UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21779

JOHN HANCOCK FUNDS II
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(Exact name of registrant as specified in charter)

601 CONGRESS STREET, BOSTON, MA 02210-2805
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(Address of principal executive offices) (Zip code)

GORDON M. SHONE, 601 CONGRESS STREET, BOSTON, MA 02210-2805
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(Name and address of agent for service)

Registrant's telephone number, including area code: (617) 663-2168
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Date of fiscal year end: 8/31 
                         - ------

Date of reporting period: 2/28/09 ------- 

ITEM 1. REPORTS TO STOCKHOLDERS.

The Registrant prepared four semiannual reports to shareholders for the period ended February 28, 2009. The first report applies to the Floating Rate Income Fund, the second report applies to the Optimized Value Fund, the third report applies to 9 Lifecycle Portfolios and the fourth report applies to 64 of the Registrant’s Funds.

A look at performance

For the period ended February 28, 2009

		Average annual returns (%)				Cumulative total returns (%)					SEC 30-
		with maximum sales charge (POP)				with maximum sales charge (POP)					day yield
	Inception				Since	Six				Since	(%) as of
Class	date	1-year	5-year	10-year	inception	months	1-year	5-year	10-year	inception	2-28-09
A	1-2-08	–18.88	—	—	–17.75	–21.28	–18.88	—	—	–20.31	9.91
B	1-2-08	–20.85	—	—	–18.87	–23.02	–20.85	—	—	–21.56	9.46
C	1-2-08	–17.66	—	—	–16.10	–19.89	–17.66	—	—	–18.45	9.44
I1	1-2-08	–15.99	—	—	–15.20	–18.67	–15.99	—	—	–17.44	10.66
11	1-2-08	–16.06	—	—	–15.26	–18.70	–16.06	—	—	–17.50	10.63
NAV1	1-2-08	–15.98	—	—	–15.18	–18.70	–15.98	—	—	–17.41	10.68

Performance figures assume all distributions are reinvested. Public offering price (POP) figures reflect maximum sales charges on Class A shares of 3%, and the applicable contingent deferred sales charge (CDSC) on Class B and Class C shares. The Class B shares’ CDSC declines annually between years 1 to 6 according to the following schedule: 5, 4, 3, 3, 2, 1%. No sales charge will be assessed after the sixth year. Class C shares held for less than one year are subject to a 1% CDSC. Sales charge is not applicable for Class I, Class 1 and Class NAV shares.

The expense ratios of the Fund, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectuses for the Fund and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. The waivers and expense limitations are contractual at least until December 31, 2009. The net expenses are as follows: Class A — 1.20%, Class B — 1.95%, Class C — 1.95%, Class I — 0.85%. Had the fee waivers and expense limitations not been in place, the gross expenses would be as follows: Class A — 1.52%, Class B — 4.76%, Class C — 2.32%, Class I — 4.48%. For the other classes, the net expenses equal the gross expenses and are as follows: Class 1 — 0.78%, Class NAV — 0.75%. The Fund’s expenses for the current fiscal year may be higher than the expenses listed above, for some of the following reasons: i) a significant decrease in average net assets may result in a higher advisory fee rate; ii) a significant decrease in average net assets may result in an increase in the expense ratio; and iii) the termination or expiration of expense cap reimbursements.

The returns reflect past results and should not be considered indicative of future performance. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility, the Fund’s current performance may be higher or lower than the performance shown. For current to the most recent month end performance data, please call 1–800–225–5291 or visit the Fund’s Web site at www.jhfunds.com.

The performance table above and the chart on the next page do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

The Fund’s performance results reflect any applicable expense reductions, without which the expenses increase and results would have been less favorable.

¹ For certain types of investors, as described in the Fund’s Class I, Class 1 and Class NAV share prospectuses.

6 Floating Rate Income Fund   Semiannual report

Growth of $10,000

This chart shows what happened to a hypothetical $10,000 investment in Floating Rate Income Fund Class A shares for the period indicated. For comparison, we’ve shown the same investment in the S&P/LSTA Leveraged Performing Loan Index.

NAV1	Class A without sales charge
POP1	Class A with sales charge
Index	S&P/LSTA Leveraged Performing Loan Index

			With maximum
Class	Period beginning	Without sales charge	sales charge	Index
B	1-2-08	$8,149	$7,844	$7,667
C	1-2-08	8,155	8,155	7,667
I2	1-2-08	8,256	8,256	7,667
12	1-2-08	8,250	8,250	7,667
NAV2	1-2-08	8,259	8,259	7,667

Assuming all distributions were reinvested for the period indicated, the table above shows the value of a $10,000 investment in the fund’s Class B, Class C, Class I, Class 1 and Class NAV shares, respectively, as of February 28, 2009. Performance of the classes will vary based on the difference in sales charges paid by shareholders investing in the different classes and the fee structure of those classes.

S&P/LSTA Leveraged Performing Loan Index is a subset of the S&P/LSTA leveraged loan index tracking returns in the leveraged loan market and capturing a broad cross-section of the U.S. leveraged loan market, including dollar-denominated, U.S.-syndicated loans to overseas issuers and excluding those in default.

It is not possible to invest directly in an index. Index figures do not reflect sales charges, which would have resulted in lower values if they did.

¹ NAV represents net asset value and POP represents public offering price.
² For certain types of investors, as described in the Fund’s Class I, Class 1 and Class NAV share prospectuses.

Semiannual report   Floating Rate Income Fund 7

Your expenses

These examples are intended to help you understand your ongoing operating expenses.

Understanding fund expenses

As a shareholder of the Fund, you incur two types of costs:

• Transaction costs which include sales charges (loads) on purchases or redemptions (varies by share class), minimum account fee charge, etc.

• Ongoing operating expenses including management fees, distribution and service fees (if applicable), and other fund expenses.

We are going to present only your ongoing operating expenses here.

Actual expenses/actual returns

This example is intended to provide information about your fund’s actual ongoing operating expenses, and is based on your fund’s actual return. It assumes an account value of $1,000.00 on September 1, 2008 with the same investment held until February 28, 2009.

	Account value	Ending value	Expenses paid during
	on 9-1-08	on 2-28-09	period ended 2-28-091
Class A	$1,000.00	$811.60	$5.26
Class B	1,000.00	808.80	8.75
Class C	1,000.00	809.00	8.70
Class I	1,000.00	813.30	3.69
Class 1	1,000.00	813.00	3.82
Class NAV	1,000.00	813.00	3.60

Together with the value of your account, you may use this information to estimate the operating expenses that you paid over the period. Simply divide your account value at February 28, 2009, by $1,000.00, then multiply it by the “expenses paid” for your share class from the table above. For example, for an account value of $8,600.00, the operating expenses should be calculated as follows:

8 Floating Rate Income Fund   Semiannual report

Hypothetical example for comparison purposes

This table allows you to compare your fund’s ongoing operating expenses with those of any other fund. It provides an example of the Fund’s hypothetical account values and hypothetical expenses based on each class’s actual expense ratio and an assumed 5% annualized return before expenses (which is not your fund’s actual return). It assumes an account value of $1,000.00 on September 1, 2008, with the same investment held until February 28, 2009. Look in any other fund shareholder report to find its hypothetical example and you will be able to compare these expenses.

	Account value	Ending value	Expenses paid during
	on 9-1-08	on 2-28-09	period ended 2-28-091
Class A	$1,000.00	$1,019.00	$5.86
Class B	1,000.00	1,015.10	9.74
Class C	1,000.00	1,015.20	9.69
Class I	1,000.00	1,020.70	4.11
Class 1	1,000.00	1,020.60	4.26
Class NAV	1,000.00	1,020.80	4.01

Remember, these examples do not include any transaction costs, such as sales charges; therefore, these examples will not help you to determine the relative total costs of owning different funds. If transaction costs were included, your expenses would have been higher. See the prospectus for details regarding transaction costs.

¹ Expenses are equal to the Fund’s annualized expense ratio of 1.17%, 1.95%, 1.94%, 0.82%, 0.85% and 0.80% for Class A, Class B, Class C, Class I, Class 1 and Class NAV respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Semiannual report   Floating Rate Income Fund 9

Portfolio summary

Top 10 issuers1
Federal Home Loan Bank	5.5%
HCA, Inc.	2.0%
Charter Communications, Inc.	2.2%
Community Health Systems, Inc.	1.9%
Georgia Pacific LLC	1.9%
Panamsat Corp.	1.7%
Energy Future Holdings Corp.	1.7%
Calpine Corp.	1.4%
Qwest Corp.	1.4%
Harrah’s Operating Company, Inc.	1.3%
Sector distribution2,3
Consumer cyclical	36%
Communications	20%
Consumer non-cyclical	10%
Energy	9%
Basic materials	8%
Federal Home Loan Bank	5%
Financial	1%
Industrial	1%
Technology	1%
Short-term investments & other	9%

¹ As a percentage of net assets on February 28, 2009, excluding cash and cash equivalents.

² Sector investing is subject to greater risks than the market as a whole. Because the Fund may focus on particular sectors of the economy, its performance may depend on the performance of those sectors.

³ As a percentage of net assets on February 28, 2009.

10 Floating Rate Income Fund   Semiannual report

FINANCIAL STATEMENTS

Fund’s investments

Securities owned by the Fund on 2-28-09 (unaudited)

	Principal
Issuer	amount	Value
Term loans 79.86%		$488,406,048
(Cost $598,063,166)
Aerospace 1.56%		9,528,708
Dubai Aerospace Enterprise, Term Loan Strip
4.470% due 07/31/2014 (b)	$5,971,690	2,866,411
Transdigm, Term Loan B
3.498% due 07/01/2012 (b)	5,285,000	4,806,047
Wesco Aircraft Add On, Term Loan
5.05% due 09/29/2013 (b)	1,500,000	1,237,500
Wesco Aircraft Hardware, Term B
2.73% due 09/29/2013 (b)	750,000	618,750
Air Travel 0.37%		2,233,120
Hawker Beechcraft Corp., Inc., Tranche B
2.801% due 03/26/2014 (b)	4,860,484	2,233,120
Airlines 1.26%		7,682,188
Delta Air Lines, Inc., Tranche A
2.435% due 04/30/2012 (b)	4,885,000	3,712,600
United Air Lines, Inc., Tranche B
2.50% due 01/12/2014 (b)	7,650,168	3,969,588
Aluminum 0.40%		2,460,266
Norada Aluminum, Inc., Term Loan B
2.466% due 05/18/2014 (b)	4,701,148	2,460,266
Amusement & Theme Parks 0.33%		2,026,255
Cedar Fair LP, Tranche B
2.479% due 06/13/2012 (b)	2,464,467	2,026,255
Apparel & Textiles 1.26%		7,722,252
Hanes Brands, Inc., Tranche B
2.975% due 10/15/2013 (b)	2,743,918	2,569,852
Iconix, Inc., Tranche B
3.710% due 05/01/2014 (b)	2,926,542	2,194,906
Novelis, Inc., Term Loan
3.460% due 07/06/2014 (b)	4,987,342	2,957,494
Auto Parts 0.62%		3,815,492
Allison Transmission, Inc., Tranche B
3.20% due 08/07/2014 (b)	5,759,233	3,815,492
Auto Services 1.14%		6,989,891
Hertz Corp.
3.275% due 01/21/2012 (b)	8,936,278	5,875,603
Visteon, Tranche B
4.426% due 06/20/2013 (b)	6,500,000	1,114,288

See notes to financial statements Semiannual report   Floating Rate Income Fund 11

FINANCIAL STATEMENTS

	Principal
Issuer	amount	Value
Automobiles 1.06%		$6,455,402
Adesa, Inc., Tranche B
3.253% due 09/22/2013 (b)	$3,847,608	2,588,586
Ford Motor Company, Tranche B
5.00% due 11/29/2013 (b)	5,977,215	1,910,217
General Motors Corp., Tranche B
4.148% due 12/15/2013 (b)	5,462,096	1,956,599
Broadcasting 0.37%		2,252,983
Citadel Broadcasting Corp., Tranche A
6.85% due 06/12/2013 (b)	500,000	191,250
Citadel Broadcasting Corp., Tranche B
2.213% due 06/12/2014 (b)	4,000,000	1,520,000
CMP Susquehanna Corp.
2.498% due 06/07/2013 (b)	1,484,199	541,733
Building Materials & Construction 1.19%		7,251,060
Sunguard Homes, Tranche B
2.660% due 08/15/2012 (b)	8,666,603	7,251,060
Business Services 0.19%		1,132,500
Rental Service Corp., 2nd Lien
4.7195% due 12/01/2013 (b)	2,000,000	1,132,500
Cable & Television 6.60%		40,375,309
Cablevision Systems Corp., Tranche B
2.206% due 03/30/2013 (b)	6,549,376	5,943,559
Charter Communications, Inc., Tranche B
3.211% due 03/15/2014 (b)	12,804,802	10,163,811
Charter Communications, Inc., Tranche B2
8.50% due 03/06/2014 (b)	3,532,050	3,160,203
Direct TV Holdings, Inc., Tranche C
5.25% due 04/13/2013 (b)	6,960,000	6,722,615
Insight Midwest Holdings LLC, Tranche B
2.420% due 04/10/2014 (b)	4,250,000	3,738,228
Lodgenet Entertainment Corp., Tranche B
3.460% due 04/04/2014 (b)	5,434,622	3,007,156
Univision Communications, Inc., Tranche B
2.729% due 09/15/2014 (b)	6,625,000	2,978,487
UPC Broadband Holding NV
2.163% due 03/30/2014 (b)	5,500,000	4,661,250
Cellular Communications 1.41%		8,636,727
Centennial Cellular, Tranche B
3.444% due 02/09/2011 (b)	3,556,722	3,457,642
Metropcs Wireless, Inc. Tranche B
3.190% due 02/20/2014 (b)	5,973,260	5,179,085
Chemicals 1.61%		9,837,313
Brenntag, Term Loan B
2.527% due 12/23/2013 (b)	2,500,000	1,912,500
Lyondell Chemical Company
5.750% due 12/20/2014 (b)	4,729,320	1,371,503
7.00% due 12/20/2014 (b)	1,989,962	779,402
11.26% due 12/15/2009	3,751,397	3,685,747
Lyondell Chemical Company, Tranche B3
7.00% due 12/20/2014 (b)	7,200,554	2,088,161

12 Floating Rate Income Fund   Semiannual report See notes to financial statements

FINANCIAL STATEMENTS

	Principal
Issuer	amount	Value
Commercial Services 4.23%		$25,884,477
Acosta, Tranche B
2.73% due 08/15/2013 (b)	$2,219,041	1,808,519
Affinion Group, Tranche B
3.758% due 10/17/2012 (b)	6,000,000	4,840,002
Asurion Corp. Tranche B
3.762% due 07/02/2014 (b)	6,500,000	4,838,437
Sensata Technologies, Term Loan B
2.934% due 04/27/2013 (b)	4,556,570	2,033,369
Thomson Learning, Tranche B
8.500% due 07/05/2014 (b)	5,962,387	3,868,099
Ticketmaster, Term Loan
6.64% due 08/01/2014 (b)	3,000,000	2,520,000
US Investigations Services, Inc., Tranche B
4.275% due 02/21/2015 (b)	6,079,377	4,888,834
West Corp., Tranche B
2.837% due 10/01/2013 (b)	1,484,887	1,087,217
Computer Services 0.24%		1,463,534
Activant Solutions, Inc., Tranche B
3.438% due 05/02/2013 (b)	3,113,903	1,463,534
Containers & Glass 2.23%		13,643,478
Graham Packaging Company, Inc.
3.506% due 10/07/2011 (b)	6,450,929	5,397,280
Graphic Packaging, Inc., Tranche B
3.114% due 05/03/2014 (b)	5,119,776	4,257,948
Graphic Packaging, Inc., Tranche C
3.858% due 05/16/2014 (b)	4,679,826	3,988,250
Cosmetics & Toiletries 0.82%		5,038,729
Sally Holdings LLC, Tranche B
3.036% due 11/15/2013 (b)	5,915,487	5,038,729
Data Processing & Management 1.11%		6,815,830
First Data Corp., Tranche B2
3.223% due 10/15/2014 (b)	10,423,511	6,815,830
Educational Services 0.50%		3,034,331
Education Management, Tranche C
3.25% due 06/12/2013 (b)	3,571,112	3,034,331
Electrical Utilities 4.25%		25,982,775
Calpine Corp.
4.335% due 03/29/2009 (b)	12,160,498	8,820,702
Energy Future Holdings Corp., Tranche B3
3.951% due 10/10/2014 (b)	16,349,686	10,198,117
Meg Energy, Tranche B
3.460% due 04/15/2013 (b)	1,573,222	975,398
NRG Energy, Inc., Tranche B
2.673% due 02/01/2013 (b)	6,205,844	5,698,517
2.959% due 02/01/2013 (b)	315,863	290,041
Energy 1.64%		10,056,380
Brand Energy Services, Tranche B
3.745% due 02/07/2014 (b)	5,171,941	3,335,902
Express Energy Service, Term Loan
8.500% due 07/02/2013 (b)	3,818,829	1,909,415
TXU Energy, Tranche B2
3.951% due 10/10/2014 (b)	7,711,718	4,811,063

See notes to financial statements Semiannual report   Floating Rate Income Fund 13

FINANCIAL STATEMENTS

	Principal
Issuer	amount	Value
Financial Services 0.16%		$998,844
Chrysler Financial, Tranche B
9.35% due 08/03/2012 (b)	$1,000,000	520,000
Lender Processing Services, Tranche B
2.979% due 06/18/2014 (b)	497,500	478,844
Food & Beverages 4.55%		27,817,096
Aramark Corp.
4.063% due 01/31/2014 (b)	9,342,961	8,071,281
Bolthouse Farms, Inc., Tranche B
2.688% due 12/16/2012 (b)	5,200,858	4,329,714
Constellation Brands, Inc., Term Loan B
3.294% due 06/05/2013 (b)	4,983,914	4,686,265
Dole Food Company, Inc., Letter of Credit
2.79% due 04/12/2013 (b)	5,420,824	4,859,167
Wrigley WM Jr. Company, Term Loan B
6.50% due 09/30/2014 (b)	5,950,000	5,870,669
Healthcare Products 5.10%		31,199,693
Bausch & Lomb, Inc., Tranche B
3.425% due 04/11/2015 (b)	8,952,946	7,635,189
Biomet, Inc., Tranche B
4.459% due 03/25/2015 (b)	5,463,549	4,863,241
Fenwal, Inc.
3.506% due 03/01/2014 (b)	5,956,889	3,931,547
Hanger Orthopedic Group, Inc., Tranche B
2.48% due 07/15/2014 (b)	2,978,174	2,710,139
Invitrogen Corp., Term Loan B
5.250% due 06/11/2015 (b)	3,990,000	3,905,213
Pharmaceutical Health Technologies, Tranche B
3.709% due 04/15/2014 (b)	4,528,048	2,671,548
Royalty Pharma, Tranche B
3.701% due 05/15/2014 (b)	5,959,583	5,482,816
Healthcare Services 1.66%		10,159,806
DaVita, Tranche B1
2.328% due 03/15/2014 (b)	3,000,000	2,758,125
Manor Care, Tranche B
2.974% due 11/15/2014 (b)	5,454,923	4,036,643
Select Medical Corp., Tranche B
3.249% due 02/24/2012 (b)	4,206,298	3,365,038
Hotels & Restaurants 0.18%
QUIZNO’S Corp.
3.75% due 05/05/2012 (b)	1,964,848	1,083,474
Household Products 0.14%		886,725
Yankee Candle, Term Loan B
3.401% due 01/15/2014 (b)	1,461,634	886,725
Leisure Time 6.81%		41,640,065
AMC Entertainment, Inc., Term Loan B
1.977% due 01/26/2013 (b)	2,061,285	1,813,930
Carmike Cinemas, Inc., Term Loan
5.19% due 05/19/2012 (b)	3,226,770	2,377,055
6.13% due 05/19/2012 (b)	4,010,820	2,954,639
CCM Merger, Inc., Tranche B
7.368% due 07/21/2012 (b)	3,918,369	2,213,878

14 Floating Rate Income Fund   Semiannual report See notes to financial statements

FINANCIAL STATEMENTS

	Principal
Issuer	amount	Value
Leisure Time (continued)
Cinemark, Inc., Tranche C
2.494% due 03/31/2011 (b)	$2,000,000	$1,770,278
Golden Nugget, Inc., Tranche B
2.395% due 06/14/2014 (b)	3,750,000	1,425,000
Harrah’s Operating Company, Inc., Tranche B2
4.160% due 02/28/2015 (b)	13,929,925	8,102,578
Las Vegas Sands LLC, Tranche B
2.160% due 05/08/2014 (b)	7,451,802	3,288,108
Metro-Goldwyn-Mayer, Inc., Term Loan B
4.249% due 04/08/2011 (b)	5,225,697	2,325,435
Oceania Cruises, Inc., Tranche B
3.710% due 05/01/2014 (b)	1,483,287	667,479
Penn National Gaming, Inc., Term Loan B
2.594% due 10/03/2012 (b)	6,969,138	6,277,452
Regal Cinemas, Tranche B
5.209% due 10/19/2010 (b)	5,716,345	5,253,841
Tropicana Entertainment, Tranche B
6.50% due 12/15/2011 (b)	4,000,000	868,572
Venetian Macau, Tranche B
2.730% due 04/01/2013 (b)	3,655,000	2,103,288
Venetian Macau, Tranche Delayed Draw
1.375% due 04/01/2013 (b)	345,000	198,532
Medical-Hospitals 7.35%		44,953,392
Community Health Systems, Inc., Tranche B
2.729% due 07/02/2014 (b)	13,870,914	11,744,572
HCA, Inc., Tranche A
2.959% due 11/16/2012 (b)	3,951,497	3,438,790
HCA, Inc., Tranche B
3.709% due 11/01/2013 (b)	11,895,077	10,026,563
Health Management Associates, Inc., Tranche B
3.209% due 01/16/2014 (b)	7,704,174	6,144,079
HVHC, Inc., Tranche B
3.710% due 08/15/2013 (b)	2,866,596	2,551,270
Iasis Healthcare Corp., Tranche B
2.409% due 05/01/2014 (b)	6,321,785	5,507,855
Vanguard Health Holdings, Tranche B
3.301% due 05/18/2011 (b)	6,034,323	5,540,263
Oil & Gas Drilling 1.67%		10,206,762
Ashmore Energy International, Tranche B
3.479% due 05/30/2014 (b)	5,408,801	3,245,281
Hercules Offshore LLC, Tranche B
3.210% due 07/11/2013 (b)	5,939,887	4,165,345
Quicksilver Resource, Inc., 2nd Lien
7.75% due 08/08/2013 (b)	2,000,000	1,665,000
Venoco, Inc.
5.250% due 05/01/2014 (b)	2,472,428	1,131,136
Paper 2.43%		14,833,557
Georgia Pacific LLC, Tranche B1
4.122% due 12/23/2013 (b)	11,811,745	10,195,012
Georgia Pacific LLC, Tranche B2
3.481% due 12/20/2012 (b)	1,525,558	1,316,747
NewPage Corp., Tranche B
5.313% due 11/05/2014 (b)	5,453,697	3,321,798

See notes to financial statements Semiannual report   Floating Rate Income Fund 15

FINANCIAL STATEMENTS

	Principal
Issuer	amount	Value
Pipelines 0.88%		$5,372,933
Dynegy Holdings, Inc.
1.98% due 04/02/2013 (b)	$6,495,772	5,372,933
Plastics 0.69%		4,219,150
Berry Plastics Holding Company
2.448% due 04/03/2015 (b)	5,950,847	4,219,150
Publishing 2.67%		16,345,019
Dex Media West LLC, Tranche B
7.00% due 10/13/2014 (b)	5,000,000	2,393,750
Idearc, Inc., Tranche B
3.418% due 11/01/2014 (b)	6,266,209	2,185,340
Newsday LLC
9.75% due 07/15/2013 (b)	4,500,000	4,061,250
Nielsen Finance, Tranche B
2.448% due 08/15/2013 (b)	6,449,358	5,078,870
Quebecor World, Inc., Tranche B
3.094% due 01/17/2013 (b)	2,395,306	1,988,104
Tribune Company
5.00% due 05/17/2009 (b)	2,462,857	637,705
Retail Trade 4.13%		25,276,968
Amscan Holdings, Inc., Tranche B
3.787% due 05/01/2013 (b)	7,646,030	5,352,221
Dollar General Corp., Tranche B
3.580% due 07/15/2014 (b)	6,000,000	5,180,454
General Nutrition Center, Tranche B
3.706% due 09/06/2013 (b)	3,713,448	2,701,533
Michaels Stores, Inc., Tranche B
2.770% due 10/31/2013 (b)	5,440,217	3,041,990
Neiman Marcus Group, Inc., Tranche B
4.193% due 03/13/2013 (b)	7,733,805	4,956,665
Petco Animal Supplies, Inc., Tranche B
3.309% due 11/15/2013 (b)	4,962,092	4,044,105
Semiconductors 0.28%		1,742,721
Freescale Semiconductor, Inc., Tranche B
3.931% due 12/01/2013 (b)	3,417,099	1,742,721
Software 0.83%		5,055,083
CGG, Tranche B
4.538% due 01/30/2014 (b)	5,860,966	5,055,083
Telecommunications Equipment & Services 5.18%		31,703,422
Level 3 Communications, Inc., Tranche B
3.279% due 03/01/2014 (b)	8,000,000	5,907,144
Panamsat Corp., Tranche B
3.925% due 06/30/2013 (b)	12,148,125	10,376,528
Qwest Corp., Term Loan B
6.95% due 06/30/2010 (b)	8,500,000	8,340,625
Telesat Canada, Tranche D Delayed Draw
4.460% due 10/15/2014 (b)	5,194,994	4,412,498
Virgin Media Tranche B4
3.125% due 01/15/2014 (b)	2,946,549	2,666,627
Telephone 0.34%		2,059,040
Windstream Corp., Tranche B
2.589% due 07/17/2013 (b)	2,266,834	2,059,040

16 Floating Rate Income Fund   Semiannual report See notes to financial statements

FINANCIAL STATEMENTS

	Principal
Issuer	amount	Value
Transportation 0.27%		$1,635,158
Swift Transport, Term Loan B
3.688% due 05/15/2014 (b)	$3,500,000	1,635,158
Trucking & Freight 0.15%		898,140
Oshkosh Truck Corp. Tranche B
3.157% due 12/06/2013 (b)	1,283,057	898,140
U.S. government agency obligations 5.45%		$33,305,919
(Cost $33,635,308)
Federal Home Loan Bank 5.45%		33,305,919
4.50% due 10/09/2009 (a)	$25,100,000	25,643,064
5.00% due 09/18/2009 (a)	7,500,000	7,662,855
Corporate bonds 7.42%		$45,405,952
(Cost $55,524,729)
Air Travel 0.31%		1,877,744
Continental Airlines, Inc., Series 01-1
6.503% due 06/15/2011	$1,030,000	916,700
Continental Airlines, Inc., Series 974A
6.90% due 01/02/2018	1,193,843	961,044
Building Materials & Construction 0.16%		1,000,000
Nortek, Inc.
10.00% due 12/01/2013 (f)	2,500,000	1,000,000
Cable & Television 1.25%		7,630,475
DirecTV Holdings LLC
7.625% due 05/15/2016	2,500,000	2,400,000
Time Warner Cable, Inc.
8.75% due 02/14/2019 (b)	4,900,000	5,230,475
Cellular Telecom 0.75%		4,574,732
Verizon Communications, Inc.
8.75% due 11/01/2018	4,000,000	4,574,732
Chemicals - 0.03%		195,000
Georgia Gulf Corp.
9.50% due 10/15/2014	1,500,000	195,000
Crude Petroleum & Natural Gas 1.22%		7,445,969
Chesapeake Energy Corp.
7.63% due 07/15/2013	5,895,000	5,305,500
Hess Corp.
8.125% due 02/15/2019	2,100,000	2,140,469
Energy 0.49%		3,011,976
Noble Energy, Inc.
8.25% due 03/01/2019	3,000,000	3,011,976
Financial Services 1.22%		7,474,004
Ford Motor Credit Company LLC
12.00% due 05/15/2015	5,400,000	3,143,934
GMAC LLC
2.4875% due 05/15/2009 (b)	4,000,000	3,530,000
7.75% due 01/19/2010 (f)	1,000,000	800,070

See notes to financial statements Semiannual report   Floating Rate Income Fund 17

FINANCIAL STATEMENTS

	Principal
Issuer	amount	Value
Gas & Pipeline Utilities 0.23%		$1,389,200
El Paso Corp.
8.25% due 02/15/2016	$1,510,000	1,389,200
Leisure Time 0.08%		478,800
Station Casinos, Inc.
7.75% due 08/15/2016	1,596,000	478,800
Mining 0.44%		2,726,982
Rio Tinto Finance USA, Ltd.
5.875% due 07/15/2013	3,000,000	2,726,982
Paper 0.04%		225,120
Abitibi-Consolidated Company of Canada
15.50% due 07/15/2010 (f)	1,072,000	225,120
Real Estate 0.04%		233,200
Forest City Enterprises, Inc.
7.625% due 06/01/2015	530,000	233,200
Retail Trade 0.05%		316,000
Neiman Marcus Group, Inc.
9.00% due 10/15/2015 (f)	800,000	316,000
Semiconductors 0.10%		620,000
NXP BV/NXP Funding LLC
3.8444% due 10/15/2013 (b)	2,000,000	320,000
7.875% due 10/15/2014	1,500,000	300,000
Telecommunications Equipment & Services 0.66%		4,038,000
Citizens Communications Company
7.875% due 01/15/2027	600,000	438,000
iPCS, Inc.
3.295% due 05/01/2013 (b)(f)	5,000,000	3,600,000
Telephone 0.35%		2,168,750
Sprint Capital Corp.
7.625% due 01/30/2011	2,500,000	2,168,750
Short-term investments 5.03%		$30,769,400
(Cost $30,769,400)
John Hancock Cash Investment Trust,
0.7604% (c)(g)	$30,769,400	30,769,400
	Principal
Issuer, description, maturity date	amount	Value
Repurchase agreements 8.32%		$50,900,000
(Cost $50,900,000)
Goldman Sachs Tri-Party Repurchase Agreement dated 02/27/2009
at 0.23% to be repurchased at $50,900,976 on 03/02/2009,
collateralized by $51,165,000 Federal Home Loan Mortgage Corp.,
3.60% due 05/20/2011 (valued at $51,932,475, including interest)	$50,900,000	50,900,000
Total investments (Cost $768,892,603)† 106.08%		$648,787,319
Liabilities in excess of other assets (6.08)%		($37,177,022	)
Total net assets 100.00%		$611,610,297

18 Floating Rate Income Fund   Semiannual report See notes to financial statements

FINANCIAL STATEMENTS

Notes to Schedule of Investments

	Percentages are stated as a percent of net assets.
(a)	All or a portion of this security was out on loan.
(b)	Variable rate obligation. The coupon rate shown represents the rate at period end.
(c)	The investment is an affiliate of the fund, the adviser and/or the subadviser.
(f)	144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	John Hancock Cash Investment Trust is managed by MFC Global Investment Management (U.S.), LLC, an affiliate of the Fund, and represents investment of securities lending collateral. The rate shown is the seven-day effective yield at period end.
†	At February 28, 2009, the aggregate cost of investment securities for federal income tax purposes was $769,317,273. Net unrealized depreciation aggregated $120,529,954, of which $2,991,195 related to appreciated investment securities and $123,521,149 related to depreciated investment securities.

See notes to financial statements Semiannual report   Floating Rate Income Fund 19

FINANCIAL STATEMENTS

Financial statements

Statement of assets and liabilities 2-28-09 (unaudited)

This Statement of Assets and Liabilities is the Fund’s balance sheet. It shows the value of what the Fund owns, is due and owes. You’ll also find the net asset value and the maximum offering price per share.

Assets
Investments in unaffiliated issuers, at value (Cost $687,223,203)
including $30,173,091 of securities loaned (Note 2)	$567,117,919
Repurchase agreement, at value (Cost $50,900,000) (Note 2)	50,900,000
Investments in affiliated issuers, at value (Cost $30,769,400) (Note 2)	30,769,400
Total investments, at value (Cost $768,892,603) (Note 2)	648,787,319
Cash	1,161,779
Receivable for investments sold	10,133,091
Receivable for fund shares sold	1,472,522
Interest receivable	4,890,962
Receivable for security lending income	7,685
Receivable due from adviser	1,511
Prepaid expenses	43,058
Total assets	666,497,927
Liabilities
Payable for investments purchased	23,722,901
Payable for fund shares repurchased	116,712
Payable upon return of securities loaned (Note 2)	30,769,400
Distributions payable	37,411
Payable to affiliates
Fund administration fees	14,422
Transfer agent fees	11,238
Trustees’ fees	83
Accrued expenses	215,463
Total liabilities	54,887,630
Net assets
Capital paid-in	$736,691,115
Distributions in excess of net investment income	(144,913	)
Accumulated undistributed net realized loss on investments	(4,830,621	)
Net unrealized appreciation (depreciation) on investments	(120,105,284	)
Net assets	$611,610,297

20 Floating Rate Income Fund   Semiannual report See notes to financial statements

FINANCIAL STATEMENTS

Statement of assets and liabilities (continued)

 

Net asset value per share
The Funds have an unlimited number of shares authorized with no par
value. Net asset value is calculated by dividing the net assets of each
class of shares by the number of outstanding shares in the class.
Class A
Net assets	$21,990,053
Shares outstanding	2,877,254
Net asset value and redemption price per share	$7.64
Class B1
Net assets	$630,234
Shares outstanding	82,525
Net asset value, offering price and redemption price per share	$7.64
Class C1
Net assets	$11,100,950
Shares outstanding	1,449,136
Net asset value, offering price and redemption price per share	$7.66
Class I
Net assets	$2,005,798
Shares outstanding	262,550
Net asset value, offering price and redemption price per share	$7.64
Class 1
Net assets	$82,562
Shares outstanding	10,828
Net asset value, offering price and redemption price per share	$7.62
Class NAV
Net assets	$575,800,700
Shares outstanding	75,443,019
Net asset value, offering price and redemption price per share	$7.63
Maximum public offering price per share
Class A (net asset value per share ÷ 97%)2	$7.88

 

1	Redemption price is equal to net asset value less any applicable contingent deferred sales charge.
2	On single retail sales of less than $50,000. On sales of $50,000 or more and on group sales the offering price is reduced.

See notes to financial statements Semiannual report   Floating Rate Income Fund 21

FINANCIAL STATEMENTS

Statement of operations For the period ended 2-28-09 (unaudited)¹

This Statement of Operations summarizes the Fund’s investment income earned and expenses incurred in operating the Fund. It also shows net gains (losses) for the period stated.

Investment income
Interest	$22,824,430
Securities lending	17,033
Total investment income	22,841,463
Expenses
Investment management fees (Note 5)	1,784,956
Distribution and service fees (Note 5)	32,309
Transfer agent fees (Note 5)	15,513
State registration fees	10,100
Printing and postage fees (Note 5)	5,868
Audit and legal fees	66,273
Custodian fees	68,530
Registration and filing fees	86,935
Fund administration fees (Note 5)	49,120
Trustees’ fees (Note 6)	3,310
Miscellaneous	25,420
Total expenses	2,148,334
Net expense (reduction) (Note 5)	(67,263	)
Net expenses	2,081,071
Net investment income	20,760,392
Realized and unrealized loss
Net realized loss on investments in unaffiliated issuers	(4,596,086	)
Change in net unrealized appreciation (depreciation) of investments
in unaffiliated issuers	(110,881,158	)
Net realized and unrealized loss	(115,477,244	)
Decrease in net assets from operations	($94,716,852	)

¹ Semiannual period from 9-1-08 to 2-28-09.

22 Floating Rate Income Fund   Semiannual report See notes to financial statements

FINANCIAL STATEMENTS

Statements of changes in net assets

This Statement of Changes in Net Assets shows how the value of the Portfolio’s net assets has changed during the period. The difference reflects earnings less expenses, any investment gains and losses, distributions, if any, paid to shareholders and the net of Portfolio share transactions.

	Period		Period
	ended		ended
	8-31-08	1	2-28-09	2
Increase (decrease) in net assets
From operations
Net investment income	$14,891,575		$20,760,392
Net realized loss	(239,677	)	(4,596,086	)
Change in net unrealized appreciation (depreciation)	(9,224,126	)	(110,881,158	)
Increase (decrease) in net assets resulting from operations	5,427,772		(94,716,852	)
Distributions to shareholders
From net investment income
Class A	(110,475	)	(442,940	)
Class B	(7,068	)	(13,603	)
Class C	(66,351	)	(84,665	)
Class I	(5,779	)	(38,136	)
Class 1	(3,720	)	(3,473	)
Class NAV	(14,251,483	)	(20,752,759	)
From net realized gain
Class A	—		(228	)
Class B	—		(7	)
Class C	—		(39	)
Class I	—		(28	)
Class 1	—		(2	)
Class NAV	—		(12,024	)
Total distributions	(14,444,876	)	(21,347,904	)
From Fund share transactions (Note 7)	532,979,913		203,712,244
Total increase	523,962,809		87,647,488
Net assets
Beginning of period	—		523,962,809
End of period	$523,962,809		$611,610,297
Undistributed (distributions in excess of)
net investment income	$430,271		($144,913	)

1	Period from 1-2-08 (commencement of operations) to 8-31-08.
2	Semiannual period from 9-1-08 to 2-28-09. Unaudited.

See notes to financial statements Semiannual report   Floating Rate Income Fund 23

FINANCIAL STATEMENTS

Financial highlights

The Financial Highlights show how the Fund’s net asset value for a share has changed since the beginning of the period.

CLASS A SHARES Period ended	8-31-08	1	2-28-09	2
Per share operating performance
Net asset value, beginning of period	$10.00		$9.79
Net investment income3	0.37		0.29
Net realized and unrealized loss on investments	(0.25	)	(2.14	)
Total from investment operations	0.12		(1.85	)
Less distributions
From net investment income	(0.33	)	(0.30	)
From net realized gain	—		—	4
Total distributions	(0.33	)	(0.30	)
Net asset value, end of period	$9.79		$7.64
Total return (%)5,6,7	1.23		(18.84	)
Ratios and supplemental data
Net assets, end of period (in millions)	$11		$22
Ratios (as a percentage of average net assets):
Expenses before reductions8	1.52		1.37
Expenses net of fee waivers8	1.18		1.17	9
Expenses net of all fee waivers and credits8	1.18		1.17	9
Net investment income8	5.70		7.45
Portfolio turnover (%)	11		18

____________________
 

1	Class A shares began operations on 1-2-08.
2	Semiannual period from 9-1-08 to 2-28-09. Unaudited.
3	Based on the average of the shares outstanding.
4	Less than $0.01 per share.
5	Assumes dividend reinvestment and does not reflect the effect of sales charges.
6	Total returns would have been lower had certain expenses not been reduced during the periods shown.
7	Not annualized.
8	Annualized.
9	The adviser has agreed to waive or reimburse expenses, as detailed in the accompanying notes to the financial statements, which are subject to possible recapture by the Investment Adviser within three years of being incurred. See Note 5.

24 Floating Rate Income Fund   Semiannual report See notes to financial statements

FINANCIAL STATEMENTS

CLASS B SHARES Period ended	8-31-08	1	2-28-09	2
Per share operating performance
Net asset value, beginning of period	$10.00		$9.79
Net investment income3	0.31		0.27
Net realized and unrealized loss on investments	(0.24	)	(2.14	)
Total from investment operations	0.07		(1.87	)
Less distributions
From net investment income	(0.28	)	(0.28	)
From net realized gain	—		—	4
Total distributions	(0.28	)	(0.28	)
Net asset value, end of period	$9.79		$7.64
Total return (%)5,6,7	0.76		(19.12	)
Ratios and supplemental data
Net assets, end of period (in millions)	$1		$1
Ratios (as a percentage of average net assets):
Expenses before reductions8	4.76		4.16
Expenses net of fee waivers8	1.93		2.13	9
Expenses net of all fee waivers and credits8	1.93		1.95	9
Net investment income8	4.78		6.82
Portfolio turnover (%)	11		18

____________________
 

1	Class B shares began operations on 1-2-08.
2	Semiannual period from 9-1-08 to 2-28-09. Unaudited.
3	Based on the average of the shares outstanding.
4	Less than $0.01 per share.
5	Assumes dividend reinvestment and does not reflect the effect of sales charges.
6	Total returns would have been lower had certain expenses not been reduced during the periods shown.
7	Not annualized.
8	Annualized.
9	The adviser has agreed to waive or reimburse expenses, as detailed in the accompanying notes to the financial statements, which are subject to possible recapture by the Investment Adviser within three years of being incurred. See Note 5.

See notes to financial statements Semiannual report   Floating Rate Income Fund 25

FINANCIAL STATEMENTS

CLASS C SHARES Period ended	8-31-08	1	2-28-09	2
Per share operating performance
Net asset value, beginning of period	$10.00		$9.80
Net investment income3	0.32		0.26
Net realized and unrealized loss on investments	(0.24	)	(2.13	)
Total from investment operations	0.08		(1.87	)
Less distributions
From net investment income	(0.28	)	(0.27	)
From net realized gain	—		—	4
Total distributions	(0.28	)	(0.27	)
Net asset value, end of period	$9.80		$7.66
Total return (%)5,6,7	0.81		(19.10	)
Ratios and supplemental data
Net assets, end of period (in millions)	$2		$11
Ratios (as a percentage of average net assets):
Expenses before reductions8	2.32		2.35
Expenses net of fee waivers8	1.95		1.94	9
Expenses net of all fee waivers and credits8	1.95		1.94	9
Net investment income8	4.96		6.85
Portfolio turnover (%)	11		18

____________________
 

1	Class C shares began operations on 1-2-08.
2	Semiannual period from 9-1-08 to 2-28-09. Unaudited.
3	Based on the average of the shares outstanding.
4	Less than $0.01 per share.
5	Assumes dividend reinvestment and does not reflect the effect of sales charges.
6	Total returns would have been lower had certain expenses not been reduced during the periods shown.
7	Not annualized.
8	Annualized.
9	The adviser has agreed to waive or reimburse expenses, as detailed in the accompanying notes to the financial statements, which are subject to possible recapture by the Investment Adviser within three years of being incurred. See Note 5.

26 Floating Rate Income Fund   Semiannual report See notes to financial statements

FINANCIAL STATEMENTS

CLASS I SHARES Period ended	8-31-08	1	2-28-09	2
Per share operating performance
Net asset value, beginning of period	$10.00		$9.79
Net investment income3	0.37		0.32
Net realized and unrealized loss on investments	(0.22	)	(2.15	)
Total from investment operations	0.15		(1.83	)
Less distributions
From net investment income	(0.36	)	(0.32	)
From net realized gain	—		—	4
Total distributions	(0.36	)	(0.32	)
Net asset value, end of period	$9.79		$7.64
Total return (%)5,6,7	1.52		(18.67	)
Ratios and supplemental data
Net assets, end of period (in millions)	$1		$2
Ratios (as a percentage of average net assets):
Expenses before reductions8	4.48		1.63
Expenses net of fee waivers8	0.82		0.85	9
Expenses net of all fee waivers and credits8	0.82		0.82	9
Net investment income8	5.78		8.35
Portfolio turnover (%)	11		18

____________________
 

1	Class I shares began operations on 1-2-08.
2	Semiannual period from 9-1-08 to 2-28-09. Unaudited.
3	Based on the average of the shares outstanding.
4	Less than $0.01 per share.
5	Assumes dividend reinvestment and does not reflect the effect of sales charges.
6	Total returns would have been lower had certain expenses not been reduced during the periods shown.
7	Not annualized.
8	Annualized.
9	The adviser has agreed to waive or reimburse expenses, as detailed in the accompanying notes to the financial statements, which are subject to possible recapture by the Investment Adviser within three years of being incurred. See Note 5.

