prior approval. Approval may be granted after a review of the facts and circumstances, including whether:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an investment in the securities is likely to result in future conflicts with client accounts (e.g., upon a future
public offering), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you are being offered the opportunity due to your employment at or association with Wellington Management.

Investments in our own privately offered investment vehicles (our *Sponsored Products*), including collective investment funds and common trust funds maintained by Wellington Trust Company, **na**, our hedge funds, and our non-US domiciled funds, have been approved under the Code and therefore do not require the submission of a Private Placement Approval Form.

------

Wellington Management Code of Ethics 6

**WHAT ARE THE ADDITIONAL REQUIREMENTS FOR INVESTMENT PROFESSIONALS?** 

If you are a portfolio manager, research analyst, or other investment professional who has portfolio management responsibilities for a client account (e.g., designated portfolio manager, backup portfolio manager, investment team member), or who otherwise has direct authority to make decisions to buy or sell securities in a client account (referred to here as an investment professional), you are required to adhere to additional rules and restrictions on your personal securities transactions. However, as no set of rules can anticipate every situation, you must remember to place our clients' interests first whenever you transact in securities that are also held in client accounts you manage.

The following provisions of the code are intended to allow investment professionals to make long-term investments in securities. However, you may not be able to sell personal investments for extended periods of time and therefore should consider the liquidity, tax planning, market, and similar risks associated with making personal investments in securities of an issuer that are or may be held in client accounts.

• **INVESTMENT PROFESSIONAL BLACKOUT PERIODS** — You cannot buy or sell a security (excluding shares of
exchange-traded funds (ETFs)) for a period of **14 calendar days before or after** any transaction in the same issuer by a client account for which you serve as an investment professional. In addition, you may not sell personal holdings in a
security of the same issuer that is held by a client account for which you serve as an investment professional until the **later of** the following periods: (i) **one calendar year** from the date of your last purchase and (ii) **90 calendar days** after all of your client accounts liquidate all holdings of the same issuer.

If you anticipate receiving a cash flow or redemption request in a client portfolio that will result in the purchase or sale of securities that you also hold in your personal account, you should take care to avoid transactions in those securities in your personal account in the days leading up to the client transactions. However, unanticipated cash flows and redemptions in client accounts and unexpected market events do occur from time to time, and a personal trade made in the prior 14 days should never prevent you from buying or selling a security in a client account if the trade would be in the client's best interest. If you find yourself in that situation and need to buy or sell a security in a client account within the 14 calendar days following your personal transaction in a security of the same issuer, you should attempt to notify the Code of Ethics Team or your local Compliance Officer in advance of placing the trade. If you are unable to reach any of those individuals and the trade is time sensitive, you should proceed with the client trade and notify the Code of Ethics Team promptly after submitting it.

• **SHORT SALES BY AN INVESTMENT PROFESSIONAL** — An investment professional may not personally take a
short position in a security of an issuer in which he or she holds a long position in a client account.

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Wellington Management Code of Ethics 7

**Gifts and entertainment** 

Our guiding principle of "client, firm, self" also governs the receipt of gifts and entertainment from clients, consultants, brokers/dealers, research providers, vendors, companies in which we may invest, and others with whom the firm does business. As fiduciaries to our clients, we must always place our clients' interests first and cannot allow gifts or entertainment opportunities to influence the actions we take on behalf of our clients. In keeping with this standard, you must follow several specific requirements:

**ACCEPTING GIFTS** — You may only accept gifts of nominal value, which include logoed items, flower arrangements, gift baskets, and food, as well as other gifts with an approximate value of less than US$100 or the local equivalent per year from a single source. You may not accept a gift of cash, including a cash equivalent such as a gift card, regardless of the amount. If you receive a gift that violates the Code, you must return the gift or consult with the Chief Compliance Officer to determine appropriate action under the circumstances.

**ACCEPTING BUSINESS MEALS** — Business meals are permitted provided that neither the cost nor the frequency is excessive and there is a legitimate business purpose. If the host is a broker/dealer or research provider, the host must be reimbursed for the full amount of your proportionate share of the total cost of the meal if the approximate value of the meal is more than US$250 or the local equivalent.