See notes to financial statements Semiannual report   Floating Rate Income Fund 27

FINANCIAL STATEMENTS

CLASS 1 SHARES Period ended	8-31-08	1	2-28-09	2
Per share operating performance
Net asset value, beginning of period	$10.00		$9.78
Net investment income3	0.38		0.31
Net realized and unrealized loss on investments	(0.23	)	(2.14	)
Total from investment operations	0.15		(1.83	)
Less distributions
From net investment income	(0.37	)	(0.33	)
From net realized gain	—		—	4
Total distributions	(0.37	)	(0.33	)
Net asset value, end of period	$9.78		$7.62
Total return (%)5,6	1.48		(18.70	)7
Ratios and supplemental data
Net assets, end of period (in millions)	—	8	—	8
Ratios (as a percentage of average net assets):
Expenses before reductions9	0.78		0.86
Expenses net of fee waivers9	0.78		0.85	10
Expenses net of all fee waivers and credits9	0.78		0.85	10
Net investment income9	5.83		7.99
Portfolio turnover (%)	11		18

____________________
 

1	Class 1 shares began operations on 1-2-08.
2	Semiannual period from 9-1-08 to 2-28-09. Unaudited.
3	Based on the average of the shares outstanding.
4	Less than $0.01 per share.
5	Assumes dividend reinvestment and does not reflect the effect of sales charges.
6	Not annualized.
7	Total returns would have been lower had certain expenses not been reduced during the period shown.
8	Less than $500,000.
9	Annualized.
10	The adviser has agreed to waive or reimburse expenses, as detailed in the accompanying notes to the financial statements, which are subject to possible recapture by the Investment Adviser within three years of being incurred. See Note 5.

28 Floating Rate Income Fund   Semiannual report See notes to financial statements

FINANCIAL STATEMENTS

CLASS NAV SHARES Period ended	8-31-08	1	2-28-09	2
Per share operating performance
Net asset value, beginning of period	$10.00		$9.79
Net investment income3	0.40		0.32
Net realized and unrealized loss on investments	(0.24	)	(2.15	)
Total from investment operations	(0.16	)	(1.83	)
Less distributions
From net investment income	(0.37	)	(0.33	)
From net realized gain	—		—	4
Total distributions	(0.37	)	(0.33	)
Net asset value, end of period	$9.79		$7.63
Total return (%)5,6,7	1.59		(18.70	)
Ratios and supplemental data
Net assets, end of period (in millions)	$510		$576
Ratios (as a percentage of average net assets):
Expenses before reductions8	0.75		0.82
Expenses net of fee waivers8	0.75		0.80	9
Expenses net of all fee waivers and credits8	0.75		0.80	9
Net investment income8	6.16		8.16
Portfolio turnover (%)	11		18

____________________
 

1	Class NAV shares began operations on 1-2-08.
2	Semiannual period from 9-1-08 to 2-28-09. Unaudited.
3	Based on the average of the shares outstanding.
4	Less than $0.01 per share.
5	Assumes dividend reinvestment and does not reflect the effect of sales charges.
6	Total returns would have been lower had certain expenses not been reduced during the periods shown.
7	Not annualized.
8	Annualized.
9	The adviser has agreed to waive or reimburse expenses, as detailed in the accompanying notes to the financial statements, which are subject to possible recapture by the Investment Adviser within three years of being incurred. See Note 5.

See notes to financial statements Semiannual report   Floating Rate Income Fund 29

Notes to financial statements (unaudited) 

Note 1
Organization
John Hancock Floating Rate Income Fund (the Fund), is a series of John Hancock Funds II (the Trust or JHF II), the Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end investment management company. The Fund is non-diversified, as defined in the 1940 Act. The investment objective of the Fund is to seek a high level of current income.

John Hancock Life Insurance Company (U.S.A.) (John Hancock USA) is an indirect wholly owned subsidiary of Manulife Financial Corporation (MFC), a publicly traded company. MFC and its subsidiaries are known collectively as “Manulife Financial.”

John Hancock Investment Management Services, LLC (the Adviser or JHIMS), a Delaware limited liability company controlled by John Hancock USA, serves as investment adviser for the Trust and John Hancock Funds, LLC (the Distributor), a Delaware limited liability company, an affiliate of the Adviser, serves as principal underwriter.

The Board of Trustees have authorized the issuance of multiple classes of shares of the Fund, including classes designated as Class A, Class B, Class C, Class I, Class 1 and Class NAV shares. Class A, Class B and Class C shares are open to all retail investors. Class I shares are offered without any sales charge to various institutional and certain individual investors. Class 1 shares are sold only to certain exempt separate accounts of John Hancock USA and John Hancock New York. Class NAV shares are sold to affiliated funds of funds, which are funds of funds within the John Hancock funds complex. The shares of each class represent an interest in the same portfolio of investments of the Fund, and have equal rights as to voting, redemptions, dividends and liquidation, except that certain expenses, subject to the approval of the Board of Trustees, may be applied differently to each class of shares in accordance with current regulations of the Securities and Exchange Commission and the Internal Revenue Service. Shareholders of a class that bear distribution and service expenses under the terms of a distribution plan have exclusive voting rights to that distribution plan. Class B shares will convert to Class A shares eight years after purchase.

The Adviser and other affiliates of John Hancock USA owned 10,687 shares of beneficial interest of Class 1 on February 28, 2009.

Note 2
Significant accounting policies
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America which requires management to make certain estimates and assumptions at the date of the financial statements. Actual results may differ from these estimates.

Security valuation
Investments are stated at value as of the close of the regular trading on New York Stock Exchange (NYSE), normally at 4:00 P.M., Eastern Time. Debt obligations are valued based on the evaluated prices provided by an independent pricing service, which utilizes both dealer-supplied and electronic data processing techniques, which take into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data. Securities traded only in the over-the-counter market are valued at the last bid price quoted by brokers making markets in the securities at the close of trading. Debt obligations, for which there are no prices available from an independent pricing service, are valued based on broker quotes or fair valued as described below. Short-term debt investments that have a remaining maturity of 60 days or less are valued at amortized cost, and thereafter assume a constant amortization to maturity

30 Floating Rate Income Fund   Semiannual report

of any discount or premium, which approximates market value. Investments in John Hancock Cash Investment Trust (JHCIT), an affiliate of the Adviser are valued at their net asset value each business day.

Other portfolio securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith by the Fund’s Pricing Committee in accordance with procedures adopted by the Board of Trustees. Generally, trading in non-U.S. securities is substantially completed each day at various times prior to the close of trading on the NYSE. The values of such securities used in computing the net asset value of the Fund’s shares are generally determined as of such times. Occasionally, significant events that affect the values of such securities may occur between the times at which such values are generally determined and the close of the NYSE. Upon such an occurrence, these securities will be valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic and market conditions, interest rates, investor perceptions and market liquidity.

The Fund adopted Statement of Financial Accounting Standards No. 157 (FAS 157), Fair Value Measurements, effective with the beginning of the Fund’s fiscal year. FAS 157 established a three-tier hierarchy to prioritize the assumptions, referred to as inputs, used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below:

Level 1 — Quoted prices in active markets for identical securities.

Level 2 — Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 — Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable, such as when there is little or no market activity for an investment, unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors that market participants would use in pricing an investment and would be based on the best information available.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s net assets as of February 28, 2009:

	INVESTMENTS IN	OTHER FINANCIAL
VALUATION INPUTS	SECURITIES	INSTRUMENTS	*
Level 1 — Quoted Prices	$30,769,400	$—
Level 2 — Other Significant Observable Inputs	618,017,919	—
Level 3 — Significant Unobservable Inputs	—	—
Total	$648,787,319	$—
*Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

Semiannual report   Floating Rate Income Fund 31

Loan participations and assignments
The 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 the 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. Even with secured loans, there is no assurance that the collateral securing the loan will be sufficient to protect the Fund against losses in value or a decline in income in the event of a borrower’s non-payment of principal or interest. 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. Furthermore, the value of any such collateral may decline and may be difficult to liquidate. Because a significant percent of loans and loan participations are not generally rated by independent credit rating agencies, a decision by the Fund to invest in a particular loan or loan participation could depend exclusively on the subadviser’s credit analysis of the borrower and, in the case of a loan participation, the intermediary. The Fund may have limited rights to enforce the terms of an underlying loan. At February 28, 2009, the Fund held positions in unfunded loan commitments. The total principal amount and market value of unfunded commitments totaled $949,284 and $702,105, respectively. The coupon rate for unfunded loan commitments will be determined at time of settlement.

Repurchase agreements
The Fund may enter into repurchase agreements. When the Fund enters into a repurchase agreement through its custodian, it receives delivery of securities, the amount of which at the time of purchase and each subsequent business day is required to be maintained at such a level that the market value is generally at least 102% of the repurchase amount. The Fund will take constructive receipt of all securities underlying the repurchase agreements it has entered into until such agreements expire. If the seller defaults, the Fund would suffer a loss to the extent that proceeds from the sale of underlying securities were less than the repurchase amount. The Fund may enter into repurchase agreements maturing within seven days with domestic dealers, banks or other financial institutions deemed to be creditworthy by the Adviser. Collateral for certain tri-party repurchase agreements is held at the custodian bank in a segregated account for the benefit of the Fund and the counterparty.

Security transactions and related investment income
Investment security transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is accrued as earned. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Foreign dividends are recorded on the ex-date or when the Fund becomes aware of the dividends from cash collections. Discounts/premiums are accreted/amortized for financial reporting purposes. Non-cash dividends are recorded at the fair market value of the securities received. Debt obligations may be placed in a non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful, based upon consistently applied procedures.

The Fund uses the specific identification method for determining realized gain or loss on investments for both financial statement and federal income tax reporting purposes.

Securities lending
The Fund may lend portfolio securities from time to time in order to earn additional income. The Fund retains beneficial ownership of the securities they have loaned and continue to receive interest and dividends paid by the issuer of securities and to participate in any changes in their value. On the settlement date of the loan, the Fund receives cash collateral against the loaned securities and maintains the cash collateral in an amount not less

32 Floating Rate Income Fund   Semiannual report

than 102% of the market value of the loaned securities for U.S. equity and corporate securities, and 105% for foreign equity and corporate securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required cash collateral is delivered to the Fund on the next business day. Cash collateral received is invested in JHCIT. The Fund may receive compensation for lending its securities either in the form of fees, and/or by retaining a portion of interest on the investment of any cash received as collateral. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. The Fund bears the risk in the event that invested collateral is not sufficient to meet obligations due on loans.

Line of credit
The Fund has entered into an agreement which enables the Fund to participate in a $150 million unsecured committed line of credit with State Street Corporation. Borrowings will be made solely to temporarily finance the repurchase of capital shares. Interest is charged to the Fund based on its borrowings at a rate per annum equal to the Federal Funds rate plus 0.50%. In addition, a commitment fee of 0.08% per annum, payable at the end of each calendar quarter, based on the average daily-unused portion of the line of credit, is charged to each participating Fund on a prorated basis based on average net assets. Prior to February 19, 2009, the commitment fee was 0.05% per annum. For the period ended February 28, 2009, there were no borrowings under the line of credit.

Pursuant to the custodian agreement, the Custodian may, in its discretion, advance funds to the Fund to make properly authorized payments. When such payments result in an overdraft, the Fund is obligated to repay the Custodian for any overdraft, including any costs or expenses associated with the overdraft. The Custodian has a lien and security interest in any Fund property, that is not segregated, to the extent of any overdraft.

Expenses
The majority of expenses are directly identifiable to an individual Fund. Trust expenses that are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration, among other things, the nature and type of expense and the relative size of the Fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Class allocations
Income, common expenses and realized and unrealized gains (losses) are determined at the fund level and allocated daily to each classes of shares based on the appropriate net asset value of the respective classes. Dividends from net investment income are determined at a class level and distributions from capital gains are determined at the Fund level. Distribution and service fees, if any, transfer agent fees, printing and postage fees and state registration fees for Class A, Class B, Class C, Class I and Class 1 shares are calculated daily at the class level based on the appropriate net asset value of each class and the specific expense rate(s) applicable to each class.

Federal income taxes
The Fund qualifies as a regulated investment company by complying with the applicable provisions of the Internal Revenue Code and will not be subject to federal income tax on taxable income that is distributed to shareholders. Therefore, no federal income tax provision is required.

As of February 28, 2009, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund’s federal tax return filed in the period ended August 31, 2008 remains subject to examination by the Internal Revenue Service.

Distribution of income and gains
The Fund records distributions to shareholders from net investment income and net realized

Semiannual report   Floating Rate Income Fund 33

gains, if any, on the ex-dividend date. The Fund generally declares dividends daily and pays them monthly. Capital gains, if any, are distributed annually. During the period ended August 31, 2008, the tax character of distributions paid was as follows: ordinary income $14,444,876. Distributions paid by the Fund with respect to each class of shares are calculated in the same manner, at the same time and are in the same amount, except for the effect of expenses that may be applied differently to each class.

Such distributions, on a tax basis, are determined in conformity with income tax regulations, which may differ from accounting principles generally accepted in the United States of America. Distributions in excess of tax basis earnings and profits, if any, are reported in the Fund’s financial statements as a return of capital.

New accounting pronouncement
In March 2008, FASB No. 161 (FAS 161), Disclosures about Derivative Instruments and Hedging Activities, an amendment of FASB Statement No. 133 (FAS 133), was issued and is effective for fiscal years and interim periods beginning after November 15, 2008. FAS 161 amends and expands the disclosure requirements of FAS 133 in order to provide financial statement users an understanding of a company’s use of derivative instruments, how derivative instruments are accounted for under FAS 133 and related interpretations and how these instruments affect a company’s financial position, performance, and cash flows. FAS 161 requires companies to disclose information detailing the objectives and strategies for using derivative instruments, the level of derivative activity entered into by the company, and any credit risk-related contingent features of the agreements. As of February 28, 2009, management does not believe that the adoption of FAS 161 will have a material impact on the amounts reported in the financial statements.

Note 3
Risk and uncertainties

Concentration risk
The Funds may concentrate investments in a particular industry, sector of the economy or invest in a limited number of companies. Accordingly, the concentration may make the Fund’s value more volatile and investment values may rise and fall more rapidly. In addition, a fund with a concentration is particularly susceptible to the impact of market, economic, regulatory and other factors affecting the specific concentration.

Fixed income risk
Fixed income securities are subject to credit and interest rate risk and involve some risk of default in connection with principal and interest payments.

Floating rate loan liquidity risk
Floating rate loans are generally subject to legal or contractual restrictions on resale. The liquidity of floating rate loans, including the volume and frequency of secondary market trading in such loans, varies significantly over time and among individual floating rate loans. During periods of infrequent trading, valuing a floating rate loan can be more difficult and delayed. Difficulty in selling a floating rate loan can result in a loss.

Note 4
Guarantees and indemnifications
Under the Fund’s organizational documents, its Officers and Trustees are indemnified against certain liability arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred.

Note 5
Investment advisory and other agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser. The

34 Floating Rate Income Fund   Semiannual report

Adviser is responsible for managing the corporate and business affairs of the Trust and for selecting and compensating subadvisers to handle the investment of the assets of the Fund, subject to the supervision of the Trust’s Board of Trustees. As compensation for its services, the Adviser receives an advisory fee from the Trust. Under the Advisory Agreement, the Fund pays a daily management fee to the Adviser equivalent, on an annual basis, to the sum of: (a) 0.70% of the first $1,100,000,000 of the Fund’s aggregate daily net assets, (b) 0.675% of the next $900,000,000 and (c) 0.65% of the Fund’s aggregate net assets in excess of $2,000,000,000. Aggregate net assets include the net assets of the Fund and Floating Rate Income Trust, a series of John Hancock Trust. John Hancock Trust is an open-end investment company advised by JHIMS and distributed by an affiliate of JHIMS, John Hancock Distributors, LLC.

The Adviser has a subadvisory agreement with Western Asset Management Company. The Fund is not responsible for payment of the subadvisory fees.

The investment management fees incurred for the period ended February 28, 2009, were equivalent to an annual effective rate of 0.70% of the Fund’s average daily net assets.

The Adviser has agreed contractually to limit fund level expenses to 0.80% of the average annual net assets, or to make a payment to a specific class of shares of the Fund in an amount equal to the amount by which the expenses attributable to such class of shares (excluding taxes, portfolio brokerage commissions, interest, litigation and indemnification expenses, and other extraordinary expenses not incurred in the ordinary course of the Fund’s business and fees under any agreement or plans of the Fund dealing with services for shareholders and others with beneficial interests in shares of the Fund) exceed the percentage of average annual net assets (on an annualized basis) attributable as follows: 1.20% for Class A, 1.95% for Class B, 1.95% for Class C, 0.85% for Class I and 0.85% for Class 1. Accordingly, the expense reductions related to these expense limitations amounted to $11,709, $4,353, $5,192, $3,781, $5 and $42,220 for Class A, Class B, Class C, Class I, Class 1 and Class NAV, respectively, for the period ended February 28, 2009. This expense reimbursement shall continue in effect until December 31, 2009, and thereafter until terminated by the Adviser on notice to the Trust.

Pursuant to the Advisory Agreement, the Fund reimburses the Adviser for all expenses associated with providing the administrative, financial, legal, accounting and recordkeeping services of the Fund, including the preparation of all tax returns, annual, semiannual and periodic reports to shareholders and the preparation of all regulatory reports. These expense are allocated based on the relative share of net assets of each class at the time the expense was incurred.

The fund administration fees incurred for the period ended February 28, 2009, were equivalent to an annual effective rate of less than 0.02% of the Fund’s average daily net assets.

The Fund has a Distribution Agreement with the Distributor. The Fund has adopted Distribution Plans with respect to Class A, Class B and Class C, pursuant to Rule 12b-1 under the 1940 Act, to pay the Distributor for the services it provides as distributor of shares of the Fund. Accordingly, the Fund makes daily payments to the Distributor at an annual rate not to exceed 0.30%, 1.00%, 1.00% and 0.05% of average daily net asset value of Class A, Class B, Class C and Class 1, respectively. A maximum of 0.25% of such payments may be service fees, as defined by the Conduct Rules of the Financial Industry Regulatory Authority (formerly the National Association of Securities Dealers). Under the Conduct Rules, curtailment of a portion of the Fund’s 12b-1 payments could occur under certain circumstances.

Class A shares are assessed up-front sales charges. During the period ended February 28, 2009, the Distributor received net up-front sales charges of $43,098 with regard to sales of Class A shares. Of this amount, $7,039 was retained and used for printing prospectuses, advertising, sales literature and other purposes and $35,942 was paid as sales

Semiannual report   Floating Rate Income Fund 35

commissions to unrelated broker-dealers and $117 was paid as sales commissions to sales personnel of Signator Investors, Inc. (Signator Investors), a related broker-dealer. The Adviser’s indirect parent, John Hancock USA, is the indirect sole shareholder of Signator Investors.

Class B shares that are redeemed within six years of purchase are subject to a contingent deferred sales charge (CDSC) at declining rates, beginning at 5.00% of the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Class C shares that are redeemed within one year of purchase are subject to a CDSC at a rate of 1.00% of the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Proceeds from the CDSCs are paid to the Distributor and are used, in whole or in part, to defray its expenses for providing distribution-related services to the Fund in connection with the sale of Class B and Class C shares. During the period ended February 28, 2009, CDSCs received by the Distributor amounted to $3,024 for Class B shares and $3,736 for Class C shares.

The Fund has a transfer agent agreement with John Hancock Signature Services, Inc. (Signature Services), an indirect subsidiary of MFC. The transfer agent fees are made up of three components, three of which are class specific:

• The Fund pays a monthly transfer agent fee at an annual rate of 0.015% of average daily net assets of Class A, B and C and 0.04% of the average daily net assets of Class I.
   
• The Fund pays a monthly fee which is based on an annual rate of $17.50 for each shareholder account for Class A, B, C and I, respectively.
   
• In addition, Signature Services is reimbursed for certain out-of-pocket expenses.

Signature Services has agreed to contractually limit the transfer agent expenses to 0.20% for Classes A, B and C until December 31, 2008. Waivers and reimbursements under this plan were $3, $369, $45 and $125 for Classes A, B, C and I, respectively, for the period ended February 28, 2009.

The Fund receives earnings credits from Signature Services as a result of uninvested cash balances. These credits are used to reduce a portion of the Fund’s transfer agent fees and out-of-pocket expenses. During the period ended February 28, 2009, the Fund’s transfer agent fees and out-of-pocket expenses were reduced by $3 for transfer agent credits earned.

Effective January 1, 2009, the adviser may recapture operating expenses reimbursed or fees waived under previous expense limitation or waiver arrangements that were made subsequent to January 1, 2009. Amounts are subject to recapture for a period of three years following the month in which such reimbursement or waivers occurred. The waived or reimbursed expenses subject to potential recovery that expire in 2012 are $13,486.

36 Floating Rate Income Fund   Semiannual report

Class level expenses including the allocation of the transfer agent fees for the period ended February 28, 2009, were as follows:

Share	Distribution and	Transfer agent	Printing and	State
class	service fees	fees	postage fees	registration fees
Class A	$17,746	$11,834	$1,724	$2,706
Class B	1,957	760	1,431	2,419
Class C	12,585	2,561	1,654	2,508
Class I	—	358	1,059	2,467
Class 1	21	—	—	—
Class NAV	—	—	—	—
Total	$32,309	$15,513	$5,868	$10,100

Note 6
Trustees’ fees
The Trust compensates each Trustee who is not an employee of the Adviser or its affiliates. Total Trustees’ expenses are allocated to the Fund based on its average daily net asset value.

Note 7
Fund share transactions
This listing illustrates the number of Fund shares sold, reinvested and repurchased during the periods ended August 31, 2008 and February 28, 2009, along with the corresponding dollar value.

	Period ended 8-31-081				Period ended 2-28-092
	Shares		Amount		Shares		Amount
Class A shares
Sold	1,329,899		$13,206,325		2,836,492		$23,192,860
Distributions reinvested	9,729		95,892		36,234		282,013
Repurchased	(213,580	)	(2,097,127	)	(1,121,520	)	(9,039,746	)
Net increase	1,126,048		$11,205,090		1,751,206		$14,435,127
Class B shares
Sold	58,075		$577,247		64,664		$515,125
Distributions reinvested	600		5,918		1,195		9,195
Repurchased	(5,208	)	(51,078	)	(36,801	)	(305,879	)
Net increase	53,467		$532,087		29,058		$218,441
Class C shares
Sold	754,582		$7,603,991		1,383,877		$10,885,499
Distributions reinvested	4,583		45,305		7,839		60,022
Repurchased	(597,997	)	(5,866,593	)	(103,748	)	(889,804	)
Net increase	161,168		$1,782,703		1,287,968		$10,055,717
Class I shares
Sold	54,851		$541,500		277,146		$2,185,490
Distributions reinvested	587		5,779		3,698		28,104
Repurchased	—		—		(73,732	)	(598,213	)
Net increase	55,438		$547,279		207,112		$1,615,381
Class 1 shares
Sold	10,000		$100,000		—		—
Distributions reinvested	377		3,720		451		3,475
Net increase	10,377		$103,720		451		$3,475

Semiannual report   Floating Rate Income Fund 37

	Period ended 8-31-081				Period ended 2-28-092
	Shares		Amount		Shares		Amount
Class NAV shares
Sold	51,467,289		$512,243,892		24,479,114		$188,436,007
Distributions reinvested	1,441,398		14,251,483		2,709,385		20,764,783
Repurchased	(779,535	)	(7,686,341	)	(3,874,632	)	(31,816,687	)
Net increase	52,129,152		$518,809,034		23,313,867		$177,384,103
Net increase	53,535,650		$532,979,913		26,589,662		$203,712,244

1	Period from 1-2-08 (commencement of operations) to 8-31-08.
2	Semiannual period from 9-1-08 to 2-28-09. Unaudited.

Note 8
Purchases and sales of securities
Purchases and proceeds from sales or maturities of securities, other than short-term securities and obligations of the U.S. government, during the period ended February 28, 2009, aggregated $246,806,027 and $91,174,103, respectively.

38 Floating Rate Income Fund   Semiannual report

Evaluation of Advisory and Subadvisory Agreements by the Board of Trustees
At its meeting on June 27, 2008, the Board, including all of the Independent Trustees, approved the sub-subadvisory agreement (the Sub-Subadvisory Agreement) between Western Asset Management Company (the Subadviser) and Western Asset Management Company Limited (the Sub-Subadviser) relating to the Floating Rate Income Fund (the Fund), a series of John Hancock Funds II (the Trust).

This section describes the evaluation by the Board of Trustees of the Sub-Subadvisory Agreement.

Evaluation by the Board of Trustees
The Board, including the Independent Trustees, is responsible for selecting the Trust’s Adviser, approving the Adviser’s selection of subadvisers for each of the portfolios of the Trust (the Funds) and approving the Trust’s advisory and subadvisory agreements (and any sub-subadvisory agreements), their periodic continuation and any amendments. Consistent with SEC rules, the Board regularly evaluates the Trust’s advisory and subadvisory arrangements, including consideration of the factors listed below. The Board may also consider other factors (including conditions and trends prevailing generally in the economy, the securities markets and the industry) and does not treat any single factor as determinative, and each Trustee may attribute different weights to different factors. The Board is furnished with an analysis of its fiduciary obligations in connection with its evaluation and, throughout the evaluation process, the Board is assisted by counsel for the Trust and the Independent Trustees are also separately assisted by independent legal counsel. The factors considered by the Board are:

1.	the nature, extent and quality of the services to be provided by the Adviser to the Trust and by the subadvisers to the Funds;
2.	the investment performance of the Funds and their subadvisers;
3.	the extent to which economies of scale would be realized as a Fund grows and whether fee levels reflect these economies of scale for the benefit of Trust shareholders;

4.	the costs of the services to be provided and the profits to be realized by the Adviser and its affiliates (including any subadvisers that are affiliated with the Adviser) from the Adviser’s relationship with the Trust; and
5.	comparative services rendered and comparative advisory and subadvisory fee rates.

The Board believes that information relating to all of these factors is relevant to its evaluation of the Trust’s advisory agreement. With respect to its evaluation of subadvisory agreements (including any sub-subadvisory agreements) with entities that are not affiliated with the Adviser, the Board believes that, in view of the Trust’s manager-of-managers advisory structure, the costs of the services to be provided and the profits to be realized by those subadvisers that are not affiliated with the Adviser from their relationship with the Trust generally are not a material factor in the Board’s consideration of these subadvisory agreements because such fees are paid by the Adviser and not by the Funds and the Board relies on the ability of the Adviser to negotiate the subadvisory fees at arm’s-length.

In evaluating subadvisory arrangements, the Board also considers other material business relationships that unaffiliated subadvisers and their affiliates have with the Adviser or its affiliates, including the involvement by certain affiliates of certain subadvisers in the distribution of financial products, including shares of the Trust, offered by the Adviser and other affiliates of the Adviser (Material Relationships).

In making its determination with respect to the factors that it considers in evaluating the Sub-Subadvisory Agreement, the Board reviewed or considered:

(1)	that the Sub-Subadviser has extensive experience and demonstrated skills as a manager;
(2)	that the Sub-Subadviser is an affiliate of the Subadviser;
(3)	that the Sub-Subadvisory Agreement between the Sub-Subadviser and the Subadviser is being effected in order to

 

Semiannual report   Floating Rate Income Fund 39

	permit the Subadviser to trade certain non-dollar denominated foreign securities for the Fund;
(4)	the investment performance of other Trust or John Hancock Trust funds where the Sub-Subadviser also manages certain assets for these funds;
(5)	the proposed sub-subadvisory fee for the Fund; and
(6)	information relating to the nature and scope of Material Relationships and their significance to the Trust’s adviser and the Sub-Subadviser.

The Board’s decision to approve the Sub-Subadvisory Agreement was based on a number of determinations, including the following:

(1)	The Sub-Subadvisory Agreement will permit the Subadviser to trade certain non-dollar denominated foreign securities for the Fund, which may enhance the performance of the Fund;
(2)	The Sub-Subadviser may generally be expected to provide at least the same level and quality of management services under the Sub-Subadvisory Agreement as the Subadviser does under the Subadvisory Agreement; and
(3)	The subadvisory fee under the Sub-Subadvisory Agreement: (i) is paid by the Subadviser and not by the Fund; and (ii) will not result in any advisory fee increase with respect to the Fund.

 

40 Floating Rate Income Fund   Semiannual report

	More information
	Trustees James M. Oates, Chairman James R. Boyle† Grace K. Fey†** Charles L. Bardelis* Peter S. Burgess* Elizabeth G. Cook** Theron S. Hoffman** Hassell H. McClellan** Steven M. Roberts* John D. Richardson*     Trustee Emeritus			Gordon M. Shone Treasurer John G. Vrysen Chief Operating Officer Investment adviser John Hancock Investment Management        Services, LLC Subadviser Western Asset Management Company Sub-Subadviser Western Asset Management Company Limited Principal distributor John Hancock Funds, LLC Custodian State Street Bank and Trust Company Transfer agent John Hancock Signature Services, Inc. Legal counsel K&L Gates LLP
	*	Member of the Audit Committee
	**	Member of the Compliance Committee
	†	Non-Independent Trustee
	Officers Keith F. Hartstein President and Chief Executive Officer Thomas M. Kinzler Secretary and Chief Legal Officer Francis V. Knox, Jr. Chief Compliance Officer Charles A. Rizzo Chief Financial Officer
Additional information about your fund is available without charge in several ways. As required by the SEC, you can access proxy voting information and quarterly portfolio information on your fund. The proxy voting information includes a description of proxy voting policies, procedures and information regarding how the fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30. The quarterly portfolio information that includes a complete list of the fund’s holdings for the first and third quarters of the fund’s fiscal period is filed on Form N-Q. You have access to this information:
By phone 1-800-225-5291		On the fund’s Website                       www.jhfunds.com		At the SEC www.sec.gov 1-800-SEC-0330 SEC Public Reference Room
You can also contact us:
Regular mail: John Hancock Signature Services, Inc. P.O. Box 9510 Portsmouth, NH 03802-9510			Express mail: John Hancock Signature Services, Inc. Mutual Fund Image Operations 164 Corporate Drive Portsmouth, NH 03801
Month-end portfolio holdings are available at www.jhfunds.com.

Semiannual report   Floating Rate Income Fund 41

1-800-225-5291
1-800-554-6713 TDD
1-800-338-8080 EASI-Line
www.jhfunds.com

     Now available: electronic delivery
www.jhfunds.com/edelivery

This report is for the information of the shareholders of John HancockFloating Rate Income Fund.
It is not authorized for distribution to prospectiveinvestors unless preceded or accompanied by a prospectus. 328SA 2/09
4/09

A look at performance

For the period ended February 28, 2009

		Average annual returns (%)				Cumulative total returns (%)
		with maximum sales charge (POP)				with maximum sales charge (POP)
	Inception				Since	Six				Since
Class	date	1-year	5-year	10-year	inception	months	1-year	5-year	10-year	inception
A	12-31-07	–49.39	—	—	–48.67	–46.68	–49.39	—	—	–53.92
B	12-31-07	–49.60	—	—	–48.47	–46.70	–49.60	—	—	–53.71
C	12-31-07	–47.59	—	—	–46.73	–44.58	–47.59	—	—	–51.88
I1	12-31-07	–46.46	—	—	–46.09	–43.69	–46.46	—	—	–51.22
11	10-15-05	–46.42	—	—	–13.85	–43.73	–46.42	—	—	–39.54
NAV1	10-15-05	–46.42	—	—	–13.82	–43.69	–46.42	—	—	–39.46

Performance figures assume all distributions are reinvested. Public offering price (POP) figures reflect maximum sales charges on Class A shares of 5%, and the applicable contingent deferred sales charge (CDSC) on Class B and Class C shares. The Class B shares’ CDSC declines annually between years 1 to 6 according to the following schedule: 5, 4, 3, 3, 2, 1%. No sales charge will be assessed after the sixth year. Class C shares held for less than one year are subject to a 1% CDSC. Sales charge is not applicable for Class I, Class 1 and Class NAV shares.

The expense ratios of the Fund, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectuses for the Fund and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. The waivers and expense limitations are contractual at least until December 31, 2009. The net expenses are as follows: Class A — 1.29%, Class B — 1.99%, Class C —1.99%, Class I —0.84%. Had the fee waivers and expense limitations not been in place, the gross expenses would be as follows: Class A — 28.82%, Class B — 71.10%, Class C — 72.97%, Class I — 71.55%. For the other classes, the net expenses equal the gross expenses and are as follows: Class 1 — 0.73%, Class NAV — 0.69%. The Fund’s expenses for the current fiscal year may be higher than the expenses listed above, for some of the following reasons: i) a significant decrease in average net assets may result in a higher advisory fee rate; ii) a significant decrease in average net assets may result in an increase in the expense ratio; and iii) the termination or expiration of expense cap reimbursements.

The returns reflect past results and should not be considered indicative of future performance. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility, the Fund’s current performance may be higher or lower than the performance shown. For current to the most recent month end performance data, please call 1–800–225–5291 or visit the Portfolio’s Web site at www.jhfunds.com.

The performance table above and the chart on the next page do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

The Portfolio’s performance results reflect any applicable expense reductions, without which the expenses increase and results would have been less favorable.

¹ For certain types of investors, as described in the Fund’s Class I, Class 1 and Class NAV share prospectuses.

6 Optimized Value Fund   Semiannual report

Growth of $10,000

This chart shows what happened to a hypothetical $10,000 investment in Optimized Value Fund Class NAV² shares for the period indicated. For comparison, we’ve shown the same investment in the Russell 1000 Value Index.

NAV1	Class NAV without sales charge
Index	Russell 1000 Value Index

			With maximum
Class	Period beginning	Without sales charge	sales charge	Index
A	12-31-07	$4,851	$4,608	$4,842
B	12-31-07	4,819	4,629	4,842
C	12-31-07	4,812	4,812	4,842
I2	12-31-07	4,878	4,878	4,842
12	10-15-05	6,046	6,046	6,254

Assuming all distributions were reinvested for the period indicated, the table above shows the value of a $10,000 investment in the Fund’s Class A, Class B, Class C, Class I and Class 1 shares, respectively, as of February 28, 2009. Performance of the classes will vary based on the difference in sales charges paid by shareholders investing in the different classes and the fee structure of those classes.

Russell 1000 Value Index is an unmanaged index containing those securities in the Russell 1000 Index with a less-than-average growth orientation.

It is not possible to invest directly in an index. Index figures do not reflect sales charges, which would have resulted in lower values if they did.

¹ NAV represents net asset value.

² For certain types of investors, as described in the Fund’s Class NAV, Class I and Class 1 share prospectuses.

Semiannual report   Optimized Value Fund 7

Your expenses

These examples are intended to help you understand your ongoing operating expenses.

Understanding fund expenses

As a shareholder of the Fund, you incur two types of costs:

• Transaction costs which include sales charges (loads) on purchases or redemptions (varies by share class), minimum account fee charge, etc.

• Ongoing operating expenses including management fees, distribution and service fees (if applicable), and other fund expenses.

We are going to present only your ongoing operating expenses here.

Actual expenses/actual returns

This example is intended to provide information about your fund’s actual ongoing operating expenses, and is based on your fund’s actual return. It assumes an account value of $1,000.00 on September 1, 2008, with the same investment held until February 28, 2009.

	Account value	Ending value	Expenses paid during
	on 9-1-08	on 2-28-09	period ended 2-28-091
Class A	$1,000.00	$561.20	$4.99
Class B	1,000.00	560.50	7.70
Class C	1,000.00	559.70	7.70
Class I	1,000.00	563.10	3.26
Class 1	1,000.00	562.70	2.98
Class NAV	1,000.00	563.10	2.79

Together with the value of your account, you may use this information to estimate the operating expenses that you paid over the period. Simply divide your account value at February 28, 2009, by $1,000.00, then multiply it by the “expenses paid” for your share class from the table above. For example, for an account value of $8,600.00, the operating expenses should be calculated as follows:

 

8 Optimized Value Fund   Semiannual report

Hypothetical example for comparison purposes

This table allows you to compare your fund’s ongoing operating expenses with those of any other fund. It provides an example of the Fund’s hypothetical account values and hypothetical expenses based on each class’s actual expense ratio and an assumed 5% annualized return before expenses (which is not your fund’s actual return). It assumes an account value of $1,000.00 on September 1, 2008, with the same investment held until February 28, 2009. Look in any other fund shareholder report to find its hypothetical example and you will be able to compare these expenses.

	Account value	Ending value	Expenses paid during
	on 9-1-08	on 2-28-09	period ended 2-28-091
Class A	$1,000.00	$1,018.40	$6.46
Class B	1,000.00	1,014.90	9.94
Class C	1,000.00	1,014.90	9.94
Class I	1,000.00	1,020.60	4.21
Class 1	1,000.00	1,021.00	3.86
Class NAV	1,000.00	1,021.20	3.61

Remember, these examples do not include any transaction costs, such as sales charges; therefore, these examples will not help you to determine the relative total costs of owning different funds. If transaction costs were included, your expenses would have been higher. See the prospectus for details regarding transaction costs.

¹ Expenses are equal to the Fund’s annualized expense ratio of 1.29%, 1.99%, 1.99%, 0.84%, 0.77% and 0.72% for Class A, Class B, Class C, Class I, Class 1 and Class NAV, respectively, multiplied by the average account value over the period, multiplied by number of days in the period, and divided by 365 (to reflect the one-half year period).

Semiannual report   Optimized Value Fund 9

Portfolio summary

Top 10 holdings1
Exxon Mobil Corp.	4.6%
Chevron Corp.	4.1%
Colgate-Palmolive Company	2.7%
Johnson & Johnson	2.5%
AT&T, Inc.	2.5%
ConocoPhillips	2.5%
JPMorgan Chase & Company	2.5%
Embarq Corp.	2.4%
Abbott Laboratories	2.3%
Ross Stores, Inc.	2.3%
Sector distribution2,3
Consumer, non-cyclical	24%
Energy	21%
Financial	18%
Industrial	10%
Communications	9%
Utilities	6%
Consumer cyclical	5%
Technology	3%
Basic materials	2%
Other	2%

 

¹ As a percentage of net assets on February 28, 2009, excluding cash and cash equivalents.

² Sector investing is subject to greater risks than the market as a whole. Because the Fund may focus on particular sectors of the economy, its performance may depend on the performance of those sectors.

³ As a percentage of net assets on February 28, 2009.

10 Optimized Value Fund   Semiannual report

FINANCIAL STATEMENTS

Fund’s investments

Securities owned by the Fund on 2-28-09 (unaudited)

Issuer	Shares		Value
Common stocks 98.45%		$	312,392,741
(Cost $395,099,200)
Aerospace 1.71%			5,429,563
General Dynamics Corp.	80,496		3,527,335
Goodrich Corp.	42,277		1,401,060
Spirit Aerosystems Holdings, Inc., Class A (I)	50,521		501,168
Air Travel 0.80%			2,551,463
Continental Airlines, Inc., Class B (I)	254,637		2,551,463
Banking 2.61%			8,278,305
Capitol Federal Financial	5,047		186,890
Credit Suisse Group, SADR	75,149		1,815,600
Hudson City Bancorp, Inc.	243,383		2,523,882
PNC Financial Services Group, Inc.	68,916		1,884,163
U.S. Bancorp	130,522		1,867,770
Biotechnology 0.93%			2,947,690
Amgen, Inc. (I)	60,243		2,947,690
Cable & Television 0.83%			2,642,730
Comcast Corp., Class A	202,353		2,642,730
Chemicals 0.50%			1,598,850
Celanese Corp., Series A	187,219		1,598,850
Computers & Business Equipment 1.55%			4,930,656
Brocade Communications Systems, Inc. (I)	228,860		636,231
Hewlett-Packard Company	27,740		805,292
International Business Machines Corp.	37,913		3,489,133
Construction Materials 0.63%			1,999,055
The Sherwin-Williams Company	43,505		1,999,055
Containers & Glass 2.53%			8,028,992
Owens-Illinois, Inc. (I)	343,550		5,297,541
Pactiv Corp. (I)	172,549		2,731,451
Cosmetics & Toiletries 4.89%			15,525,457
Colgate-Palmolive Company	142,996		8,605,499
Procter & Gamble Company	143,657		6,919,958
Crude Petroleum & Natural Gas 3.89%			12,326,555
Marathon Oil Corp.	136,656		3,179,985
Plains Exploration & Production Company (I)	176,960		3,387,014
XTO Energy, Inc.	181,919		5,759,556

See notes to financial statements Semiannual report   Optimized Value Fund 11

FINANCIAL STATEMENTS

Issuer	Shares	Value
Educational Services 1.07%		$3,389,748
DeVry, Inc.	33,264	1,728,065
Strayer Education, Inc.	9,789	1,661,683
Electrical Utilities 6.44%		20,430,092
CenterPoint Energy, Inc.	241,497	2,492,249
Dominion Resources, Inc.	168,381	5,081,739
DPL, Inc.	162,237	3,260,964
Edison International	70,522	1,919,609
FirstEnergy Corp.	79,670	3,390,755
FPL Group, Inc.	48,585	2,202,358
The Southern Company	68,704	2,082,418
Electronics 0.48%		1,506,762
Dolby Laboratories, Inc., Class A (I)	53,717	1,506,762
Energy 0.67%		2,126,132
Duke Energy Corp.	157,842	2,126,132
Financial Services 6.96%		22,074,824
Bank of New York Mellon Corp.	44,462	985,722
Broadridge Financial Solutions, Inc.	193,322	3,089,285
Goldman Sachs Group, Inc.	33,446	3,046,262
JPMorgan Chase & Company	342,612	7,828,684
Morgan Stanley	59,329	1,159,289
People’s United Financial, Inc.	88,579	1,542,160
State Street Corp.	27,310	690,124
Wells Fargo & Company	308,537	3,733,298
Food & Beverages 4.23%		13,410,669
Flowers Foods, Inc.	215,274	4,802,763
General Mills, Inc.	66,248	3,476,695
McCormick & Company, Inc.	163,675	5,131,211
Funeral Services 0.38%		1,217,686
Hillenbrand, Inc.	72,611	1,217,686
Gas & Pipeline Utilities 1.10%		3,499,294
Transocean, Inc. (I)	58,546	3,499,294
Healthcare Products 5.67%		17,997,625
Baxter International, Inc.	130,600	6,648,846
Gen-Probe, Inc. (I)	83,857	3,402,079
Johnson & Johnson	158,934	7,946,700
Healthcare Services 2.63%		8,350,959
DaVita, Inc. (I)	90,703	4,255,785
Express Scripts, Inc. (I)	81,415	4,095,174
Hotels & Restaurants 1.74%		5,510,679
Yum! Brands, Inc.	209,691	5,510,679
Industrials 1.74%		5,522,411
General Electric Company	648,932	5,522,411
Insurance 7.09%		22,496,090
ACE, Ltd.	75,912	2,771,547
American Financial Group, Inc.	148,256	2,306,863
Aon Corp.	65,948	2,521,852

12 Optimized Value Fund   Semiannual report See notes to financial statements

FINANCIAL STATEMENTS

Issuer	Shares	Value
Insurance (continued)
Arch Capital Group, Ltd. (I)	55,027	$2,971,458
Chubb Corp.	60,408	2,358,328
Endurance Specialty Holdings, Ltd.	112,405	2,514,500
Progressive Corp. (I)	153,967	1,781,398
The Travelers Companies, Inc.	108,567	3,924,697
Willis Group Holdings, Ltd.	61,464	1,345,447
International Oil 12.39%		39,309,090
Chevron Corp.	215,643	13,091,686
ConocoPhillips	210,638	7,867,329
Exxon Mobil Corp.	215,691	14,645,419
Noble Corp.	150,657	3,704,656
Internet Software 0.53%		1,688,187
Symantec Corp. (I)	122,067	1,688,187
Manufacturing 0.53%		1,664,157
Snap-on, Inc.	70,545	1,664,157
Petroleum Services 3.10%		9,837,651
Diamond Offshore Drilling, Inc.	53,076	3,324,681
ENSCO International, Inc.	109,017	2,679,638
Petro-Canada	175,038	3,833,332
Pharmaceuticals 4.63%		14,700,976
Abbott Laboratories	155,542	7,363,358
Mylan, Inc. (a)(I)	241,554	3,002,516
Pfizer, Inc.	352,161	4,335,102
Real Estate 1.07%		3,379,147
Annaly Capital Management, Inc., REIT	92,032	1,279,245
Equity Residential, REIT	25,605	450,648
Public Storage, Inc., REIT	29,727	1,649,254
Retail Trade 2.92%		9,268,129
Dollar Tree, Inc. (I)	49,600	1,925,472
Ross Stores, Inc.	248,735	7,342,657
Sanitary Services 3.73%		11,818,425
Ecolab, Inc.	84,842	2,696,279
Republic Services, Inc.	264,847	5,270,455
Stericycle, Inc. (I)	80,277	3,851,691
Semiconductors 0.44%		1,408,713
Intel Corp.	110,574	1,408,713
Software 0.54%		1,722,914
Red Hat, Inc. (I)	125,852	1,722,914
Telecommunications Equipment & Services 4.44%		14,087,700
Amdocs, Ltd. (I)	124,115	2,078,926
American Tower Corp., Class A (I)	147,429	4,293,133
Embarq Corp.	220,636	7,715,641
Telephone 3.06%		9,715,365
AT&T, Inc.	331,574	7,881,514
Verizon Communications, Inc.	64,278	1,833,851

See notes to financial statements Semiannual report   Optimized Value Fund 13

FINANCIAL STATEMENTS

	Principal
Issuer	amount	Value
Short-term investments 2.12%		$6,732,173
(Cost $6,732,173)
John Hancock Cash
Investment Trust, 0.7604% (f)	$2,982,200	2,982,200
Societe Generale North America, Inc.
0.26% due 3/2/09	3,750,000	3,749,973
Total investments (Cost $401,831,373)† 100.57%		$319,124,914
Liabilities in excess of other assets (0.57)%		($1,800,249	)
Total net assets 100.00%		$317,324,665

	Percentages are stated as a percent of net assets.
REIT	Real Estate Investment Trust
SADR	Sponsored American Depositary Receipts
(a)	All or a portion of this security was out on loan.
(f)	John Hancock Cash Investment Trust is managed by MFC Global Investment Management (U.S.), LLC, an affiliate of the Fund, and represents investment of securities lending collateral. The rate shown is the seven-day effective yield at period end.
(I)	Non-income producing
†	At February 28, 2009, the aggregate cost of investment securities for federal income tax purposes was $405,024,101. Net unrealized depreciation aggregated $85,899,187, of which $4,462,544 related to appreciated investment securities and $90,361,731 related to depreciated investment securities.

14 Optimized Value Fund   Semiannual report See notes to financial statements

FINANCIAL STATEMENTS

Financial statements

Statement of assets and liabilities 2-28-09 (unaudited)

This Statement of Assets and Liabilities is the Fund’s balance sheet. It shows the value of what the Fund owns, is due and owes. You’ll also find the net asset value and the maximum public offering price per share.

Assets
Investments in unaffiliated issuers, at value (Cost $398,849,173) including
$2,851,442 of securities loaned (Note 2)	$316,142,714
Investments in affiliated issuers, at value (Cost $2,982,200) (Note 2)	2,982,200
Total investments, at value (Cost $401,831,373)	319,124,914
Cash	2,021
Receivable for investments sold	41,043,398
Dividends and interest receivable	1,220,057
Receivable for security lending income	1,773
Receivable due from adviser	135
Other assets	49,304
Total assets	361,441,602
Liabilities
Payable for investments purchased	40,981,843
Payable for fund shares repurchased	68,238
Payable upon return of securities loaned (Note 2)	2,982,200
Payable to affiliates
Fund administration fees	32,370
Transfer agent fees	29
Trustees’ fees	706
Accrued expenses	51,551
Total liabilities	44,116,937
Net assets
Capital paid-in	$792,513,578
Undistributed net investment income	1,596,887
Accumulated undistributed net realized gain (loss) on investments and
foreign currency transactions	(394,079,279	)
Net unrealized appreciation (depreciation) on investments	(82,706,521	)
Net assets	$317,324,665

See notes to financial statements Semiannual report   Optimized Value Fund 15

FINANCIAL STATEMENTS

Statement of assets and liabilities (continued)

Net asset value per share
The Funds have an unlimited number of shares authorized with no par value.
Class A
Net assets	$95,561
Shares outstanding	13,548
Net asset value and redemption price per share	$7.05
Class B1
Net assets	$12,109
Shares outstanding	1,711
Net asset value, offering price and redemption price per share	$7.08
Class C1
Net assets	$4,810
Shares outstanding	681
Net asset value, offering price and redemption price per share	$7.072
Class I
Net assets	$4,877
Shares outstanding	689
Net asset value, offering price and redemption price per share	$7.08
Class 1
Net assets	$35,746,022
Shares outstanding	5,055,366
Net asset value, offering price and redemption price per share	$7.07
Class NAV
Net assets	$281,461,286
Shares outstanding	39,793,871
Net asset value, offering price and redemption price per share	$7.07
Maximum public offering price per share
Class A (net asset value per share ÷ 95%)3	$7.42

1	Redemption price is equal to net asset value less any applicable contingent deferred sales charges (Note 3).
2	Net assets and shares outstanding have been rounded for presentation purposes. The net asset value is as reported on February 28, 2009.
3	On single retail sales of less than $50,000. On sales of $50,000 or more and on group sales the offering price is reduced.

16 Optimized Value Fund   Semiannual report See notes to financial statements

FINANCIAL STATEMENTS

Statement of operations For the period ended 2-28-09 (unaudited)¹

This Statement of Operations summarizes the Fund’s investment income earned and expenses incurred in operating the Fund. It also shows net gains (losses) for the period stated.

Investment income
Dividends	$7,306,298
Interest	24,373
Securities lending	21,767
Less foreign taxes withheld	(8,356	)
Total investment income	7,344,082
Expenses
Investment management fees (Note 5)	1,550,736
Distribution and service fees (Note 5)	12,031
Transfer agent fees (Note 5)	422
State registration fees	9,351
Printing and postage fees (Note 5)	5,496
Audit and legal fees	27,082
Custodian fees	15,657
Registration and filing fees (Note 5)	14,442
Fund administration fees (Note 5)	57,629
Trustees’ fees (Note 6)	3,734
Miscellaneous	2,291
Total expenses	1,698,871
Net expense (reduction) (Note 5)	(15,164	)
Net expenses	1,683,707
Net investment income	5,660,375
Realized and unrealized gain (loss)
Net realized gain (loss) on
Investments in unaffiliated issuers	(227,371,047	)
Futures contracts	(2,192,578	)
Foreign currency transactions	556
	(229,563,069	)
Change in net unrealized appreciation (depreciation) of
Investments in unaffiliated issuers	(80,034,856	)
Translation of assets and liabilities in foreign currencies	(3	)
	(80,034,859	)
Net realized and unrealized loss	(309,597,928	)
Decrease in net assets from operations	($303,937,553	)

¹ Semiannual period from 9-1-08 to 2-28-09. Unaudited.

See notes to financial statements Semiannual report   Optimized Value Fund 17

FINANCIAL STATEMENTS

Statements of changes in net assets

These Statements of Changes in Net Assets show how the value of the Fund’s net assets has changed during the last two periods. The difference reflects earnings less expenses, any investment gains and losses, distributions, if any, paid to shareholders and the net of Fund share transactions.

	Year		Period
	ended		ended
Period ended	8-31-08		2-28-091
Increase (decrease) in net assets
From operations
Net investment income	$13,145,616		$5,660,375
Net realized loss	(160,142,343	)	(229,563,069	)
Change in net unrealized appreciation (depreciation)	(16,763,905	)	(80,034,859	)
Decrease in net assets resulting from operations	(163,760,632	)	(303,937,553	)
Distributions to shareholders
From net investment income
Class A	—		(1,531	)
Class B	—		(328	)
Class C	—		(108	)
Class I	—		(180	)
Class 1	(1,551,400	)	(1,443,321	)
Class NAV	(12,179,658	)	(11,271,727	)
From net realized gain
Class 1	(6,958,131	)	—
Class NAV	(52,962,770	)	—
Total distributions	(73,651,959	)	(12,717,195	)
From Fund share transactions (Note 7)	215,089,065		(129,174,641	)
Total decrease	(22,323,526	)	(445,829,389	)
Net assets
Beginning of period	785,477,580		763,154,054
End of period	$763,154,054		$317,324,665
Undistributed net investment income (loss)	$8,653,707		$1,596,887

¹ Semiannual period from 9-1-08 to 2-28-09. Unaudited.

18 Optimized Value Fund   Semiannual report See notes to financial statements

FINANCIAL STATEMENTS

Financial highlights

The Financial Highlights show how the Fund’s net asset value for a share has changed since the end of the previous period.

CLASS A SHARES Period ended	8-31-081		2-28-092
Per share operating performance
Net asset value, beginning of period	$14.97		$12.94
Net investment income3	0.10		0.09
Net realized and unrealized loss on investments	(2.13	)	(5.72	)
Total from investment operations	(2.03	)	(5.63	)
Less distributions
From net investment income	—		(0.26	)
Net asset value, end of period	$12.94		$7.05
Total return (%)4,5	(13.56	)	(43.88	)
Ratios and supplemental data
Net assets, end of period (in millions)	—6		—6
Ratios (as a percentage of average net assets):
Expenses before reductions7	28.82		13.88
Expenses net of fee waivers7	1.29		1.298
Expenses net of all fee waivers and credits7	1.29		1.298
Net investment income7	1.22		2.01
Portfolio turnover (%)	159		764

____________________
 

1	Class A shares began operations on 12-31-07.
2	Semiannual period from 9-1-08 to 2-28-09. Unaudited.
3	Based on the average of the shares outstanding.
4	Not annualized.
5	Total returns would have been lower had certain expenses not been reduced during the periods shown.
6	Less than $500,000.
7	Annualized.
8	The adviser has agreed to waive or reimburse expenses, as detailed in the accompanying notes to the financial statements, which are subject to possible recapture by the Investment Adviser within three years of being incurred. See Note 5.

See notes to financial statements Semiannual report   Optimized Value Fund 19

FINANCIAL STATEMENTS

CLASS B SHARES Period ended	8-31-08	1	2-28-09	2
Per share operating performance
Net asset value, beginning of period	$14.97		$12.87
Net investment income3	0.03		0.05
Net realized and unrealized loss on investments	(2.13	)	(5.68	)
Total from investment operations	(2.10	)	(5.63	)
Less distributions
From net investment income	—		(0.16	)
Net asset value, end of period	$12.87		$7.08
Total return (%)4,5	(14.03	)	(43.95	)
Ratios and supplemental data
Net assets, end of period (in millions)	—	6	—	6
Ratios (as a percentage of average net assets):
Expenses before reductions7	71.10		51.60
Expenses net of fee waivers7	1.99		1.998
Expenses net of all fee waivers and credits7	1.99		1.998
Net investment income7	0.43		1.04
Portfolio turnover (%)	159		765

____________________
 

1	Class B shares began operations on 12-31-07.
2	Semiannual period from 9-1-08 to 2-28-09. Unaudited.
3	Based on the average of the shares outstanding.
4	Total returns would have been lower had certain expenses not been reduced during the periods shown.
5	Not annualized.
6	Less than $500,000.
7	Annualized.
8	The adviser has agreed to waive or reimburse expenses, as detailed in the accompanying notes to the financial statements, which are subject to possible recapture by the Investment Adviser within three years of being incurred. See Note 5.

 

CLASS C SHARES Period ended	8-31-08	1	2-28-09	2
Per share operating performance
Net asset value, beginning of period	$14.97		$12.87
Net investment income3	0.03		0.05
Net realized and unrealized loss on investments	(2.13	)	(5.69	)
Total from investment operations	(2.10	)	(5.64	)
Less distributions
From net investment income	—		(0.16	)
Net asset value, end of period	$12.87		$7.074
Total return (%)5,6	(14.03	)	(44.03	)
Ratios and supplemental data
Net assets, end of period (in millions)	—	7	—	7
Ratios (as a percentage of average net assets):
Expenses before reductions8	72.97		126.62
Expenses net of fee waivers8	1.99		1.999
Expenses net of all fee waivers and credits8	1.99		1.999
Net investment income8	0.43		1.12
Portfolio turnover (%)	159		766

____________________
 

1	Class C shares began operations on 12-31-07.
2	Semiannual period from 9-1-08 to 2-28-09. Unaudited.
3	Based on the average of the shares outstanding.
4	Net assets and shares outstanding have been rounded for presentation purposes. The net asset value is as reported on February 28, 2009.
5	Total returns would have been lower had certain expenses not been reduced during the periods shown.
6	Not annualized.
7	Less than $500,000.
8	Annualized.
9	The adviser has agreed to waive or reimburse expenses, as detailed in the accompanying notes to the financial statements, which are subject to possible recapture by the Investment Adviser within three years of being incurred. See Note 5.

 

20 Optimized Value Fund   Semiannual report See notes to financial statements

FINANCIAL STATEMENTS

CLASS I SHARES Period ended	8-31-08	1	2-28-09	2
Per share operating performance
Net asset value, beginning of period	$14.97		$12.97
Net investment income3	0.14		0.11
Net realized and unrealized loss on investments	(2.14	)	(5.73	)
Total from investment operations	(2.00	)	(5.62	)
Less distributions
From net investment income	—		(0.27	)
Net asset value, end of period	$12.97		$7.08
Total return (%)4,5	(13.36	)	(43.69	)
Ratios and supplemental data
Net assets, end of period (in millions)	—	6	—	6
Ratios (as a percentage of average net assets):
Expenses before reductions7	71.55		129.93
Expenses net of fee waivers7	0.84		0.848
Expenses net of all fee waivers and credits7	0.84		0.848
Net investment income7	1.59		2.31
Portfolio turnover (%)	159		766

____________________
 

1	Class I shares began operations on 12-31-07.
2	Semiannual period from 9-1-08 to 2-28-09. Unaudited.
3	Based on the average of the shares outstanding.
4	Not annualized.
5	Total returns would have been lower had certain expenses not been reduced during the periods shown.
6	Less than $500,000.
7	Annualized.
8	The adviser has agreed to waive or reimburse expenses, as detailed in the accompanying notes to the financial statements, which are subject to possible recapture by the Investment Adviser within three years of being incurred. See Note 5.

 

CLASS 1 SHARES Period ended	8-31-06	1	8-31-07		8-31-08		2-28-09	2
Per share operating performance
Net asset value, beginning of period	$14.09		$16.56		$17.55		$12.98
Net investment income3	0.22		0.31		0.24		0.11
Net realized and unrealized gain (loss) on investments	2.31		1.68		(3.32	)	(5.74	)
Total from investment operations	2.53		1.99		(3.08	)	(5.63	)
Less distributions
From net investment income	(0.06	)	(0.20	)	(0.27	)	(0.28	)
From net realized gain	—	8	(0.80	)	(1.22	)	—
	(0.06	)	(1.00	)	(1.49	)	(0.28	)
Net asset value, end of period	$16.56		$17.55		$12.98		$7.07
Total return (%) 4	17.98	5	12.12		(18.77	)	(43.73	)5
Ratios and supplemental data
Net assets, end of period (in millions)	$96		$106		$69		$36
Ratios (as a percentage of average net assets):
Expenses before reductions	0.796		0.74		0.73		0.77	6
Expenses net of fee waivers	0.796		0.74		0.73		0.77	6,7
Expenses net of all fee waivers and credits	0.796		0.74		0.73		0.77	6,7
Net investment income	1.626		1.75		1.63		2.41	6
Portfolio turnover (%)	127		169		159		76

____________________
 

1	Class 1 shares began operations on 10-15-05.
2	Semiannual period from 9-1-08 to 2-28-09. Unaudited.
3	Based on the average of the shares outstanding.
4	Assumes dividend reinvestment.
5	Not annualized.
6	Annualized.
7	The adviser has agreed to waive or reimburse expenses, as detailed in the accompanying notes to the financial statements, which are subject to possible recapture by the Investment Adviser within three years of being incurred. See Note 5.
8	Less than $0.01 per share.

 

See notes to financial statements Semiannual report   Optimized Value Fund 21

FINANCIAL STATEMENTS

CLASS NAV SHARES Period ended	8-31-06	1	8-31-07		8-31-08		2-28-09	2
Per share operating performance
Net asset value, beginning of period	$14.09		$16.56		$17.57		$12.98
Net investment income3	0.24		0.32		0.25		0.11
Net realized and unrealized gain (loss) on investments	2.29		1.69		(3.34	)	(5.73	)
Total from investment operations	2.53		2.01		(3.09	)	(5.62	)
Less distributions
From net investment income	(0.06	)	(0.20	)	(0.28	)	(0.29	)
From net realized gain	— 4		(0.80	)	(1.22	)	—
	(0.06	)	(1.00	)	(1.50	)	(0.29	)
Net asset value, end of period	$16.56		$17.57		$12.98		$7.07
Total return (%)5	17.98	6	12.26		(18.82	)	(43.69	)6
Ratios and supplemental data
Net assets, end of period (in millions)	$362		$680		$694		$281
Ratios (as a percentage of average net assets):
Expenses before reductions	0.74	7	0.69		0.69		0.72	7
Expenses net of fee waivers	0.74	7	0.69		0.69		0.72	7,8
Expenses net of all fee waivers
and credits	0.74	7	0.69		0.69		0.72	7,8
Net investment income	1.73	7	1.81		1.69		2.46	7
Portfolio turnover (%)	127		169		159		76

____________________
 

1	Class NAV shares began operations on 10-15-05.
2	Semiannual period from 9-1-08 to 2-28-09. Unaudited.
3	Based on the average of the shares outstanding.
4	Less than $0.01 per share.
5	Assumes dividend reinvestment.
6	Not annualized.
7	Annualized.
8	The adviser has agreed to waive or reimburse expenses, as detailed in the accompanying notes to the financial statements, which are subject to possible recapture by the Investment Adviser within three years of being incurred. See Note 5.

 

22 Optimized Value Fund   Semiannual report See notes to financial statements

Notes to financial statements (unaudited) 

Note 1
Organization
John Hancock Optimized Value Fund (the Fund), is a series of John Hancock Funds II (the Trust or JHF II). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end investment management company. The investment objective of the Fund is to seek long-term capital appreciation.

John Hancock Life Insurance Company (U.S.A.) (John Hancock USA) is an indirect wholly owned subsidiary of Manulife Financial Corporation (MFC), a publicly traded company. MFC and its subsidiaries are known collectively as “Manulife Financial.”

John Hancock Investment Management Services, LLC (the Adviser), a Delaware limited liability company controlled by John Hancock USA, serves as investment adviser for the Trust and John Hancock Funds, LLC (the Distributor), a Delaware limited liability company, an affiliate of the Adviser, serves as principal underwriter.

The Trustees have authorized the issuance of multiple classes of shares of the Fund, including classes designated as Class A, Class B, Class C, Class I, Class 1 and Class NAV shares. Class A, Class B and Class C shares are open to all retail investors. Class I shares are offered without any sales charge to various institutional and certain individual investors. Class 1 shares are sold only to certain exempt separate accounts of John Hancock USA and John Hancock New York. Class NAV shares are sold to affiliated funds of funds, which are funds of funds within the John Hancock funds complex. The shares of each class represent an interest in the same portfolio of investments of the Fund, and have equal rights as to voting, redemptions, dividends and liquidation, except that certain expenses, subject to the approval of the Board of Trustees, may be applied differently to each class of shares in accordance with current regulations of the Securities and Exchange Commission and the Internal Revenue Service. Shareholders of a class that bear distribution and service expenses under the terms of a distribution plan have exclusive voting rights to that distribution plan. Class B shares will convert to Class A shares eight years after purchase.

The Adviser and other affiliates of John Hancock USA owned 688,681,681,689 shares of beneficial interest of Class A, Class B, Class C and Class I on February 28, 2009.

Note 2
Significant accounting policies
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Fund:

Security valuation
Investments are stated at value as of the close of the regular trading on New York Stock Exchange (NYSE), normally at 4:00 P.M., Eastern Time. Equity securities held by the Fund are valued at the last sale price or official closing price (closing bid price or last evaluated price if no sale has occurred) as of the close of business on the principal securities exchange (domestic or foreign) on which they trade. Securities traded only in the over-the-counter market are valued at the last bid price quoted by brokers making markets in the securities at the close of trading. Equity securities for which there are no prices available from an independent pricing service, are valued based on broker quotes or fair valued as described below. Short-term debt investments that have a remaining maturity of 60 days or less are valued at amortized cost, and thereafter assume a constant amortization to maturity of any discount or premium, which approximates market value. Investments in John Hancock Cash Investment Trust (JHCIT), an affiliate of the Adviser, are valued at their net asset value each business day.

Semiannual report   Optimized Value Fund 23

Other portfolio securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith by the Fund’s Pricing Committee in accordance with procedures adopted by the Board of Trustees. Generally, trading in non-U.S. securities is substantially completed each day at various times prior to the close of trading on the NYSE. The values of such securities used in computing the net asset value of the Fund’s shares are generally determined as of such times. Occasionally, significant events that affect the values of such securities may occur between the times at which such values are generally determined and the close of the NYSE. Upon such an occurrence, these securities will be valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic and market conditions, interest rates, investor perceptions and market liquidity.

The Fund adopted Statement of Financial Accounting Standards No. 157 (FAS 157), Fair Value Measurements, effective with the beginning of the Fund’s fiscal year. FAS 157 established a three-tier hierarchy to prioritize the assumptions, referred to as inputs, used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below:

Level 1 – Quoted prices in active markets for identical securities.

Level 2 – Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 – Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable, such as when there is little or no market activity for an investment, unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors that market participants would use in pricing an investment and would be based on the best information available.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s net assets as of February 28, 2009:

	INVESTMENTS IN	OTHER FINANCIAL
VALUATION INPUTS	SECURITIES	INSTRUMENTS	*
Level 1 — Quoted Prices	$315,374,941	—
Level 2 — Other Significant Observable Inputs	3,749,973	—
Level 3 — Significant Unobservable Inputs	—	—
Total	$319,124,914	—
*Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

Security transactions and related investment income
Investment security transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is accrued as earned. The Fund uses identified cost method for determining realized gain or loss on investments for both financial statement and federal income tax reporting purposes.

Non-cash dividends are recorded at the fair market value of the securities received. Debt obligations may be placed in a non-accrual status and related interest income may be reduced by

24 Optimized Value Fund   Semiannual report

ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful, based upon consistently applied procedures.

The Fund uses the specific identification method for determining realized gain or loss on investments for both financial statement and federal income tax reporting purposes.

Securities lending
The Fund may lend portfolio securities from time to time in order to earn additional income. The Fund retains beneficial ownership of the securities it has loaned and continues to receive interest and dividends paid by the issuer of securities and to participate in any changes in their value. On the settlement date of the loan, the Fund receives cash collateral against the loaned securities and maintains the cash collateral in an amount not less than 102% of the market value of the loaned securities for U.S. equity and corporate securities and 105% for foreign equity and corporate securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required cash collateral is delivered to the Fund on the next business day or returned to the borrower if overcollaterized. It is the Funds’ policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Cash collateral received is invested in JHCIT. The Fund may receive compensation for lending its securities either in the form of fees and/or by retaining a portion of interest on the investment of any cash received as collateral. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. The Fund bears the risk in the event that invested collateral is not sufficient to meet obligations due on loans.

Line of credit
The Fund has entered into an agreement which enables them to participate in a $150 million unsecured committed line of credit with State Street Corporation. Borrowings will be made solely to temporarily finance the repurchase of capital shares. Interest is charged to the Fund based on its borrowings at a rate per annum equal to the Federal Funds rate plus 0.50%. In addition, a commitment fee of 0.08% per annum, payable at the end of each calendar quarter, based on the average daily-unused portion of the line of credit, is charged to each participating Fund on a prorated basis based on average net assets. Prior to February 19, 2009, the commitment fee was 0.05% per annum. For the period ended February 28, 2009, there were no borrowings under the line of credit.

Pursuant to the custodian agreement, the Custodian may, in its discretion, advance funds to the Fund to make properly authorized payments. When such payments result in an overdraft, the Fund is obligated to repay the Custodian for any overdraft, including any costs or expenses associated with the overdraft. The Custodian has a lien and security interest in any Fund property, that is not segregated, to the extent of any overdraft.

Expenses
The majority of expenses are directly identifiable to an individual fund. Trust expenses that are not readily identifiable to a specific fund are allocated in such a manner as deemed equitable, taking into consideration, among other things, the nature and type of expense and the relative size of the funds. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Class allocations
Income, common expenses and realized and unrealized gains (losses) are determined at the fund level and allocated daily to each class of shares based on the appropriate net asset value of the respective classes. Distribution and service fees, if any, transfer agent fees, printing and postage fees, and state registration fees for Class A, Class B, Class C and Class I shares are calculated daily at the

Semiannual report   Optimized Value Fund 25

class level based on the appropriate net asset value of each class and the specific expense rate(s) applicable to each class.

Federal income taxes
The Fund qualifies as a regulated investment company by complying with the applicable provisions of the Internal Revenue Code and will not be subject to federal income tax on taxable income that is distributed to shareholders. Therefore, no federal income tax provision is required.

For federal income tax purposes, the Fund has $6,372,104 of a capital loss carryforward available, to the extent provided by regulations, to offset future net realized capital gains. To the extent that such carryforward is used by the Fund, no capital gain distributions will be made. The loss carryforwards expire as follows: August 31, 2016 - $6,372,104. Net capital losses of $154,832,286 that are attributable to security transactions incurred after October 31, 2008, are treated as arising on September 1, 2008, the first day of the Fund’s next taxable year.

As of February 28, 2009, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each of the Fund’s federal tax returns filed in the 3-year period ended August 31, 2008 remains subject to examination by the Internal Revenue Service.

Distribution of income and gains
The Fund records distributions to shareholders from net investment income and net realized gains, if any, on the ex-dividend date. The Fund generally declares and pays dividends and capital gains distributions, if any, annually. During the year ended August 31, 2008, the tax character of distributions paid was as follows: ordinary income $51,410,888 and long-term capital gain $22,241,071. Distributions paid by the Fund with respect to each class of shares are calculated in the same manner, at the same time and are in the same amount, except for the effect of expenses that may be applied differently to each class.

Such distributions, on a tax basis, are determined in conformity with income tax regulations, which may differ from accounting principles generally accepted in the United States of America. Distributions in excess of tax basis earnings and profits, if any, are reported in the Fund’s financial statements as a return of capital.

New accounting pronouncement
In March 2008, FASB No. 161 (FAS 161), Disclosures about Derivative Instruments and Hedging Activities, an amendment of FASB Statement No. 133 (FAS 133), was issued and is effective for fiscal years and interim periods beginning after November 15, 2008. FAS 161 amends and expands the disclosure requirements of FAS 133 in order to provide financial statement users an understanding of a company’s use of derivative instruments, how derivative instruments are accounted for under FAS 133 and related interpretations and how these instruments affect a company’s financial position, performance, and cash flows. FAS 161 requires companies to disclose information detailing the objectives and strategies for using derivative instruments, the level of derivative activity entered into by the company, and any credit risk-related contingent features of the agreements. As of February 28, 2009, management does not believe that the adoption of FAS 161 will have a material impact on the amounts reported in the financial statements.

Note 3
Risk and uncertainties

Concentration risk
The Funds may concentrate investments in a particular industry, sector of the economy or invest in a limited number of companies. Accordingly, the concentration may make the Fund’s value more volatile and investment values may rise and fall more rapidly. In addition, a Fund with a concentration is particularly susceptible to the impact of market, economic, regulatory and other factors affecting the specific concentration.

Note 4
Guarantees and indemnifications
Under the Fund’s organizational documents, its Officers and Trustees are indemnified against certain liability arising out of the performance

26 Optimized Value Fund   Semiannual report

of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred.

Note 5
Investment advisory and other agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser. The Adviser is responsible for managing the corporate and business affairs of the Trust and for selecting and compensating subadvisers to handle the investment of the assets of the Fund, subject to the supervision of the Trust’s Board of Trustees. As compensation for its services, the Adviser receives an advisory fee from the Trust. Under the Advisory Agreement, the Fund pays a daily management fee to the Adviser equivalent, on an annual basis, to the sum of: (a) 0.70% of the first $500,000,000 of the Fund’s aggregate daily net assets; (b) 0.65% of the next $500,000,000 of the Fund’s aggregate daily net assets; and (c) 0.60% of the Fund’s aggregate daily net assets in excess of $1,000,000,000. Aggregate net assets include the net assets of the Fund and Optimized Value Trust, a series of John Hancock Trust. John Hancock Trust is an open-end investment company advised by JHIMS and distributed by an affiliate of JHIMS, John Hancock Distributors, LLC. The effective rate for the period ended February 28, 2009, is 0.67% of the Fund’s average daily net asset value.

The Adviser has a subadvisory agreement with MFC Global Investment Management (U.S.A.) Limited, an affiliate of the Adviser. The Fund is not responsible for payment of the subadvisory fees.

The Adviser has agreed contractually to limit fund level expenses to 0.80% of the average annual net assets, or to make a payment to a specific class of shares of the Fund in an amount equal to the amount by which the expenses attributable to such class of shares (excluding taxes, portfolio brokerage commissions, interest, litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business and fees under any agreement or plans of the Fund dealing with services for shareholders and others with beneficial interests in shares of the Fund) exceed the percentage of average annual net assets (on an annualized basis) attributable as follows: 1.29% for Class A, 1.99% for Class B, 1.99% for Class C, 0.84% for Class I, and 0.85% for Class 1. Accordingly, the expense reductions related to this expense limitation amounted to $3,485, $3,720, $3,723, $3,895, and $0 for Class A, Class B, Class C, Class I, and Class 1, respectively, for the period ended February 28, 2009. This expense reimbursement shall continue in effect until December 31, 2009 and thereafter until terminated by the Adviser on notice to the Trust.

Pursuant to the Advisory Agreement, the Fund reimburses the Adviser for all expenses associated with providing the administrative, financial, legal, accounting and recordkeeping services of the Fund, including the preparation of all tax returns, annual, semiannual and periodic reports to shareholder and the preparation of all regulatory reports. These expenses are allocated based on the relative share of net assets of each class at the time the expense was incurred.

The fund administration fees incurred for the period ended February 28, 2009, were equivalent to an annual effective rate of 0.02% of the Fund’s average daily net assets.

The Trust has a Distribution Agreement with the Distributor. The Fund has adopted Distribution Plans with respect to Class A, Class B, Class C and Class 1, pursuant to Rule 12b-1 under the 1940 Act, to pay the Distributor for the services it provides as distributor of shares of the Fund. Accordingly, the Fund makes daily payments to the Distributor at an annual rate not to exceed 0.30%, 1.00%, 1.00% and 0.05% of average daily net asset value of Class A, Class B, Class C and Class 1, respectively. A maximum of 0.25% of such payments may be service fees, as defined by the Conduct Rules of Financial Industry Regulatory Authority (formerly the National Association of Securities Dealers). Under the Conduct Rules, curtailment of a portion of the Fund’s 12b-1 payments could occur under certain circumstances.

Semiannual report   Optimized Value Fund 27

Class A shares are assessed up-front sales charges. During the period ended February 28, 2009, there were no net up-front sales charges received by the Distributor with regard to sales of Class A shares.

Class B shares that are redeemed within six years of purchase are subject to a contingent deferred sales charge (CDSC) at declining rates, beginning at 5.00% of the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Class C shares that are redeemed within one year of purchase are subject to a CDSC at a rate of 1.00% of the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Proceeds from the CDSCs are paid to JH Funds and are used in whole or in part to defray its expenses for providing distribution-related services to the Fund in connection with the sale of Class B and Class C shares. During the period ended February 28, 2009, there were no CDSCs received by Distributor for Class B shares and for Class C shares.

The Fund has a transfer agent agreement with John Hancock Signature Services, Inc. (Signature Services), an indirect subsidiary of JHLICO. The transfer agent fees are made up of three components, three of which are class specific:

• The Fund pays a monthly transfer agent fee at an annual rate of 0.05% of each class’s average daily net assets.

• The Fund pays a monthly fee which is based on an annual rate of $16.50 for each shareholder account for Class A, B, C and I, respectively.

• In addition, Signature Services is reimbursed for certain out-of-pocket expenses.

Signature Services had agreed to contractually limit the transfer agent expenses to 0.20% annually for Classes A, B, C and I until December 31, 2008. Waivers and reimbursements under this plan were $121, $81, $65 and $74 for Classes A, B, C and I, respectively, for the period ended February 28, 2009.

The Fund receives earnings credits from Signature Services as a result of uninvested cash balances. These credits are used to reduce a portion of the Fund’s transfer agent fees and out-of-pocket expenses. During the period ended February 28, 2009, the Fund’s transfer agent fees and out-of-pocket expenses had no reductions for transfer agent credits earned.

Class level expenses including the allocation of the transfer agent fees for the period ended February 28, 2009, were as follows:

	Distribution and	Transfer	Printing and	State
Share class	service fees	agent fees	posting fees	registration fees
Class A	$86	$180	$1,203	$2,295
Class B	77	96	1,431	2,295
Class C	30	71	1,431	2,295
Class I	—	75	1,431	2,466
Class 1	11,838	—	—	—
Total	$12,031	$422	$5,496	$9,351

Effective January 1, 2009, the adviser may recapture operating expenses reimbursed or fees waived under previous expense limitation or waiver arrangements that were made subsequent to January 1, 2009. Amounts are subject to recapture for a period of three years following the month in which such reimbursement or waivers occurred. The waived or reimbursed expenses subject to potential recovery that expire in 2012 are $4,134.

28 Optimized Value Fund   Semiannual report

Note 6
Trustees’ fees
The Trust compensates each Trustee who is not an employee of the Adviser or its affiliates.

Total Trustees’ expenses are allocated to the Fund based on its average daily net asset value.

Note 7
Fund share transactions
This listing illustrates the number of Fund shares sold, reinvested and repurchased during the periods ended August 31, 2008, and the period ended February 28, 2009, along with the corresponding dollar value.

	Year ended 8-31-08				Period ended 2-28-091
	Shares		Amount		Shares		Amount
Class A
Sold	4,216		$55,914		10,237		$84,733
Distributions reinvested	—		—		180		1,531
Repurchased	(461	)	(5,651	)	(624	)	(7,514	)
Net increase	3,755		$50,263		9,793		$78,750
Class B
Sold	787		$11,485		3,519		$31,089
Distributions reinvested	—		—		38		328
Repurchased	—		—		(2,633	)	(22,077	)
Net increase	787		$11,485		924		$9,340
Class C
Sold	668		$10,000		—		—
Distributions reinvested	—		—		13		108
Net increase	668		$10,000		13		$108
Class I
Sold	668		$10,000		—		—
Distributions reinvested	—		—		21		180
Net increase	668		$10,000		21		$180
Class 1
Sold	123,246		$1,790,160		94,974		$819,223
Distributions reinvested	560,206		8,509,531		169,404		1,443,321
Repurchased	(1,357,703	)	(19,836,628	)	(553,603	)	(5,005,535	)
Net decrease	(674,251	)	($9,536,937	)	(289,225	)	($2,742,991	)
Class NAV shares
Sold	10,453,910		$159,592,299		1,373,225		$10,568,693
Distributions reinvested	4,288,507		65,142,428		1,321,422		11,271,727
Repurchased	(13,570	)	(190,473	)	(16,327,685	)	(148,360,448	)
Net increase (decrease)	14,728,847		$224,544,254		(13,633,038	)	($126,520,028	)
Net increase (decrease)	14,060,474		$215,089,065		(13,911,512	)	($129,174,641	)

¹  Semiannual period from 9-1-08 to 2-28-09.

Note 8
Purchases and sales of securities
Purchases and proceeds from sales or maturities of securities, other than short-term securities and obligations of the U.S. government, during the period ended February 28, 2009, aggregated $358,903,948 and $498,032,726, respectively.

Semiannual report   Optimized Value Fund 29

Evaluation of Advisory and Subadvisory Agreements by the Board of Trustees
This section describes the evaluation by the Board of Trustees of the Advisory Agreement (the Advisory Agreement) and each of the Subadvisory Agreements and the Sub-Subadvisory Agreements (collectively, the Subadvisory Agreements) for each of the portfolios (the Funds) of John Hancock Funds II (the Trust) discussed in this annual report.

The Board, including the Independent Trustees, is responsible for selecting the Trust’s adviser, John Hancock Investment Management Services, LLC (the Adviser or JHIMS), approving the Adviser’s selection of subadvisers for each of the portfolios of the Trust and approving the Trust’s advisory and subadvisory (and any sub-subadvisory) agreements, their periodic continuation and any amendments. Consistent with SEC rules, the Board regularly evaluates the Trust’s advisory and subadvisory arrangements, including consideration of the factors listed below. The Board may also consider other factors (including conditions and trends prevailing generally in the economy, the securities markets and the industry) and does not treat any single factor as determinative, and each Trustee may attribute different weights to different factors. The Board is furnished with an analysis of its fiduciary obligations in connection with its evaluation and, throughout the evaluation process, the Board is assisted by counsel for the Trust and the Independent Trustees are also separately assisted by independent legal counsel. The factors considered by the Board are:

1.	the nature, extent and quality of the services to be provided by the Adviser to the Trust and by the subadvisers to the Funds;
2.	the investment performance of the Funds and their subadvisers;
3.	the extent to which economies of scale would be realized as a Fund grows and whether fee levels reflect these economies of scale for the benefit of Trust shareholders;
4.	the costs of the services to be provided and the profits to be realized by the Adviser and its affiliates (including any subadvisers that are affiliated with the Adviser) from the Adviser’s relationship with the Trust; and
5.	comparative services rendered and comparative advisory and subadvisory fee rates.

The Board believes that information relating to all of these factors is relevant to its evaluation of the Trust’s advisory agreement. With respect to its evaluation of subadvisory agreements (including any sub-subadvisory agreements) with subadvisers not affiliated with the Adviser, the Board believes that, in view of the Trust’s manager-of-managers advisory structure, the costs of the services to be provided and the profits to be realized by those subadvisers that are not affiliated with the Adviser from their relationship with the Trust generally are not a material factor in the Board’s consideration of these subadvisory agreements because such fees are paid by the Adviser and not by the Funds and the Board relies on the ability of the Adviser to negotiate the subadvisory fees at arm’s-length.

In evaluating subadvisory arrangements, the Board also considers other material business relationships that unaffiliated subadvisers and their affiliates have with the Adviser or its affiliates, including the involvement by certain affiliates of certain subadvisers in the distribution of financial products, including shares of the Trust, offered by the Adviser and other affiliates of the Adviser (Material Relationships).

Approval of Advisory Agreement
At its meeting on May 30, 2008, the Board, including all the Independent Trustees, approved the Advisory Agreement.

In approving the renewal of the Advisory Agreement, and with reference to the factors that it regularly considers, the Board:

(1) (a)  considered the high value to the Trust of continuing its relationship with JHIMS as the Trust’s adviser, the skills and competency with which JHIMS has in the past managed the Trust’s

30 Optimized Value Fund   Semiannual report

		affairs and its subadvisory relationships, JHIMS’s oversight and monitoring of the subadvisers’ investment performance and compliance programs including its timeliness in responding to performance issues and the qualifications of JHIMS’s personnel,
	(b)	considered JHIMS’s compliance policies and procedures and its responsiveness to regulatory changes and mutual fund industry developments, and
	(c)	considered JHIMS’s administrative capabilities, including its ability to supervise the other service providers for the Funds and concluded that JHIMS may reasonably be expected to continue to perform its services under the Advisory Agreement with respect to the Funds;
(2)	reviewed the investment performance of each of the Funds; the comparative performance of their respective benchmarks, comparable funds (i.e., funds having approximately the same investment objective), if any; and JHIMS’s analysis of such performance and its plans and recommendations regarding the Trust’s subadvisory arrangements generally and with respect to particular Funds; and concluded that each of the Funds has generally performed well or within a range that the Board deemed competitive except as discussed in Appendix A and in such cases, that appropriate action is being taken to address performance, if necessary, or that such performance is reasonable in light of all factors considered, and that JHIMS may reasonably be expected to continue ably to monitor the performance of the Funds and each of their subadvisers;
(3)	reviewed the Trust’s advisory fee structure and the incorporation therein of any subadvisory fee breakpoints in the advisory fees charged and concluded (i) that to the extent that Funds have subadvisory fees with breakpoints, those breakpoints are reflected as breakpoints in the advisory fees for Funds, (ii) that all Funds with a subadviser that is not affiliated with the Adviser have subadvisory fees which are the product of arm’s-length negotiations between the Adviser and the subadviser and which in many, but not all, cases contain breakpoints, and (iii) that, although economies of scale cannot be measured with precision, these arrangements permit shareholders of Funds with advisory fee breakpoints to benefit from economies of scale if those Funds grow;
(4)	(a)	reviewed the financial statements of JHIMS and considered (i) an analysis presented by JHIMS regarding the net profitability to JHIMS of each Fund,
	(b)	reviewed the profitability of the JHIMS’s relationship with each Fund in terms of the total amount of annual advisory fees it received with respect to the Fund and whether JHIMS has the financial ability to continue to provide a high level of services to the Fund,
	(c)	considered that JHIMS derives reputational and other indirect benefits from providing advisory services to the Funds, and
	(d)	noted that JHIMS pays the subadvisory fees out of the advisory fees JHIMS receives from the Funds and concluded that the advisory fees paid by the Trust with respect to the Funds are not unreasonable in light of such information; and
(5)	reviewed comparative information with respect to the advisory fee rates and concluded that the Trust’s advisory fees are generally within a competitive range of those incurred by other comparable funds. In this regard, the Board took into account management’s discussion with respect to the advisory fee structure. The Board also noted that JHIMS is currently waiving fees and/or reimbursing expenses with respect to certain of the Funds and that the Adviser pays the subadvisory fees of the Funds. The Board also took into account the level and quality of services provided by JHIMS with respect to the Funds, as well as the other factors considered.

Semiannual report   Optimized Value Fund 31

Additional information that the Board considered in approving the Advisory Agreement is set forth in Appendix A.

Approval of Subadvisory Agreements
At its meeting on May 30, 2008, the Board, including all the Independent Trustees, renewed and approved the Subadvisory Agreements.

In making its determination with respect to the factors that it considers, the Board reviewed:

(1)	information relating to each subadviser’s business, which may include information such as: business performance, assets under management and personnel;
(2)	the historical and current performance of the Fund and comparative performance information relating to the Fund’s benchmark and comparable funds;
(3)	the subadvisory fee for each Fund and comparative fee information; and
(4)	information relating to the nature and scope of Material Relationships and their significance to the Trust’s adviser and unaffiliated subadvisers.

The Board noted that in the case of each sub-subadvisory agreement, that the sub-subadvisory fee would be paid by the Subadviser out of the subadvisory fee and would not be an expense of the Fund.