**ACCEPTING ENTERTAINMENT OPPORTUNITIES** — The firm recognizes that participation in entertainment opportunities with representatives from organizations with which the firm does business, such as consultants, broker/dealers, research providers, vendors, and companies in which we may invest, can help to further legitimate business interests. However, participation in such entertainment opportunities should be infrequent and is subject to the following conditions:

1. A representative of the hosting organization must be present;

2. The primary purpose of the event must be to discuss business or to build a business relationship;

3. You must receive prior approval from your line manager or designee ;

4. If the host is a broker/dealer or research provider, the host must be reimbursed for the full amount of the
entertainment opportunity; and

5. For all other entertainment opportunities, the host must be reimbursed for the full face value of any
entertainment ticket(s) if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the entertainment opportunity requires a ticket with a face value of more than US$450 or the local equivalent, or
is a high-profile event (e.g., a major sporting event),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you wish to accept more than one ticket, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the host has invited numerous Wellington Management representatives.

Please note that even if you pay for the full face value of a ticket, you may attend the event *only if the host is present*.

**LODGING AND AIR TRAVEL** — You may not accept a gift of lodging or air travel in connection with any entertainment opportunity. If you participate in an entertainment opportunity for which lodging or air travel is paid for by the host, you must reimburse the host for the equivalent cost, as determined by Wellington Management's travel manager.

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Wellington Management Code of Ethics 8

**SOLICITING GIFTS, ENTERTAINMENT OPPORTUNITIES, OR CONTRIBUTIONS** — In your capacity as an employee of the firm, you may not solicit gifts, entertainment opportunities, or charitable or political contributions for yourself, or on behalf of clients, prospects, or others, from brokers, vendors, clients, or consultants with whom the firm conducts business or from companies in which the firm may invest.

**SOURCING ENTERTAINMENT OPPORTUNITIES** — You may not request tickets to entertainment events from the firm's Trading department or any other Wellington Management department, or employee, nor from any broker, vendor, company in which we may invest, or other organization with which the firm conducts business.

Outside activities

While the firm recognizes that you may engage in business or charitable activities in your personal time, you must take steps to avoid conflicts of interest between your private interests and our clients' interests. As a result, all significant outside business or charitable activities (e.g., additional employment, consulting work, directorships or officerships) must be approved by your manager and by the Chief Compliance Officer, General Counsel, or Chair of the Ethics Committee prior to the acceptance of such a position (or if you are new, upon joining the firm). Approval will be granted only if it is determined that the activity does not present a significant conflict of interest. Directorships in public companies (or companies reasonably expected to become public companies) will generally not be authorized, while service with charitable organizations generally will be permitted.

Client confidentiality

Any nonpublic information concerning our clients that you acquire in connection with your employment at the firm is confidential. This includes information regarding actual or contemplated investment decisions, portfolio composition, research recommendations, and client interests. You should not discuss client business, including the existence of a client relationship, with outsiders unless it is a necessary part of your job responsibilities.

How we enforce our Code of Ethics

Legal and Compliance is responsible for monitoring compliance with the Code of Ethics. Members of Legal and Compliance will periodically request certifications and review holdings and transaction reports for potential violations. They may also request additional information or reports.

It is our collective responsibility to uphold the Code of Ethics. In addition to the formal reporting requirements described in this Code of Ethics, you have a responsibility to report any violations of the Code. If you have any doubt as to the appropriateness of any activity, believe that you have violated the Code, or become aware of a violation of the Code by another individual, you should consult the manager of the Code of Ethics Team, Chief Compliance Officer, or General Counsel.

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Wellington Management Code of Ethics 9

Potential violations of the Code of Ethics will be investigated and considered by representatives of Legal and Compliance and/or the Ethics Committee. All violations of the Code of Ethics will be reported to the Chief Compliance Officer. Violations are taken seriously and may result in sanctions or other consequences, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a warning

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• referral to your manager and/or senior management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reversal of a trade or the return of a gift

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disgorgement of profits or of the value of a gift

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a limitation or restriction on personal investing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• termination of employment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• referral to civil or criminal authorities

If you become aware of any potential conflicts of interest that you believe are not addressed by our Code of Ethics or other policies, please contact the Chief Compliance Officer, the General Counsel, or the manager of the Code of Ethics Team.

Exceptions from the Code of Ethics

The Chief Compliance Officer may grant an exception from the Code, including preclearance, other trading restrictions, and certain reporting requirements on a case-by-case basis if it is determined that the proposed conduct involves no opportunity for abuse and does not conflict with client interests. Exceptions are expected to be rare.

Closing

As a firm, we seek excellence in the people we employ, the products and services we offer, the way we meet our ethical and fiduciary responsibilities, and the working environment we create for ourselves. Our Code of Ethics embodies that commitment. Accordingly, each of us must take care that our actions fully meet the high standards of conduct and professional behavior we have adopted. Most importantly, we must all remember "client, firm, self" is our most fundamental guiding principle.

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Wellington Management Code of Ethics 10

APPENDIX A

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| | |
|:---|:---|
|  **No Preclearance or Reporting Required:**<br>Open-end investment funds not managed by Wellington Management<sup>1</sup>, except for ETFs which require reporting and all closed-end funds that require both preclearance and reporting.<br>Interests in a variable annuity product in which the underlying assets are held in a fund not managed by Wellington Management<br>Direct obligations of the US government (including debt issued by US Gov Agencies), the governments of Canada, France, Germany, Italy, Japan, United Kingdom, Singapore (SSBs and SG T-Bills) as well as Hong Kong and Australian government bonds issued only to retail investors.<br>Cash<br>Money market instruments or other short-term debt instruments rated P-1 or P-2, A-1 or A-2, or their equivalents<sup>2</sup><br>Bankers' acceptances, CDs, commercial paper<br>Wellington Trust Company Pools, Wellington Sponsored Private Funds (e.g. Wellington Hedge and Private Equity Funds) that are held in WRPP and/or MD Savings Plan<br>Securities futures and options on direct obligations of the US government or the governments of Canada, France, Germany, Italy, Japan, United Kingdom, and associated derivatives<br>Options, forwards, and futures on commodities and foreign exchange, and associated derivatives<br>Transactions in approved managed accounts<br>**Reporting of Securities Transactions Required (no need to preclear and not subject to the 60-day holding period):**<br>Open-end investment funds managed by Wellington Management, including WMF funds and subadvised funds<sup>1</sup> (other than money market funds)<br>Interests in a variable annuity or insurance product in which the underlying assets are held in a fund managed by Wellington Management<br>Futures and options on securities indices<br>Shares of exchange-traded funds (ETFs) <sup>3</sup>, excluding closed-end ETFs managed by Wellington and listed closed-end ETFs, which require preclearance and reporting.<br>Gifts of securities to you or a reportable account<br>Gifts of securities from you or a reportable account<br>Non-volitional transactions (splits, tender offers, mergers, stock dividends, dividend reinvestments, etc.)<br>| **Preclearance and Reporting of Securities Transactions Required:**<br>Bonds and notes (including municipal bonds) other than those listed in the no preclearance or reporting section<br>Stock (common and preferred) or other equity securities, including any security convertible into equity securities<br>All closed-end funds (including closed-end funds managed by Wellington and listed closed-end funds)<br>Interest in private placement securities (other than Wellington Management sponsored products)<sup>4</sup><br>Unit investment trusts<br>American Depositary Receipts<br>Options on securities (but not their non-volitional exercise or expiration), excluding options on ETFs and securities indices<br>Warrants<br>Rights<br>**Prohibited Investments and Activities:**<br>Initial public offerings (IPOs) of any securities<br>Single-stock futures<br>Single-Stock ETFs (including Leveraged Single-Stock ETFs, Inverse Single-Stock ETFs, and Hedged Single-Stock ETFs)<br>Tokenized Single Stock Instruments<br>Securities or financial instruments whose performance is derived from the performance of a security covered by our Code of Ethics (e.g. single stock ETFs and single stock futures)<br>Options with an expiration date that is within 60 calendar days of the transaction date (excluding shares of exchange-traded funds (ETFs))<br>Securities being bought or sold on behalf of clients until one trading day after such buying or selling is completed or canceled<br>Securities of an issuer that is the subject of a new, changed, or reissued but unchanged action recommendation from a global industry research or fixed income credit analyst until two business days following issuance or reissuance of the recommendation<br>Securities of an issuer that is mentioned at the Morning Meeting or the Early Morning Meeting until two business days following the meeting<br>Securities on the firmwide restricted list<br>Taking a profit from any trading activity within a 60-calendar day window<br>Securities of broker/dealers or their affiliates with which the firm conducts business<br>Securities of any securities market or exchange on which the firm trades<br>Using a derivative, digital asset, or other instrument to circumvent the requirements of the Code of Ethics<br>Purchasing an equity security if your aggregate ownership of the equity security exceeds 0.05% of the total shares outstanding of the issuer,<br>Initial Coin offerings (ICOs)<br>|