The Board’s decision to approve each Sub-advisory Agreement was based on a number of determinations, including the following:

(1)	The subadviser has extensive experience and demonstrated skills as a manager;
(2)	Although not without variation, the current and historical performance of each Fund managed by a subadviser has generally been in line with or outperformed the current and historical performance of comparable funds and the Fund’s respective benchmarks with the exceptions noted in Appendix A (with respect to such exceptions, the Board concluded that appropriate action was being taken to address such Funds’ performance, if necessary, or that performance was reasonable in light of all factors considered);
(3)	The subadvisory fees are generally competitive within the range of industry norms and, with respect to each subadviser that is not affiliated with the Adviser, are a product of arm’s-length negotiation between the Adviser and the subadviser;
(4)	With respect to those Funds that have sub-advisory fees that contain breakpoints, such breakpoints are reflected as breakpoints in the advisory fees for the Funds in order to permit shareholders to benefit from economies of scale if those Funds grow; and
(5)	The Material Relationships consist of arrangements in which unaffiliated subadvisers or their affiliates provide advisory, distribution or management services in connection with financial products sponsored by the Trust’s adviser or its affiliates, which may include other registered investment companies, a 529 education savings plan, managed separate accounts and exempt group annuity contracts sold to qualified plans, and which in no case contained elements which would cause the Board to conclude that approval of the subadvisory agreement with the subadviser would be inappropriate.

Additional information that the Board considered for the Fund is set forth in Appendix A.

32 Optimized Value Fund   Semiannual report

Appendix A

Portfolio	Performance of Fund
(Subadviser)	as of March 31, 2008	Fees and Expenses	Other Comments
Optimized Value Fund (MFC Global Investment Management (U.S.A.) Limited)	The Fund underperformed the benchmark index over the one-year period. The Fund underperformed the Morningstar Category Average over the one year period.	Subadvisory fees for this Fund are lower than the peer group median. Advisory fees for this Fund are slightly lower than the peer group median. Total expenses for this Fund are slightly lower than the peer group median.	The Board took into account management’s discussion of the factors that contributed to the Fund’s performance, including the subadviser’s quantitative investment style and the interaction of market conditions with the quantitative model. The Board also noted that the Fund had only recently commenced operations and took into account the relatively limited performance history of the Fund.

Semiannual report   Optimized Value Fund 33

	More information
	Trustees James M. Oates, Chairman* James R. Boyle† Grace K. Fey†** Charles L. Bardelis* Peter S. Burgess* Elizabeth G. Cook** Theron S. Hoffman** Hassell H. McClellan** Steven M. Roberts* John D. Richardson*       Trustee Emeritus			Gordon M. Shone Treasurer John G. Vrysen Chief Operating Officer Investment adviser John Hancock Investment Management        Services, LLC Subadviser MFC Global Investment        Management (U.S.A.), Limited Principal distributor John Hancock Funds, LLC Custodian State Street Bank and Trust Company Transfer agent John Hancock Signature Services, Inc. Legal counsel K&L Gates LLP
	*	Member of the Audit Committee
	**	Member of the Compliance Committee
	†	Non-Independent Trustee
	Officers Keith F. Hartstein President and Chief Executive Officer Thomas M. Kinzler Secretary and Chief Legal Officer Francis V. Knox, Jr. Chief Compliance Officer Charles A. Rizzo Chief Financial Officer
Additional information about your fund is available without charge in several ways. As required by the SEC, you can access proxy voting information and quarterly portfolio information on your fund. The proxy voting information includes a description of proxy voting policies, procedures and information regarding how the fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30. The quarterly portfolio information that includes a complete list of the fund’s holdings for the first and third quarters of the fund’s fiscal period is filed on Form N-Q. You have access to this information:
By phone 1-800-225-5291		On the fund’s Website                       www.jhfunds.com		At the SEC www.sec.gov 1-800-SEC-0330 SEC Public Reference Room
You can also contact us:
Regular mail: John Hancock Signature Services, Inc. P.O. Box 9510 Portsmouth, NH 03802-9510			Express mail: John Hancock Signature Services, Inc. Mutual Fund Image Operations 164 Corporate Drive Portsmouth, NH 03801
Month-end portfolio holdings are available at www.jhfunds.com.

34 Optimized Value Fund   Semiannual report

1-800-225-5291
1-800-554-6713 TDD
1-800-338-8080 EASI-Line
www.jhfunds.com

     Now available: electronic delivery
www.jhfunds.com/edelivery

This report is for the information of the shareholders of John HancockOptimized Value Fund.
It is not authorized for distribution to prospectiveinvestors unless preceded or accompanied by a prospectus. 326SA 2/09
4/09

John Hancock

Lifecycle 2045 Portfolio

Goal and strategy

To seek high total return until the fund’s target retirement date.

Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy designed for investors expected to retire in 2045.

Asset Allocation

Equity	% of Total
U.S. Large Cap	43
U.S. Mid Cap	10
U.S. Small Cap	9
International Large Cap	18
International Small Cap	4
Emerging Markets	5
Large Blend	3
Natural Resources	3
Fixed Income	% of Total
Bank Loan	1
Intermediate Bond	1
Multi-Sector Bond	1
High Yield Bond	1
Treasury Inflation-Protected Securities	1

As a percentage of net assets on February 28, 2009.

Performance review

For the six months ended February 28, 2009, the Lifecycle 2045 Portfolio’s Class A, Class B, Class C, Class R, Class R1, Class R2, Class R3, Class R4, Class R5 and Class 1 shares returned –42.93%, –43.02%, –43.02%, –43.08%, –42.94%, –42.87%, –42.92%, –42.91%, –42.79% and –42.75%, respectively, at net asset value. In comparison, the Portfolio’s benchmark index, the Standard & Poor’s 500 Index, returned –41.82% over the same period, and Morningstar, Inc.’s Target-Date 2041–2045 category returned –41.08%.¹

Asset allocation had a slightly negative impact on performance during the period. Allocations to mid-cap and small-cap stocks, which lagged their large-cap peers, hindered our results, as did a small weighting in the natural resources asset class.

Challenging results from some of the Portfolio’s underlying funds also dampened its returns. Detractors included Emerging Markets (DFA), which was impeded by its underweighting in Brazil and its exposure to smaller, out-of-benchmark names. Also weighing on performance was Core Equity (Legg Mason). The fund suffered from overweighted positions in a number of weak-performing financial stocks. Core Equity was no longer in the Portfolio at period end. Meanwhile, Value & Restructuring (Columbia), a solid contributor in prior periods, underperformed due to overweight positions in the poor-performing energy and materials sectors. On the fixed income side, our investment in Strategic Bond (WAMCO), a multi-sector bond fund, was hurt by a relatively high exposure to lower-quality debt.

Conversely, the Portfolio’s performance benefited from a position in Capital Appreciation (Jennison), which was aided by overweighting health care and underweighting the industrials and energy sectors. International Core (GMO) benefited from an overall emphasis on quality, an underweighting in financials and an overweighting in health care, all of which helped performance. A small position in Alpha Opportunities (Wellington), recently added to the Portfolio, delivered a single-digit loss, putting it far ahead of most equity funds.

¹Figures from Morningstar, Inc. include reinvested dividends and do not take into account sales charges. Actual load-adjusted performance is lower.

  Past performance is no guarantee of future results.

SCORECARD
INVESTMENT		PERIOD’S PERFORMANCE … AND WHAT’S BEHIND THE NUMBERS
Capital Appreciation	5	Overweighting health care and underweighting industrials and energy
Emerging Markets	6	Underweighting Brazil, exposure to smaller, out-of-benchmark names
Core Equity	6	Financials exposure

4 Lifecycle 2045 Portfolio   Semiannual report

Growth of $10,000

This chart shows what happened to a hypothetical $10,000 investment in Class A shares for the period indicated. For comparison, we’ve shown the same investment in the S&P 500 Index.

	Class B	Class C	Class R1	Class R11	Class R21	Class R31	Class R41	Class R51	Class 11
Period beginning	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06
Without sales charge	5,610	5,610	5,630	5,668	5,706	5,677	5,709	5,752	5,757
With maximum sales charge	5,451	5,610	5,630	5,668	5,706	5,677	5,709	5,752	5,757
Index	5,622	5,622	5,622	5,622	5,622	5,622	5,622	5,622	5,622

Performance chart

Total returns with maximum sales charge (POP) for the period ended February 28, 2009.

	Class A	Class B	Class C	Class R1	Class R11	Class R21	Class R31	Class R41	Class R51	Class 11
Inception	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06
Average annual returns — 1 year	–48.29%	–48.54%	–46.41%	–45.87%	–45.68%	–45.49%	–45.65%	–45.53%	–45.30%	–45.31%
Average annual returns — Since inception	–23.08%	–22.84%	–21.89%	–21.77%	–21.55%	–21.32%	–21.49%	–21.30%	–21.05%	–21.02%
Cumulative total returns — 1 year	–48.29%	–48.54%	–46.41%	–45.87%	–45.68%	–45.49%	–45.65%	–45.53%	–45.30%	–45.31%
Cumulative total returns — Since inception	–45.88%	–45.49%	–43.90%	–43.70%	–43.32%	–42.94%	–43.23%	–42.91%	–42.48%	–42.43%
Cumulative total returns — 6 months	–45.77%	–45.82%	–43.58%	–43.08%	–42.94%	–42.87%	–42.92%	–42.91%	–42.79%	–42.75%

Performance figures assume all distributions are reinvested. Returns at public offering price (POP) reflect a sales charge on Class A shares of 5%, and the applicable contingent deferred sales charge (CDSC) on Class B and Class C shares. The Class B shares’ CDSC declines annually between years 1–6 according to the following schedule: 5, 4, 3, 3, 2, 1%. No sales charge will be assessed after the sixth year. Class C shares held for less than one year are subject to a 1% CDSC. Sales charge is not applicable for Class R, Class R1, Class R2, Class R3, Class R4, Class R5 and Class 1 shares.

The expense ratios of the Portfolio, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectuses for the Portfolio and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. The waivers and expense limitations are contractual at least until December 31, 2009. The following expense ratios include expenses of the underlying affiliated funds in which the Portfolio invests. The net expenses are as follows: Class A — 1.41%, Class B — 2.11%, Class C — 2.11%, Class R — 1.96%, Class R1 — 1.56%, Class R2 — 1.46%, Class R3 — 1.46%, Class R4 — 1.21%, Class R5 — 0.91%, Class 1 — 0.96%. Had the fee waivers and expense limitations not been in place, the gross expenses would be as follows: Class A — 2.37%, Class B — 8.26%, Class C — 9.51%, Class R — 12.99%, Class R1 — 13.23%, Class R2 — 10.08%, Class R3 — 11.24%, Class R4 — 14.91%, Class R5 — 12.78%, Class 1 — 1.00%.

The returns reflect past results and should not be considered indicative of future performance. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility, the Portfolio’s current performance may be higher or lower than the performance shown. For performance data current to the most recent month end, please call 1-800-225-5291 or visit the Portfolio’s Web site at www.jhfunds.com.

The performance table and chart do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

The Portfolio’s performance results reflect any applicable expense reductions, without which the expenses would increase and results would have been less favorable.

It is not possible to invest directly in an index. Index figures do not reflect sales charges and would be lower if they did.

Since inception performance is calculated with an opening price on the inception date of the Portfolio.

¹ For certain types of investors as described in the Portfolio’s Class R, Class R1, Class R2, Class R3, Class R4, Class R5 and Class 1 share prospectuses.

Semiannual report   Lifecycle 2045 Portfolio 5

John Hancock

Lifecycle 2040 Portfolio

Goal and strategy

To seek high total return until the fund’s target retirement date.

Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy designed for investors expected to retire in 2040.

Asset Allocation

Equity	% of Total
U.S. Large Cap	43
U.S. Mid Cap	10
U.S. Small Cap	9
International Large Cap	18
International Small Cap	4
Emerging Markets	5
Large Blend	3
Natural Resources	3
Fixed Income	% of Total
Bank Loan	1
Intermediate Bond	1
Multi-Sector Bond	1
High Yield Bond	1
Treasury Inflation-Protected Securities	1

As a percentage of net assets on February 28, 2009.

Performance review

For the six months ended February 28, 2009, the Lifecycle 2040 Portfolio’s Class A, Class B, Class C, Class R, Class R1, Class R2, Class R3, Class R4, Class R5 and Class 1 shares returned –42.82%, –42.97%, –43.08%, –43.03%, –42.89%, –42.86%, –42.91%, –42.86%, –42.74% and –42.70%, respectively, at net asset value. In comparison, the Portfolio’s benchmark index, the Standard & Poor’s 500 Index, returned –41.82% over the same period, and Morningstar, Inc.’s Target-Date 2036–2040 category returned –40.73%.¹

Asset allocation had a slightly negative impact on performance during the period. Allocations to mid-cap and small-cap stocks, which lagged their large-cap peers, hindered our results, as did a small weighting in the natural resources asset class.

Challenging results from some of the Portfolio’s underlying funds also dampened its returns. Detractors included Emerging Markets (DFA), which was impeded by its underweighting in Brazil and its exposure to smaller, out-of-benchmark names. Also weighing on performance was Core Equity (Legg Mason). The fund suffered from overweighted positions in a number of weak-performing financial stocks. Core Equity was no longer in the Portfolio at period end. Meanwhile, Value & Restructuring (Columbia), a solid contributor in prior periods, underperformed due to overweight positions in the poor-performing energy and materials sectors. On the fixed income side, our investment in Strategic Bond (WAMCO), a multi-sector bond fund, was hurt by a relatively high exposure to lower-quality debt.

Conversely, the Portfolio’s performance benefited from a position in Capital Appreciation (Jennison), which was aided by overweighting health care and underweighting the industrials and energy sectors. International Core (GMO) benefited from an overall emphasis on quality, an underweighting in financials and an overweighting in health care, all of which helped performance. A small position in Alpha Opportunities (Wellington), recently added to the Portfolio, delivered a single-digit loss, putting it far ahead of most equity funds.

¹Figures from Morningstar, Inc. include reinvested dividends and do not take into account sales charges. Actual load-adjusted performance is lower.

  Past performance is no guarantee of future results.

SCORECARD
INVESTMENT		PERIOD’S PERFORMANCE … AND WHAT’S BEHIND THE NUMBERS
Capital Appreciation	5	Overweighting health care and underweighting industrials and energy
Emerging Markets	6	Underweighting Brazil, exposure to smaller, out-of-benchmark names
Core Equity	6	Financials exposure

6 Lifecycle 2040 Portfolio   Semiannual report

Growth of $10,000

This chart shows what happened to a hypothetical $10,000 investment in Class A shares for the period indicated. For comparison, we’ve shown the same investment in the S&P 500 Index.

	Class B	Class C	Class R1	Class R11	Class R21	Class R31	Class R41	Class R51	Class 11
Period beginning	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06
Without sales charge	5,616	5,606	5,636	5,674	5,702	5,673	5,715	5,758	5,763
With maximum sales charge	5,457	5,606	5,636	5,674	5,702	5,673	5,715	5,758	5,763
Index	5,622	5,622	5,622	5,622	5,622	5,622	5,622	5,622	5,622

Performance chart

Total returns with maximum sales charge (POP) for the period ended February 28, 2009.

	Class A	Class B	Class C	Class R1	Class R11	Class R21	Class R31	Class R41	Class R51	Class 11
Inception	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06
Average annual returns — 1 year	–48.23%	–48.49%	–46.46%	–45.82%	–45.63%	–45.54%	–45.65%	–45.47%	–45.25%	–45.20%
Average annual returns — Since inception	–23.05%	–22.81%	–21.92%	–21.51%	–21.51%	–21.35%	–21.52%	–21.27%	–21.02%	–20.99%
Cumulative total returns — 1 year	–48.23%	–48.49%	–46.46%	–45.82%	–45.63%	–45.54%	–45.65%	–45.47%	–45.25%	–45.20%
Cumulative total returns — Since inception	–45.83%	–45.43%	–43.94%	–43.64%	–43.26%	–42.98%	–43.27%	–42.85%	–42.42%	–42.37%
Cumulative total returns — 6 months	–45.66%	–45.77%	–43.64%	–43.03%	–42.89%	–42.86%	–42.91%	–42.86%	–42.74%	–42.70%

Performance figures assume all distributions are reinvested. Returns at public offering price (POP) reflect a sales charge on Class A shares of 5%, and the applicable contingent deferred sales charge (CDSC) on Class B and Class C shares. The Class B shares’ CDSC declines annually between years 1–6 according to the following schedule: 5, 4, 3, 3, 2, 1%. No sales charge will be assessed after the sixth year. Class C shares held for less than one year are subject to a 1% CDSC. Sales charge is not applicable for Class R, Class R1, Class R2, Class R3, Class R4, Class R5 and Class 1 shares.

The expense ratios of the Portfolio, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectuses for the Portfolio and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. The waivers and expense limitations are contractual at least until December 31, 2009. The following expense ratios include expenses of the underlying affiliated funds in which the Portfolio invests. The net expenses are as follows: Class A — 1.41%, Class B — 2.11%, Class C — 2.11%, Class R — 1.96%, Class R1 — 1.56%, Class R2 — 1.46%, Class R3 — 1.46%, Class R4 — 1.21%, Class R5 — 0.91%, Class 1 — 0.96%. Had the fee waivers and expense limitations not been in place, the gross expenses would be as follows: Class A — 2.91%, Class B — 8.28%, Class C — 9.64%, Class R — 14.63%, Class R1 — 10.24%, Class R2 — 5.94%, Class R3 — 6.24%, Class R4 — 12.44%, Class R5 — 8.71%, Class 1 — 0.98%.

The returns reflect past results and should not be considered indicative of future performance. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility, the Portfolio’s current performance may be higher or lower than the performance shown. For performance data current to the most recent month end, please call 1-800-225-5291 or visit the Portfolio’s Web site at www.jhfunds.com.

The performance table and chart do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

The Portfolio’s performance results reflect any applicable expense reductions, without which the expenses would increase and results would have been less favorable.

It is not possible to invest directly in an index. Index figures do not reflect sales charges and would be lower if they did.

Since inception performance is calculated with an opening price on the inception date of the Portfolio.

¹ For certain types of investors as described in the Portfolio’s Class R, Class R1, Class R2, Class R3, Class R4, Class R5 and Class 1 share prospectuses.

Semiannual report   Lifecycle 2040 Portfolio 7

John Hancock

Lifecycle 2035 Portfolio

Goal and strategy

To seek high total return until the fund’s target retirement date.

Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy designed for investors expected to retire in 2035.

Asset Allocation

Equity	% of Total
U.S. Large Cap	43
U.S. Mid Cap	10
U.S. Small Cap	9
International Large Cap	19
International Small Cap	4
Emerging Markets	5
Large Blend	3
Natural Resources	3
Fixed Income	% of Total
Bank Loan	1%
Multi-Sector Bond	1%
High Yield Bond	1%
Treasury Inflation-Protected Securities	1%

As a percentage of net assets on February 28, 2009.

Performance review

For the six months ended February 28, 2009, the Lifecycle 2035 Portfolio’s Class A, Class B, Class C, Class R, Class R1, Class R2, Class R3, Class R4, Class R5 and Class 1 shares returned –42.79%, –43.01%, –43.11%, –43.01%, –42.87%, –42.84%, –42.85%, –42.84%, –42.72% and –42.73%, respectively, at net asset value. In comparison, the Portfolio’s benchmark index, the Standard & Poor’s 500 Index, returned –41.82% over the same period, and Morningstar, Inc.’s Target-Date 2031–2035 category returned –39.85%.¹

Asset allocation had a slightly negative impact on performance during the period. Allocations to mid-cap and small-cap stocks, which lagged their large-cap peers, hindered our results, as did a small weighting in the natural resources asset class.

Challenging results from some of the Portfolio’s underlying funds also dampened its returns. Detractors included Emerging Markets (DFA), which was impeded by its underweighting in Brazil and its exposure to smaller, out-of-benchmark names. Also weighing on performance was Core Equity (Legg Mason). The fund suffered from overweighted positions in a number of weak-performing financial stocks. Core Equity was no longer in the Portfolio at period end. Meanwhile, Value & Restructuring (Columbia), a solid contributor in prior periods, underperformed due to overweight positions in the poor-performing energy and materials sectors. On the fixed income side, our investment in Strategic Bond (WAMCO), a multi-sector bond fund, was hurt by a relatively high exposure to lower-quality debt.

Conversely, the Portfolio’s performance benefited from a position in Capital Appreciation (Jennison), which was aided by overweighting health care and underweighting the industrials and energy sectors. International Core (GMO) benefited from an overall emphasis on quality, an underweighting in financials and an overweighting in health care, all of which helped performance. A small position in Alpha Opportunities (Wellington), recently added to the Portfolio, delivered a single-digit loss, putting it far ahead of most equity funds.

¹Figures from Morningstar, Inc. include reinvested dividends and do not take into account sales charges. Actual load-adjusted performance is lower.

  Past performance is no guarantee of future results.

SCORECARD
INVESTMENT		PERIOD’S PERFORMANCE … AND WHAT’S BEHIND THE NUMBERS
Capital Appreciation	5	Overweighting health care and underweighting industrials and energy
Emerging Markets	6	Underweighting Brazil, exposure to smaller, out-of-benchmark names
Core Equity	6	Financials exposure

8 Lifecycle 2035 Portfolio   Semiannual report

Growth of $10,000

This chart shows what happened to a hypothetical $10,000 investment in Class A shares for the period indicated. For comparison, we’ve shown the same investment in the S&P 500 Index.

	Class B	Class C	Class R1	Class R11	Class R21	Class R31	Class R41	Class R51	Class 11
Period beginning	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06
Without sales charge	5,614	5,604	5,633	5,671	5,699	5,681	5,713	5,756	5,761
With maximum sales charge	5,455	5,604	5,633	5,671	5,699	5,681	5,713	5,756	5,761
Index	5,622	5,622	5,622	5,622	5,622	5,622	5,622	5,622	5,622

Performance chart

Total returns with maximum sales charge (POP) for the period ended February 28, 2009.

	Class A	Class B	Class C	Class R1	Class R11	Class R21	Class R31	Class R41	Class R51	Class 11
Inception	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06
Average annual returns — 1 year	–48.18%	–48.50%	–46.48%	–45.84%	–45.65%	–45.51%	–45.57%	–45.50%	–45.26%	–45.22%
Average annual returns — Since inception	–23.06%	–22.82%	–21.93%	–21.75%	–21.53%	–21.36%	–21.47%	–21.28%	–21.03%	–21.00%
Cumulative total returns — 1 year	–48.18%	–48.50%	–46.48%	–45.84%	–45.65%	–45.51%	–45.57%	–45.50%	–45.26%	–45.22%
Cumulative total returns — Since inception	–45.84%	–45.45%	–43.96%	–43.67%	–43.29%	–43.01%	–43.19%	–42.87%	–42.44%	–42.39%
Cumulative total returns — 6 months	–45.67%	–45.80%	–43.67%	–43.01%	–42.87%	–42.84%	–42.85%	–42.84%	–42.72%	–42.73%

Performance figures assume all distributions are reinvested. Returns at public offering price (POP) reflect a sales charge on Class A shares of 5%, and the applicable contingent deferred sales charge (CDSC) on Class B and Class C shares. The Class B shares’ CDSC declines annually between years 1–6 according to the following schedule: 5, 4, 3, 3, 2, 1%. No sales charge will be assessed after the sixth year. Class C shares held for less than one year are subject to a 1% CDSC. Sales charge is not applicable for Class R, Class R1, Class R2, Class R3, Class R4, Class R5 and Class 1 shares.

The expense ratios of the Portfolio, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectuses for the Portfolio and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. The waivers and expense limitations are contractual at least until December 31, 2009. The following expense ratios include expenses of the underlying affiliated funds in which the Portfolio invests. The net expenses are as follows: Class A — 1.40%, Class B — 2.10%, Class C — 2.10%, Class R — 1.96%, Class R1 — 1.56%, Class R2 — 1.46%, Class R3 — 1.51%, Class R4 — 1.21%, Class R5 — 0.91%. Had the fee waivers and expense limitations not been in place, the gross expenses would be as follows: Class A — 2.56%, Class B — 5.00%, Class C — 6.67%, Class R — 16.06%, Class R1 — 11.16%, Class R2 — 6.01%, Class R3 — 10.70%, Class R4 — 11.78%, Class R5 — 11.83%. The net expenses equal the gross expenses and are as follows: Class I — 0.95%.

The returns reflect past results and should not be considered indicative of future performance. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility, the Portfolio’s current performance may be higher or lower than the performance shown. For performance data current to the most recent month end, please call 1-800-225-5291 or visit the Portfolio’s Web site at www.jhfunds.com.

The performance table and chart above do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

The Portfolio’s performance results reflect any applicable expense reductions, without which the expenses would increase and results would have been less favorable.

It is not possible to invest directly in an index. Index figures do not reflect sales charges and would be lower if they did.

Since inception performance is calculated with an opening price on the inception date of the Portfolio.

¹ For certain types of investors as described in the Portfolio’s Class R, Class R1, Class R2, Class R3, Class R4, Class R5 and Class 1 share prospectuses.

Semiannual report   Lifecycle 2035 Portfolio 9

John Hancock

Lifecycle 2030 Portfolio

Goal and strategy

To seek high total return until the fund’s target retirement date.

Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy designed for investors expected to retire in 2030.

Asset Allocation

Equity	% of Total
U.S. Large Cap	42
U.S. Mid Cap	10
U.S. Small Cap	9
International Large Cap	18
International Small Cap	4
Emerging Markets	5
Large Blend	3
Natural Resources	2
Real Estate	1
Fixed Income	% of Total
Bank Loan	1
High Yield Bond	1
Intermediate Bond	1
Multi-Sector Bond	1
Treasury Inflation-Protected Securities	1
Global Bond	1

As a percentage of net assets on February 28, 2009.

Performance review

For the six months ended February 28, 2009, the Lifecycle 2030 Portfolio’s Class A, Class B, Class C, Class R, Class R1, Class R2, Class R3, Class R4, Class R5 and Class 1 shares returned –42.66%, –42.88%, –42.88%, –42.82%, –42.73%, –42.64%, –42.70%, –42.57%, –42.55% and –42.49%, respectively, at net asset value. In comparison, the Standard & Poor’s 500 Index returned –41.82%, the Barclays Capital U.S. Aggregate Bond Index returned 1.88% and the Portfolio’s blended benchmark — 90% S&P 500 Index/10% Barclays Aggregate Bond Index — returned –38.29% over the same period. Meanwhile, Morningstar, Inc.’s Target-Date 2026–2030 category returned –38.10%.¹

During the period, allocations to mid-cap and small-cap stocks, which lagged their large-cap peers, hindered our results, as did a small weighting in the natural resources asset class. Exposure to high-yield bonds detracted as well.

Challenging results from some of the Portfolio’s underlying funds also dampened its returns. Detractors included Emerging Markets (DFA), which was impeded by its underweighting in Brazil and its exposure to smaller, out-of-benchmark names. Also weighing on performance was Core Equity (Legg Mason). The fund suffered from overweighted positions in a number of weak-performing financial stocks. Core Equity was no longer in the Portfolio at period end. Meanwhile, Value & Restructuring (Columbia), a solid contributor in prior periods, underperformed due to overweight positions in the poor-performing energy and materials sectors. On the fixed income side, our investment in Strategic Bond (WAMCO), a multi-sector bond fund, was hurt by a relatively high exposure to lower-quality debt.

Conversely, the Portfolio’s performance benefited from a position in Capital Appreciation (Jennison), which was aided by overweighting health care and underweighting the industrials and energy sectors. International Core (GMO) benefited from an overall emphasis on quality, an underweighting in financials and an overweighting in health care, all of which helped performance. A small position in Alpha Opportunities (Wellington), recently added to the Portfolio, delivered a single-digit loss, putting it far ahead of most equity funds.

¹Figures from Morningstar, Inc. include reinvested dividends and do not take into account sales charges. Actual load-adjusted performance is lower.

  Past performance is no guarantee of future results.

SCORECARD
INVESTMENT		PERIOD’S PERFORMANCE … AND WHAT’S BEHIND THE NUMBERS
Capital Appreciation	5	Overweighting health care and underweighting industrials and energy
Emerging Markets	6	Underweighting Brazil, exposure to smaller, out-of-benchmark names
Core Equity	6	Financials exposure

10 Lifecycle 2030 Portfolio   Semiannual report

Growth of $10,000

This chart shows what happened to a hypothetical $10,000 investment in Class A shares for the period indicated. For comparison, we’ve shown the same investment in a blended Index.

	Class B	Class C	Class R1	Class R11	Class R21	Class R31	Class R41	Class R51	Class 11
Period beginning	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06
Without sales charge	5,601	5,601	5,624	5,662	5,699	5,671	5,713	5,745	5,752
With maximum sales charge	5,442	5,601	5,624	5,662	5,699	5,671	5,713	5,745	5,752
Index2,3	6,044	6,044	6,044	6,044	6,044	6,044	6,044	6,044	6,044

Performance chart

Total returns with maximum sales charge (POP) for the period ended February 28, 2009.

	Class A	Class B	Class C	Class R1	Class R11	Class R21	Class R31	Class R41	Class R51	Class 11
Inception	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06
Average annual returns — 1 year	–47.98%	–48.34%	–46.16%	–45.57%	–45.37%	–45.22%	–45.34%	–45.16%	–45.02%	–44.96%
Average annual returns — Since inception	–23.04%	–22.90%	–21.94%	–21.80%	–21.58%	–21.36%	–21.53%	–21.28%	–21.09%	–21.05%
Cumulative total returns — 1 year	–47.98%	–48.34%	–46.16%	–45.57%	–45.37%	–45.22%	–45.34%	–45.16%	–45.02%	–44.96%
Cumulative total returns — Since inception	–45.81%	–45.58%	–43.99%	–43.76%	–43.38%	–43.01%	–43.29%	–42.87%	–42.55%	–42.48%
Cumulative total returns — 6 months	–45.50%	–45.68%	–43.44%	–42.82%	–42.73%	–42.64%	–42.70%	–42.57%	–42.55%	–42.49%

Performance figures assume all distributions are reinvested. Returns at public offering price (POP) reflect a sales charge on Class A shares of 5%, and the applicable contingent deferred sales charge (CDSC) on Class B and Class C shares. The Class B shares’ CDSC declines annually between years 1–6 according to the following schedule: 5, 4, 3, 3, 2, 1%. No sales charge will be assessed after the sixth year. Class C shares held for less than one year are subject to a 1% CDSC. Sales charge is not applicable for Class R, Class R1, Class R2, Class R3, Class R4, Class R5 and Class 1 shares.

The expense ratios of the Portfolio, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectuses for the Portfolio and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. The waivers and expense limitations are contractual at least until December 31, 2009. The following expense ratios include expenses of the underlying affiliated funds in which the Portfolio invests. The net expenses are as follows: Class A — 1.39%, Class B — 2.09%, Class C — 2.09%, Class R — 1.96%, Class R1 — 1.56%, Class R2 — 1.46%, Class R3 — 1.51%, Class R4 — 1.21%, Class R5 — 0.91%. Had the fee waivers and expense limitations not been in place, the gross expenses would be as follows: Class A — 2.09%, Class B — 5.65%, Class C — 4.72%, Class R — 10.88%, Class R1 — 9.16%, Class R2 — 6.34%, Class R3 — 5.00%, Class R4 — 15.59%, Class R5 — 6.94%. The net expenses equal the gross expenses and are as follows: Class I — 0.94%.

The returns reflect past results and should not be considered indicative of future performance. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility, the Portfolio’s current performance may be higher or lower than the performance shown. For performance data current to the most recent month end, please call 1-800-225-5291 or visit the Portfolio’s Web site at www.jhfunds.com.

The performance table and chart above do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

The Portfolio’s performance results reflect any applicable expense reductions, without which the expenses would increase and results would have been less favorable.

It is not possible to invest directly in an index. Index figures do not reflect sales charges and would be lower if they did.
Since inception performance is calculated with an opening price on the inception date of the Portfolio.

¹ For certain types of investors as described in the Portfolio’s Class R, Class R1, Class R2, Class R3, Class R4, Class R5 and Class 1 share prospectuses.

² A blended index is used combining 90% of the Standard & Poor’s 500 Index, an unmanaged index that includes 500 widely traded common stocks, and 10% of the Barclays Capital U.S. Aggregate Bond Index, an unmanaged index of dollar-denominated and nonconvertible investment-grade debt issues.

³ Since inception returns for the index begin on the month end closest to the actual inception date of the Portfolio.

Semiannual report   Lifecycle 2030 Portfolio 11

John Hancock

Lifecycle 2025 Portfolio

Goal and strategy

To seek high total return until the fund’s target retirement date.

Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy designed for investors expected to retire in 2025.

Asset Allocation

Equity	% of Total
U.S. Large Cap	42
U.S. Mid Cap	8
U.S. Small Cap	7
International Large Cap	16
International Small Cap	4
Emerging Markets	4
Large Blend	3
Natural Resources	2
Real Estate	1
Fixed Income	% of Total
High Yield Bond	3
Intermediate Bond	3
Multi-Sector Bond	2
Bank Loan	2
Treasury Inflation-Protected Securities	2
Global Bond	1

As a percentage of net assets on February 28, 2009.

Performance review

For the six months ended February 28, 2009, the Lifecycle 2025 Portfolio’s Class A, Class B, Class C, Class R, Class R1, Class R2, Class R3, Class R4, Class R5 and Class 1 shares returned –41.06%, –41.28%, –41.28%, –41.18%, –41.14%, –40.99%, –41.11%, –40.98%, –40.96% and –40.95%, respectively, at net asset value. In comparison, the Standard & Poor’s 500 Index returned –41.82%, the Barclays Capital U.S. Aggregate Bond Index returned 1.88% and the Portfolio’s blended benchmark — 90% S&P 500 Index/10% Barclays Aggregate Bond Index — returned –38.29% over the same period. Meanwhile, Morningstar, Inc.’s Target-Date 2021–2025 category returned –37.05%.¹

During the period, exposure to high-yield bonds had a negative impact on performance. Allocations to mid-cap and small-cap stocks, which lagged their large-cap peers, further hindered our results, as did small weightings in real estate securities. Meanwhile, Treasury Inflation-Protected Securities (TIPS) fared poorly due to growing fears about deflation.

To a lesser extent, the Portfolio was hurt by challenging results from some of its underlying funds. Detractors included Emerging Markets (DFA), which was impeded by its underweighting in Brazil and its exposure to smaller, out-of-benchmark names. Also weighing on performance was Core Equity (Legg Mason). The fund suffered from overweighted positions in a number of weak-performing financial stocks. Core Equity was no longer in the Portfolio at period end. On the fixed income side, our investment in Strategic Bond (WAMCO), a multi-sector bond fund, was hurt by a relatively high exposure to lower-quality debt. High Income (MFC Global U.S.) fared poorly due to overweightings in the gaming, media and telecommunications industries.

Conversely, the Portfolio’s performance benefited from a position in Capital Appreciation (Jennison), which was aided by overweighting health care and underweighting the industrials and energy sectors. International Core (GMO) benefited from an overall emphasis on quality, an underweighting in financials and an overweighting in health care, all of which helped performance. A small position in Alpha Opportunities (Wellington), recently added to the Portfolio, delivered a single-digit loss, putting it far ahead of most equity funds.

¹ Figures from Morningstar, Inc. include reinvested dividends and do not take into account sales charges. Actual load-adjusted performance is lower.

  Past performance is no guarantee of future results.

SCORECARD
INVESTMENT		PERIOD’S PERFORMANCE … AND WHAT’S BEHIND THE NUMBERS
Capital Appreciation	5	Overweighting health care and underweighting industrials and energy
Emerging Markets	6	Underweighting Brazil, exposure to smaller, out-of-benchmark names
Core Equity	6	Financials exposure

12 Lifecycle 2025 Portfolio   Semiannual report

Growth of $10,000

This chart shows what happened to a hypothetical $10,000 investment in Class A shares for the period indicated. For comparison, we’ve shown the same investment in a blended index.

	Class B	Class C	Class R1	Class R11	Class R21	Class R31	Class R41	Class R51	Class 11
Period beginning	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06
Without sales charge	5,753	5,753	5,787	5,815	5,853	5,824	5,867	5,900	5,907
With maximum sales charge	5,590	5,753	5,787	5,815	5,853	5,824	5,867	5,900	5,907
Index2,3	6,044	6,044	6,044	6,044	6,044	6,044	6,044	6,044	6,044

Performance chart

Total returns with maximum sales charge (POP) for the period ended February 28, 2009.

	Class A	Class B	Class C	Class R1	Class R11	Class R21	Class R31	Class R41	Class R51	Class 11
Inception	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06
Average annual returns — 1 year	–46.49%	–46.77%	–44.59%	–43.89%	–43.79%	–43.65%	–43.77%	–43.58%	–43.44%	–43.38%
Average annual returns — Since inception	–22.16%	–22.01%	–21.04%	–20.85%	–20.68%	–20.46%	–20.63%	–20.38%	–20.19%	–20.15%
Cumulative total returns — 1 year	–46.49%	–46.77%	–44.59%	–43.89%	–43.79%	–43.65%	–43.77%	–43.58%	–43.44%	–43.38%
Cumulative total returns — Since inception	–44.35%	–44.10%	–42.47%	–42.13%	–41.85%	–41.47%	–41.76%	–41.33%	–41.00%	–40.93%
Cumulative total returns — 6 months	–43.99%	–44.14%	–41.86%	–41.18%	–41.14%	–40.99%	–41.11%	–40.98%	–40.96%	–40.95%

Performance figures assume all distributions are reinvested. Returns at public offering price (POP) reflect a sales charge on Class A shares of 5%, and the applicable contingent deferred sales charge (CDSC) on Class B and Class C shares. The Class B shares’ CDSC declines annually between years 1–6 according to the following schedule: 5, 4, 3, 3, 2, 1%. No sales charge will be assessed after the sixth year. Class C shares held for less than one year are subject to a 1% CDSC. Sales charge is not applicable for Class R, Class R1, Class R2, Class R3, Class R4, Class R5 and Class 1 shares.

The expense ratios of the Portfolio, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectuses for the Portfolio and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. The waivers and expense limitations are contractual at least until December 31, 2009. The following expense ratios include expenses of the underlying affiliated funds in which the Portfolio invests. The net expenses are as follows: Class A — 1.36%, Class B — 2.06%, Class C — 2.06%, Class R — 1.94%, Class R1 — 1.54%, Class R2 — 1.37%, Class R3 — 1.49%, Class R4 — 1.19%, Class R5 — 0.89%. Had the fee waivers and expense limitations not been in place, the gross expenses would be as follows: Class A — 2.23%, Class B — 5.12%, Class C — 5.30%, Class R — 14.29%, Class R1 — 9.11%, Class R2 — 6.41%, Class R3 — 6.11%, Class R4 — 12.50%, Class R5 — 8.61%. The net expenses equal the gross expenses and are as follows: Class I — 0.93%.

The returns reflect past results and should not be considered indicative of future performance. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility, the Portfolio’s current performance may be higher or lower than the performance shown. For performance data current to the most recent month end, please call 1-800-225-5291 or visit the Portfolio’s Web site at www.jhfunds.com.

The performance table and chart above do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

The Portfolio’s performance results reflect any applicable expense reductions, without which the expenses would increase and results would have been less favorable.

It is not possible to invest directly in an index. Index figures do not reflect sales charges and would be lower if they did.

Since inception performance is calculated with an opening price on the inception date of the Portfolio.

¹ For certain types of investors as described in the Portfolio’s Class R, Class R1, Class R2, Class R3, Class R4, Class R5 and Class 1 share prospectuses.

² A blended index is used combining 90% of the Standard & Poor’s 500 Index, an unmanaged index that includes 500 widely traded common stocks, and 10% of the Barclays Capital U.S. Aggregate Bond Index, an unmanaged index of dollar-denominated and nonconvertible investment-grade debt issues.

³ Since inception returns for the index begin on the month end closest to the actual inception date of the Portfolio.

Semiannual report   Lifecycle 2025 Portfolio 13

John Hancock

Lifecycle 2020 Portfolio

Goal and strategy

To seek high total return until the fund’s target retirement date.

Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy designed for investors expected to retire in 2020.

Asset Allocation

Equity	% of Total
U.S. Large Cap	42
U.S. Small Cap	5
U.S. Mid Cap	5
International Large Cap	13
International Small Cap	3
Emerging Markets	4
Large Blend	3
Real Estate	2
Natural Resources	2
Fixed Income	% of Total
High Yield Bond	6
Intermediate Bond	4
Multi-Sector Bond	4
Treasury Inflation-Protected Securities	3
Bank Loan	3
Global Bond	1

As a percentage of net assets on February 28, 2009.

Performance review

For the six months ended February 28, 2009, the Lifecycle 2020 Portfolio’s Class A, Class B, Class C, Class R, Class R1, Class R2, Class R3, Class R4, Class R5 and Class 1 shares returned –38.62%, –38.80%, –38.80%, –38.74%, –38.76%, –38.67%, –38.73%, –38.61%, –38.47% and –38.47%, respectively, at net asset value. In comparison, the Standard & Poor’s 500 Index returned –41.82%, the Barclays Capital U.S. Aggregate Bond Index returned 1.88% and the Portfolio’s blended benchmark — 80% S&P 500 Index/20% Barclays Capital U.S. Aggregate Bond Index — returned –34.59% over the same period. Meanwhile, Morningstar, Inc.’s Target-Date 2016–2020 category returned –31.95%.¹

During the period, exposure to high-yield bonds had a negative impact on performance. Allocations to mid-cap and small-cap stocks, which lagged their large-cap peers, further hindered our results, as did small weightings in real estate securities. Meanwhile, Treasury Inflation-Protected Securities (TIPS) fared poorly due to growing fears about deflation.

To a lesser extent, the Portfolio was hurt by challenging results from some of its underlying funds. Detractors included High Income (MFC Global U.S.), which fared poorly due to overweightings in the gaming, media and telecommunications industries. Global Bond (PIMCO) fared poorly due to its exposure to the financial industry. On the equities side, Emerging Markets (DFA) was hampered by its underweighting in Brazil and its exposure to smaller, out-of-benchmark names. Meanwhile, Core Equity (Legg Mason) suffered from overweighted positions in a number of weak-performing financial stocks. Core Equity was no longer in the Portfolio at period end.

Conversely, the Portfolio’s performance benefited from a position in Capital Appreciation (Jennison), which was aided by overweighting health care and underweighting the industrials and energy sectors. A small position in Alpha Opportunities (Wellington), recently added to the Portfolio, delivered a single-digit loss, putting it far ahead of most equity funds. U.S. High Yield Bond (Wells Capital) performed well relative to its asset class, its loss cushioned by the fund’s emphasis on the higher-quality end of the high-yield market.

¹Figures from Morningstar, Inc. include reinvested dividends and do not take into account sales charges. Actual load-adjusted performance is lower.

  Past performance is no guarantee of future results.

SCORECARD
INVESTMENT		PERIOD’S PERFORMANCE … AND WHAT’S BEHIND THE NUMBERS
Capital Appreciation	5	Overweighting health care and underweighting industrials and energy
High Income	6	Overweighting gaming, media and telecommunications
Core Equity	6	Underweighting Brazil, exposure to smaller out-of-benchmark names

14 Lifecycle 2020 Portfolio   Semiannual report

Growth of $10,000

This chart shows what happened to a hypothetical $10,000 investment in Class A shares for the period indicated. For comparison, we’ve shown the same investment in a blended index.

	Class B	Class C	Class R1	Class R11	Class R21	Class R31	Class R41	Class R51	Class 11
Period beginning	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06
Without sales charge	6,049	6,049	6,073	6,102	6,142	6,112	6,156	6,201	6,208
With maximum sales charge	5,879	6,049	6,073	6,102	6,142	6,112	6,156	6,201	6,208
Index2,3	6,496	6,496	6,496	6,496	6,496	6,496	6,496	6,496	6,496

Performance chart

Total returns with maximum sales charge (POP) for the period ended February 28, 2009.