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This appendix is current as of 2 February 2026 and may be amended at the discretion of the Ethics Committee.

<sup>1</sup> A list of funds advised or subadvised by Wellington Management ("Wellington-Managed Funds") is available online via the Code of Ethics System. However, you remain responsible for confirming whether any particular investment represents a Wellington-Managed Fund;

<sup>2</sup> If the instrument is unrated, it must be of equivalent duration and comparable quality;

<sup>3</sup> Excluding Single-Stock ETFs as these are a prohibited investment;

<sup>4</sup> Interest in private placement securities (other than Wellington Mgmt sponsored products) require prior approval. A Private Placement Approval Form must be submitted and approved prior to transacting.

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![LOGO](g466944dsp061.jpg)

## Ex-99.(P)(9)

**Code of Ethics for the Independent Trustees of the** 

**John Hancock Funds** 

**Effective December 6, 2005** 

**Amended and Restated January 1, 2026** 

The Board of Trustees (the "Board") of the John Hancock Funds<sup>1</sup> has adopted this code of ethics (this "Code"), exclusively with respect to Trustees who are not "interested persons," as defined in Section 2(a)(19) of the Investment Company Act of 1940 (the "1940 Act"), of the John Hancock Funds (the "Independent Trustees" or "you"). This Code is intended to comply with the requirements of Rule 17j-1 under the 1940 Act insofar as they apply to the Independent Trustees.

The Board recognizes that the John Hancock Funds' officers and access persons (with the exception of the Independent Trustees) are covered by a separate code of ethics adopted by the Board, which is applicable to John Hancock Investment Management, LLC and John Hancock Variable Trust Advisers, LLC (each, a "John Hancock Adviser"), John Hancock Investment Management Distributors, LLC, John Hancock Distributors, LLC and each of the John Hancock Funds. The Board also recognizes that access persons who are employees of a sub-adviser to the John Hancock Funds are covered under a separate code of ethics approved by the Board. The Board, after considering the limited nature of access by the Independent Trustees to current information with respect to security transactions being effected or considered on behalf of the John Hancock Funds, has adopted this Code specifically and separately to cover the Independent Trustees.

Please note that the policies described below apply to all accounts over which you have a beneficial interest. Normally, you will be deemed to have a beneficial interest in your personal accounts, those of a spouse, "significant other," minor children or family members sharing your household, as well as all accounts over which you have discretion or give advice.

If you have any questions regarding your responsibilities under this Code of Ethics, please contact Trevor Swanberg at 617-572-7149 or tswanberg@jhancock.com

Set forth below are policies applicable to the Independent Trustees.

**I. Statements of Policy** 

**A. General Principles** 

It is unlawful for any Independent Trustee covered by this Code, directly or indirectly, in connection with his or her purchase or sale of a security held or to be acquired by a John Hancock Fund, to:

• employ any device, scheme or artifice to defraud a John Hancock Fund;

• make any untrue statement of a material fact to a John Hancock Fund or omit to state a material fact necessary in
order to make the statements made to a John Hancock Fund, in light of the circumstances under which they are made, not misleading;

<sup>1</sup> As used in this Code, the "John Hancock Funds," or the "Funds," refer to each open-end and closed-end fund that is listed, or that is a series of a trust listed, in Appendix A hereto, as may be updated from time to time by the Chief Compliance Officer of the John Hancock Funds.

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• engage in any act, practice or course of business that operates or would operate as a fraud or deceit on a John
Hancock Fund; or

• engage in any manipulative practice with respect to a John Hancock Fund.

The General Principles discussed above govern all conduct, whether or not the conduct is also covered by more specific standards and procedures in this Code. Failure to comply with this Code may result in disciplinary action as determined by the Board, including potentially removal from the Board in accordance with the terms of the John Hancock Fund charter documents.

**B. Transactions in John Hancock Funds** 

The Independent Trustees are subject to the same policies against excessive trading of shares of the open-end John Hancock Funds that apply to all shareholders of the open-end John Hancock Funds, as applicable. These policies are described in the John Hancock Funds' prospectuses and are subject to change. Additional restrictions on trading of closed-end and open-end John Hancock Funds are discussed in Section II.C.

**C. Transactions in securities of Advisers, Subadvisers and Principal Underwriters** 

As an Independent Trustee, you are prohibited from purchasing any security issued by:

(1) the controlling parent of the John Hancock Advisers;

(2) any subadviser of a John Hancock Fund;

(3) the controlling parent of any subadviser;

(4) any principal underwriter of a John Hancock Fund, including prospective principal underwriters of John Hancock closed-end funds;

(5) the controlling parent of any principal underwriter.

A complete list of these issuers can be found in Appendix B.

**D. Annual Certification** 

On an annual basis, you must provide a certification at a date designated by the Chief Compliance Officer of the John Hancock Funds that:

(1) you have read and understand this Code;

(2) you acknowledge that you are subject to its requirements; and

(3) you have complied, to the best of your knowledge, with its requirements.

You are required to make this certification to demonstrate that you understand the importance of these policies and your responsibilities under the Code.

**E. Quarterly Transaction Reports** 

You will not generally be required to submit quarterly transaction reports. You will, however, be required to submit a quarterly transaction report if you knew (or, in the ordinary course of fulfilling your official duties as an Independent Trustee, should have known) that during the 15 calendar days immediately before or after you trade a security described in **Section II.A** of this Code, either:

(i) the subadviser of a John Hancock Fund purchased or sold the same security on behalf of such Fund, or

(ii) the subadviser of a John Hancock Fund actively considered the purchase or sale of the same security on behalf of such Fund;

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provided that, monitoring of the publication of portfolio holdings of series of John Hancock Exchange-Traded Fund Trust (the "John Hancock ETFs") is not construed to be within the ordinary course of fulfilling the duties of a trustee, therefore the publication or availability of such portfolio holdings shall not be construed to impart actual or constructive knowledge of the John Hancock ETFs' portfolio transactions on a trustee.

If these circumstances occur, it is your responsibility to contact the Chief Compliance Officer of the John Hancock Funds and he will assist you with the requirements of the quarterly transaction report.

You must submit a quarterly transaction report within 30 calendar days after the end of a calendar quarter if required in the limited circumstances described above. This report must cover all transactions during the calendar quarter that are personal securities transactions, as described below in **Section II** of this Code.

If you are required to submit a quarterly transaction report, the report must include the following information about each transaction described above:

• the date of the transaction, the title, and as applicable, the exchange ticker symbol or CUSIP number, interest
rate and maturity date (if applicable), number of shares, and principal amount of each reportable security involved;

• the nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

• the price at which the transaction was effected;

• the name of the broker, dealer or bank with or through which the transaction was effected; and

• the date that you submit the report.

With respect to any account in which you have traded securities for which you must submit a quarterly transaction report, the quarterly transaction report must also include the following account information:

• the name of the broker, dealer or bank with whom you have established an account;

• the account number and account registration;

• the date the account was established; and

• the date that you submit the report.

**II. Personal Securities Transactions** 

A Personal Securities Transaction is a transaction in a security in which an Independent Trustee subject to this Code has a beneficial interest. Normally, this includes securities transactions in your personal accounts, those of a spouse, "significant other," minor children or family members sharing your household, as well as all accounts over which you have discretion or give advice. Accounts over which you have no direct or indirect influence or control are exempt. For discretionary accounts, this is defined as:

1) Not being able to suggest that the trustee or third-party discretionary manager make any particular purchases or sales of securities;

2) Not being able to direct the trustee or third-party discretionary manager to make any particular purchases or sales of securities; and

3) You did not consult with the trustee or third-party discretionary manager as to the particular allocation of investments to be made in your account.