	Class A	Class B	Class C	Class R1	Class R11	Class R21	Class R31	Class R41	Class R51	Class 11
Inception	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06
Average annual returns — 1 year	–44.02%	–44.26%	–42.05%	–41.37%	–41.26%	–41.12%	–41.24%	–41.05%	–40.80%	–40.79%
Average annual returns — Since inception	–20.54%	–20.31%	–19.33%	–19.20%	–19.03%	–18.81%	–18.98%	–18.73%	–18.47%	–18.43%
Cumulative total returns — 1 year	–44.02%	–44.26%	–42.05%	–41.37%	–41.26%	–41.12%	–41.24%	–41.05%	–40.80%	–40.79%
Cumulative total returns — Since inception	–41.61%	–41.21%	–39.51%	–39.27%	–38.98%	–38.58%	–38.88%	–38.44%	–37.99%	–37.92%
Cumulative total returns — 6 months	–41.71%	–41.76%	–39.39%	–38.74%	–38.76%	–38.67%	–38.73%	–38.61%	–38.47%	–38.47%

Performance figures assume all distributions are reinvested. Returns at public offering price (POP) reflect a sales charge on Class A shares of 5%, and the applicable contingent deferred sales charge (CDSC) on Class B and Class C shares. The Class B shares’ CDSC declines annually between years 1–6 according to the following schedule: 5, 4, 3, 3, 2, 1%. No sales charge will be assessed after the sixth year. Class C shares held for less than one year are subject to a 1% CDSC. Sales charge is not applicable for Class R, Class R1, Class R2, Class R3, Class R4, Class R5 and Class 1 shares.

The expense ratios of the Portfolio, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectuses for the Portfolio and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. The waivers and expense limitations are contractual at least until December 31, 2009. The following expense ratios include expenses of the underlying affiliated funds in which the Portfolio invests. The net expenses are as follows: Class A — 1.34%, Class B — 2.04%, Class C — 2.04%, Class R — 1.92%, Class R1 — 1.52%, Class R2 — 1.42%, Class R3 — 1.47%, Class R4 — 1.17%, Class R5 — 0.87%. Had the fee waivers and expense limitations not been in place, the gross expenses would be as follows: Class A — 1.87%, Class B — 3.44%, Class C — 3.66%, Class R — 10.86%, Class R1 — 10.43%, Class R2 — 4.42%, Class R3 — 4.69%, Class R4 — 14.59%, Class R5 — 7.18%. The net expenses equal the gross expenses and are as follows: Class I — 0.89%.

The returns reflect past results and should not be considered indicative of future performance. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility, the Portfolio’s current performance may be higher or lower than the performance shown. For performance data current to the most recent month end, please call 1-800-225-5291 or visit the Portfolio’s Web site at www.jhfunds.com.

The performance table and chart above reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

The Portfolio’s performance results reflect any applicable expense reductions, without which the expenses would increase and results would have been less favorable.

It is not possible to invest directly in an index. Index figures do not reflect sales charges and would be lower if they did.

Since inception performance is calculated with an opening price on the inception date of the Portfolio.

¹ For certain types of investors as described in the Portfolio’s Class R, Class R1, Class R2, Class R3, Class R4, Class R5 and Class 1 share prospectuses.

² A blended index is used combining 80% of the Standard & Poor’s 500 Index, an unmanaged index that includes 500 widely traded common stocks, and 20% of the Barclays Capital U.S. Aggregate Bond Index, an unmanaged index of dollar-denominated and nonconvertible investment-grade debt issues.

³ Since inception returns for the index begin on the month end closest to the actual inception date of the Portfolio.

Semiannual report   Lifecycle 2020 Portfolio 15

John Hancock

Lifecycle 2015 Portfolio

Goal and strategy

To seek high total return until the fund’s target retirement date.

Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy designed for investors expected to retire in 2015.

Asset Allocation

Equity	% of Total
U.S. Large Cap	37
U.S. Small Cap	3
U.S. Mid Cap	3
Large Blend	3
International Large Cap	10
International Small Cap	2
Emerging Markets	3
Real Estate	3
Natural Resources	1
Fixed Income	% of Total
High Yield Bond	10
Intermediate Bond	8
Multi-Sector Bond	7
Treasury Inflation-Protected Securities	4
Bank Loan	4
Global Bond	2

As a percentage of net assets on February 28, 2009.

Performance review

For the six months ended February 28, 2009, the Lifecycle 2015 Portfolio’s Class A, Class B, Class C, Class R, Class R1, Class R2, Class R3, Class R4, Class R5 and Class 1 shares returned –35.66%, –35.84%, –35.95%, –35.83%, –35.79%, –35.70%, –35.77%, –35.63%, –35.50% and –35.51%, respectively, at net asset value. In comparison, the Standard & Poor’s 500 Index returned –41.82%, the Barclays Capital U.S. Aggregate Bond Index returned 1.88% and the Portfolio’s blended benchmark — 70% S&P 500 Index/30% Barclays Capital U.S. Aggregate Bond Index — returned –30.72% over the same period. Meanwhile, Morningstar, Inc.’s Target-Date 2011–2015 category returned –30.72%.¹

During the period, exposure to high-yield bonds had a negative impact on performance. Allocations to real estate securities further hindered our results, as did small weightings in mid-cap and small-cap stocks, which lagged their large-cap peers. Meanwhile, Treasury Inflation-Protected Securities (TIPS) fared poorly due to growing fears about deflation.

To a lesser extent, the Portfolio was hurt by challenging results from some of its underlying funds. Detractors included Strategic Bond (WAMCO), a multi-sector bond fund that was hurt by a relatively high exposure to lower-quality debt. Global Bond (PIMCO) fared poorly due to its exposure to the financial industry. High Income (MFC Global U.S.) underperformed due to overweightings in the gaming, media and telecommunications industries. On the equities side, Core Equity (Legg Mason) suffered from overweighted positions in a number of weak-performing financial stocks. Core Equity was no longer in the Portfolio at period end.

Conversely, the Portfolio’s performance benefited from a position in Capital Appreciation (Jennison), which was aided by overweighting health care and underweighting the industrials and energy sectors. A small position in Alpha Opportunities (Wellington), recently added to the Portfolio, delivered a single-digit loss, putting it far ahead of most equity funds. U.S. High Yield Bond (Wells Capital) performed well relative to its asset class, its loss cushioned by the fund’s emphasis on the higher-quality end of the high-yield market.

¹Figures from Morningstar, Inc. include reinvested dividends and do not take into account sales charges. Actual load-adjusted performance is lower.

  Past performance is no guarantee of future results.

SCORECARD
INVESTMENT		PERIOD’S PERFORMANCE … AND WHAT’S BEHIND THE NUMBERS
Capital Appreciation	5	Overweighting health care and underweighting industrials and energy
Strategic Bond	6	Lower-quality debt
High Income	6	Overweighting gaming, media and telecommunications

16 Lifecycle 2015 Portfolio   Semiannual report

Growth of $10,000

This chart shows what happened to a hypothetical $10,000 investment in Class A shares for the period indicated. For comparison, we’ve shown the same investment in a blended index.

 

	Class B	Class C	Class R1	Class R11	Class R21	Class R31	Class R41	Class R51	Class 11
Period beginning	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06
Without sales charge	6,368	6,358	6,395	6,426	6,467	6,435	6,482	6,528	6,535
With maximum sales charge	6,191	6,358	6,395	6,426	6,467	6,435	6,482	6,528	6,535
Index2,3	6,977	6,977	6,977	6,977	6,977	6,977	6,977	6,977	6,977

Performance chart

Total returns with maximum sales charge (POP) for the period ended February 28, 2009.

	Class A	Class B	Class C	Class R1	Class R11	Class R21	Class R31	Class R41	Class R51	Class 11
Inception	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06
Average annual returns — 1 year	–40.98%	–41.24%	–38.91%	–38.21%	–38.10%	–37.89%	–38.02%	–37.82%	–37.57%	–37.57%
Average annual returns — Since inception	–18.77%	–18.53%	–17.60%	–17.39%	–17.22%	–17.00%	–17.17%	–16.92%	–16.66%	–16.63%
Cumulative total returns — 1 year	–40.98%	–41.24%	–38.91%	–38.21%	–38.10%	–37.89%	–38.02%	–37.82%	–37.57%	–37.57%
Cumulative total returns — Since inception	–38.52%	–38.09%	–36.42%	–36.05%	–35.74%	–35.33%	–35.65%	–35.18%	–34.72%	–34.65%
Cumulative total returns — 6 months	–38.89%	–38.92%	–36.56%	–35.83%	–35.79%	–35.70%	–35.77%	–35.63%	–35.50%	–35.51%

Performance figures assume all distributions are reinvested. Returns at public offering price (POP) reflect a sales charge on Class A shares of 5%, and the applicable contingent deferred sales charge (CDSC) on Class B and Class C shares. The Class B shares’ CDSC declines annually between years 1–6 according to the following schedule: 5, 4, 3, 3, 2, 1%. No sales charge will be assessed after the sixth year. Class C shares held for less than one year are subject to a 1% CDSC. Sales charge is not applicable for Class R, Class R1, Class R2, Class R3, Class R4, Class R5 and Class 1 shares.

The expense ratios of the Portfolio, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectuses for the Portfolio and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. The waivers and expense limitations are contractual at least until December 31, 2009. The following expense ratios include expenses of the underlying affiliated funds in which the Portfolio invests. The net expenses are as follows: Class A — 1.36%, Class B — 2.06%, Class C — 2.06%, Class R — 1.93%, Class R1 — 1.53%, Class R2 — 1.43%, Class R3 — 1.48%, Class R4 — 1.18%, Class R5 — 0.88%. Had the fee waivers and expense limitations not been in place, the gross expenses would be as follows: Class A — 2.16%, Class B — 4.19%, Class C — 5.26%, Class R — 13.67%, Class R1 — 9.57%, Class R2 — 6.07%, Class R3 — 6.93%, Class R4 — 13.37%, Class R5 — 5.82%. The net expenses equal the gross expenses and are as follows: Class I — 0.91%.

The returns reflect past results and should not be considered indicative of future performance. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility, the Portfolio’s current performance may be higher or lower than the performance shown. For performance data current to the most recent month end, please call 1-800-225-5291 or visit the Portfolio’s Web site at www.jhfunds.com.

The performance table and chart above do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

The Portfolio’s performance results reflect any applicable expense reductions, without which the expenses would increase and results would have been less favorable.

It is not possible to invest directly in an index. Index figures do not reflect sales charges and would be lower if they did.

Since inception performance is calculated with an opening price on the inception date of the Portfolio.

¹ For certain types of investors as described in the Portfolio’s Class R, Class R1, Class R2, Class R3, Class R4, Class R5 and Class 1 share prospectuses.

² A blended index is used combining 70% of the Standard & Poor’s 500 Index, an unmanaged index that includes 500 widely traded common stocks, and 30% of the Barclays Capital U.S. Aggregate Bond Index, an unmanaged index of dollar-denominated and nonconvertible investment-grade debt issues.

³ Since inception returns for the index begin on the month end closest to the actual inception date of the Portfolio.

Semiannual report   Lifecycle 2015 Portfolio 17

John Hancock

Lifecycle 2010 Portfolio

Goal and strategy

To seek high total return until the fund’s target retirement date.

Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy designed for investors expected to retire in 2010.

Asset Allocation

Equity	% of Total
U.S. Large Cap	33%
U.S. Mid Cap	2%
U.S. Small Cap	2%
International Large Cap	8%
International Small Cap	2%
Emerging Markets	3%
Natural Resources	1%
Real Estate	3%
Large Blend	1%
Fixed Income	% of Total
Intermediate Bond	14%
High Yield Bond	11%
Multi-Sector Bond	10%
Bank Loan	4%
Treasury Inflation-Protected Securities	4%
Global Bond	2%
As a percentage of net assets on February 28, 2009.

Performance review

For the six months ended February 28, 2009, the Lifecycle 2010 Portfolio’s Class A, Class B, Class C, Class R, Class R1, Class R2, Class R3, Class R4, Class R5 and Class 1 shares returned –32.10%, –32.35%, –32.42%, –32.31%, –32.27%, –32.18%, –32.25%, –32.12%, –31.99% and –32.02%, respectively, at net asset value. In comparison, the Standard & Poor’s 500 Index returned –41.82%, the Barclays Capital U.S. Aggregate Bond Index returned 1.88% and the Portfolio’s blended benchmark — 60% S&P 500 Index/40% Barclays Capital U.S. Aggregate Bond Index — returned –26.66% over the same period. Meanwhile, Morningstar, Inc.’s Target-Date 2000–2010 category returned –26.88%.¹

During the period, exposure to high-yield bonds had a negative impact on performance. Allocations to real estate securities further hindered our results, as did small weightings in mid-cap and small-cap stocks, which lagged their large-cap peers. Meanwhile, Treasury Inflation-Protected Securities (TIPS) fared poorly due to growing fears about deflation.

To a lesser extent, the Portfolio was hurt by challenging results from some of its underlying funds. Detractors included Strategic Bond (WAMCO) and Spectrum Income (T. Rowe Price), two multi-sector bond funds that were hurt by their relatively high exposure to lower-quality debt and, in the latter case, by a small equity allocation. Global Bond (PIMCO) also fared poorly due to its exposure to the financial industry. High Income (MFC Global U.S.) underperformed due to overweightings in the gaming, media and telecommunications industries.

Conversely, the Portfolio’s performance benefited from a position in Capital Appreciation (Jennison), which was aided by overweighting health care and underweighting the industrials and energy sectors. A small position in Alpha Opportunities (Wellington), recently added to the Portfolio, delivered a single-digit loss, putting it far ahead of most equity funds. U.S. High Yield Bond (Wells Capital) performed well relative to its asset class, its loss cushioned by the fund’s emphasis on the higher-quality end of the high-yield market.

¹ Figures from Morningstar, Inc. include reinvested dividends and do not take into account sales charges.
Actual load-adjusted performance is lower.

Past performance is no guarantee of future results.

SCORECARD
INVESTMENT		PERIOD’S PERFORMANCE … AND WHAT’S BEHIND THE NUMBERS
Capital Appreciation	5	Overweighting health care and underweighting industrials and energy
Strategic Bond	6	Lower-quality debt
High Income	6	Overweighting gaming, media and telecommunications

18 Lifecycle 2010 Portfolio   Semiannual report

Growth of $10,000

This chart shows what happened to a hypothetical $10,000 investment in Class A shares for the period indicated. For comparison, we’ve shown the same investment in a blended index.

 

	Class B	Class C	Class R1	Class R11	Class R21	Class R31	Class R41	Class R51	Class 11
Period beginning	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06
Without sales charge	6,729	6,729	6,760	6,791	6,834	6,802	6,850	6,898	6,902
With maximum sales charge	6,542	6,729	6,760	6,791	6,834	6,802	6,850	6,898	6,902
Index2,3	7,482	7,482	7,482	7,482	7,482	7,482	7,482	7,482	7,482

Performance chart

Total returns with maximum sales charge (POP) for the period ended February 28, 2009.

	Class A	Class B	Class C	Class R1	Class R11	Class R21	Class R31	Class R41	Class R51	Class 11
Inception	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06
Average annual returns — 1 year	–37.52%	–37.77%	–35.27%	–34.55%	–34.44%	–34.22%	–34.36%	–34.16%	–33.96%	–33.92%
Average annual returns — Since inception	–16.85%	–16.58%	–15.57%	–15.41%	–15.24%	–15.01%	–15.19%	–14.93%	–14.68%	–14.65%
Cumulative total returns — 1 year	–37.52%	–37.77%	–35.27%	–34.55%	–34.44%	–34.22%	–34.36%	–34.16%	–33.96%	–33.92%
Cumulative total returns — Since inception	–35.06%	–34.58%	–32.71%	–32.40%	–32.09%	–31.66%	–31.98%	–31.50%	–31.02%	–30.98%
Cumulative total returns — 6 months	–35.50%	–35.58%	–33.06%	–32.31%	–32.27%	–32.18%	–32.25%	–32.12%	–31.99%	–32.02%

Performance figures assume all distributions are reinvested. Returns at public offering price (POP) reflect a sales charge on Class A shares of 5%, and the applicable contingent deferred sales charge (CDSC) on Class B and Class C shares. The Class B shares’ CDSC declines annually between years 1–6 according to the following schedule: 5, 4, 3, 3, 2, 1%. No sales charge will be assessed after the sixth year. Class C shares held for less than one year are subject to a 1% CDSC. Sales charge is not applicable for Class R, Class R1, Class R2, Class R3, Class R4, Class R5 and Class 1 shares.

The expense ratios of the Portfolio, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectuses for the Portfolio and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. The waivers and expense limitations are contractual at least until December 31, 2009. The following expense ratios include expenses of the underlying affiliated funds in which the Portfolio invests. The net expenses are as follows: Class A — 1.36%, Class B — 2.06%, Class C — 2.06%, Class R — 1.91%, Class R1 — 1.51%, Class R2 — 1.41%, Class R3 — 1.46%, Class R4 — 1.16%, Class R5 — 0.86%, Class 1 — 0.91%. Had the fee waivers and expense limitations not been in place, the gross expenses would be as follows: Class A — 2.32%, Class B — 8.83%, Class C — 3.92%, Class R — 17.07%, Class R1 — 15.63%, Class R2 — 4.25%, Class R3 — 4.66%, Class R4 — 13.09%, Class R5 — 11.01%, Class 1 — 0.92%.

The returns reflect past results and should not be considered indicative of future performance. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility, the Portfolio’s current performance may be higher or lower than the performance shown. For performance data current to the most recent month end, please call 1-800-225-5291 or visit the Portfolio’s Web site at www.jhfunds.com.

The performance table and chart above do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

The Portfolio’s performance results reflect any applicable expense reductions, without which the expenses would increase and results would have been less favorable.

It is not possible to invest directly in an index. Index figures do not reflect sales charges and would be lower if they did.

Since inception performance is calculated with an opening price on the inception date of the Portfolio.

¹ For certain types of investors as described in the Portfolio’s Class R, Class R1, Class R2, Class R3, Class R4, Class R5 and Class 1 share prospectuses.

² A blended index is used combining 60% of the Standard & Poor’s 500 Index, an unmanaged index that includes 500 widely traded common stocks, and 40% of the Barclays Capital U.S. Aggregate Bond Index, an unmanaged index of dollar-denominated and nonconvertible investment-grade debt issues.

³ Since inception returns for the index begin on the month end closest to the actual inception date of the Portfolio.

Semiannual report   Lifecycle 2010 Portfolio 19

John Hancock

Lifecycle Retirement Portfolio

Goal and strategy

To seek maximum real return, consistent with the preservation of capital and prudent investment management. Under normal market conditions, the fund invests in various underlying funds that as a group hold a wide range of equity type securities in their portfolios.

Asset Allocation

Equity	% of Total
U.S. Large Cap	14%
U.S. Mid Cap	6%
U.S. Small Cap	3%
International Small Cap	2%
International Large Cap	4%
Emerging Markets	2%
Commodities	4%
Large Blend	2%
Financial	1%
Real Estate	8%
Natural Resources	4%
Fixed Income	% of Total
High Yield Bond	16%
Intermediate Bond	11%
Multi-Sector Bond	7%
Treasury Inflation-Protected Securities	7%
Government	5%
Global Bond	2%
Bank Loan	2%
As a percentage of net assets on February 28, 2009.

Performance review

For the six months ended February 28, 2009, the Lifecycle Retirement Portfolio’s Class A, Class B, Class C, Class R, Class R1, Class R2, Class R3, Class R4, Class R5 and Class 1 shares returned –32.46%, –32.68%, –32.68%, –32.63%, –32.54%, –32.45%, –32.46%, –32.35%, –32.32% and –32.29%, respectively, at net asset value. In comparison, the Standard & Poor’s 500 Index returned –41.82%, the Barclays Capital U.S. Aggregate Bond Index returned 1.88% and the Portfolio’s blended benchmark — 50% S&P 500 Index/50% Barclays Capital U.S. Aggregate Bond Index — returned –22.41% over the same period. Meanwhile, Morningstar, Inc.’s Retirement Income category returned –21.10%.¹

During the period, exposure to high-yield bonds had a negative impact on performance. Other fixed-income asset classes that had a more modest but still negative impact on our results were bank loans and Treasury Inflation-Protected Securities (TIPS), the latter of which fared poorly due to growing fears about deflation. On the equities side, allocations to international and domestic real estate securities hindered our results.

To a lesser extent, the Portfolio was hurt by challenging results from some of its underlying funds. High Income (MFC Global U.S.) fared poorly due to overweightings in the gaming, media and telecommunications industries. Strategic Bond (WAMCO) and Spectrum Income (T. Rowe Price), two multi-sector bond funds, were hurt by their relatively high exposure to lower-quality debt and, in the latter case, by a small equity allocation. Global Bond (PIMCO) also fared poorly due to its exposure to the financial industry.

Conversely, U.S. High Yield Bond (Wells Capital) performed well relative to its asset class, its loss cushioned by the fund’s emphasis on the higher-quality end of the high-yield market. Although it operated in one of the weakest of asset classes during the period, Global Real Estate (Deutsche) added value by outperforming that asset class. Additionally, a small position in Alpha Opportunities (Wellington), recently added to the Portfolio, delivered a single-digit loss, putting it far ahead of most equity funds.

¹ Figures from Morningstar, Inc. include reinvested dividends and do not take into account sales charges.
Actual load-adjusted performance is lower.

Past performance is no guarantee of future results.

SCORECARD
INVESTMENT		PERIOD’S PERFORMANCE … AND WHAT’S BEHIND THE NUMBERS
U.S. High Yield Bond	5	Higher-quality end of high-yield market
Strategic Bond	6	Lower-quality debt
High Income	6	Overweighting gaming, media and telecommunications

20 Lifecycle Retirement Portfolio  Semiannual report

Growth of $10,000

This chart shows what happened to a hypothetical $10,000 investment in Class A shares for the period indicated. For comparison, we’ve shown the same investment in a blended index.

 

	Class B	Class C	Class R1	Class R11	Class R21	Class R31	Class R41	Class R51	Class 11
Period beginning	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06
Without sales charge	6,743	6,743	6,771	6,809	6,847	6,830	6,873	6,916	6,921
With maximum sales charge	6,561	6,743	6,771	6,809	6,847	6,830	6,873	6,916	6,921
Index2,3	8,017	8,017	8,017	8,017	8,017	8,017	8,017	8,017	8,017

Performance chart

Total returns with maximum sales charge (POP) for the period ended August 31, 2008.

	Class A	Class B	Class C	Class R1	Class R11	Class R21	Class R31	Class R41	Class R51	Class 11
Inception	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06	10-30-06
Average annual returns — 1 year	–37.67%	–37.92%	–35.45%	–34.73%	–34.56%	–34.45%	–34.45%	–34.24%	–34.11%	–34.07%
Average annual returns — Since inception	–16.74%	–16.49%	–15.50%	–15.35%	–15.15%	–14.95%	–15.04%	–14.81%	–14.58%	–14.55%
Cumulative total returns — 1 year	–37.67%	–37.92%	–35.45%	–34.73%	–34.56%	–34.45%	–34.45%	–34.24%	–34.11%	–34.07%
Cumulative total returns — Since inception	–34.86%	–34.39%	–32.57%	–32.29%	–31.91%	–31.53%	–31.70%	–31.27%	–30.84%	–30.79%
Cumulative total returns — 6 months	–35.84%	–35.90%	–33.32%	–32.63%	–32.54%	–32.45%	–32.46%	–32.35%	–32.32%	–32.29%

Performance figures assume all distributions are reinvested. Returns at public offering price (POP) reflect a sales charge on Class A shares of 5%, and the applicable contingent deferred sales charge (CDSC) on Class B and Class C shares. The Class B shares’ CDSC declines annually between years 1–6 according to the following schedule: 5, 4, 3, 3, 2, 1%. No sales charge will be assessed after the sixth year. Class C shares held for less than one year are subject to a 1% CDSC. Sales charge is not applicable for Class R, Class R1, Class R2, Class R3, Class R4, Class R5 and Class 1 shares.

The expense ratios of the Portfolio, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectuses for the Portfolio and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. The waivers and expense limitations are contractual at least until December 31, 2009. The following expense ratios include expenses of the underlying affiliated funds in which the Portfolio invests. The net expenses are as follows: Class A — 1.34%, Class B — 2.04%, Class C — 2.04%, Class R — 1.91%, Class R1 — 1.66%, Class R2 — 1.41%, Class R3 — 1.56%, Class R4 — 1.26%, Class R5 — 0.96%. Had the fee waivers and expense limitations not been in place, the gross expenses would be as follows: Class A — 1.52%, Class B — 5.16%, Class C — 2.32%, Class R — 15.99%, Class R1 — 16.77%, Class R2 — 12.27%, Class R3 — 11.40%, Class R4 — 16.43%, Class R5 — 15.83%. The net expenses equal the gross expenses and are as follows: Class I — 0.89%.

The returns reflect past results and should not be considered indicative of future performance. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility, the Portfolio’s current performance may be higher or lower than the performance shown. For performance data current to the most recent month end, please call 1-800-225-5291 or visit the Portfolio’s Web site at www.jhfunds.com.

The performance table and chart above do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

The Portfolio’s performance results reflect any applicable expense reductions, without which the expenses would increase and results would have been less favorable.

It is not possible to invest directly in an index. Index figures do not reflect sales charges and would be lower if they did.

Since inception performance is calculated with an opening price on the inception date of the Portfolio.

¹ For certain types of investors as described in the Portfolio’s Class R, Class R1, Class R2, Class R3, Class R4, Class R5 and Class 1 share prospectuses.

² A blended index is used combining 50% of the Standard & Poor’s 500 Index, an unmanaged index that includes 500 widely traded common stocks, and 50% of the Barclays Capital U.S. Aggregate Bond Index, an unmanaged index of dollar-denominated and nonconvertible investment-grade debt issues.

³ Since inception returns for the index begin on the month end closest to the actual inception date of the Portfolio.

Semiannual report   Lifecycle Retirement Portfolio 21

Your expenses

As a shareholder of John Hancock Funds II Lifecycle Portfolios, you incur two types of costs: (1) transaction costs, including sales charges (loads) on certain purchase and redemption fees on certain exchanges and redemptions, and (2) ongoing costs, including management fees, distribution and service (12b-1) fees and other Portfolio expenses. In addition to the operating expenses which the Portfolio bears directly, the Portfolio indirectly bears a pro rata share of the operating expenses of the underlying funds in which the Portfolio invests. Because the underlying funds have varied operating expenses and transaction costs and the Portfolio may own different proportions of the underlying funds at different times, the amount of expenses incurred indirectly by the Portfolio will vary. Had these indirect expenses been reflected in the following analysis, total expenses would have been higher than the amounts shown.

This example is intended to help you understand your ongoing costs (in dollars) of investing in the portfolios so you can compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 at the beginning of the period and held for the entire period (September 1, 2008 through February 28, 2009).

Actual expenses:

The first line of each share class in the table below and on the following pages provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses paid during period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes:

The second line of each share class in the table below and on the following pages provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed annualized rate of return of 5% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs and insurance-related charges. Therefore, the second line of each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

22 Lifecycle Portfolios   Semiannual report

Shareholder expense example chart

		Beginning	Ending	Expenses Paid
		Account Value	Account Value	During Period1	Annualized
		9-1-08	2-28-09	9-1-08–2-28-09	Expense Ratio2
Lifecycle 2045 Portfolio
Class A	Actual	$1,000.00	$570.70	$2.53	0.65%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,021.60	3.26	0.65%
Class B	Actual	1,000.00	569.80	5.22	1.34%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,018.10	6.71	1.34%
Class C	Actual	1,000.00	569.80	5.25	1.35%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,018.10	6.76	1.35%
Class R	Actual	1,000.00	569.20	4.63	1.19%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,018.90	5.96	1.19%
Class R1	Actual	1,000.00	570.60	3.66	0.94%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,020.10	4.71	0.94%
Class R2	Actual	1,000.00	571.30	2.69	0.69%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,021.40	3.46	0.69%
Class R3	Actual	1,000.00	570.80	3.31	0.85%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,020.60	4.26	0.85%
Class R4	Actual	1,000.00	570.90	2.10	0.54%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,022.10	2.71	0.54%
Class R5	Actual	1,000.00	572.10	0.94	0.24%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,023.60	1.20	0.24%
Class 1	Actual	1,000.00	572.50	0.74	0.19%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,023.90	0.95	0.19%
Lifecycle 2040 Portfolio
Class A	Actual	$1,000.00	$571.80	$2.49	0.64%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,021.60	3.21	0.64%
Class B	Actual	1,000.00	570.30	5.22	1.34%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,018.10	6.71	1.34%
Class C	Actual	1,000.00	569.20	5.21	1.34%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,018.10	6.71	1.34%
Class R	Actual	1,000.00	569.70	4.63	1.19%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,018.90	5.96	1.19%
Class R1	Actual	1,000.00	571.10	3.66	0.94%
	Hypothetical (5% annualized return before expenses)	1,000.00	1020.20	4.71	0.94%
Class R2	Actual	1,000.00	571.40	2.69	0.69%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,021.40	3.46	0.69%
Class R3	Actual	1,000.00	570.90	3.27	0.84%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,020.60	4.21	0.84%
Class R4	Actual	1,000.00	571.40	2.10	0.54%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,022.10	2.71	0.54%
Class R5	Actual	1,000.00	572.60	0.94	0.24%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,023.60	1.20	0.24%
Class 1	Actual	1,000.00	573.00	0.74	0.19%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,023.90	0.95	0.19%

Semiannual report   Lifecycle Portfolios 23

Shareholder expense example chart, continued

		Beginning	Ending	Expenses Paid
		Account Value	Account Value	During Period1	Annualized
		9-1-08	2-28-09	9-1-08–2-28-09	Expense Ratio2
Lifecycle 2035 Portfolio
Class A	Actual	$1,000.00	$572.10	$2.42	0.62%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,021.70	3.11	0.62%
Class B	Actual	1,000.00	569.90	5.14	1.32%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,018.20	6.61	1.32%
Class C	Actual	1,000.00	568.90	5.13	1.32%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,018.20	6.61	1.32%
Class R	Actual	1,000.00	569.90	4.55	1.17%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,019.00	5.86	1.17%
Class R1	Actual	1,000.00	571.30	3.58	0.92%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,020.20	4.61	0.92%
Class R2	Actual	1,000.00	571.60	2.61	0.67%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,021.50	3.36	0.67%
Class R3	Actual	1,000.00	571.50	3.20	0.82%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,020.70	4.11	0.82%
Class R4	Actual	1,000.00	571.60	2.03	0.52%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,022.20	2.61	0.52%
Class R5	Actual	1,000.00	572.80	0.86	0.22%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,023.70	1.10	0.22%
Class 1	Actual	1,000.00	572.70	0.66	0.17%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,024.00	0.85	0.17%
Lifecycle 2030 Portfolio
Class A	Actual	$1,000.00	$573.40	$2.38	0.61%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,021.80	3.06	0.61%
Class B	Actual	1,000.00	571.20	5.10	1.31%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,018.30	6.56	1.31%
Class C	Actual	1,000.00	571.20	5.10	1.31%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,018.30	6.56	1.31%
Class R	Actual	1,000.00	571.80	4.52	1.16%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,019.00	5.81	1.16%
Class R1	Actual	1,000.00	572.70	3.55	0.91%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,020.30	4.56	0.91%
Class R2	Actual	1,000.00	573.60	2.58	0.66%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,021.50	3.31	0.66%
Class R3	Actual	1,000.00	573.00	3.16	0.81%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,020.80	4.06	0.81%
Class R4	Actual	1,000.00	574.30	1.99	0.51%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,022.30	2.56	0.51%
Class R5	Actual	1,000.00	574.50	0.82	0.21%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,023.80	1.05	0.21%
Class 1	Actual	1,000.00	575.10	0.62	0.16%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,024.10	0.80	0.16%

24 Lifecycle Portfolios  Semiannual report

Shareholder expense example chart, continued

		Beginning	Ending	Expenses Paid
		Account Value	Account Value	During Period1	Annualized
		9-1-08	2-28-09	9-1-08–2-28-09	Expense Ratio2
Lifecycle 2025 Portfolio
Class A	Actual	$1,000.00	$589.40	$2.36	0.60%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,021.80	3.01	0.60%
Class B	Actual	1,000.00	587.20	5.12	1.30%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,018.30	6.51	1.30%
Class C	Actual	1,000.00	587.20	5.12	1.30%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,018.30	6.51	1.30%
Class R	Actual	1,000.00	588.20	4.53	1.15%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,019.10	5.76	1.15%
Class R1	Actual	1,000.00	588.60	3.54	0.90%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,020.30	4.51	0.90%
Class R2	Actual	1,000.00	590.10	2.56	0.65%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,021.60	3.26	0.65%
Class R3	Actual	1,000.00	588.90	3.15	0.80%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,020.80	4.01	0.80%
Class R4	Actual	1,000.00	590.20	1.97	0.50%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,022.30	2.51	0.50%
Class R5	Actual	1,000.00	590.40	0.79	0.20%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,023.80	1.00	0.20%
Class 1	Actual	1,000.00	590.50	0.59	0.15%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,024.10	0.75	0.15%
Lifecycle 2020 Portfolio
Class A	Actual	$1,000.00	$613.80	$2.40	0.60%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,021.80	3.01	0.60%
Class B	Actual	1,000.00	612.00	5.20	1.30%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,018.30	6.51	1.30%
Class C	Actual	1,000.00	612.00	5.20	1.30%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,018.30	6.51	1.30%
Class R	Actual	1,000.00	612.60	4.60	1.15%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,019.10	5.76	1.15%
Class R1	Actual	1,000.00	612.40	3.60	0.90%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,020.30	4.51	0.90%
Class R2	Actual	1,000.00	613.30	2.60	0.65%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,021.60	3.26	0.65%
Class R3	Actual	1,000.00	612.70	3.20	0.80%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,020.80	4.01	0.80%
Class R4	Actual	1,000.00	613.90	2.00	0.50%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,022.30	2.51	0.50%
Class R5	Actual	1,000.00	615.30	0.80	0.20%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,023.80	1.00	0.20%
Class 1	Actual	1,000.00	615.30	0.60	0.15%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,024.10	0.75	0.15%

Semiannual report   Lifecycle Portfolios 25

Shareholder expense example chart, continued

		Beginning	Ending	Expenses Paid
		Account Value	Account Value	During Period1	Annualized
		9-1-08	2-28-09	9-1-08–2-28-09	Expense Ratio2
Lifecycle 2015 Portfolio
Class A	Actual	$1,000.00	$643.40	$2.49	0.61%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,021.80	3.06	0.61%
Class B	Actual	1,000.00	641.60	5.33	1.31%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,018.30	6.56	1.31%
Class C	Actual	1,000.00	640.50	5.33	1.31%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,018.30	6.56	1.31%
Class R	Actual	1,000.00	641.70	4.72	1.16%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,019.00	5.81	1.16%
Class R1	Actual	1,000.00	642.10	3.71	0.91%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,020.30	4.56	0.91%
Class R2	Actual	1,000.00	643.00	2.69	0.66%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,021.50	3.31	0.66%
Class R3	Actual	1,000.00	642.30	3.30	0.81%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,020.80	4.06	0.81%
Class R4	Actual	1,000.00	643.70	2.08	0.51%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,022.30	2.56	0.51%
Class R5	Actual	1,000.00	645.00	0.86	0.21%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,023.80	1.05	0.21%
Class 1	Actual	1,000.00	644.90	0.65	0.16%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,024.00	0.80	0.16%
Lifecycle 2010 Portfolio
Class A	Actual	$1,000.00	$679.00	$2.62	0.63%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,021.70	3.16	0.63%
Class B	Actual	1,000.00	676.50	5.53	1.33%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,018.20	6.66	1.33%
Class C	Actual	1,000.00	675.80	5.57	1.34%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,018.10	6.71	1.34%
Class R	Actual	1,000.00	676.90	4.91	1.18%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,018.90	5.91	1.18%
Class R1	Actual	1,000.00	677.30	3.87	0.93%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,020.20	4.66	0.93%
Class R2	Actual	1,000.00	678.20	2.83	0.68%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,021.40	3.41	0.68%
Class R3	Actual	1,000.00	677.50	3.45	0.83%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,020.70	4.16	0.83%
Class R4	Actual	1,000.00	678.80	2.21	0.53%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,022.20	2.66	0.53%
Class R5	Actual	1,000.00	680.10	1.00	0.24%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,023.60	1.20	0.24%
Class 1	Actual	1,000.00	679.80	0.75	0.18%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,023.90	0.90	0.18%

26 Lifecycle Portfolios  Semiannual report

FINANCIAL STATEMENTS

Shareholder expense example chart, continued

		Beginning	Ending	Expenses Paid
		Account Value	Account Value	During Period1	Annualized
		9-1-08	2-28-09	9-1-08–2-28-09	Expense Ratio2
Lifecycle Retirement Portfolio
Class A	Actual	$1,000.00	$675.40	$2.74	0.66%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,021.50	3.31	0.66%
Class B	Actual	1,000.00	673.20	5.64	1.36%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,018.00	6.80	1.36%
Class C	Actual	1,000.00	673.20	5.64	1.36%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,018.00	6.80	1.36%
Class R	Actual	1,000.00	673.70	5.02	1.21%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,018.80	6.06	1.21%
Class R1	Actual	1,000.00	674.60	3.99	0.96%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,020.00	4.81	0.96%
Class R2	Actual	1,000.00	675.50	2.95	0.71%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,021.30	3.56	0.71%
Class R3	Actual	1,000.00	675.40	3.57	0.86%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,020.50	4.31	0.86%
Class R4	Actual	1,000.00	676.50	2.33	0.56%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,022.00	2.81	0.56%
Class R5	Actual	1,000.00	676.80	1.08	0.26%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,023.50	1.30	0.26%
Class 1	Actual	1,000.00	677.10	0.87	0.21%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,023.70	1.05	0.21%

¹ Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the period (181) and divided by 365 (to reflect the one-half year period).

² Lifecycle Portfolios’ expense ratios do not include fees and expenses indirectly incurred by the underlying funds whose expense ratios can vary based on the mix of underlying funds held by the Portfolio. The range of expense ratios of the underlying funds held by the Portfolios was as follows:

	Lifecycle	Lifecycle	Lifecycle	Lifecycle	Lifecycle	Lifecycle	Lifecycle	Lifecycle	Lifecycle
	2045	2040	2035	2030	2025	2020	2015	2010	Retirement
2/28/09	0.06%–1.80%	0.06%–1.80%	0.06%–1.80%	0.06%–1.80%	0.06%–1.80%	0.06%–1.80%	0.06%–1.80%	0.06%–1.80%	0.06%–1.80%

Semiannual report   Lifecycle Portfolios 27

FINANCIAL STATEMENTS

Portfolio’s investments

Investment companies
Underlying Funds’ Investment Manager
BlackRock Investment Management, LLC	(BlackRock)
(formerly Mercury Advisors)
Columbia Management Advisors, LLC	(Columbia)
Davis Advisors	(Davis)
Declaration Management/	(Declaration)
John Hancock Advisers
Deutsche Asset Management	(Deutsche)
Dimensional Fund Advisors, Inc.	(DFA)
Franklin®Templeton®	(Templeton)
Grantham, Mayo, Van Otterloo & Co.	(GMO)
Jennison Associates LLC	(Jennison)
Marsico Capital Management, LLC	(Marsico)
MFC Global Investment Management	(MFC Global U.S.A.)
(U.S.A.) Limited
MFC Global Investment Management	(MFC Global U.S.)
(U.S.), LLC
Pacific Investment Management Company	(PIMCO)
RiverSource Investments, LLC	(RiverSource)
SSgA Funds Management, Inc.	(SSgA)
T. Rowe Price Associates, Inc.	(T. Rowe Price)
Van Kampen	(Van Kampen)
Wellington Management Company, LLP	(Wellington)
Wells Capital Management, Inc.	(Wells Capital)
Western Asset Management Company	(WAMCO)

 

Lifecycle 2045 Portfolio

Securities owned by the Portfolio on 2-28-09 (Unaudited)

Issuer	Shares	Value
Investment companies 100.02%
John Hancock Funds (g) 0.75%
Small Cap Intrinsic Value (MFC Global U.S.A.) (f)	132,727	$720,706
John Hancock Funds II (g) 96.76%
Alpha Opportunites (Wellington)	375,115	2,839,617
Blue Chip Growth (T. Rowe Price)	399,295	4,496,060
Capital Appreciation (Jennison)	644,391	4,259,425
Emerging Markets Value (DFA)	1,051,710	4,732,695
Floating Rate Income (WAMCO)	135,639	1,032,214
Fundamental Value (Davis)	401,562	3,312,886
Global Bond (PIMCO)	1,900	19,854
High Yield (WAMCO)	162,852	986,885
Index 500 (MFC Global U.S.A.) (f)	4,081,407	22,243,666
International Equity Index (SSgA)	1,056,225	10,351,004
International Opportunities (Marsico)	300,451	2,397,598
International Small Cap (Templeton)	287,889	2,003,710
International Small Company (DFA)	451,374	1,986,046
International Value (Templeton)	291,390	2,395,228
Large Cap Value (BlackRock)	266,953	3,312,886
Mid Cap Index (MFC Global U.S.A.) (f)	334,297	3,312,886
Mid Cap Stock (Wellington)	383,034	3,562,213
Mid Cap Value Equity (RiverSource)	194,361	946,539
Natural Resources (Wellington)	220,880	2,648,353
Real Return Bond (PIMCO)	90,184	964,973
Small Cap Growth (Wellington)	521,416	3,086,781
Small Cap Index (MFC Global U.S.A.) (f)	353,186	2,366,348
Small Company Value (T. Rowe Price)	178,864	2,384,258
Strategic Bond (WAMCO)	112,912	993,626
Total Bond Market (Declaration) (f)	101,454	1,029,758
Value & Restructuring (Columbia)	577,158	3,312,886
Value (Van Kampen)	283,699	1,463,88
		92,442,283
John Hancock Funds III (g) 2.51%
International Core (GMO)	129,733	2,396,166
Total investment companies
(Cost $148,594,122)		$95,559,155
Total investments
(Cost $148,594,122) 100.02%		$95,559,155
Liabilities in excess of other assets (0.02)%		(23,744	)
Total net assets 100.00%		$95,535,411

Percentages are stated as a percent of net assets.

28 Lifecycle Portfolios    Semiannual report See notes to financial statements

Lifecycle 2040 Portfolio

Securities owned by the Portfolio on 2-28-09 (Unaudited)

Issuer	Shares	Value
Investment companies 100.02%
John Hancock Funds (g) 0.82%
Small Cap Intrinsic Value (MFC Global U.S.A.) (f)	156,576	$850,208
John Hancock Funds II (g) 96.70%
Alpha Opportunites (Wellington)	405,260	3,067,816
Blue Chip Growth (T. Rowe Price)	431,383	4,857,375
Capital Appreciation (Jennison)	696,176	4,601,723
Emerging Markets Value (DFA)	1,136,228	5,113,026
Floating Rate Income (WAMCO)	149,711	1,139,300
Fundamental Value (Davis)	433,833	3,579,118
Global Bond (PIMCO)	2,088	21,819
High Yield (WAMCO)	179,785	1,089,495
Index 500 (MFC Global U.S.A.) (f)	4,409,399	24,031,223
International Equity Index (SSgA)	1,140,858	11,180,404
International Opportunities (Marsico)	324,525	2,589,712
International Small Cap (Templeton)	321,315	2,236,351
International Small Company (DFA)	503,669	2,216,142
International Value (Templeton)	314,739	2,587,152
Large Cap Value (BlackRock)	288,406	3,579,118
Mid Cap Index (MFC Global U.S.A.) (f)	361,162	3,579,118
Mid Cap Stock (Wellington)	414,170	3,851,781
Mid Cap Value Equity (RiverSource)	209,981	1,022,605
Natural Resources (Wellington)	238,587	2,860,657
Real Return Bond (PIMCO)	99,482	1,064,460
Small Cap Growth (Wellington)	563,801	3,337,703
Small Cap Index (MFC Global U.S.A.) (f)	381,569	2,556,513
Small Company Value (T. Rowe Price)	193,404	2,578,072
Strategic Bond (WAMCO)	124,085	1,091,947
Total Bond Market (Declaration) (f)	111,493	1,131,654
Value & Restructuring (Columbia)	623,540	3,579,118
Value (Van Kampen)	316,792	1,634,647
		100,178,049
John Hancock Funds III (g) 2.50%
International Core (GMO)	140,128	2,588,164
Total investment companies
(Cost $164,822,968)		$103,616,421
Total investments
(Cost $164,822,968) 100.02%		$103,616,421
Liabilities in excess of other assets (0.02)%		(24,183	)
Total net assets 100.00%		$103,592,238

Percentages are stated as a percent of net assets.