To prevent potential violations of this Code, you are strongly encouraged to request clarification for any transactions or accounts that are in question.

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**A. Covered Personal Securities Transactions** 

Except as noted below, Personal Securities Transactions include transactions in all securities, including:

• Stocks or bonds;

• Government securities that are not direct obligations of the U.S. government, such as Fannie Mae or municipal
securities;

• Shares of all closed-end funds;

• Shares of the John Hancock Funds, as well as any other open-end mutual funds, including John Hancock ETF's,
that are advised or sub-advised by a John Hancock Adviser or by John Hancock or Manulife entities (other than money market funds);

• Options on securities, on indexes, and on currencies;

• All kinds of limited partnerships;

Exchange Traded Funds formed as unit investment trusts;

• Foreign unit trusts and foreign mutual funds;

• Private investment funds and hedge funds; and

• Futures, investment contracts or any other instrument that is considered a "security" under the
Investment Company Act of 1940.

**B. Exempt Personal Securities Transactions** 

Personal Securities Transactions do not include transactions in the following securities:

• Direct obligations of the U.S. government (*e.g.*, treasury securities);

• Bankers' acceptances, bank certificates of deposit, commercial paper, and high quality short-term debt
obligations, including repurchase agreements;

• Shares of any open-end mutual funds, including exchange-traded funds, that are not advised or sub-advised by a
John Hancock Adviser or by John Hancock or Manulife entities;

• Shares issued by money market funds; and

• Securities in accounts over which you have no direct or indirect influence or control.

**C. Restrictions on Trading in John Hancock Funds** 

1. <u>General</u>. You may not buy or sell shares of John Hancock Funds, or tip others who then trade in such
Funds, on the basis of material non-public information ("Inside Information"). This concern is most pronounced with respect to closed-end John Hancock Funds ("Closed-End Funds") and the John Hancock ETFs because their shares trade on a secondary market. However, it is also applicable to all John Hancock mutual funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Material Information</u>. Information is considered "material" if a reasonable investor would
consider it important in making a decision to buy, sell or hold shares of a Fund. Positive or negative information may be "material."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Non-public Information</u>. Information is considered "non-public" if it has not been broadly
and publicly disseminated for a sufficient period to be reflected in the price of the Fund. Information remains "non-public" until it has been "publicly disclosed," meaning that it has been broadly distributed to the public
in a non-exclusionary manner, such as via a press release or inclusion of such information in a filing with the Securities and Exchange Commission. In the case of the John Hancock ETFs, holdings information posted to the Funds' website is
considered to have been "publicly disseminated."

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Examples</u>. Inside Information may include such things as news about acquisitions, Closed-End Fund tender offers, financial results, changes in dividends or distributions, Closed-End Fund share buy-backs, important management changes, anticipated litigation
recoveries, or any other information that is likely to be considered material to a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Further Guidance</u>. If you are uncertain as to whether information is Inside Information, you should
presume that the information is both material and non-public, and that it is Inside Information. In such cases, you should refrain from trading until you consult legal counsel or the Chief Compliance Officer for further guidance on information that
may be deemed Inside Information.

2. <u>Closed-End, and John Hancock ETF's Blackout Periods and Trading Guidelines</u>. You may not trade in shares of Closed-End Funds during the following blackout periods (each, a "Blackout Period"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Regular Meetings</u>. The Independent Trustees may not engage in any transactions in shares of the Closed-End Funds at any time between (x) the earlier of (A) the date Board meeting information is received by the Trustee, or (B) the date the Independent Trustees are advised that Board meeting
information is posted to the website where Board materials are made available, and (y) 10 calendar days after the dates of a regular meeting of the Board. To clarify, assuming a meeting begins on a Monday and concludes at mid-day on the next day, Independent Trustees may not transact in Closed-End Fund or John Hancock ETF shares before the second subsequent Monday.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Special Meetings</u>. Upon receipt of the materials for a special meeting of the Board or a committee
thereof, Independent Trustees may not engage in any transactions in Closed-End Fund or John Hancock ETF shares at any time from the date of receipt of such materials until after the tenth calendar day after the date of such meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Financial Statements Review</u>. The Independent Trustees may not engage in any transactions in shares of a Closed-End Fund or John Hancock ETF's at any time between:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the earlier of (A) the date on which a semiannual or an annual shareholder report that contains financial statements for a Closed-End Fund or John Hancock ETF is received by the Trustee, or (B) the date the Independent Trustees are advised that a semiannual or an annual shareholder report that contains financial statements for a Closed-End Fund or John Hancock ETF is posted to the website where Board materials are made available, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) two (2) business days after the date on which the semi-annual or annual shareholder report for the Closed-End Fund or John Hancock ETF is publicly available on John Hancock Funds website or through another method consistent with Regulation FD.