Lifecycle 2035 Portfolio

Securities owned by the Portfolio on 2-28-09 (Unaudited)

Issuer	Shares	Value
Investment companies 100.02%
John Hancock Funds (g) 0.86%
Small Cap Intrinsic Value (MFC Global U.S.A.) (f)	226,932	$1,232,242
John Hancock Funds II (g) 96.67%
Alpha Opportunites (Wellington)	559,833	4,237,937
Blue Chip Growth (T. Rowe Price)	595,921	6,710,067
Capital Appreciation (Jennison)	966,174	6,386,410
Emerging Markets Value (DFA)	1,569,606	7,063,228
Floating Rate Income (WAMCO)	208,815	1,589,084
Fundamental Value (Davis)	599,304	4,944,260
Global Bond (PIMCO)	2,904	30,351
High Yield (WAMCO)	250,594	1,518,600
Index 500 (MFC Global U.S.A.) (f)	6,091,224	33,197,173
International Equity Index (SSgA)	1,570,528	15,391,171
International Opportunities (Marsico)	446,748	3,565,050
International Small Cap (Templeton)	443,451	3,086,419
International Small Company (DFA)	695,275	3,059,210
International Value (Templeton)	433,276	3,561,526
Large Cap Value (BlackRock)	398,409	4,944,260
Mid Cap Index (MFC Global U.S.A.) (f)	498,916	4,944,255
Mid Cap Stock (Wellington)	569,615	5,297,421
Mid Cap Value Equity (RiverSource)	290,071	1,412,646
Natural Resources (Wellington)	330,243	3,959,615
Real Return Bond (PIMCO)	137,864	1,475,147
Small Cap Growth (Wellington)	775,523	4,591,098
Small Cap Index (MFC Global U.S.A.) (f)	527,107	3,531,614
Small Company Value (T. Rowe Price)	265,816	3,543,330
Strategic Bond (WAMCO)	172,608	1,518,950
Total Bond Market (Declaration) (f)	155,092	1,574,184
Value & Restructuring (Columbia)	861,369	4,944,260
Value (Van Kampen)	452,514	2,334,974
		138,412,240
John Hancock Funds III (g) 2.49%
International Core (GMO)	192,903	3,562,919
Total investment companies
(Cost $231,165,185)		$143,207,401
Total investments
(Cost $231,165,185) 100.02%		$143,207,401
Liabilities in excess of other assets (0.02)%		(26,043	)
Total net assets 100.00%		$143,181,358

Percentages are stated as a percent of net assets.

See notes to financial statements Semiannual report   Lifecycle Portfolios 29

FINANCIAL STATEMENTS

Lifecycle 2030 Portfolio    

Securities owned by the Portfolio on 2-28-09 (Unaudited)

Issuer	Shares	Value
Investment companies 100.02%
John Hancock Funds (g) 0.96%
Small Cap Intrinsic Value (MFC Global U.S.A.) (f)	334,389	$1,815,730
John Hancock Funds II (g) 96.56%
Alpha Opportunites (Wellington)	741,534	5,613,415
Blue Chip Growth (T. Rowe Price)	790,589	8,902,033
Capital Appreciation (Jennison)	1,288,729	8,518,500
Emerging Markets Value (DFA)	1,974,283	8,884,275
Floating Rate Income (WAMCO)	346,896	2,639,877
Fundamental Value (Davis)	793,492	6,546,308
Global Bond (PIMCO)	98,002	1,024,126
Global Real Estate (Deutsche)	247,292	947,127
High Yield (WAMCO)	417,249	2,528,526
Index 500 (MFC Global U.S.A.) (f)	7,807,524	42,551,004
International Equity Index (SSgA)	2,091,042	20,492,213
International Opportunities (Marsico)	594,812	4,746,602
International Small Cap (Templeton)	544,576	3,790,247
International Small Company (DFA)	800,655	3,522,882
International Value (Templeton)	576,875	4,741,910
Large Cap Value (BlackRock)	527,503	6,546,308
Mid Cap Index (MFC Global U.S.A.) (f)	615,966	6,104,222
Mid Cap Stock (Wellington)	761,007	7,077,361
Mid Cap Value Equity (RiverSource)	384,060	1,870,374
Natural Resources (Wellington)	397,530	4,766,390
Real Return Bond (PIMCO)	191,493	2,048,973
Small Cap Growth (Wellington)	1,035,943	6,132,780
Small Cap Index (MFC Global U.S.A.) (f)	700,216	4,691,448
Small Company Value (T. Rowe Price)	355,365	4,737,015
Strategic Bond (WAMCO)	231,802	2,039,855
Total Bond Market (Declaration) (f)	208,375	2,115,008
Value & Restructuring (Columbia)	1,140,472	6,546,308
Value (Van Kampen)	567,563	2,928,623
		183,053,710
John Hancock Funds III (g) 2.50%
International Core (GMO)	256,836	4,743,765
Total investment companies
(Cost $306,693,387)		$189,613,205
Total investments
(Cost $306,693,387) 100.02%		$189,613,205
Liabilities in excess of other assets (0.02)%		(29,409	)
Total net assets 100.00%		$189,583,796

Percentages are stated as a percent of net assets.

Lifecycle 2025 Portfolio    

Securities owned by the Portfolio on 2-28-09 (Unaudited)

Issuer	Shares	Value
Investment companies 99.99%
John Hancock Funds (g) 0.81%
Small Cap Intrinsic Value (MFC Global U.S.A.) (f)	355,975	$1,932,944
John Hancock Funds II (g) 97.46%
Alpha Opportunites (Wellington)	945,211	7,155,248
Blue Chip Growth (T. Rowe Price)	945,475	10,646,044
Capital Appreciation (Jennison)	1,596,303	10,551,564
Emerging Markets Value (DFA)	2,344,792	10,551,564
Floating Rate Income (WAMCO)	588,367	4,477,476
Fundamental Value (Davis)	994,760	8,206,772
Global Bond (PIMCO)	121,709	1,271,863
Global Real Estate (Deutsche)	618,977	2,370,682
High Income (MFC Global U.S.) (f)	568,870	2,531,473
High Yield (WAMCO)	526,770	3,192,224
Index 500 (MFC Global U.S.A.) (f)	10,158,439	55,363,493
International Equity Index (SSgA)	2,587,560	25,358,091
International Opportunities (Marsico)	522,694	4,171,101
International Small Cap (Templeton)	620,413	4,318,077
International Small Company (DFA)	972,729	4,280,010
International Value (Templeton)	502,022	4,126,618
Large Cap Value (BlackRock)	661,303	8,206,772
Mid Cap Index (MFC Global U.S.A.) (f)	768,978	7,620,574
Mid Cap Stock (Wellington)	709,426	6,597,662
Mid Cap Value Equity (RiverSource)	481,477	2,344,792
Natural Resources (Wellington)	395,370	4,740,482
Real Estate Equity (T. Rowe Price)	383,136	1,172,396
Real Return Bond (PIMCO)	411,254	4,400,416
Small Cap Growth (Wellington)	1,108,788	6,564,027
Small Cap Index (MFC Global U.S.A.) (f)	524,953	3,517,188
Small Company Value (T. Rowe Price)	352,870	4,703,754
Strategic Bond (WAMCO)	286,964	2,525,281
Strategic Income (MFC Global U.S.) (f)	393,221	3,189,020
Total Bond Market (Declaration) (f)	443,106	4,497,524
Total Return (PIMCO)	156,210	1,932,319
U.S. High Yield Bond (Wells Capital)	264,077	2,550,985
Value & Restructuring (Columbia)	1,429,751	8,206,772
Value (Van Kampen)	373,475	1,927,130
		233,269,394
John Hancock Funds III (g) 1.72%
International Core (GMO)	223,510	4,128,233
Total investment companies
(Cost $378,269,287)		$239,330,571
Total investments
(Cost $378,269,287) 99.99%		$239,330,571
Other assets in excess of liabilities		21,556
Total net assets 100.00%		$239,352,127

Percentages are stated as a percent of net assets.

30 Lifecycle Portfolios   Semiannual report See notes to financial statements

Lifecycle 2020 Portfolio
Securities owned by the Portfolio on 2-28-09 (Unaudited)
Issuer	Shares	Value
Investment companies 100.01%
John Hancock Funds (g) 0.77%
Small Cap Intrinsic Value (MFC Global U.S.A.) (f)	339,274	$1,842,259
John Hancock Funds II (g) 97.86%
Alpha Opportunites (Wellington)	933,209	7,064,389
Blue Chip Growth (T. Rowe Price)	944,810	10,638,563
Capital Appreciation (Jennison)	1,625,686	10,745,782
Emerging Markets Value (DFA)	2,093,152	9,419,186
Floating Rate Income (WAMCO)	983,234	7,482,408
Fundamental Value (Davis)	927,647	7,653,088
Global Bond (PIMCO)	237,290	2,479,677
Global Real Estate (Deutsche)	928,755	3,557,133
High Income (MFC Global U.S.) (f)	1,109,094	4,935,467
High Yield (WAMCO)	738,524	4,475,454
Index 500 (MFC Global U.S.A.) (f)	10,261,727	55,926,415
International Equity Index (SSgA)	2,176,826	21,332,891
International Opportunities (Marsico)	416,112	3,320,572
International Small Cap (Templeton)	506,108	3,522,514
International Small Company (DFA)	778,137	3,423,803
International Value (Templeton)	403,563	3,317,290
Large Cap Value (BlackRock)	664,125	8,241,787
Mid Cap Index (MFC Global U.S.A.) (f)	475,236	4,709,593
Mid Cap Stock (Wellington)	447,658	4,163,217
Natural Resources (Wellington)	297,964	3,572,588
Real Estate Equity (T. Rowe Price)	577,156	1,766,097
Real Return Bond (PIMCO)	687,255	7,353,626
Small Cap Growth (Wellington)	615,964	3,646,507
Small Cap Index (MFC Global U.S.A.) (f)	527,193	3,532,195
Small Company Value (T. Rowe Price)	177,321	2,363,695
Spectrum Income (T. Rowe Price)	295,152	2,499,934
Strategic Bond (WAMCO)	279,738	2,461,695
Strategic Income (MFC Global U.S.) (f)	613,311	4,973,955
Total Bond Market (Declaration) (f)	543,021	5,511,664
Total Return (PIMCO)	406,071	5,023,104
U.S. High Yield Bond (Wells Capital)	514,855	4,973,504
Value & Restructuring (Columbia)	1,435,851	8,241,787
Value (Van Kampen)	370,019	1,909,296
		234,238,876
John Hancock Funds III (g) 1.38%
International Core (GMO)	179,674	3,318,588
Total investment companies
(Cost $369,579,264)		$239,399,723
Total investments
(Cost $369,579,264) 100.01%		$239,399,723
Liabilities in excess of other assets (0.01)%		(31,065	)
Total net assets 100.00%		$239,368,658
Percentages are stated as a percent of net assets.
Lifecycle 2015 Portfolio
Securities owned by the Portfolio on 2-28-09 (Unaudited)
Issuer	Shares	Value
Investment companies 100.02%
John Hancock Funds II (g) 98.32%
Alpha Opportunites (Wellington)	719,527	$5,446,819
Blue Chip Growth (T. Rowe Price)	524,349	5,904,175
Capital Appreciation (Jennison)	836,636	5,530,162
Emerging Markets Value (DFA)	1,412,138	6,354,623
Floating Rate Income (WAMCO)	892,848	6,794,574
Fundamental Value (Davis)	660,221	5,446,819
Global Bond (PIMCO)	278,279	2,908,019
Global Real Estate (Deutsche)	948,097	3,631,213
High Income (MFC Global U.S.) (f)	861,983	3,835,823
High Yield (WAMCO)	1,451,229	8,794,445
Index 500 (MFC Global U.S.A.) (f)	7,937,989	43,262,041
International Equity Index (SSgA)	1,018,963	9,985,836
International Opportunities (Marsico)	398,159	3,177,311
International Small Cap (Templeton)	265,509	1,847,946
International Small Company (DFA)	434,843	1,913,310
International Value (Templeton)	221,171	1,818,027
Large Cap Value (BlackRock)	365,755	4,539,016
Mid Cap Index (MFC Global U.S.A.) (f)	183,210	1,815,607
Mid Cap Stock (Wellington)	292,840	2,723,410
Natural Resources (Wellington)	227,140	2,723,410
Real Estate Equity (T. Rowe Price)	445,002	1,361,705
Real Return Bond (PIMCO)	626,867	6,707,476
Small Cap Growth (Wellington)	306,690	1,815,606
Small Cap Index (MFC Global U.S.A.) (f)	406,479	2,723,410
Small Company Value (T. Rowe Price)	136,511	1,819,696
Spectrum Income (T. Rowe Price)	684,250	5,795,598
Strategic Bond (WAMCO)	437,414	3,849,242
Strategic Income (MFC Global U.S.) (f)	476,775	3,866,645
Total Bond Market (Declaration) (f)	1,149,594	11,668,377
Total Return (PIMCO)	317,478	3,927,200
U.S. High Yield Bond (Wells Capital)	603,792	5,832,632
Value & Restructuring (Columbia)	790,769	4,539,016
Value (Van Kampen)	331,679	1,711,462
		184,070,651
John Hancock Funds III (g) 1.70%
International Core (GMO)	172,026	3,177,311
Total investment companies
(Cost $279,877,765)		$187,247,962
Total investments
(Cost $279,877,765) 100.02%		$187,247,962
Liabilities in excess of other assets (0.02)%		(28,332	)
Total net assets 100.00%		$187,219,630
Percentages are stated as a percent of net assets.

See notes to financial statements Semiannual report   Lifecycle Portfolios 31

FINANCIAL STATEMENTS

Lifecycle 2010 Portfolio
Securities owned by the Portfolio on 2-28-09 (Unaudited)
Issuer	Shares	Value
Investment companies 99.98%
John Hancock Funds II (g) 99.03%
Alpha Opportunites (Wellington)	166,544	$1,260,742
Blue Chip Growth (T. Rowe Price)	259,507	2,922,048
Capital Appreciation (Jennison)	441,465	2,918,083
Emerging Markets Value (DFA)	679,764	3,058,939
Floating Rate Income (WAMCO)	588,071	4,475,222
Fundamental Value (Davis)	244,024	2,013,199
Global Bond (PIMCO)	206,075	2,153,483
Global Real Estate (Deutsche)	656,118	2,512,933
High Income (MFC Global U.S.) (f)	618,689	2,753,165
High Yield (WAMCO)	832,980	5,047,856
Index 500 (MFC Global U.S.A.) (f)	4,157,651	22,659,197
International Equity Index (SSgA)	528,175	5,176,116
International Opportunities (Marsico)	133,836	1,068,009
International Small Cap (Templeton)	115,085	800,990
International Small Company (DFA)	177,778	782,224
International Value (Templeton)	125,988	1,035,619
Large Cap Value (BlackRock)	177,061	2,197,332
Mid Cap Index (MFC Global U.S.A.) (f)	205,848	2,039,956
Natural Resources (Wellington)	127,951	1,534,136
Real Estate Equity (T. Rowe Price)	236,808	724,633
Real Return Bond (PIMCO)	411,863	4,406,938
Small Cap Index (MFC Global U.S.A.) (f)	297,440	1,992,850
Spectrum Income (T. Rowe Price)	649,080	5,497,710
Strategic Bond (WAMCO)	254,942	2,243,492
Strategic Income (MFC Global U.S.) (f)	414,949	3,365,237
Total Bond Market (Declaration) (f)	1,215,685	12,339,203
Total Return (PIMCO)	181,366	2,243,492
U.S. High Yield Bond (Wells Capital)	464,491	4,486,983
Value & Restructuring (Columbia)	391,336	2,246,267
		105,956,054
John Hancock Funds III (g) 0.95%
International Core (GMO)	55,133	$1,018,299
Total investment companies
(Cost $154,172,142)		$106,974,353
Total investments
(Cost $154,172,142) 99.98%		$106,974,353
Other assets in excess of liabilities		16,501
Total net assets 100.00%		$106,990,854
Percentages are stated as a percent of net assets.
Lifecycle Retirement Portfolio
Securities owned by the Portfolio on 2-28-09 (Unaudited)
Issuer	Shares	Value
Investment companies 93.85%
Investment Companies 4.81%
PowerShares DB Commodity Index Tracking Fund*	353,002	$6,745,867
SPDR Barclays Capital High Yield Bond ETF	75,000	2,123,250
		8,869,117
John Hancock Funds II (g) 88.04%
Alpha Opportunites (Wellington)	417,508	3,160,537
Emerging Markets Value (DFA)	789,401	3,552,306
Floating Rate Income (WAMCO)	484,304	3,685,552
Fundamental Value (Davis)	671,862	5,542,858
Global Bond (PIMCO)	354,131	3,700,667
Global Real Estate (Deutsche)	1,929,628	7,390,477
High Income (MFC Global U.S.) (f)	1,660,781	7,390,477
High Yield (WAMCO)	1,829,326	11,085,716
Index 500 (MFC Global U.S.A.) (f)	3,827,250	20,858,513
International Equity Index (SSgA)	377,065	3,695,238
International Small Cap (Templeton)	265,463	1,847,619
International Small Company (DFA)	419,913	1,847,619
International Value (Templeton)	224,771	1,847,619
Investment Quality Bond (Wellington)	682,408	7,390,477
Mid Cap Index (MFC Global U.S.A.) (f)	1,118,639	11,085,716
Natural Resources (Wellington)	616,387	7,390,477
Real Estate Equity (T. Rowe Price)	2,415,189	7,390,478
Real Return Bond (PIMCO)	1,208,723	12,933,335
Small Cap Index (MFC Global U.S.A.) (f)	827,292	5,542,858
Spectrum Income (T. Rowe Price)	654,411	5,542,858
Strategic Bond (WAMCO)	419,913	3,695,239
Strategic Income (MFC Global U.S.) (f)	455,640	3,695,238
Total Bond Market (Declaration)	728,126	7,390,477
Total Return (PIMCO)	450,371	5,571,094
U.S. High Yield Bond (Wells Capital)	956,325	9,238,096
		162,471,541
John Hancock Funds III (g) 1.00%
International Core (GMO)	100,034	1,847,620
Total investment companies
(Cost $241,299,521)		$173,188,278

32 Lifecycle Portfolios   Semiannual report See notes to financial statements

Lifecycle Retirement Portfolio (continued)
Securities owned by the Portfolio on 2-28-09 (Unaudited)
	Principal
	Amount	Value
Short-term investments 4.76%
Federal Home Loan Bank Consolidated Discount Note
0.37% due 04/22/2009	$800,000	$799,572
Federal Home Loan Bank Consolidated Discount Note
0.39% due 05/11/2009	1,900,000	1,898,539
Federal Home Loan Bank Discount Notes
zero coupon due 03/16/2009 to 04/06/2009	1,500,000	1,499,564
0.25% due 03/04/2009	500,000	499,990
Federal Home Loan Mortgage Corp. Discount Notes
0.29% due 05/06/2009	800,000	799,575
0.30% due 06/15/2009	500,000	499,558
Federal National Mortgage Association
0.30% due 04/20/2009	380,000	379,842
U.S. Treasury Notes
0.14% due 03/23/2009	500,000	499,957
0.275% due 05/19/2009	700,000	699,578
0.31% due 04/21/2009	500,000	499,780
0.40% due 05/15/2009	700,000	699,417
Total short-term investments
(Cost $8,775,372)		$8,775,372
Total investments
(Cost $250,074,893) 98.61%		$181,963,650
Other assets in excess of liabilities 1.39%		2,572,624
Total net assets 100.00%		$184,536,274

	Percentages are stated as a percent of net assets.
ETF	Exchange Traded Fund
*	Non-Income Producing.
(f)	The subadviser is an affiliate of the adviser.
(g)	The underlying fund’s subadviser is shown parenthetically.

See notes to financial statements Semiannual report   Lifecycle Portfolios 33

FINANCIAL STATEMENTS

Financial statements

Statements of assets and liabilities 2-28-09 (Unaudited)

These Statements of Assets and Liabilities are the Portfolios’ balance sheets. They show the value of what each Portfolio owns, is due and owes. You’ll also find the net asset value and the maximum public offering price per share for each Portfolio. Net asset value is calculated by dividing the net assets of each class of shares by the number of outstanding shares in the class.

	Lifecycle		Lifecycle		Lifecycle
	2045 Portfolio		2040 Portfolio		2035 Portfolio
Assets
Investments in affiliated funds, at value (Note 9)	$95,559,155		$103,616,421		$143,207,401
Total investments, at value	95,559,155		103,616,421		143,207,401
Receivable for fund shares sold	643,631		550,922		713,324
Dividends and interest receivable	4,880		5,345		7,363
Receivable due from adviser	1,615		1,521		764
Total assets	96,209,281		104,174,209		143,928,852
Liabilities
Due to custodian	314		353		475
Payable for investments purchased	637,475		554,079		719,953
Payable for fund shares repurchased	10,451		—		—
Payable to affiliates:
Fund administration fees	1,534		1,700		2,395
Transfer agent fees	738		894		944
Other payables and accrued expenses	23,358		24,945		23,727
Total liabilities	673,870		581,971		747,494
Net assets
Capital paid-in	$158,370,047		$174,636,849		$244,454,187
Accumulated net investment loss	(13,326	)	(14,047	)	(15,119	)
Accumulated net realized loss on investments	(9,786,343	)	(9,824,017	)	(13,299,926	)
Net unrealized appreciation (depreciation) on investments	(53,034,967	)	(61,206,547	)	(87,957,784	)
Net assets	$95,535,411		$103,592,238		$143,181,358
Investments in affiliated funds, at cost	$148,594,122		$164,822,968		$231,165,185
Net asset value per share
The Portfolios have an unlimited number of shares authorized with no par value.
Class A: Net assets	$900,088		$1,208,425		$1,745,375
Shares outstanding	169,553		227,640		327,651
Net asset value and redemption price per share	$5.31		$5.31		$5.33
Class B:1 Net assets	$195,365		$176,302		$346,700
Shares outstanding	36,875		33,295		65,224
Net asset value, offering price and redemption price per share	$5.30		$5.30		$5.32
Class C:1 Net assets	$158,912		$294,472		$235,447
Shares outstanding	30,003		55,624		44,299
Net asset value, offering price and redemption price per share	$5.30		$5.29		$5.31
Class R: Net assets	$126,894		$133,168		$114,601
Shares outstanding	23,921		25,119		21,540
Net asset value, offering price and redemption price per share	$5.30		$5.30		$5.32
Class R1: Net assets	$195,132		$219,443		$227,379
Shares outstanding	36,760		41,350		42,695
Net asset value, offering price and redemption price per share	$5.31		$5.31		$5.33
Class R2: Net assets	$372,352		$445,407		$671,789
Shares outstanding	70,044		83,880		126,060
Net asset value, offering price and redemption price per share	$5.32		$5.31		$5.33
Class R3: Net assets	$153,731		$834,403		$244,460
Shares outstanding	28,962		157,407		45,890
Net asset value, offering price and redemption price per share	$5.31		$5.30		$5.33
Class R4: Net assets	$139,318		$123,414		$86,976
Shares outstanding	26,213		23,239		16,306
Net asset value, offering price and redemption price per share	$5.31		$5.31		$5.33
Class R5: Net assets	$117,942		$357,381		$123,816
Shares outstanding	22,164		67,175		23,196
Net asset value, offering price and redemption price per share	$5.32		$5.32		$5.34
Class 1: Net assets	$93,175,677		$99,799,823		$139,384,815
Shares outstanding	17,512,759		18,772,476		26,109,148
Net asset value, offering price and redemption price per share	$5.32		$5.32		$5.34
Maximum public offering price per share
Class A (net asset value per share ÷ 95%)2	$5.59		$5.59		$5.61

1	Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
2	On single retail sales of less than $50,000. On sales of $50,000 or more and on group sales the offering price is reduced.

 

34 Lifecycle Portfolios   Semiannual report See notes to financial statements

Statements of assets and liabilities 2-28-09 (Unaudited)

Continued  

	Lifecycle		Lifecycle		Lifecycle
	2030 Portfolio		2025 Portfolio		2020 Portfolio
Assets
Investments in affiliated funds, at value (Note 9)	$189,613,205		$239,330,571		$239,399,723
Total investments, at value	189,613,205		239,330,571		239,399,723
Receivable for fund shares sold	655,486		926,510		919,495
Dividends and interest receivable	11,385		21,304		36,258
Receivable due from adviser	1,244		1,124		1,141
Total assets	190,281,320		240,279,509		240,356,617
Liabilities
Due to custodian	641		800		825
Payable for investments purchased	648,059		843,619		947,561
Payable for fund shares repurchased	22,425		56,090		9,049
Payable to affiliates:
Fund administration fees	3,190		4,062		4,025
Transfer agent fees	2,195		2,933		5,253
Other payables and accrued expenses	21,014		19,878		21,246
Total liabilities	697,524		927,382		987,959
Net assets
Capital paid-in	$325,049,247		$406,355,733		$394,979,005
Accumulated undistributed net investment income (loss)	(19,334	)	359		40,973
Accumulated net realized loss on investments	(18,365,935	)	(28,065,249	)	(25,471,779	)
Net unrealized appreciation (depreciation) on investments	(117,080,182	)	(138,938,716	)	(130,179,541	)
Net assets	$189,583,796		$239,352,127		$239,368,658
Investments in affiliated issuers, at cost	$306,693,387		$378,269,287		$369,579,264
Net asset value per share
The Portfolios have an unlimited number of shares authorized with no par value.
Class A: Net assets	$2,928,250		$3,208,960		$4,223,521
Shares outstanding	550,440		589,469		744,883
Net asset value and redemption price per share	$5.32		$5.44		$5.67
Class B:1 Net assets	$404,695		$487,146		$779,679
Shares outstanding	76,009		89,493		137,337
Net asset value, offering price and redemption price per share	$5.32		$5.44		$5.68
Class C:1 Net assets	$474,607		$527,503		$774,907
Shares outstanding	89,131		96,911		136,531
Net asset value, offering price and redemption price per share	$5.32		$5.44		$5.68
Class R: Net assets	$246,374		$145,278		$263,290
Shares outstanding	46,357		26,719		46,472
Net asset value, offering price and redemption price per share	$5.31		$5.44		$5.67
Class R1: Net assets	$430,626		$317,182		$720,255
Shares outstanding	81,103		58,395		127,184
Net asset value, offering price and redemption price per share	$5.31		$5.43		$5.66
Class R2: Net assets	$1,048,229		$813,518		$918,100
Shares outstanding	197,472		149,938		162,144
Net asset value, offering price and redemption price per share	$5.31		$5.43		$5.66
Class R3: Net assets	$382,165		$884,444		$658,758
Shares outstanding	71,974		162,799		116,298
Net asset value, offering price and redemption price per share	$5.31		$5.43		$5.66
Class R4: Net assets	$189,193		$108,166		$117,734
Shares outstanding	35,642		19,930		20,796
Net asset value, offering price and redemption price per share	$5.31		$5.43		$5.66
Class R5: Net assets	$620,510		$202,909		$512,645
Shares outstanding	117,054		37,421		90,605
Net asset value, offering price and redemption price per share	$5.30		$5.42		$5.66
Class 1: Net assets	$182,859,147		$232,657,021		$230,399,769
Shares outstanding	34,497,847		42,910,291		40,726,452
Net asset value, offering price and redemption price per share	$5.30		$5.42		$5.66
Maximum public offering price per share
Class A (net asset value per share ÷ 95%)2	$5.60		$5.73		$5.97

1	Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
2	On single retail sales of less than $50,000. On sales of $50,000 or more and on group sales the offering price is reduced.

 

See notes to financial statements Semiannual report   Lifecycle Portfolios 35

FINANCIAL STATEMENTS

Statements of assets and liabilities 2-28-09 (Unaudited)

Continued  

					Lifecycle
	Lifecycle		Lifecycle		Retirement
	2015 Portfolio		2010 Portfolio		Portfolio
Assets
Investments in unaffiliated issuers, at value	—		—		$17,644,489
Investments in affiliated funds, at value (Note 9)	$187,247,962		$106,974,353		164,319,161
Total investments, at value	187,247,962		106,974,353		181,963,650
Cash collateral at broker for futures contracts	—		—		700,000
Receivable for investments sold	—		346,123		1,859,990
Receivable for fund shares sold	636,918		48,794		2,735,920
Dividends and interest receivable	36,353		23,235		23,583
Receivable due from adviser	1,299		—		1,234
Total assets	187,922,532		107,392,505		187,284,377
Liabilities
Due to custodian	635		380		12,563
Payable for investments purchased	669,847		25,199		2,591,122
Payable for fund shares repurchased	4,386		345,926		17,304
Payable for futures variation margin	—		—		91,451
Payable to affiliates:
Fund administration fees	3,176		1,820		3,253
Transfer agent fees	3,028		3,038		5,861
Other payables and accrued expenses	21,830		25,288		26,549
Total liabilities	702,902		401,651		2,748,103
Net assets
Capital paid-in	$300,538,125		$164,573,804		$289,693,938
Undistributed net investment income	67,858		44,109		137,802
Accumulated net realized loss on investments and futures contracts	(20,756,550	)	(10,429,270	)	(36,578,909	)
Net unrealized appreciation (depreciation) on investments and futures	(92,629,803	)	(47,197,789	)	(68,716,557	)
Net assets	$187,219,630		$106,990,854		$184,536,274
Investments in unaffiliated issuers, at cost	—		—		$20,431,618
Investments in affiliated issuers, at cost	$279,877,765		$154,172,142		$229,643,275
Net asset value per share
The Portfolios have an unlimited number of shares authorized with no par value.
Class A: Net assets	$2,633,886		$1,726,284		$6,312,594
Shares outstanding	446,470		277,628		1,034,468
Net asset value and redemption price per share	$5.90		$6.22		$6.10
Class B:1 Net assets	$589,780		$182,285		$308,604
Shares outstanding	99,850		29,271		50,673
Net asset value, offering price and redemption price per share	$5.91		$6.23		$6.09
Class C:1 Net assets	$613,692		$823,063		$2,827,277
Shares outstanding	103,937		132,069		464,068
Net asset value, offering price and redemption price per share	$5.90		$6.23		$6.09
Class R: Net assets	$152,119		$106,786		$67,859
Shares outstanding	25,793		17,181		11,141
Net asset value, offering price and redemption price per share	$5.90		$6.22		$6.09
Class R1: Net assets	$200,052		$87,901		$89,666
Shares outstanding	33,936		14,154		14,717
Net asset value, offering price and redemption price per share	$5.89		$6.21		$6.09
Class R2: Net assets	$914,945		$727,402		$136,446
Shares outstanding	155,411		117,115		22,395
Net asset value, offering price and redemption price per share	$5.89		$6.21		$6.09
Class R3: Net assets	$548,907		$596,221		$126,636
Shares outstanding	93,128		95,966		20,774
Net asset value, offering price and redemption price per share	$5.89		$6.21		$6.10
Class R4: Net assets	$169,121		$61,296		$84,073
Shares outstanding	28,706		9,866		13,792
Net asset value, offering price and redemption price per share	$5.89		$6.21		$6.10
Class R5: Net assets	$70,197		$122,016		$84,511
Shares outstanding	11,915		19,657		13,855
Net asset value, offering price and redemption price per share	$5.89		$6.21		$6.10
Class 1: Net assets	$181,326,931		$102,557,600		$174,498,608
Shares outstanding	30,785,883		16,512,312		28,613,001
Net asset value, offering price and redemption price per share	$5.89		$6.21		$6.10
Maximum public offering price per share
Class A (net asset value per share ÷ 95%)2	$6.21		$6.55		$6.42

1	Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
2	On single retail sales of less than $50,000. On sales of $50,000 or more and on group sales the offering price is reduced.

 

36 Lifecycle Portfolios   Semiannual report See notes to financial statements

Statements of operations For the period ended 2-28-09 (Unaudited)

These Statements of Operations summarize the Portfolios’ investment income earned and expenses directly incurred in operating each Portfolio. They also show net gains (losses) for the period stated.

	Lifecycle		Lifecycle		Lifecycle
	2045 Portfolio		2040 Portfolio		2035 Portfolio
Investment income
Income distributions received from affiliated underlying funds	$1,669,816		$1,890,006		$2,660,555
Total investment income	1,669,816		1,890,006		2,660,555
Expenses
Investment management fees (Note 6)	26,854		30,203		42,542
Distribution and service fees (Note 6)	27,413		32,112		43,322
Transfer agent fees (Note 6)	4,569		5,126		5,691
Fund administration fees (Note 6)	4,063		4,709		7,004
Audit and legal fees	22,396		22,451		22,655
Printing and postage fees (Note 6)	1,064		1,019		1,165
Custodian fees	5,055		5,055		5,055
Trustees’ fees (Note 6)	278		325		480
Registration and filing fees (Note 6)	71,705		72,705		73,247
Miscellaneous	141		163		238
Total expenses	163,538		173,368		201,399
Less expense reductions (Note 6)	(68,601	)	(67,938	)	(67,973	)
Net expenses	94,937		105,430		133,426
Net investment income	1,574,879		1,784,576		2,527,129
Realized and unrealized gain (loss)
Net realized gain (loss) on
Investments in affiliated underlying funds	(10,452,867	)	(10,488,716	)	(14,398,310	)
Capital gain distributions received from affiliated underlying funds	1,648,069		1,874,114		2,620,853
	(8,804,798	)	(8,614,602	)	(11,777,457	)
Change in net unrealized appreciation (depreciation) of
Investments in affiliated underlying funds	(43,547,225	)	(50,504,207	)	(71,670,188	)
	(43,547,225	)	(50,504,207	)	(71,670,188	)
Net realized and unrealized loss	(52,352,023	)	(59,118,809	)	(83,447,645	)
Decrease in net assets from operations	($50,777,144	)	($57,334,233	)	($80,920,516	)

See notes to financial statements Semiannual report   Lifecycle Portfolios 37

FINANCIAL STATEMENTS

Statements of operationsFor the period ended 2-28-09 (Unaudited)

Continued  

	Lifecycle		Lifecycle		Lifecycle
	2030 Portfolio		2025 Portfolio		2020 Portfolio
Investment income
Income distributions received from affiliated underlying funds	$3,663,007		$5,452,019		$6,329,252
Total investment income	3,663,007		5,452,019		6,329,252
Expenses
Investment management fees (Note 6)	57,274		73,462		72,755
Distribution and service fees (Note 6)	59,521		73,762		79,350
Transfer agent fees (Note 6)	7,895		7,984		11,048
Fund administration fees (Note 6)	9,197		12,052		11,982
Audit and legal fees	22,830		23,092		23,090
Printing and postage fees (Note 6)	1,630		1,409		2,411
Custodian fees	5,055		5,055		5,055
Trustees’ fees (Note 6)	635		832		824
Registration and filing fees (Note 6)	74,463		75,948		76,150
Miscellaneous	326		414		411
Total expenses	238,826		274,010		283,076
Less expense reductions (Note 6)	(67,953	)	(68,352	)	(69,802	)
Net expenses	170,873		205,658		213,274
Net investment income	3,492,134		5,246,361		6,115,978
Realized and unrealized gain (loss)
Net realized gain (loss) on
Investments in affiliated underlying funds	(20,458,251	)	(30,364,301	)	(27,190,304	)
Capital gain distributions received from affiliated underlying funds	3,465,484		4,213,029		4,370,894
	(16,992,767	)	(26,151,272	)	(22,819,410	)
Change in net unrealized appreciation (depreciation) of
Investments in affiliated underlying funds	(95,075,998	)	(111,370,865	)	(104,960,818	)
	(95,075,998	)	(111,370,865	)	(104,960,818	)
Net realized and unrealized loss	(112,068,765	)	(137,522,137	)	(127,780,228	)
Decrease in net assets from operations	($108,576,631	)	($132,275,776	)	($121,664,250	)

38 Lifecycle Portfolios   Semiannual report See notes to financial statements

Statements of operations For the period ended 2-28-09 (Unaudited)

Continued

					Lifecycle
	Lifecycle		Lifecycle		Retirement
	2015 Portfolio		2010 Portfolio		Portfolio
Investment income
Income distributions received from affiliated underlying funds	$5,839,373		$3,602,561		$6,543,553
Dividends	—		—		286,229
Interest	—		—		36,029
Total investment income	5,839,373		3,602,561		6,865,811
Expenses
Investment management fees (Note 6)	57,593		32,882		108,019
Distribution and service fees (Note 6)	61,403		37,253		82,174
Transfer agent fees (Note 6)	7,507		5,659		8,042
Fund administration fees (Note 6)	9,826		5,522		11,675
Audit and legal fees	22,904		22,523		23,070
Printing and postage fees (Note 6)	1,590		1,444		4,528
Custodian fees	5,055		5,055		5,053
Trustees’ fees (Note 6)	676		382		802
Registration and filing fees (Note 6)	74,359		72,698		74,879
Miscellaneous	331		184		370
Total expenses	241,244		183,602		318,612
Less expense reductions (Note 6)	(68,031	)	(67,602	)	(65,160	)
Net expenses	173,213		116,000		253,452
Net investment income	5,666,160		3,486,561		6,612,359
Realized and unrealized gain (loss)
Net realized gain (loss) on
Investments in unaffiliated issuers	—		—		(31,180,912	)
Investments in affiliated underlying funds	(21,600,259	)	(10,502,937	)	—
Capital gain distributions received from affiliated underlying funds	3,307,269		1,932,550		5,853,316
Futures contracts	—		—		(2,485,774	)
	(18,292,990	)	(8,570,387	)	(27,813,370	)
Change in net unrealized appreciation (depreciation) of
Investments in unaffiliated issuers	—		—		(3,395,667	)
Investments in affiliated underlying funds	(74,005,753	)	(38,119,590	)	(54,902,812	)
Futures contracts	—		—		(6,791	)
	(74,005,753	)	(38,119,590	)	(58,305,270	)
Net realized and unrealized loss	(92,298,743	)	(46,689,977	)	(86,118,640	)
Decrease in net assets from operations	($86,632,583	)	($43,203,416	)	($79,506,281	)

See notes to financial statements Semiannual report   Lifecycle Portfolios 39

FINANCIAL STATEMENTS

Statements of changes in net assets

These Statements of Changes in Net Assets show how the value of the Portfolios’ net assets have changed during the last two periods. They reflect income less expenses, any investment gains and losses, distributions, if any, paid to shareholders and the net of Portfolio share transactions.