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3. <u>Other Restricted Periods</u>. The Chief Compliance Officer of the John Hancock Funds may, from time to time,
restrict the purchase of one or more John Hancock Funds, including open-end John Hancock Funds, if he or she believes after consulting with counsel to the John Hancock Funds that the Independent Trustees may
have knowledge of Inside Information regarding such John Hancock Fund(s). The Chief Compliance Officer will provide the Independent Trustees prior notice of any such restrictions.

**III. Administration of the Code of Ethics** 

**A. Review of Reports** 

The Chief Compliance Officer of the John Hancock Funds shall review any reports delivered by an Independent Trustee pursuant to this Code. Any such review shall give special attention to evidence, if any, of conflicts or potential conflicts with the securities transactions of the John Hancock Funds or violations or potential violations of the antifraud provisions of the federal securities law or this Code.

**B. Investigations of Potential Violations** 

The Chief Compliance Officer shall investigate any potential violation of the provisions of this Code. After completion of any such investigation, the Chief Compliance Officer shall determine whether a violation has occurred and, if so, make a report to the Board or, if appropriate, the Compliance Committee of the Board. The Board shall determine what action should be taken in response to a violation of this Code.

**C. Annual Reports** 

At least on an annual basis, the Chief Compliance Officer shall provide the Board with (i) a written report that describes issues that arose under this Code since the prior such report, including, but not limited to, information relating to material violations of this Code and any actions taken, and (ii) a certification that the John Hancock Funds have adopted procedures reasonably necessary to prevent the Independent Trustees from violating this Code.

**D. Record Retention Requirements** 

The Chief Compliance Officer shall maintain the following records at the John Hancock Funds' principal place of business, and shall make these records available to the Securities and Exchange Commission at any time and from time to time for reasonable periodic, special or other examination:

• A copy of this Code that is currently in effect, or at any time within the past five years was in effect;

• A record of any violation of this Code, and any action taken as a result of a violation, must be maintained in an
easily accessible place for at least five years after the end of the fiscal year in which the violation occurs;

• A copy of each quarterly transaction report made by an Independent Trustee under this Code;

• A copy of each annual report and certification described in **Section III.C** of this Code; and

• A record of all Independent Trustees, currently or within the past five years, who are subject to this Code, and
of individual(s) who are responsible for reviewing reports made under this Code.

**E. Amendments** 

Any amendments to this Code must be approved by a majority of the Independent Trustees.

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**Appendix A** 

**<u>John Hancock Funds</u>** 

John Hancock Variable Insurance Trust

John Hancock Funds II

John Hancock Funds III

John Hancock Bond Trust

John Hancock California Tax-Free Income Fund

John Hancock Capital Series

John Hancock Collateral Trust

John Hancock Current Interest

John Hancock Exchange-Traded Fund Trust

John Hancock Investment Trust

John Hancock Investment Trust II

John Hancock Municipal Securities Trust

John Hancock Sovereign Bond Fund

John Hancock Strategic Series

John Hancock Financial Opportunities Fund

John Hancock Hedged Equity & Income Trust

John Hancock Income Securities Trust

John Hancock Investors Trust

John Hancock Preferred Income Fund

John Hancock Preferred Income Fund II

John Hancock Preferred Income Fund III

John Hancock Premium Dividend Fund

John Hancock Tax-Advantaged Dividend Income Fund

John Hancock Tax-Advantaged Global Shareholder Yield Fund

## Ex-99.(Q)

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| | |
|:---|:---|
| **John Hancock Bond Trust** | **John Hancock Funds III** |
| **John Hancock California Tax-Free Income Fund** | **John Hancock Investment Trust** |
| **John Hancock Capital Series** | **John Hancock Investment Trust II** |
| **John Hancock Collateral Trust** | **John Hancock Municipal Securities Trust** |
| **John Hancock Current Interest** | **John Hancock Sovereign Bond Fund** |
| **John Hancock Exchange-Traded Fund Trust** | **John Hancock Strategic Series** |
| **John Hancock Funds II** | **John Hancock Variable Insurance Trust** |

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*(each a "Trust" and collectively the "Trusts")*

**POWER OF ATTORNEY** 

The undersigned does hereby constitute and appoint Thomas Dee, Khimmara Greer, Kinga Kapuscinski, Nicholas J. Kolokithas, Mara Moldwin, Harsha Pulluru, Christopher L. Sechler, Betsy Anne Seel and Steven Sunnerberg, each individually, his or her true and lawful attorney-in-fact and agent (each an "Attorney-in-Fact") with power of substitution or re-substitution, in any and all capacities, including without limitation in the applicable undersigned's capacity as president or chief financial officer of each Trust, in the furtherance of the business and affairs of each Trust: (i) to execute any and all instruments which said Attorney-in-Fact may deem necessary or advisable or which may be required to comply with the Securities Act of 1933, as amended, the Investment Company Act of 1940, as amended, and the Securities Exchange Act of 1934, as amended (collectively the "Acts"), and any other applicable federal securities laws, or rules, regulations or requirements of the U.S. Securities and Exchange Commission ("SEC") in respect thereof, in connection with the filing and effectiveness of the Trust's Registration Statement on Form N-lA regarding the registration of each Trust or series thereof or its shares of beneficial interest, and any and all amendments thereto, including without limitation any reports, forms or other filings required by the Acts or any other applicable federal securities laws, or rules, regulations or requirements of the SEC, and to do generally all such things in my name and on my behalf in the capacity indicated below to enable each Trust to comply with the Acts, and all requirements of the SEC thereunder; and (ii) to execute any and all state regulatory or other required filings, including all applications with regulatory authorities, state charter or organizational documents and any amendments or supplements thereto, to be executed by, on behalf of, or for the benefit of, each Trust. The undersigned hereby grants to each Attorney-in-Fact full power and authority to do and perform each and every act and thing contemplated above, as fully and to all intents and purposes as the undersigned might or could do in person, and hereby ratifies and confirms all that said Attorneys-in-Fact, individually or collectively, may lawfully do or cause to be done by virtue hereof.

This Power of Attorney shall be revocable with respect to an undersigned at any time by a writing signed by such undersigned and shall terminate automatically with respect to an undersigned if such undersigned ceases to be a Trustee or Officer of the Trust.

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Dated: December 11, 2025.

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| | | |
|:---|:---|:---|
| **Name** | **Signature** | **Title** |
| Kristie M. Feinberg | /s/ Kristie M. Feinberg | President and Trustee |
| Fernando A. Silva | /s/ Fernando A. Silva | Chief Financial Officer<br> (Principal Financial Officer and Principal Accounting Officer) |
| Andrew G. Arnott | /s/ Andrew G. Arnott | Trustee |
| William K. Bacic | /s/ William K. Bacic | Trustee |
| James R. Boyle | /s/ James R. Boyle | Trustee |
| William H. Cunningham | /s/ William H. Cunningham | Trustee |
| Noni Ellison McKee | /s/ Noni Ellison McKee | Trustee |
| Grace K. Fey | /s/ Grace K. Fey | Trustee |
| Dean C. Garfield | /s/ Dean C. Garfield | Trustee |
| Christine L. Hurtsellers | /s/ Christine L. Hurtsellers | Trustee |
| Deborah C. Jackson | /s/ Deborah C. Jackson | Trustee |
| Hassell H. McClellan | /s/ Hassell H. McClellan | Trustee |
| Kenneth J. Phelan | /s/ Kenneth J. Phelan | Trustee |
| Frances G. Rathke | /s/ Frances G. Rathke | Trustee |
| Thomas R. Wright | /s/ Thomas R. Wright | Trustee |

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