	Lifecycle 2045 Portfolio				Lifecycle 2040 Portfolio
			Six months ended				Six months ended
	Year ended 8-31-08		2-28-09 (Unaudited)		Year ended 8-31-08		2-28-09 (Unaudited)
Increase (decrease) in net assets
From operations
Net investment income	$350,876		$1,574,879		$418,451		$1,784,576
Net realized gain (loss)	948,294		(8,804,798	)	1,117,552		(8,614,602	)
Change in net unrealized appreciation	(9,467,968	)	(43,547,225	)	(10,832,138	)	(50,504,207	)
(depreciation)
Decrease in net assets	(8,168,798	)	(50,777,144	)	(9,296,135	)	(57,334,233	)
resulting from operations
Distributions to shareholders
From net investment income
Class A	(8,791	)	(10,458	)	(5,828	)	(14,342	)
Class B	(645	)	(420	)	(940	)	(386	)
Class C	(628	)	(336	)	(716	)	(577	)
Class R	(615	)	(493	)	(607	)	(486	)
Class R1	(644	)	(1,521	)	(902	)	(2,070	)
Class R2	(1,046	)	(3,979	)	(1,964	)	(5,309	)
Class R3	(885	)	(1,386	)	(1,498	)	(8,513	)
Class R4	(720	)	(1,847	)	(755	)	(1,802	)
Class R5	(815	)	(2,184	)	(875	)	(7,914	)
Class 1	(284,853	)	(1,616,815	)	(344,058	)	(1,817,532	)
From realized gain
Class A	(21,747	)	(12,824	)	(14,062	)	(18,725	)
Class B	(2,729	)	(3,336	)	(3,740	)	(2,792	)
Class C	(2,660	)	(2,669	)	(2,850	)	(4,170	)
Class R	(1,850	)	(1,802	)	(1,764	)	(1,780	)
Class R1	(1,642	)	(2,924	)	(2,239	)	(4,167	)
Class R2	(2,313	)	(5,193	)	(4,259	)	(7,363	)
Class R3	(2,259	)	(2,241	)	(3,720	)	(14,509	)
Class R4	(1,592	)	(2,020	)	(1,638	)	(2,106	)
Class R5	(1,593	)	(1,806	)	(1,686	)	(7,037	)
Class 1	(556,238	)	(1,284,357	)	(662,429	)	(1,554,222	)
Total distributions	(894,265	)	(2,958,611	)	(1,056,530	)	(3,475,802	)
From Fund share transactions	84,894,954		47,915,693		99,254,044		47,809,789
(Note 7)
Total increase (decrease)	75,831,891		(5,820,062	)	88,901,379		(13,000,246	)
Net assets
Beginning of period	25,523,582		101,355,473		27,691,105		116,592,484
End of period	$101,355,473		$95,535,411		$116,592,484		$103,592,238
Accumulated undistributed net	$51,234		($13,326	)	$60,308		($14,047	)
investment income (loss)

40 Lifecycle Portfolios   Semiannual report See notes to financial statements

Statements of changes in net assets

Continued

	Lifecycle 2035 Portfolio				Lifecycle 2030 Portfolio
			Six months ended				Six months ended
	Year ended 8-31-08		2-28-09 (Unaudited)		Year ended 8-31-08		2-28-09 (Unaudited)
Increase (decrease) in net assets
From operations
Net investment income	$671,060		$2,527,129		$1,002,947		$3,492,134
Net realized gain (loss)	2,055,879		(11,777,457	)	3,085,478		(16,992,767	)
Change in net unrealized appreciation	(16,625,789	)	(71,670,188	)	(22,188,549	)	(95,075,998	)
(depreciation)
Decrease in net assets	(13,898,850	)	(80,920,516	)	(18,100,124	)	(108,576,631	)
resulting from operations
Distributions to shareholders
From net investment income
Class A	(6,293	)	(21,990	)	(9,651	)	(38,779	)
Class B	(2,514	)	(728	)	—		(1,280	)
Class C	(1,812	)	(473	)	—		(1,395	)
Class R	(783	)	(427	)	(418	)	(705	)
Class R1	(825	)	(2,143	)	(669	)	(3,713	)
Class R2	(1,230	)	(9,865	)	(1,364	)	(13,991	)
Class R3	(1,062	)	(1,970	)	(2,951	)	(3,976	)
Class R4	(898	)	(1,116	)	(865	)	(2,852	)
Class R5	(1,071	)	(2,251	)	(1,168	)	(12,166	)
Class 1	(617,110	)	(2,538,747	)	(908,102	)	(3,515,669	)
From realized gain
Class A	(11,557	)	(33,645	)	(20,840	)	(52,607	)
Class B	(6,842	)	(7,217	)	(4,260	)	(7,892	)
Class C	(4,927	)	(4,692	)	(6,510	)	(8,601	)
Class R	(1,669	)	(2,020	)	(1,939	)	(2,620	)
Class R1	(1,550	)	(5,243	)	(1,585	)	(7,828	)
Class R2	(2,067	)	(16,273	)	(2,170	)	(20,586	)
Class R3	(1,996	)	(4,039	)	(6,994	)	(7,146	)
Class R4	(1,509	)	(1,540	)	(1,379	)	(3,553	)
Class R5	(1,627	)	(2,340	)	(1,399	)	(11,595	)
Class 1	(937,628	)	(2,515,920	)	(1,088,293	)	(3,176,478	)
Total distributions	(1,604,970	)	(5,172,639	)	(2,060,557	)	(6,893,432	)
From Fund share transactions	140,422,057		62,711,629		195,129,585		77,310,320
(Note 7)
Total increase (decrease)	124,918,237		(23,381,526	)	174,968,904		(38,159,743	)
Net assets
Beginning of period	41,644,647		166,562,884		52,774,635		227,743,539
End of period	$166,562,884		$143,181,358		$227,743,539		$189,583,796
Accumulated undistributed net	$37,462		($15,119	)	$83,058		($19,334	)
investment income (loss)

 

See notes to financial statements Semiannual report   Lifecycle Portfolios 41

FINANCIAL STATEMENTS

Statements of changes in net assets

Continued

	Lifecycle 2025 Portfolio				Lifecycle 2020 Portfolio
			Six months ended				Six months ended
	Year ended 8-31-08		2-28-09 (Unaudited)		Year ended 8-31-08		2-28-09 (Unaudited)
Increase (decrease) in net assets
From operations
Net investment income	$1,913,097		$5,246,361		$2,624,361		$6,115,978
Net realized gain (loss)	3,903,248		(26,151,272	)	3,137,072		(22,819,410	)
Change in net unrealized appreciation	(27,890,182	)	(111,370,865	)	(25,424,932	)	(104,960,818	)
(depreciation)
Decrease in net assets	(22,073,837	)	(132,275,776	)	(19,663,499	)	(121,664,250	)
resulting from operations
Distributions to shareholders
From net investment income
Class A	(7,864	)	(55,614	)	(23,967	)	(87,933	)
Class B	(142	)	(3,718	)	(2,761	)	(12,078	)
Class C	(150	)	(4,283	)	(2,651	)	(12,203	)
Class R	(544	)	(1,370	)	(1,648	)	(2,983	)
Class R1	(924	)	(4,877	)	(1,048	)	(15,191	)
Class R2	(2,928	)	(14,054	)	(2,401	)	(25,119	)
Class R3	(3,411	)	(6,133	)	(6,178	)	(14,569	)
Class R4	(1,056	)	(1,929	)	(1,323	)	(2,851	)
Class R5	(1,375	)	(4,829	)	(3,967	)	(15,829	)
Class 1	(1,458,550	)	(5,650,645	)	(1,677,701	)	(6,927,950	)
From realized gain
Class A	(12,152	)	(57,069	)	(24,255	)	(69,552	)
Class B	(4,596	)	(8,816	)	(9,799	)	(16,145	)
Class C	(4,875	)	(10,155	)	(9,406	)	(16,315	)
Class R	(1,419	)	(2,651	)	(2,405	)	(3,567	)
Class R1	(1,532	)	(6,834	)	(1,117	)	(14,881	)
Class R2	(3,557	)	(15,422	)	(2,017	)	(20,842	)
Class R3	(5,656	)	(7,734	)	(6,589	)	(13,309	)
Class R4	(1,283	)	(1,874	)	(1,111	)	(2,166	)
Class R5	(1,319	)	(3,812	)	(2,751	)	(10,298	)
Class 1	(1,398,183	)	(4,249,654	)	(1,163,398	)	(4,340,643	)
Total distributions	(2,911,516	)	(10,111,473	)	(2,946,493	)	(11,624,424	)
From Fund share transactions	244,498,725		93,176,142		240,696,406		86,007,932
(Note 7)
Total increase (decrease)	219,513,372		(49,211,107	)	218,086,414		(47,280,742	)
Net assets
Beginning of period	69,049,862		288,563,234		68,562,986		286,649,400
End of period	$288,563,234		$239,352,127		$286,649,400		$239,368,658
Undistributed net investment	$501,450		$359		$1,041,701		$40,973
income

42 Lifecycle Portfolios   Semiannual report See notes to financial statements

Statements of changes in net assets

Continued

	Lifecycle 2015 Portfolio				Lifecycle 2010 Portfolio
			Six months ended				Six months ended
	Year ended 8-31-08		2-28-09 (Unaudited)		Year ended 8-31-08		2-28-09 (Unaudited)
Increase (decrease) in net assets
From operations
Net investment income	$3,040,482		$5,666,160		$2,115,380		$3,486,561
Net realized gain (loss)	2,202,209		(18,292,990	)	634,382		(8,570,387	)
Change in net unrealized appreciation	(18,559,834	)	(74,005,753	)	(9,068,976	)	(38,119,590	)
(depreciation)
Decrease in net assets	(13,317,143	)	(86,632,583	)	(6,319,214	)	(43,203,416	)
resulting from operations
Distributions to shareholders
From net investment income
Class A	(16,005	)	(87,625	)	(17,084	)	(71,326	)
Class B	(2,898	)	(14,400	)	(1,448	)	(5,143	)
Class C	(1,663	)	(18,512	)	(6,119	)	(18,242	)
Class R	(1,120	)	(3,070	)	(1,284	)	(2,294	)
Class R1	(2,220	)	(6,036	)	(1,558	)	(3,341	)
Class R2	(3,128	)	(28,173	)	(1,832	)	(29,996	)
Class R3	(1,818	)	(13,585	)	(6,924	)	(21,549	)
Class R4	(1,605	)	(5,383	)	(1,831	)	(3,198	)
Class R5	(1,882	)	(11,672	)	(2,106	)	(5,241	)
Class 1	(1,666,513	)	(6,936,637	)	(1,067,704	)	(4,437,872	)
From realized gain
Class A	(12,980	)	(51,764	)	(9,514	)	(35,183	)
Class B	(5,344	)	(12,116	)	(1,532	)	(3,387	)
Class C	(3,065	)	(15,577	)	(6,470	)	(12,012	)
Class R	(1,194	)	(2,395	)	(898	)	(1,409	)
Class R1	(1,875	)	(4,128	)	(898	)	(1,847	)
Class R2	(2,187	)	(17,153	)	(898	)	(15,066	)
Class R3	(1,535	)	(8,853	)	(3,990	)	(11,451	)
Class R4	(1,121	)	(3,075	)	(899	)	(1,523	)
Class R5	(1,122	)	(5,935	)	(899	)	(2,261	)
Class 1	(993,621	)	(3,438,900	)	(455,838	)	(1,885,038	)
Total distributions	(2,722,896	)	(10,684,989	)	(1,589,726	)	(6,567,379	)
From Fund share transactions	182,083,635		60,510,225		109,224,697		28,164,963
(Note 7)
Total increase (decrease)	166,043,596		(36,807,347	)	101,315,757		(21,605,832	)
Net assets
Beginning of period	57,983,381		224,026,977		27,280,929		128,596,686
End of period	$224,026,977		$187,219,630		$128,596,686		$106,990,854
Undistributed net investment	$1,526,791		$67,858		$1,155,750		$44,109
income

See notes to financial statements Semiannual report   Lifecycle Portfolios 43

FINANCIAL STATEMENTS

Statements of changes in net assets

Continued

	Lifecycle Retirement
			Six months ended
	Year ended 8-31-08		2-28-09 (Unaudited)
Increase (decrease) in net assets
From operations
Net investment income	$4,722,286		$6,612,359
Net realized gain (loss)	(3,930,045	)	(27,813,370	)
Change in net unrealized appreciation	(10,685,965	)	(58,305,270	)
(depreciation)
Decrease in net assets	(9,893,724	)	(79,506,281	)
resulting from operations
Distributions to shareholders
From net investment income
Class A	(216,722	)	(245,585	)
Class B	(10,644	)	(8,933	)
Class C	(84,790	)	(113,549	)
Class R	(2,788	)	(2,161	)
Class R1	(2,886	)	(2,370	)
Class R2	(4,035	)	(4,371	)
Class R3	(4,719	)	(4,278	)
Class R4	(3,242	)	(2,689	)
Class R5	(3,585	)	(3,002	)
Class 1	(4,449,111	)	(6,087,619	)
From realized gain
Class A	(75,404	)	(127,449	)
Class B	(5,857	)	(5,411	)
Class C	(36,870	)	(66,406	)
Class R	(1,175	)	(1,320	)
Class R1	(1,178	)	(1,393	)
Class R2	(1,286	)	(2,541	)
Class R3	(2,048	)	(2,439	)
Class R4	(1,184	)	(1,500	)
Class R5	(1,184	)	(1,565	)
Class 1	(1,194,092	)	(3,186,665	)
Total distributions	(6,102,800	)	(9,871,246	)
From Fund share transactions	175,256,332		42,349,335
(Note 7)
Total increase (decrease)	159,259,808		(47,028,192	)
Net assets
Beginning of period	72,304,658		231,564,466
End of period	$231,564,466		$184,536,274
Undistributed net investment	—		$137,802
income

44 Lifecycle Portfolios   Semiannual report See notes to financial statements

Financial highlights

These Financial Highlights show how each Portfolio’s net asset value for a share has changed since the end of the previous period.

 

Lifecycle 2045 Portfolio
Per share operating performance for a share outstanding throughout each period																			Ratios and supplemental data
		Income (loss) from
		investment operations						Less distributions										Ratios to average net assets
																							Ratio
				Net																			of net
				realized		Total													Ratio of		Ratio		investment		Net
	Net asset	Net		and		from		From net											gross		of net		income		assets,
	value,	invest-		unrealized		invest-		invest-				From			Net asset				expenses		expenses to		(loss) to		end of
	beginning	ment in-		gain (loss)		ment		ment		From net		capital	Total		value, end	Total			to average		average net		average		period (in	Portfolio
	of period	come (loss)		on invest-		operations		income		realized		paid-in	distribu-		of period	return			net assets		assets		net assets		thousands)	turnover
Period ended	($)	($)1,2		ments ($)		($)		($)		gain ($)		($)	tions ($)		($)	(%)3			(%)4		(%)4		(%)1		($)	(%)
CLASS A
02-28-20095	9.56	0.09		(4.18	)	(4.09	)	(0.07	)	(0.09	)	—	(0.16	)	5.31	(42.93	)6,7		2.28	8,10	0.65	8,9,20	2.67	8	900	13
08-31-2008	10.94	0.05		(1.21	)	(1.16	)	(0.06	)	(0.16	)	—	(0.22	)	9.56	(10.83	)7		1.61	10	0.66	9,11	0.44		1,874	16
08-31-200712	10.00	(0.04	)	1.22		1.18		(0.06	)	(0.18	)	—	(0.24	)	10.94	11.97	6,7		1.94	8,10	0.62	8	(0.45	)8	1,348	5
CLASS B
02-28-20095	9.46	0.08		(4.14	)	(4.06	)	(0.01	)	(0.09	)	—	(0.10	)	5.30	(43.02	)6,7		7.27	8,10	1.34	8,9,20	2.34	8	195	13
08-31-2008	10.89	(0.04	)	(1.20	)	(1.24	)	(0.03	)	(0.16	)	—	(0.19	)	9.46	(11.56	)7		7.50	10	1.35	9,11	(0.35	)	276	16
08-31-200712	10.00	(0.05	)	1.17		1.12		(0.05	)	(0.18	)	—	(0.23	)	10.89	11.33	6,7		5.28	8,10	1.30	8	(0.57	)8	145	5
CLASS C
02-28-20095	9.46	0.08		(4.14	)	(4.06	)	(0.01	)	(0.09	)	—	(0.10	)	5.30	(43.02	)6,7		8.63	8,10	1.35	8,9,20	2.37	8	159	13
08-31-2008	10.89	(0.02	)	(1.22	)	(1.24	)	(0.03	)	(0.16	)	—	(0.19	)	9.46	(11.56	)7		8.75	10	1.35	9,11	(0.22	)	189	16
08-31-200712	10.00	(0.06	)	1.18		1.12		(0.05	)	(0.18	)	—	(0.23	)	10.89	11.33	6,7		5.11	8,10	1.32	8	(0.63	)8	152	5
CLASS R
02-28-20095	9.49	0.08		(4.15	)	(4.07	)	(0.03	)	(0.09	)	—	(0.12	)	5.30	(43.08	)6,7		12.65	8,10	1.19	8,9,20	2.56	8	127	13
08-31-2008	10.91	(0.01	)	(1.20	)	(1.21	)	(0.05	)	(0.16	)	—	(0.21	)	9.49	(11.32	)7		12.23	10	1.13	9,11	(0.10	)	174	16
08-31-200712	10.00	(0.03	)	1.17		1.14		(0.05	)	(0.18	)	—	(0.23	)	10.91	11.53	6,7		16.73	8,10	1.08	8	(0.31	)8	121	5
CLASS R1
02-28-20095	9.52	0.09		(4.16	)	(4.07	)	(0.05	)	(0.09	)	—	(0.14	)	5.31	(42.94	)6,7		8.91	8,10	0.94	8,9,20	2.92	8	195	13
08-31-2008	10.92	0.01		(1.19	)	(1.18	)	(0.06	)	(0.16	)	—	(0.22	)	9.52	(11.05	)7		12.47	10	0.89	9,11	0.08		181	16
08-31-200712	10.00	(0.01	)	1.16		1.15		(0.05	)	(0.18	)	—	(0.23	)	10.92	11.68	6,7		16.68	8,10	0.87	8	(0.09	)8	113	5
CLASS R2
02-28-20095	9.56	0.10		(4.18	)	(4.08	)	(0.07	)	(0.09	)	—	(0.16	)	5.32	(42.87	)6,7		4.86	8,10	0.69	8,9,20	3.01	8	372	13
08-31-2008	10.94	0.04		(1.19	)	(1.15	)	(0.07	)	(0.16	)	—	(0.23	)	9.56	(10.77	)7		9.32	10	0.64	9,11	0.38		409	16
08-31-200712	10.00	0.01		1.17		1.18		(0.06	)	(0.18	)	—	(0.24	)	10.94	11.93	6,7		16.31	8,10	0.62	8	0.15	8	117	5
CLASS R3
02-28-20095	9.53	0.09		(4.16	)	(4.07	)	(0.06	)	(0.09	)	—	(0.15	)	5.31	(42.92	)6,7		10.41	8,10	0.85	8,9,20	2.72	8	154	13
08-31-2008	10.93	0.03		(1.21	)	(1.18	)	(0.06	)	(0.16	)	—	(0.22	)	9.53	(11.04	)7		10.48	10	0.81	9,11	0.28		283	16
08-31-200712	10.00	—	13	1.16		1.16		(0.05	)	(0.18	)	—	(0.23	)	10.93	11.80	6,7		16.45	8,10	0.80	8	(0.03	)8	118	5
CLASS R4
02-28-20095	9.57	0.11		(4.20	)	(4.09	)	(0.08	)	(0.09	)	—	(0.17	)	5.31	(42.91	)6,7		12.18	8,10	0.54	8,9,20	3.38	8	139	13
08-31-2008	10.95	0.06		(1.21	)	(1.15	)	(0.07	)	(0.16	)	—	(0.23	)	9.57	(10.76	)7		14.15	10	0.52	9,11	0.55		142	16
08-31-200712	10.00	0.02		1.17		1.19		(0.06	)	(0.18	)	—	(0.24	)	10.95	12.06	6,7		16.32	8,10	0.52	8	0.26	8	112	5
CLASS R5
02-28-20095	9.61	0.11		(4.20	)	(4.09	)	(0.11	)	(0.09	)	—	(0.20	)	5.32	(42.79	)6,7		12.30	8,10	0.24	8,9,20	3.44	8	118	13
08-31-2008	10.97	0.08		(1.20	)	(1.12	)	(0.08	)	(0.16	)	—	(0.24	)	9.61	(10.47	)7		12.02	10	0.24	9,11	0.72		161	16
08-31-200712	10.00	0.05		1.16		1.21		(0.06	)	(0.18	)	—	(0.24	)	10.97	12.32	6,7		16.02	8,10	0.23	8	0.55	8	112	5
CLASS 1
02-28-20095	9.61	0.12		(4.20	)	(4.08	)	(0.12	)	(0.09	)	—	(0.21	)	5.32	(42.75	)6,7		0.19	8,10	0.19	8,9,20	3.54	8	93,176	13
08-31-2008	10.97	0.06		(1.18	)	(1.12	)	(0.08	)	(0.16	)	—	(0.24	)	9.61	(10.47	)7		0.24	10	0.20	9	0.59		97,667	16
08-31-200712	10.00	(0.01	)	1.23		1.22		(0.07	)	(0.18	)	—	(0.25	)	10.97	12.32	6,7		0.64	8,10	0.20	8	(0.15	)8	23,187	5

See notes to financial statements Semiannual report   Lifecycle Portfolios 45

FINANCIAL STATEMENTS

Financial highlights
Continued

Lifecycle 2040 Portfolio
Per share operating performance for a share outstanding throughout each period																			Ratios and supplemental data
		Income (loss) from
		investment operations						Less distributions										Ratios to average net assets
																							Ratio
				Net																			of net
				realized		Total													Ratio of		Ratio		investment		Net
	Net asset	Net		and		from		From net											gross		of net		income		assets,
	value,	invest-		unrealized		invest-		invest-				From			Net asset				expenses		expenses to		(loss) to		end of
	beginning	ment in-		gain (loss)		ment		ment		From net		capital	Total		value, end	Total			to average		average net		average		period (in	Portfolio
	of period	come (loss)		on invest-		operations		income		realized		paid-in	distribu-		of period	return			net assets		assets		net assets		thousands)	turnover
Period ended	($)	($)1,2		ments ($)		($)		($)		gain ($)		($)	tions ($)		($)	(%)3			(%)4		(%)4		(%)1		($)	(%)
CLASS A
02-28-20095	9.56	0.10		(4.17	)	(4.07	)	(0.08	)	(0.10	)	—	(0.18	)	5.31	(42.82	)6,7		2.03	8,10	0.64	8,9,20	3.13	8	1,208	11
08-31-2008	10.96	0.05		(1.22	)	(1.17	)	(0.07	)	(0.16	)	—	(0.23	)	9.56	(10.92	)7		2.15	10	0.65	9,11	0.49		1,257	16
08-31-200712	10.00	(0.02	)	1.20		1.18		(0.05	)	(0.17	)	—	(0.22	)	10.96	11.99	6,7		3.15	8,10	0.62	8	(0.18	)8	584	3
CLASS B
02-28-20095	9.47	0.08		(4.14	)	(4.06	)	(0.01	)	(0.10	)	—	(0.11	)	5.30	(42.97	)6,7		9.15	8,10	1.34	8,9,20	2.33	8	176	11
08-31-2008	10.91	(0.01	)	(1.23	)	(1.24	)	(0.04	)	(0.16	)	—	(0.20	)	9.47	(11.56	)7		7.52	10	1.35	9,11	(0.09	)	243	16
08-31-200712	10.00	(0.05	)	1.17		1.12		(0.04	)	(0.17	)	—	(0.21	)	10.91	11.35	6,7		5.17	8,10	1.30	8	(0.58	)8	157	3
CLASS C
02-28-20095	9.47	0.09		(4.16	)	(4.07	)	(0.01	)	(0.10	)	—	(0.11	)	5.29	(43.08	)6,7		7.44	8,10	1.34	8,9,20	2.82	8	294	11
08-31-2008	10.91	(0.03	)	(1.21	)	(1.24	)	(0.04	)	(0.16	)	—	(0.20	)	9.47	(11.56	)7		8.88	10	1.35	9,11	(0.27	)	235	16
08-31-200712	10.00	(0.05	)	1.17		1.12		(0.04	)	(0.17	)	—	(0.21	)	10.91	11.35	6,7		5.31	8,10	1.31	8	(0.56	)8	127	3
CLASS R
02-28-20095	9.50	0.08		(4.15	)	(4.07	)	(0.03	)	(0.10	)	—	(0.13	)	5.30	(43.03	)6,7		14.24	8,10	1.19	8,9,20	2.35	8	133	11
08-31-2008	10.93	—	13	(1.21	)	(1.21	)	(0.06	)	(0.16	)	—	(0.22	)	9.50	(11.33	)7		13.87	10	1.12	9,11	(0.05	)	142	16
08-31-200712	10.00	(0.03	)	1.17		1.14		(0.04	)	(0.17	)	—	(0.21	)	10.93	11.55	6,7		16.78	8,10	1.08	8	(0.30	)8	115	3
CLASS R1
02-28-20095	9.53	0.10		(4.17	)	(4.07	)	(0.05	)	(0.10	)	—	(0.15	)	5.31	(42.89	)6,7		7.30	8,10	0.94	8,9,20	3.15	8	219	11
08-31-2008	10.94	0.01		(1.20	)	(1.19	)	(0.06	)	(0.16	)	—	(0.22	)	9.53	(11.05	)7		9.48	10	0.89	9,11	0.09		200	16
08-31-200712	10.00	(0.01	)	1.17		1.16		(0.05	)	(0.17	)	—	(0.22	)	10.94	11.70	6,7		16.61	8,10	0.87	8	(0.09	)8	112	3
CLASS R2
02-28-20095	9.56	0.09		(4.17	)	(4.08	)	(0.07	)	(0.10	)	—	(0.17	)	5.31	(42.86	)6,7		3.62	8,10	0.69	8,9,20	2.84	8	445	11
08-31-2008	10.96	0.03		(1.20	)	(1.17	)	(0.07	)	(0.16	)	—	(0.23	)	9.56	(10.86	)7		5.18	10	0.64	9,11	0.33		715	16
08-31-200712	10.00	0.01		1.17		1.18		(0.05	)	(0.17	)	—	(0.22	)	10.96	11.95	6,7		14.71	8,10	0.63	8	0.07	8	274	3
CLASS R3
02-28-20095	9.53	0.10		(4.17	)	(4.07	)	(0.06	)	(0.10	)	—	(0.16	)	5.30	(42.91	)6,7		2.46	8,10	0.84	8,9,20	2.89	8	834	11
08-31-2008	10.95	0.01		(1.21	)	(1.20	)	(0.06	)	(0.16	)	—	(0.22	)	9.53	(11.14	)7		5.48	10	0.83	9,11	0.06		1,181	16
08-31-200712	10.00	(0.01	)	1.18		1.17		(0.05	)	(0.17	)	—	(0.22	)	10.95	11.82	6,7		15.59	8,10	0.80	8	(0.07	)8	141	3
CLASS R4
02-28-20095	9.58	0.11		(4.19	)	(4.08	)	(0.09	)	(0.10	)	—	(0.19	)	5.31	(42.86	)6,7		12.05	8,10	0.54	8,9,20	3.21	8	123	11
08-31-2008	10.97	0.04		(1.20	)	(1.16	)	(0.07	)	(0.16	)	—	(0.23	)	9.58	(10.76	)7		11.68	10	0.53	9,11	0.40		173	16
08-31-200712	10.00	0.02		1.17		1.19		(0.05	)	(0.17	)	—	(0.22	)	10.97	12.07	6,7		16.23	8,10	0.52	8	0.26	8	112	3
CLASS R5
02-28-20095	9.62	0.12		(4.21	)	(4.09	)	(0.11	)	(0.10	)	—	(0.21	)	5.32	(42.74	)6,7		3.66	8,10	0.24	8,9,20	3.49	8	357	11
08-31-2008	10.99	0.05		(1.18	)	(1.13	)	(0.08	)	(0.16	)	—	(0.24	)	9.62	(10.48	)7		7.95	10	0.24	9,11	0.48		633	16
08-31-200712	10.00	0.05		1.17		1.22		(0.06	)	(0.17	)	—	(0.23	)	10.99	12.33	6,7		15.71	8,10	0.23	8	0.53	8	115	3
CLASS 1
02-28-20095	9.62	0.12		(4.20	)	(4.08	)	(0.12	)	(0.10	)	—	(0.22	)	5.32	(42.70	)6,7		0.19	8,10	0.19	8,9,20	3.57	8	99,800	11
08-31-2008	10.99	0.06		(1.19	)	(1.13	)	(0.08	)	(0.16	)	—	(0.24	)	9.62	(10.48	)7		0.22	10	0.20	9	0.61		111,814	16
08-31-200712	10.00	(0.01	)	1.23		1.22		(0.06	)	(0.17	)	—	(0.23	)	10.99	12.34	6,7		0.62	8,10	0.20	8	(0.16	)8	25,954	3

46 Lifecycle Portfolios   Semiannual report See notes to financial statements

Financial highlights
Continued

Lifecycle 2035 Portfolio
Per share operating performance for a share outstanding throughout each period																				Ratios and supplemental data
		Income (loss) from
		investment operations						Less distributions											Ratios to average net assets
																								Ratio
				Net																				of net
				realized		Total														Ratio of		Ratio		investment		Net
	Net asset	Net		and		from		From net												gross		of net		income		assets,
	value,	invest-		unrealized		invest-		invest-				From			Net asset					expenses		expenses to		(loss) to		end of
	beginning	ment in-		gain (loss)		ment		ment		From net		capital	Total		value, end	Total				to average		average net		average		period (in	Portfolio
	of period	come (loss)		on invest-		operations		income		realized		paid-in	distribu-		of period	return				net assets		assets		net assets		thousands)	turnover
Period ended	($)	($)1,2		ments ($)		($)		($)		gain ($)		($)	tions ($)		($)	(%)3				(%)4		(%)4		(%)1		($)	(%)
CLASS A
02-28-20095	9.61	0.11		(4.20	)	(4.09	)	(0.08	)	(0.11	)	—	(0.19	)	5.33	(42.79	)	6,7		1.52	8,10	0.62	8,9,20	3.29	8	1,745	11
08-31-2008	11.02	0.02		(1.20	)	(1.18	)	(0.08	)	(0.15	)	—	(0.23	)	9.61	(10.93	)	7		1.80	10	0.64	9,11	0.20		2,132	14
08-31-200712	10.00	(0.02	)	1.20		1.18		(0.04	)	(0.12	)	—	(0.16	)	11.02	11.92	6,7			2.47	8,10	0.62	8	(0.20	)8	610	4
CLASS B
02-28-20095	9.53	0.08		(4.16	)	(4.08	)	(0.02	)	(0.11	)	—	(0.13	)	5.32	(43.01	)	6,7		4.88	8,10	1.32	8,9,20	2.36	8	347	11
08-31-2008	10.97	(0.01	)	(1.23	)	(1.24	)	(0.05	)	(0.15	)	—	(0.20	)	9.53	(11.48	)	7		4.24	10	1.34	9,11	(0.14	)	555	14
08-31-200712	10.00	(0.06	)	1.18		1.12		(0.03	)	(0.12	)	—	(0.15	)	10.97	11.28	6,7			4.27	8,10	1.30	8	(0.62	)8	396	4
CLASS C
02-28-20095	9.53	0.08		(4.17	)	(4.09	)	(0.02	)	(0.11	)	—	(0.13	)	5.31	(43.11	)	6,7		6.56	8,10	1.32	8,9,20	2.36	8	235	11
08-31-2008	10.97	—	13	(1.24	)	(1.24	)	(0.05	)	(0.15	)	—	(0.20	)	9.53	(11.48	)	7		5.91	10	1.34	9,11	(0.02	)	328	14
08-31-200712	10.00	(0.06	)	1.18		1.12		(0.03	)	(0.12	)	—	(0.15	)	10.97	11.28	6,7			4.13	8,10	1.31	8	(0.66	)8	243	4
CLASS R
02-28-20095	9.55	0.12		(4.21	)	(4.09	)	(0.03	)	(0.11	)	—	(0.14	)	5.32	(43.01	)	6,7		17.03	8,10	1.17	8,9,20	3.76	8	115	11
08-31-2008	10.99	0.02		(1.24	)	(1.22	)	(0.07	)	(0.15	)	—	(0.22	)	9.55	(11.33	)	7		15.30	10	1.10	9,11	0.19		79	14
08-31-200712	10.00	(0.02	)	1.16		1.14		(0.03	)	(0.12	)	—	(0.15	)	10.99	11.47	6,7			16.48	8,10	1.07	8	(0.20	)8	114	4
CLASS R1
02-28-20095	9.58	0.10		(4.19	)	(4.09	)	(0.05	)	(0.11	)	—	(0.16	)	5.33	(42.87	)	6,7		6.80	8,10	0.92	8,9,20	3.26	8	227	11
08-31-2008	11.00	—	13	(1.19	)	(1.19	)	(0.08	)	(0.15	)	—	(0.23	)	9.58	(11.06	)	7		10.40	10	0.88	9,11	(0.02	)	177	14
08-31-200712	10.00	—	13	1.15		1.15		(0.03	)	(0.12	)	—	(0.15	)	11.00	11.62	6,7			16.29	8,10	0.86	8	0.01	8	112	4
CLASS R2
02-28-20095	9.61	0.10		(4.19	)	(4.09	)	(0.08	)	(0.11	)	—	(0.19	)	5.33	(42.84	)	6,7		2.18	8,10	0.67	8,9,20	3.02	8	672	11
08-31-2008	11.02	(0.01	)	(1.16	)	(1.17	)	(0.09	)	(0.15	)	—	(0.24	)	9.61	(10.87	)	7		5.25	10	0.67	9,11	(0.07	)	1,382	14
08-31-200712	10.00	0.02		1.16		1.18		(0.04	)	(0.12	)	—	(0.16	)	11.02	11.87	6,7			15.69	8,10	0.61	8	0.24	8	153	4
CLASS R3
02-28-20095	9.59	0.09		(4.18	)	(4.09	)	(0.06	)	(0.11	)	—	(0.17	)	5.33	(42.85	)	6,7		7.37	8,10	0.82	8,9,20	2.73	8	244	11
08-31-2008	11.01	0.02		(1.21	)	(1.19	)	(0.08	)	(0.15	)	—	(0.23	)	9.59	(11.05	)	7		9.94	10	0.81	9,11	0.24		278	14
08-31-200712	10.00	0.01		1.15		1.16		(0.03	)	(0.12	)	—	(0.15	)	11.01	11.74	6,7			16.22	8,10	0.79	8	0.08	8	112	4
CLASS R4
02-28-20095	9.63	0.09		(4.19	)	(4.10	)	(0.09	)	(0.11	)	—	(0.20	)	5.33	(42.84	)	6,7		16.21	8,10	0.52	8,9,20	2.75	8	87	11
08-31-2008	11.03	0.04		(1.20	)	(1.16	)	(0.09	)	(0.15	)	—	(0.24	)	9.63	(10.77	)	7		11.02	10	0.52	9,11	0.41		219	14
08-31-200712	10.00	0.03		1.16		1.19		(0.04	)	(0.12	)	—	(0.16	)	11.03	12.00	6,7			15.92	8,10	0.50	8	0.36	8	112	4
CLASS R5
02-28-20095	9.67	0.12		(4.22	)	(4.10	)	(0.12	)	(0.11	)	—	(0.23	)	5.34	(42.72	)	6,7		12.27	8,10	0.22	8,9,20	3.58	8	124	11
08-31-2008	11.05	0.08		(1.21	)	(1.13	)	(0.10	)	(0.15	)	—	(0.25	)	9.67	(10.49	)	7		11.07	10	0.23	9,11	0.78		149	14
08-31-200712	10.00	0.06		1.15		1.21		(0.04	)	(0.12	)	—	(0.16	)	11.05	12.26	6,7			15.08	8,10	0.22	8	0.62	8	119	4
CLASS 1
02-28-20095	9.68	0.12		(4.23	)	(4.11	)	(0.12	)	(0.11	)	—	(0.23	)	5.34	(42.73	)	6,7		0.17	8,10	0.17	8,9,20	3.58	8	139,385	11
08-31-2008	11.05	0.07		(1.19	)	(1.12	)	(0.10	)	(0.15	)	—	(0.25	)	9.68	(10.40	)	7		0.19	10	0.19	9	0.66		161,263	14
08-31-200712	10.00	(0.01	)	1.23		1.22		(0.05	)	(0.12	)	—	(0.17	)	11.05	12.27	6,7			0.45	8,10	0.20	8	(0.06	)8	39,674	4

See notes to financial statements Semiannual report   Lifecycle Portfolios 47

FINANCIAL STATEMENTS

Financial highlights
Continued

Lifecycle 2030 Portfolio
Per share operating performance for a share outstanding throughout each period																			Ratios and supplemental data
		Income (loss) from
		investment operations						Less distributions										Ratios to average net assets
																							Ratio
				Net																			of net
				realized		Total													Ratio of		Ratio		investment		Net
	Net asset	Net		and		from		From net											gross		of net		income		assets,
	value,	invest-		unrealized		invest-		invest-				From			Net asset				expenses		expenses to		(loss) to		end of
	beginning	ment in-		gain (loss)		ment		ment		From net		capital	Total		value, end	Total			to average		average net		average		period (in	Portfolio
	of period	come (loss)		on invest-		operations		income		realized		paid-in	distribu-		of period	return			net assets		assets		net assets		thousands)	turnover
Period ended	($)	($)1,2		ments ($)		($)		($)		gain ($)		($)	tions ($)		($)	(%)3			(%)4		(%)4		(%)1		($)	(%)
CLASS A
02-28-20095	9.57	0.11		(4.17	)	(4.06	)	(0.08	)	(0.11	)	—	(0.19	)	5.32	(42.66	)6,7		1.19	8,10	0.61	8,9,20	3.29	8	2,928	12
08-31-2008	10.91	0.04		(1.18	)	(1.14	)	(0.07	)	(0.13	)	—	(0.20	)	9.57	(10.66	)7		1.33	10	0.63	9,11	0.43		3,345	10
08-31-200712	10.00	(0.02	)	1.14		1.12		(0.06	)	(0.15	)	—	(0.21	)	10.91	11.38	6,7,14		2.02	8,10	0.63	8	(0.23	)8	1,135	3
CLASS B
02-28-20095	9.51	0.08		(4.14	)	(4.06	)	(0.02	)	(0.11	)	—	(0.13	)	5.32	(42.88	)6,7		4.33	8,10	1.31	8,9,20	2.49	8	405	12
08-31-2008	10.85	(0.01	)	(1.21	)	(1.22	)	—		(0.12	)	—	(0.12	)	9.51	(11.37	)7		4.89	10	1.33	9,11	(0.09	)	523	10
08-31-200712	10.00	(0.05	)	1.10		1.05		(0.05	)	(0.15	)	—	(0.20	)	10.85	10.64	6,7,14		3.90	8,10	1.31	8	(0.57	)8	298	3
CLASS C
02-28-20095	9.51	0.09		(4.15	)	(4.06	)	(0.02	)	(0.11	)	—	(0.13	)	5.32	(42.88	)6,7		4.25	8,10	1.31	8,9,20	2.70	8	475	12
08-31-2008	10.85	—	13	(1.22	)	(1.22	)	—		(0.12	)	—	(0.12	)	9.51	(11.37	)7		3.96	10	1.33	9,11	0.04		490	10
08-31-200712	10.00	(0.05	)	1.10		1.05		(0.05	)	(0.15	)	—	(0.20	)	10.85	10.64	6,7,14		3.82	8,10	1.31	8	(0.59	)8	551	3
CLASS R
02-28-20095	9.50	0.07		(4.12	)	(4.05	)	(0.03	)	(0.11	)	—	(0.14	)	5.31	(42.82	)6,7		9.90	8,10	1.16	8,9,20	2.15	8	246	12
08-31-2008	10.86	—	13	(1.20	)	(1.20	)	(0.03	)	(0.13	)	—	(0.16	)	9.50	(11.18	)7		10.12	10	1.11	9,11	0.03		229	10
08-31-200712	10.00	(0.01	)	1.07		1.06		(0.05	)	(0.15	)	—	(0.20	)	10.86	10.73	7,6,15		16.04	8,10	1.07	8	(0.11	)8	131	3
CLASS R1
02-28-20095	9.52	0.10		(4.15	)	(4.05	)	(0.05	)	(0.11	)	—	(0.16	)	5.31	(42.73	)6,7		4.62	8,10	0.91	8,9,20	3.28	8	431	12
08-31-2008	10.88	—	13	(1.17	)	(1.17	)	(0.06	)	(0.13	)	—	(0.19	)	9.52	(10.92	)7		8.40	10	0.88	9,11	0.02		320	10
08-31-200712	10.00	0.01		1.08		1.09		(0.06	)	(0.15	)	—	(0.21	)	10.88	10.98	6,7,14		16.24	8,10	0.86	8	0.12	8	112	3
CLASS R2
02-28-20095	9.54	0.11		(4.16	)	(4.05	)	(0.07	)	(0.11	)	—	(0.18	)	5.31	(42.64	)6,7		1.81	8,10	0.66	8,9,20	3.28	8	1,048	12
08-31-2008	10.90	0.02		(1.16	)	(1.14	)	(0.09	)	(0.13	)	—	(0.22	)	9.54	(10.67	)7		5.58	10	0.65	9,11	0.15		1,334	10
08-31-200712	10.00	0.03		1.08		1.11		(0.06	)	(0.15	)	—	(0.21	)	10.90	11.23	6,7,14		15.95	8,10	0.61	8	0.37	8	143	3
CLASS R3
02-28-20095	9.53	0.10		(4.15	)	(4.05	)	(0.06	)	(0.11	)	—	(0.17	)	5.31	(42.70	)6,7		4.38	8,10	0.81	8,9,20	2.97	8	382	12
08-31-2008	10.88	0.08		(1.24	)	(1.16	)	(0.06	)	(0.13	)	—	(0.19	)	9.53	(10.83	)7		4.24	10	0.78	9,11	0.76		676	10
08-31-200712	10.00	0.02		1.07		1.09		(0.06	)	(0.15	)	—	(0.21	)	10.88	11.00	6,7,14		16.18	8,10	0.79	8	0.19	8	112	3
CLASS R4
02-28-20095	9.55	0.15		(4.19	)	(4.04	)	(0.09	)	(0.11	)	—	(0.20	)	5.31	(42.57	)6,7		11.76	8,10	0.51	8,9,20	4.84	8	189	12
08-31-2008	10.91	0.08		(1.22	)	(1.14	)	(0.09	)	(0.13	)	—	(0.22	)	9.55	(10.66	)7		14.83	10	0.49	9,11	0.79		115	10
08-31-200712	10.00	0.04		1.08		1.12		(0.06	)	(0.15	)	—	(0.21	)	10.91	11.36	6,7,14		15.88	8,10	0.50	8	0.47	8	111	3
CLASS R5
02-28-20095	9.57	0.12		(4.17	)	(4.05	)	(0.11	)	(0.11	)	—	(0.22	)	5.30	(42.55	)6,7		2.36	8,10	0.21	8,9,20	3.60	8	621	12
08-31-2008	10.93	0.04		(1.15	)	(1.11	)	(0.12	)	(0.13	)	—	(0.25	)	9.57	(10.41	)7		6.18	10	0.24	9,11	0.42		1,002	10
08-31-200712	10.00	0.07		1.08		1.15		(0.07	)	(0.15	)	—	(0.22	)	10.93	11.62	6,7,14		15.57	8,10	0.22	8	0.76	8	112	3
CLASS 1
02-28-20095	9.57	0.12		(4.16	)	(4.04	)	(0.12	)	(0.11	)	—	(0.23	)	5.30	(42.49	)6,7		0.16	8,10	0.16	8,9,20	3.68	8	182,859	12
08-31-2008	10.93	0.08		(1.19	)	(1.11	)	(0.12	)	(0.13	)	—	(0.25	)	9.57	(10.41	)		0.18	10	0.18	9	0.75		219,711	10
08-31-200712	10.00	0.01		1.14		1.15		(0.07	)	(0.15	)	—	(0.22	)	10.93	11.63	6,7,14		0.38	8,10	0.20	8	0.12	8	50,070	3

48 Lifecycle Portfolios   Semiannual report See notes to financial statements

Financial highlights
Continued

Lifecycle 2025 Portfolio
Per share operating performance for a share outstanding throughout each period																			Ratios and supplemental data
		Income (loss) from
		investment operations						Less distributions										Ratios to average net assets
																							Ratio
				Net																			of net
				realized		Total													Ratio of		Ratio		investment		Net
	Net asset	Net		and		from		From net											gross		of net		income		assets,
	value,	invest-		unrealized		invest-		invest-				From			Net asset				expenses		expenses to		(loss) to		end of
	beginning	ment in-		gain (loss)		ment		ment		From net		capital	Total		value, end	Total			to average		average net		average		period (in	Portfolio
	of period	come (loss)		on invest-		operations		income		realized		paid-in	distribu-		of period	return			net assets		assets		net assets		thousands)	turnover
Period ended	($)	($)1,2		ments ($)		($)		($)		gain ($)		($)	tions ($)		($)	(%)3			(%)4		(%)4		(%)1		($)	(%)
CLASS A
02-28-20095	9.57	0.13		(4.03	)	(3.90	)	(0.12	)	(0.11	)	—	(0.23	)	5.44	(41.06	)6,7		1.12	8,10	0.60	8,9,20	4.02	8	3,209	15
08-31-2008	10.85	0.05		(1.12	)	(1.07	)	(0.08	)	(0.13	)	—	(0.21	)	9.57	(10.08	)7		1.49	10	0.62	9,11	0.52		3,604	9
08-31-200712	10.00	0.02		1.03		1.05		(0.07	)	(0.13	)	—	(0.20	)	10.85	10.57	6,7,15		2.25	8,10	0.63	8	0.19	8	661	3
CLASS B
02-28-20095	9.51	0.10		(4.01	)	(3.91	)	(0.05	)	(0.11	)	—	(0.16	)	5.44	(41.28	)6,7		4.00	8,10	1.30	8,9,20	3.07	8	487	15
08-31-2008	10.80	0.02		(1.18	)	(1.16	)	—		(0.13	)	—	(0.13	)	9.51	(10.87	)7		4.38	10	1.32	9,11	0.17		666	9
08-31-200712	10.00	(0.03	)	1.01		0.98		(0.05	)	(0.13	)	—	(0.18	)	10.80	9.94	6,7,15		3.82	8,10	1.31	8	(0.32	)8	257	3
CLASS C
02-28-20095	9.51	0.11		(4.02	)	(3.91	)	(0.05	)	(0.11	)	—	(0.16	)	5.44	(41.28	)6,7		3.73	8,10	1.30	8,9,20	3.17	8	528	15
08-31-2008	10.80	0.02		(1.18	)	(1.16	)	—		(0.13	)	—	(0.13	)	9.51	(10.87	)7		4.56	10	1.32	9,11	0.23		685	9
08-31-200712	10.00	(0.03	)	1.01		0.98		(0.05	)	(0.13	)	—	(0.18	)	10.80	9.94	6,7,15		3.81	8,10	1.32	8	(0.32	)8	232	3
CLASS R
02-28-20095	9.51	0.13		(4.03	)	(3.90	)	(0.06	)	(0.11	)	—	(0.17	)	5.44	(41.18	)6,7		12.48	8,10	1.15	8,9,20	3.82	8	145	15
08-31-2008	10.82	0.05		(1.19	)	(1.14	)	(0.04	)	(0.13	)	—	(0.17	)	9.51	(10.66	)7		13.55	10	1.09	9,11	0.46		140	9
08-31-200712	10.00	0.01		0.99		1.00		(0.05	)	(0.13	)	—	(0.18	)	10.82	10.13	6,7,15		16.31	8,10	1.08	8	0.14	8	113	3
CLASS R1
02-28-20095	9.52	0.12		(4.01	)	(3.89	)	(0.09	)	(0.11	)	—	(0.20	)	5.43	(41.14	)6,7		5.23	8,10	0.90	8,9,20	3.81	8	317	15
08-31-2008	10.83	0.03		(1.14	)	(1.11	)	(0.07	)	(0.13	)	—	(0.20	)	9.52	(10.42	)7		8.37	10	0.87	9,11	0.27		285	9
08-31-200712	10.00	0.03		0.99		1.02		(0.06	)	(0.13	)	—	(0.19	)	10.83	10.28	6,7,15		16.14	8,10	0.87	8	0.35	8	111	3
CLASS R2
02-28-20095	9.53	0.12		(4.00	)	(3.88	)	(0.11	)	(0.11	)	—	(0.22	)	5.43	(40.99	)6,7		2.09	8,10	0.65	8,9,20	3.62	8	814	15
08-31-2008	10.85	0.08		(1.17	)	(1.09	)	(0.10	)	(0.13	)	—	(0.23	)	9.53	(10.26	)7		5.67	10	0.63	9,11	0.82		1,703	9
08-31-200712	10.00	0.05		0.99		1.04		(0.06	)	(0.13	)	—	(0.19	)	10.85	10.53	7,6,15		15.70	8,10	0.62	8	0.59	8	117	3
CLASS R3
02-28-20095	9.53	0.09		(3.98	)	(3.89	)	(0.10	)	(0.11	)	—	(0.21	)	5.43	(41.11	)6,7		3.87	8,10	0.80	8,9,20	2.94	8	884	15
08-31-2008	10.84	0.13		(1.24	)	(1.11	)	(0.07	)	(0.13	)	—	(0.20	)	9.53	(10.41	)7		5.37	10	0.78	9,11	1.22		456	9
08-31-200712	10.00	0.03		1.00		1.03		(0.06	)	(0.13	)	—	(0.19	)	10.84	10.40	6,7,15		14.43	8,10	0.81	8	0.34	8	186	3
CLASS R4
02-28-20095	9.55	0.13		(4.02	)	(3.89	)	(0.12	)	(0.11	)	—	(0.23	)	5.43	(40.98	)6,7		15.02	8,10	0.50	8,9,20	3.85	8	108	15
08-31-2008	10.86	0.09		(1.17	)	(1.08	)	(0.10	)	(0.13	)	—	(0.23	)	9.55	(10.16	)7		11.76	10	0.49	9,11	0.90		207	9
08-31-200712	10.00	0.06		0.99		1.05		(0.06	)	(0.13	)	—	(0.19	)	10.86	10.65	6,7,15		15.77	8,10	0.52	8	0.70	8	111	3
CLASS R5
02-28-20095	9.57	0.14		(4.03	)	(3.89	)	(0.15	)	(0.11	)	—	(0.26	)	5.42	(40.96	)6,7		7.32	8,10	0.20	8,9,20	4.20	8	203	15
08-31-2008	10.88	0.09		(1.14	)	(1.05	)	(0.13	)	(0.13	)	—	(0.26	)	9.57	(9.91	)7		7.87	10	0.21	9,11	0.92		285	9
08-31-200712	10.00	0.09		0.99		1.08		(0.07	)	(0.13	)	—	(0.20	)	10.88	10.91	6,7,15		15.34	8,10	0.23	8	0.98	8	113	3
CLASS 1
02-28-20095	9.58	0.14		(4.03	)	(3.89	)	(0.16	)	(0.11	)	—	(0.27	)	5.42	(40.95	)6,7		0.15	8,10	0.15	8,9,20	4.30	8	232,657	15
08-31-2008	10.88	0.11		(1.15	)	(1.04	)	(0.13	)	(0.13	)	—	(0.26	)	9.58	(9.81	)7		0.17	10	0.17	9,11	1.08		280,532	9
08-31-200712	10.00	0.04		1.04		1.08		(0.07	)	(0.13	)	—	(0.20	)	10.88	10.93	6,7,15		0.31	8,10	0.20	8	0.39	8	67,149	3

 

See notes to financial statements Semiannual report   Lifecycle Portfolios 49

FINANCIAL STATEMENTS

Financial highlights
Continued

Lifecycle 2020 Portfolio
Per share operating performance for a share outstanding throughout each period																			Ratios and supplemental data
		Income (loss) from
		investment operations						Less distributions										Ratios to average net assets
																							Ratio
				Net																			of net
				realized		Total													Ratio of		Ratio		investment		Net
	Net asset	Net		and		from		From net											gross		of net		income		assets,
	value,	invest-		unrealized		invest-		invest-				From			Net asset				expenses		expenses to		(loss) to		end of
	beginning	ment in-		gain (loss)		ment		ment		From net		capital	Total		value, end	Total			to average		average net		average		period (in	Portfolio
	of period	come (loss)		on invest-		operations		income		realized		paid-in	distribu-		of period	return			net assets		assets		net assets		thousands)	turnover
Period ended	($)	($)1,2		ments ($)		($)		($)		gain ($)		($)	tions ($)		($)	(%)3			(%)4		(%)4		(%)1		($)	(%)
CLASS A
02-28-20095	9.65	0.16		(3.86	)	(3.70	)	(0.16	)	(0.12	)	—	(0.28	)	5.67	(38.62	)6,7		1.03	8,10	0.60	8,9,20	4.74	8	4,224	14
08-31-2008	10.80	0.12		(1.05	)	(0.93	)	(0.11	)	(0.11	)	—	(0.22	)	9.65	(8.82	)7		1.15	10	0.62	9,11	1.18		4,285	10
08-31-200712	10.00	0.04		0.94		0.98		(0.07	)	(0.11	)	—	(0.18	)	10.80	9.87	6,7,16		1.59	8,10	0.64	8	0.49	8	1,491	7
CLASS B
02-28-20095	9.60	0.13		(3.83	)	(3.70	)	(0.10	)	(0.12	)	—	(0.22	)	5.68	(38.80	)6,7		2.93	8,10	1.30	8,9,20	3.81	8	780	14
08-31-2008	10.75	0.07		(1.08	)	(1.01	)	(0.03	)	(0.11	)	—	(0.14	)	9.60	(9.52	)7		2.72	10	1.32	9,11	0.68		1,278	10
08-31-200712	10.00	0.01		0.91		0.92		(0.06	)	(0.11	)	—	(0.17	)	10.75	9.24	6,7,16		3.29	8,10	1.32	8	0.06	8	607	7
CLASS C
02-28-20095	9.60	0.14		(3.84	)	(3.70	)	(0.10	)	(0.12	)	—	(0.22	)	5.68	(38.80	)6,7		2.90	8,10	1.30	8,9,20	3.93	8	775	14
08-31-2008	10.75	0.08		(1.09	)	(1.01	)	(0.03	)	(0.11	)	—	(0.14	)	9.60	(9.52	)7		2.94	10	1.32	9,11	0.76		1,132	10
08-31-200712	10.00	—	13	0.92		0.92		(0.06	)	(0.11	)	—	(0.17	)	10.75	9.24	6,7,16		3.52	8,10	1.32	8	—	8,13	613	7
CLASS R
02-28-20095	9.59	0.12		(3.81	)	(3.69	)	(0.11	)	(0.12	)	—	(0.23	)	5.67	(38.74	)6,7		8.50	8,10	1.15	8,9,20	3.61	8	263	14
08-31-2008	10.76	0.08		(1.07	)	(0.99	)	(0.07	)	(0.11	)	—	(0.18	)	9.59	(9.32	)7		10.14	10	1.10	9,11	0.81		211	10
08-31-200712	10.00	0.05		0.87		0.92		(0.05	)	(0.11	)	—	(0.16	)	10.76	9.33	6,7,16		16.25	8,10	1.08	8	0.52	8	119	7
CLASS R1
02-28-20095	9.61	0.16		(3.86	)	(3.70	)	(0.13	)	(0.12	)	—	(0.25	)	5.66	(38.76	)6,7		2.87	8,10	0.90	8,9,20	4.65	8	720	14
08-31-2008	10.78	0.08		(1.04	)	(0.96	)	(0.10	)	(0.11	)	—	(0.21	)	9.61	(9.07	)7		9.71	10	0.86	9,11	0.77		250	10
08-31-200712	10.00	0.07		0.88		0.95		(0.06	)	(0.11	)	—	(0.17	)	10.78	9.58	6,7,16		16.14	8,10	0.87	8	0.74	8	110	7
CLASS R2
02-28-20095	9.63	0.17		(3.87	)	(3.70	)	(0.15	)	(0.12	)	—	(0.27	)	5.66	(38.67	)6,7		1.99	8,10	0.65	8,9,20	4.76	8	918	14
08-31-2008	10.79	0.07		(0.99	)	(0.92	)	(0.13	)	(0.11	)	—	(0.24	)	9.63	(8.73	)7		3.70	10	0.64	9,11	0.74		1,520	10
08-31-200712	10.00	0.08		0.88		0.96		(0.06	)	(0.11	)	—	(0.17	)	10.79	9.72	6,7,16		15.23	8,10	0.62	8	0.92	8	214	7
CLASS R3
02-28-20095	9.62	0.15		(3.85	)	(3.70	)	(0.14	)	(0.12	)	—	(0.26	)	5.66	(38.73	)6,7		3.05	8,10	0.80	8,9,20	4.49	8	659	14
08-31-2008	10.78	0.15		(1.10	)	(0.95	)	(0.10	)	(0.11	)	—	(0.21	)	9.62	(8.98	)7		3.97	10	0.78	9,11	1.48		825	10
08-31-200712	10.00	0.07		0.88		0.95		(0.06	)	(0.11	)	—	(0.17	)	10.78	9.59	6,7,16		15.58	8,10	0.80	8	0.80	8	126	7
CLASS R4
02-28-20095	9.64	0.16		(3.85	)	(3.69	)	(0.17	)	(0.12	)	—	(0.29	)	5.66	(38.61	)6,7		13.93	8,10	0.50	8,9,20	4.76	8	118	14
08-31-2008	10.80	0.16		(1.08	)	(0.92	)	(0.13	)	(0.11	)	—	(0.24	)	9.64	(8.72	)7		13.87	10	0.48	9,11	1.50		138	10
08-31-200712	10.00	0.10		0.88		0.98		(0.07	)	(0.11	)	—	(0.18	)	10.80	9.85	6,7,16		15.75	8,10	0.52	8	1.09	8	110	7
CLASS R5
02-28-20095	9.66	0.17		(3.85	)	(3.68	)	(0.20	)	(0.12	)	—	(0.32	)	5.66	(38.47	)6,7		3.01	8,10	0.20	8,9,20	4.99	8	513	14
08-31-2008	10.82	0.19		(1.08	)	(0.89	)	(0.16	)	(0.11	)	—	(0.27	)	9.66	(8.47	)7		6.46	10	0.21	9,11	1.83		758	10
08-31-200712	10.00	0.10		0.90		1.00		(0.07	)	(0.11	)	—	(0.18	)	10.82	10.11	6,7,16		8.22	8,10	0.23	8	1.08	8	272	7
CLASS 1
02-28-20095	9.67	0.17		(3.86	)	(3.69	)	(0.20	)	(0.12	)	—	(0.32	)	5.66	(38.47	)6,7		0.15	8	0.15	8,9,20	5.06	8	230,400	14
08-31-2008	10.82	0.15		(1.03	)	(0.88	)	(0.16	)	(0.11	)	—	(0.27	)	9.67	(8.38	)7		0.17	10	0.17	9,11	1.49		276,252	10
08-31-200712	10.00	0.07		0.93		1.00		(0.07	)	(0.11	)	—	(0.18	)	10.82	10.22	6,7,16		0.32	8,10	0.20	8	0.78	8	64,901	7

50 Lifecycle Portfolios   Semiannual report See notes to financial statements

Financial highlights
Continued

Lifecycle 2015 Portfolio
Per share operating performance for a share outstanding throughout each period																		Ratios and supplemental data
		Income (loss) from
		investment operations					Less distributions										Ratios to average net assets
																						Ratio
			Net																			of net
			realized		Total													Ratio of		Ratio		investment		Net
	Net asset	Net	and		from		From net											gross		of net		income		assets,
	value,	invest-	unrealized		invest-		invest-				From			Net asset				expenses		expenses to		(loss) to		end of
	beginning	ment in-	gain (loss)		ment		ment		From net		capital	Total		value, end	Total			to average		average net		average		period (in	Portfolio
	of period	come (loss)	on invest-		operations		income		realized		paid-in	distribu-		of period	return			net assets		assets		net assets		thousands)	turnover
Period ended	($)	($)1,2	ments ($)		($)		($)		gain ($)		($)	tions ($)		($)	(%)3			(%)4		(%)4		(%)1		($)	(%)
CLASS A
02-28-20095	9.66	0.20	(3.62	)	(3.42	)	(0.21	)	(0.13	)	—	(0.34	)	5.90	(35.66	)6,7		1.19	8,10	0.61	8,9,20	5.71	8	2,634	17
08-31-2008	10.65	0.18	(0.92	)	(0.74	)	(0.14	)	(0.11	)	—	(0.25	)	9.66	(7.16	)7		1.43		0.63	9,11	1.74		2,776	10
08-31-200712	10.00	0.07	0.76		0.83		(0.09	)	(0.09	)	—	(0.18	)	10.65	8.37	6,7,17		2.19	8,10	0.63	8	0.86	8	836	9
CLASS B
02-28-20095	9.61	0.17	(3.59	)	(3.42	)	(0.15	)	(0.13	)	—	(0.28	)	5.91	(35.84	)6,7		3.36	8,10	1.31	8,9,20	4.74	8	590	17
08-31-2008	10.60	0.13	(0.95	)	(0.82	)	(0.06	)	(0.11	)	—	(0.17	)	9.61	(7.86	)7		3.46		1.32	9,11	1.27		902	10
08-31-200712	10.00	0.04	0.73		0.77		(0.08	)	(0.09	)	—	(0.17	)	10.60	7.74	6,7,17		3.28	8,10	1.32	8	0.46	8	458	9
CLASS C
02-28-20095	9.61	0.18	(3.61	)	(3.43	)	(0.15	)	(0.13	)	—	(0.28	)	5.90	(35.95	)6,7		3.06	8,10	1.31	8,9,20	5.08	8	614	17
08-31-2008	10.60	0.12	(0.94	)	(0.82	)	(0.06	)	(0.11	)	—	(0.17	)	9.61	(7.86	)7		4.53		1.33	9,11	1.15		762	10
08-31-200712	10.00	0.06	0.71		0.77		(0.08	)	(0.09	)	—	(0.17	)	10.60	7.74	6,7,17		4.01	8,10	1.32	8	0.65	8	261	9
CLASS R
02-28-20095	9.61	0.17	(3.59	)	(3.42	)	(0.16	)	(0.13	)	—	(0.29	)	5.90	(35.83	)6,7		12.01	8,10	1.16	8,9,20	4.73	8	152	17
08-31-2008	10.62	0.14	(0.94	)	(0.80	)	(0.10	)	(0.11	)	—	(0.21	)	9.61	(7.66	)7		12.94		1.10	9,11	1.39		169	10
08-31-200712	10.00	0.09	0.70		0.79		(0.08	)	(0.09	)	—	(0.17	)	10.62	7.93	6,7,17		16.63	8,10	1.08	8	0.99	8	110	9
CLASS R1
02-28-20095	9.62	0.20	(3.61	)	(3.41	)	(0.19	)	(0.13	)	—	(0.32	)	5.89	(35.79	)6,7		8.73	8,10	0.91	8,9,20	5.70	8	200	17
08-31-2008	10.63	0.16	(0.93	)	(0.77	)	(0.13	)	(0.11	)	—	(0.24	)	9.62	(7.41	)7		8.84		0.86	9,11	1.61		207	10
08-31-200712	10.00	0.11	0.69		0.80		(0.08	)	(0.09	)	—	(0.17	)	10.63	8.08	6,7,17		16.47	8,10	0.87	8	1.21	8	108	9
CLASS R2
02-28-20095	9.64	0.21	(3.62	)	(3.41	)	(0.21	)	(0.13	)	—	(0.34	)	5.89	(35.70	)6,7		2.28	8,10	0.66	8,9,20	5.81	8	915	17
08-31-2008	10.65	0.16	(0.90	)	(0.74	)	(0.16	)	(0.11	)	—	(0.27	)	9.64	(7.16	)7		5.34		0.64	9,11	1.57		1,202	10
08-31-200712	10.00	0.12	0.71		0.83		(0.09	)	(0.09	)	—	(0.18	)	10.65	8.33	6,7,17		15.31	8,10	0.62	8	1.34	8	161	9
CLASS R3
02-28-20095	9.63	0.17	(3.59	)	(3.42	)	(0.19	)	(0.13	)	—	(0.32	)	5.89	(35.77	)6,7		3.60	8,10	0.81	8,9,20	4.70	8	549	17
08-31-2008	10.63	0.15	(0.91	)	(0.76	)	(0.13	)	(0.11	)	—	(0.24	)	9.63	(7.32	)7		6.20		0.81	9,11	1.48		693	10
08-31-200712	10.00	0.11	0.69		0.80		(0.08	)	(0.09	)	—	(0.17	)	10.63	8.10	6,7,17		16.38	8,10	0.80	8	1.28	8	108	9
CLASS R4
02-28-20095	9.65	0.20	(3.61	)	(3.41	)	(0.22	)	(0.13	)	—	(0.35	)	5.89	(35.63	)6,7		10.28	8,10	0.51	8,9,20	5.70	8	169	17
08-31-2008	10.65	0.21	(0.94	)	(0.73	)	(0.16	)	(0.11	)	—	(0.27	)	9.65	(7.06	)7		12.64		0.50	9,11	2.02		172	10
08-31-200712	10.00	0.14	0.69		0.83		(0.09	)	(0.09	)	—	(0.18	)	10.65	8.35	6,7,17		16.08	8,10	0.52	8	1.56	8	108	9
CLASS R5
02-28-20095	9.67	0.21	(3.61	)	(3.40	)	(0.25	)	(0.13	)	—	(0.38	)	5.89	(35.50	)6,7		4.90	8,10	0.21	8,9,20	5.83	8	70	17
08-31-2008	10.67	0.18	(0.88	)	(0.70	)	(0.19	)	(0.11	)	—	(0.30	)	9.67	(6.81	)7		5.09		0.22	9,11	1.81		464	10
08-31-200712	10.00	0.16	0.69		0.85		(0.09	)	(0.09	)	—	(0.18	)	10.67	8.61	6,7,17		15.77	8,10	0.23	8	1.84	8	109	9
CLASS 1
02-28-20095	9.68	0.21	(3.61	)	(3.40	)	(0.26	)	(0.13	)	—	(0.39	)	5.89	(35.51	)6,7		0.16	8,10	0.16	8,9,20	5.92	8	181,327	17
08-31-2008	10.68	0.21	(0.91	)	(0.70	)	(0.19	)	(0.11	)	—	(0.30	)	9.68	(6.80	)7		0.18		0.18	9	2.12		216,679	10
08-31-200712	10.00	0.10	0.76		0.86		(0.09	)	(0.09	)	—	(0.18	)	10.68	8.72	6,7,17		0.36	8,10	0.20	8	1.19	8	55,723	9

See notes to financial statements Semiannual report   Lifecycle Portfolios 51

FINANCIAL STATEMENTS

Financial highlights
Continued

 

Lifecycle 2010 Portfolio
Per share operating performance for a share outstanding throughout each period																		Ratios and supplemental data
		Income (loss) from
		investment operations					Less distributions										Ratios to average net assets
																						Ratio
			Net																			of net
			realized		Total													Ratio of		Ratio		investment		Net
	Net asset	Net	and		from		From net											gross		of net		income		assets,
	value,	invest-	unrealized		invest-		invest-				From			Net asset				expenses		expenses to		(loss) to		end of
	beginning	ment in-	gain (loss)		ment		ment		From net		capital	Total		value, end	Total			to average		average net		average		period (in	Portfolio
	of period	come (loss)	on invest-		operations		income		realized		paid-in	distribu-		of period	return			net assets		assets		net assets		thousands)	turnover
Period ended	($)	($)1,2	ments ($)		($)		($)		gain ($)		($)	tions ($)		($)	(%)3			(%)4		(%)4		(%)1		($)	(%)
CLASS A
02-28-20095	9.69	0.22	(3.30	)	(3.08	)	(0.26	)	(0.13	)	—	(0.39	)	6.22	(32.10	)6,7		1.40	8,10	0.63	8,9,20	6.14	8	1,726	17
08-31-2008	10.54	0.23	(0.83	)	(0.60	)	(0.16	)	(0.09	)	—	(0.25	)	9.69	(5.87	)7		1.61	10	0.65	9,11	2.28		2,050	14
08-31-200712	10.00	0.12	0.57		0.69		(0.09	)	(0.06	)	—	(0.15	)	10.54	6.99	6,7,18		2.45	8,10	0.63	8	1.42	8	665	17
CLASS B
02-28-20095	9.65	0.20	(3.30	)	(3.10	)	(0.19	)	(0.13	)	—	(0.32	)	6.23	(32.35	)6,7		8.79	8,10	1.33	8,9,20	5.37	8	182	17
08-31-2008	10.49	0.20	(0.87	)	(0.67	)	(0.08	)	(0.09	)	—	(0.17	)	9.65	(6.48	)7		8.12	10	1.35	9,11	1.96		224	14
08-31-200712	10.00	0.11	0.52		0.63		(0.08	)	(0.06	)	—	(0.14	)	10.49	6.36	6,7,18		5.13	8,10	1.30	8	1.23	8	131	17
CLASS C
02-28-20095	9.66	0.19	(3.30	)	(3.11	)	(0.19	)	(0.13	)	—	(0.32	)	6.23	(32.42	)6,7		3.20	8,10	1.34	8,9,20	5.08	8	823	17
08-31-2008	10.50	0.19	(0.86	)	(0.67	)	(0.08	)	(0.09	)	—	(0.17	)	9.66	(6.47	)7		3.21	10	1.35	9,11	1.85		985	14
08-31-200712	10.00	0.10	0.54		0.64		(0.08	)	(0.06	)	—	(0.14	)	10.50	6.46	6,7,18		4.20	8,10	1.32	8	1.15	8	415	17
CLASS R
02-28-20095	9.65	0.18	(3.27	)	(3.09	)	(0.21	)	(0.13	)	—	(0.34	)	6.22	(32.31	)6,7		18.66	8,10	1.18	8,9,20	4.89	8	107	17
08-31-2008	10.51	0.22	(0.86	)	(0.64	)	(0.13	)	(0.09	)	—	(0.22	)	9.65	(6.27	)7		16.36	10	1.12	9,11	2.16		102	14
08-31-200712	10.00	0.13	0.52		0.65		(0.08	)	(0.06	)	—	(0.14	)	10.51	6.56	6,7,18		17.12	8,10	1.09	8	1.49	8	107	17
CLASS R1
02-28-20095	9.66	0.21	(3.30	)	(3.09	)	(0.23	)	(0.13	)	—	(0.36	)	6.21	(32.27	)6,7		15.78	8,10	0.93	8,9,20	5.67	8	88	17
08-31-2008	10.52	0.23	(0.85	)	(0.62	)	(0.15	)	(0.09	)	—	(0.24	)	9.66	(6.02	)7		14.92	10	0.87	9,11	2.30		126	14
08-31-200712	10.00	0.15	0.52		0.67		(0.09	)	(0.06	)	—	(0.15	)	10.52	6.70	6,7,18		16.89	8,10	0.87	8	1.70	8	107	17
CLASS R2
02-28-20095	9.68	0.22	(3.31	)	(3.09	)	(0.25	)	(0.13	)	—	(0.38	)	6.21	(32.18	)6,7		2.08	8,10	0.68	8,9,20	5.78	8	727	17
08-31-2008	10.54	0.18	(0.77	)	(0.59	)	(0.18	)	(0.09	)	—	(0.27	)	9.68	(5.77	)7		3.54	10	0.69	9,11	1.87		2,274	14
08-31-200712	10.00	0.17	0.52		0.69		(0.09	)	(0.06	)	—	(0.15	)	10.54	6.95	6,7,18		16.62	8,10	0.62	8	1.95	8	107	17
CLASS R3
02-28-20095	9.67	0.21	(3.30	)	(3.09	)	(0.24	)	(0.13	)	—	(0.37	)	6.21	(32.25	)6,7		3.29	8,10	0.83	8,9,20	5.84	8	596	17
08-31-2008	10.53	0.26	(0.88	)	(0.62	)	(0.15	)	(0.09	)	—	(0.24	)	9.67	(6.02	)7		3.95	10	0.82	9,11	2.64		795	14
08-31-200712	10.00	0.16	0.52		0.68		(0.09	)	(0.06	)	—	(0.15	)	10.53	6.82	6,7,18		16.81	8,10	0.80	8	1.77	8	107	17
CLASS R4
02-28-20095	9.69	0.22	(3.30	)	(3.08	)	(0.27	)	(0.13	)	—	(0.40	)	6.21	(32.12	)6,7		17.64	8,10	0.53	8,9,20	5.74	8	61	17
08-31-2008	10.55	0.26	(0.85	)	(0.59	)	(0.18	)	(0.09	)	—	(0.27	)	9.69	(5.76	)7		12.38	10	0.53	9,11	2.56		205	14
08-31-200712	10.00	0.18	0.52		0.70		(0.09	)	(0.06	)	—	(0.15	)	10.55	7.08	6,7,18		16.51	8,10	0.52	8	2.06	8	107	17
CLASS R5
02-28-20095	9.71	0.21	(3.28	)	(3.07	)	(0.30	)	(0.13	)	—	(0.43	)	6.21	(31.99	)6,7		7.66	8,10	0.24	8,9,20	5.48	8	122	17
08-31-2008	10.57	0.24	(0.80	)	(0.56	)	(0.21	)	(0.09	)	—	(0.30	)	9.71	(5.51	)7		10.30	10	0.25	9,11	2.41		498	14
08-31-200712	10.00	0.21	0.52		0.73		(0.10	)	(0.06	)	—	(0.16	)	10.57	7.33	6,7,18		16.20	8,10	0.23	8	2.34	8	107	17
CLASS 1
02-28-20095	9.72	0.23	(3.31	)	(3.08	)	(0.30	)	(0.13	)	—	(0.43	)	6.21	(32.02	)6,7		0.18	8,10	0.18	8,9,20	6.39	8	102,558	17
08-31-2008	10.57	0.26	(0.81	)	(0.55	)	(0.21	)	(0.09	)	—	(0.30	)	9.72	(5.41	)7		0.21	10	0.20	9	2.61		121,337	14
08-31-200712	10.00	0.16	0.57		0.73		(0.10	)	(0.06	)	—	(0.16	)	10.57	7.34	6,7,18		0.56	8,10	0.20	8	1.78	8	25,428	17

52 Lifecycle Portfolios   Semiannual report See notes to financial statements

Financial highlights
Continued

Lifecycle Retirement Portfolio
Per share operating performance for a share outstanding throughout each period																		Ratios and supplemental data
		Income (loss) from
		investment operations					Less distributions										Ratios to average net assets
																						Ratio
			Net																			of net
			realized		Total													Ratio of		Ratio		investment		Net
	Net asset	Net	and		from		From net											gross		of net		income		assets,
	value,	invest-	unrealized		invest-		invest-				From			Net asset				expenses		expenses to		(loss) to		end of
	beginning	ment in-	gain (loss)		ment		ment		From net		capital	Total		value, end	Total			to average		average net		average		period (in	Portfolio
	of period	come (loss)	on invest-		operations		income		realized		paid-in	distribu-		of period	return			net assets		assets		net assets		thousands)	turnover
Period ended	($)	($)1,2	ments ($)		($)		($)		gain ($)		($)	tions ($)		($)	(%)3			(%)4		(%)4		(%)1		($)	(%)
CLASS A
02-28-20095	9.49	0.23	(3.27	)	(3.04	)	(0.23	)	(0.12	)	—	(0.35	)	6.10	(32.46	)6,7		0.79	8,10	0.66	8,9,20	6.42	8	6,313	34
08-31-2008	10.33	0.27	(0.70	)	(0.43	)	(0.30	)	(0.11	)	—	(0.41	)	9.49	(4.35	)7		0.86	10	0.68	9,11	2.69		10,640	59
08-31-200712	10.00	0.15	0.46		0.61		(0.20	)	(0.08	)	—	(0.28	)	10.33	6.19	6,7,19		1.24	8,10	0.68	8	1.82	8	4,270	56
CLASS B
02-28-20095	9.47	0.19	(3.25	)	(3.06	)	(0.20	)	(0.12	)	—	(0.32	)	6.09	(32.68	)6,7		5.33	8,10	1.36	8,9,20	5.41	8	309	34
08-31-2008	10.31	0.24	(0.74	)	(0.50	)	(0.23	)	(0.11	)	—	(0.34	)	9.47	(5.03	)7		4.50	10	1.37	9,11	2.37		431	59
08-31-200712	10.00	0.15	0.39		0.54		(0.15	)	(0.08	)	—	(0.23	)	10.31	5.47	6,7,19		3.17	8,10	1.36	8	1.69	8	387	56
CLASS C
02-28-20095	9.47	0.21	(3.27	)	(3.06	)	(0.20	)	(0.12	)	—	(0.32	)	6.09	(32.68	)6,7		1.67	8,10	1.36	8,9,20	5.77	8	2,827	34
08-31-2008	10.31	0.18	(0.68	)	(0.50	)	(0.23	)	(0.11	)	—	(0.34	)	9.47	(5.03	)7		1.66	10	1.38	9,11	1.80		6,374	59
08-31-200712	10.00	0.11	0.43		0.54		(0.15	)	(0.08	)	—	(0.23	)	10.31	5.48	6,7,19		2.59	8,10	1.38	8	1.26	8	1,358	56
CLASS R
02-28-20095	9.47	0.21	(3.26	)	(3.05	)	(0.21	)	(0.12	)	—	(0.33	)	6.09	(32.63	)6,7		21.06	8,10	1.21	8,9,20	5.82	8	68	34
08-31-2008	10.31	0.25	(0.72	)	(0.47	)	(0.26	)	(0.11	)	—	(0.37	)	9.47	(4.78	)7		15.33	10	1.14	9,11	2.49		101	59
08-31-200712	10.00	0.18	0.37		0.55		(0.16	)	(0.08	)	—	(0.24	)	10.31	5.55	6,7,19		16.32	8,10	1.12	8	2.04	8	106	56
CLASS R1
02-28-20095	9.47	0.19	(3.24	)	(3.05	)	(0.21	)	(0.12	)	—	(0.33	)	6.09	(32.54	)6,7		18.19	8,10	0.96	8,9,20	5.41	8	90	34
08-31-2008	10.31	0.27	(0.72	)	(0.45	)	(0.28	)	(0.11	)	—	(0.39	)	9.47	(4.54	)7		16.11	10	0.89	9,11	2.73		102	59
08-31-200712	10.00	0.19	0.38		0.57		(0.18	)	(0.08	)	—	(0.26	)	10.31	5.73	6,7,19		16.09	8,10	0.91	8	2.25	8	106	56
CLASS R2
02-28-20095	9.47	0.23	(3.27	)	(3.04	)	(0.22	)	(0.12	)	—	(0.34	)	6.09	(32.45	)6,7		11.80	8,10	0.71	8,9,20	6.46	8	136	34
08-31-2008	10.31	0.26	(0.68	)	(0.42	)	(0.31	)	(0.11	)	—	(0.42	)	9.47	(4.30	)7		11.61	10	0.66	9,11	2.67		157	59
08-31-200712	10.00	0.22	0.37		0.59		(0.20	)	(0.08	)	—	(0.28	)	10.31	5.90	6,7,19		15.77	8,10	0.66	8	2.49	8	110	56
CLASS R3
02-28-20095	9.48	0.19	(3.23	)	(3.04	)	(0.22	)	(0.12	)	—	(0.34	)	6.10	(32.46	)6,7		10.29	8,10	0.86	8,9,20	5.37	8	127	34
08-31-2008	10.31	0.29	(0.72	)	(0.43	)	(0.29	)	(0.11	)	—	(0.40	)	9.48	(4.39	)7		10.74	10	0.84	9,11	2.89		184	59
08-31-200712	10.00	0.20	0.37		0.57		(0.18	)	(0.08	)	—	(0.26	)	10.31	5.77	6,7,19		16.01	8,10	0.84	8	2.32	8	106	56
CLASS R4
02-28-20095	9.48	0.23	(3.26	)	(3.03	)	(0.23	)	(0.12	)	—	(0.35	)	6.10	(32.35	)6,7		18.64	8,10	0.56	8,9,20	6.43	8	84	34
08-31-2008	10.32	0.31	(0.73	)	(0.42	)	(0.31	)	(0.11	)	—	(0.42	)	9.48	(4.22	)7		15.77	10	0.54	9,11	3.08		103	59
08-31-200712	10.00	0.23	0.37		0.60		(0.20	)	(0.08	)	—	(0.28	)	10.32	6.07	7,6,20		15.71	8,10	0.55	8	2.60	8	106	56
CLASS R5
02-28-20095	9.49	0.24	(3.26	)	(3.02	)	(0.25	)	(0.12	)	—	(0.37	)	6.10	(32.32	)6,7		17.40	8,10	0.26	8,9,20	6.76	8	85	34
08-31-2008	10.32	0.33	(0.71	)	(0.38	)	(0.34	)	(0.11	)	—	(0.45	)	9.49	(3.86	)7		15.17	10	0.25	9,11	3.33		111	59
08-31-200712	10.00	0.25	0.37		0.62		(0.22	)	(0.08	)	—	(0.30	)	10.32	6.27	6,7,19		15.41	8,10	0.27	8	2.89	8	106	56
CLASS 1
02-28-20095	9.49	0.24	(3.27	)	(3.03	)	(0.24	)	(0.12	)	—	(0.36	)	6.10	(32.29	)6,7		0.21	8,10	0.21	8,9,20	6.78	8	174,499	34
08-31-2008	10.32	0.28	(0.66	)	(0.38	)	(0.34	)	(0.11	)	—	(0.45	)	9.49	(3.83	)7		0.23	10	0.23	9	2.84		213,362	59
08-31-200712	10.00	0.19	0.43		0.62		(0.22	)	(0.08	)	—	(0.30	)	10.32	6.29	6,7,19		0.38	8,10	0.25	8	2.24	8	65,651	56

See notes to financial statements Semiannual report   Lifecycle Portfolios 53

FINANCIAL STATEMENTS

Financial highlights
Continued

Notes to Financial Highlights

1	Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying funds in which the Portfolio invests.
2	Based on the average of the shares outstanding.
3	Assumes dividend reinvestment and does not reflect the effect of sales charges.
4	Does not include expenses of the underlying affiliated funds in which the Portfolio invests.
5	Unaudited.
6	Not annualized.
7	Total returns would have been lower had certain expenses not been reduced during the periods shown.
8	Annualized.
9	Ratios do not include expenses indirectly incurred from underlying funds whose expense ratios can vary based on the mix of underlying funds held by the Portfolio. The range of expense ratios of the underlying funds held by the Portfolios was as follows:

	Lifecycle	Lifecycle	Lifecycle	Lifecycle	Lifecycle	Lifecycle	Lifecycle	Lifecycle	Lifecycle
	2045	2040	2035	2030	2025	2020	2015	2010	Retirement
8/31/08	0.49%–1.13%	0.49%–1.13%	0.49%–1.13%	0.49%–1.13%	0.49%–1.13%	0.49%–1.13%	0.49%–1.13%	0.49%–1.13%	0.49%–1.13%
2/28/09	0.06%–1.80%	0.06%–1.80%	0.06%–1.80%	0.06%–1.80%	0.06%–1.80%	0.06%–1.80%	0.06%–1.80%	0.06%–1.80%	0.06%–1.80%

10	Does not take into consideration expense reductions during the periods shown.
11	Includes transfer agent fee earned credits of less than 0.01% of average net assets.
12	Class A, Class B, Class C, Class R, Class R1, Class R2, Class R3, Class R4, Class R5 and Class 1 shares began operations on 10-30-06.
13	Less than $0.01 per share.
14	The Adviser made a payment to the Portfolio of $1,696. Excluding this payment, total returns would have been 11.00%, 11.26% and 11.52% for Class R3, Class R4 and Class R5, respectively. There was no effect to the total returns for Class A, Class B, Class C, Class R, Class R1, Class R2 and Class 1. See Note 1.
15	The Adviser made a payment to the Portfolio of $2,707. Excluding this payment, total returns would have been 10.03% and 10.91% for Class R and Class R5, respectively. There was no effect to the total returns for Class A, Class B, Class C, Class R1, Class R2, Class R3, Class R4 and Class 1. See Note 1.
16	The Adviser made a payment to the Portfolio of $2,881. Excluding this payment, total returns would have been 9.48% and 10.12% for Class R1 and Class 1, respectively. There was no effect to the total returns for Class A, Class B, Class C, Class R, Class R2, Class R3, Class R4 and Class R5. See Note 1.
17	The Adviser made a payment to the Portfolio of $6,640. Excluding this payment, total returns would have been 7.83%, 7.98% and 8.22% for Class R, Class R1 and Class R2, respectively. There was no effect to the total returns for Class A, Class B, Class C, Class R3, Class R4, Class R5 and Class 1. See Note 1.
18	The Adviser made a payment to the Portfolio of $4,286. Excluding this payment, total returns would have been 6.45%, 6.85%, 6.72%, 6.97% and 7.23% for Class R, Class R2, Class R3, Class R4 and Class R5, respectively. There was no effect to the total returns for Class A, Class B, Class C, Class R1 and Class 1. See Note 1.
19	The Adviser made a payment to the Portfolio of $21,459. Excluding this payment, total returns would have been 5.45%, 5.63%, 5.90%, 5.67%, 5.97% and 6.17% for Class R, Class R1, Class R2, Class R3, Class R4 and Class R5, respectively. There was no effect to the total returns for Class A, Class B, Class C and Class 1. See Note 1.
20	The adviser has agreed to waive or reimburse expenses, as detailed in the accompanying notes to the financial statements, which are subject to possible recapture by the Investment Adviser within three years of being incurred. See Note 6.

54 Lifecycle Portfolios   Semiannual report See notes to financial statements

Notes to financial statements (unaudited)

1. Organization of the Trust
The John Hancock Funds II (the Trust or JHF II) is an open-end management investment company organized as a Massachusetts business trust. It is a series company, which means that it has several funds, each with a stated investment objective that it pursues through separate non-investment policies. The Trust currently offers ninety-five separate investment funds, nine of which are presented in this report and are non-diversified for purposes of the Investment Company Act of 1940, as amended (the 1940 Act).

The Lifecycle Portfolios operate as “fund of funds” investing in Class NAV shares of underlying funds of the Trust, John Hancock Funds (JHF) and John Hancock Funds III (JHF III) and also in other affiliated funds of the John Hancock funds complex. The Portfolios may also invest in unaffiliated underlying funds and other permitted security investments.

The JHF and JHF III funds are retail mutual funds advised by John Hancock Investment Management Services, LLC (JHIMS or the Adviser) and distributed by John Hancock Funds, LLC (the Distributor).

The accounting policies of the affiliated underlying funds of the Trust are outlined in the shareholder reports for such funds, available without charge by calling 1-800-225-5291 or on the Securities and Exchange Commission (SEC) Web site at www.sec.gov, or at the Commission’s public reference room in Washington, D.C. The affiliated underlying funds are not covered by this report.

JHIMS, a Delaware limited liability company controlled by John Hancock Life Insurance Company (U.S.A.) (John Hancock USA) serves as investment adviser for the Trust and the Distributor, an affiliate of the Adviser, serves as principal underwriter. John Hancock Life Insurance Company of New York (John Hancock New York) is a wholly owned subsidiary of John Hancock USA. John Hancock USA and John Hancock New York are indirect wholly owned subsidiaries of the Manufactures Life Insurance Company (Manulife), which in turn is a wholly owned subsidiary of Manulife Financial Corporation (MFC), a publicly traded company. MFC and its subsidiaries are known collectively as “Manulife Financial.”

The Board of Trustees have authorized the issuance of multiple classes of shares of the Portfolios, including classes designated as Class A, Class B, Class C, Class R, Class R1, Class R2, Class R3, Class R4, Class R5 and Class 1 shares. Class A, Class B and Class C shares are open to all retail investors. Class R, Class R1, Class R2, Class R3, Class R4 and Class R5 shares are available only to certain retirement plans. Class 1 shares are sold only to certain exempt separate accounts of John Hancock USA and John Hancock New York. The shares of each class represent an interest in the same portfolio of investments of the Portfolios, and have equal rights as to voting, redemptions, dividends and liquidation, except that certain expenses, subject to the approval of the Trustees, may be applied differently to each class of shares in accordance with current regulations of the SEC and the Internal Revenue Service. Shareholders of a class that bears distribution and service expenses under the terms of a distribution plan have exclusive voting rights to that distribution plan. Class B shares will convert to Class A shares eight years after purchase.

At February 28, 2009, John Hancock USA owned shares of beneficial interest for the following Portfolios:

Portfolio	Class C	Class R	Class R1	Class R2	Class R3	Class R4	Class R5
Lifecycle 2045	10,586	10,623	10,675	—	—	10,752	10,813
Lifecycle 2040	—	10,633	—	—	—	10,763	—
Lifecycle 2035	—	—	—	—	—	—	—
Lifecycle 2030	—	—	—	—	—	10,759	—
Lifecycle 2025	—	10,638	—	—	—	—	—
Lifecycle 2020	—	—	—	—	—	10,876	—
Lifecycle 2015	—	10,840	—	—	—	11,005	—
Lifecycle 2010	—	10,869	10,936	—	—	—	—
Lifecycle Retirement	—	11,119	11,181	11,243	11,196	11,267	11,337

2. Significant accounting policies
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which requires management to make estimates and assumptions at the date of the financial statements. Actual results may differ from these estimates. The following summarizes the significant accounting policies of the Portfolios:

Security valuation
Investments are stated at value as of the close of the regular trading on New York Stock Exchange (NYSE), normally at 4:00 p.m., Eastern Time. Investments by the Portfolio in underlying affiliated funds are valued at their respective net asset values each business day and securities in the underlying funds are valued in accordance with their respective valuation polices, as outlined in the underlying funds’ financial statements. Securities held by the Portfolio and by the underlying affiliated funds are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) as of the close of business on the principal securities exchange (domestic or foreign) on which they trade. Short-term debt investments that have a remaining maturity of 60 days or less are valued at amortized cost, and thereafter assume a constant amortization to maturity of any discount or premium, which approximates market value.

Semiannual report   Lifecycle Portfolios 55

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic and market conditions, interest rates, investor perceptions and market liquidity.

The Portfolio adopted Statement of Financial Accounting Standards No. 157 (FAS 157), “Fair Value Measurements,” effective with the beginning of the Portfolio’s fiscal year. FAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable.

The three levels of hierarchy are described below:

Level 1 — Quoted prices in active markets for identical securities.

Level 2 — Prices determined using other significant observable inputs. Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly through corroboration with observable market data. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 — Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable, such as when there is little or no market activity for an investment, unobservable inputs may be used. Unobservable inputs reflect the Portfolio’s own assumptions about the factors that market participants would use in pricing an investment and would be based on the best information available.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following tables are a summary of the inputs used to value the Portfolios’ net assets as of February 28, 2009. Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

Lifecycle 2045
	Investments in	Other Financial
Valuation Inputs:	Securities	Instruments	*
Level 1 — Quoted Prices	$95,559,155	—
Level 2 — Other Significant Observable Inputs	—	—
Level 3 — Significant Unobservable Inputs	—	—
Total	$95,559,155	—

 

Lifecycle 2040
	Investments In	Other Financial
Valuation Inputs:	Securities	Instruments	*
Level 1 — Quoted Prices	$103,616,421	—
Level 2 — Other Significant Observable Inputs	—	—
Level 3 — Significant Unobservable Inputs	—	—
Total	$103,616,421	—

Lifecycle 2035
	Investments in	Other Financial
Valuation Inputs:	Securities	Instruments	*
Level 1 — Quoted Prices	$143,207,401	—
Level 2 — Other Significant Observable Inputs	—	—
Level 3 — Significant Unobservable Inputs	—	—
Total	$143,207,401	—

Lifecycle 2030
	Investments In	Other Financial
Valuation Inputs:	Securities	Instruments	*
Level 1 — Quoted Prices	$189,613,205	—
Level 2 — Other Significant Observable Inputs	—	—
Level 3 — Significant Unobservable Inputs	—	—
Total	$189,613,205

Lifecycle 2025
	Investments in	Other Financial
Valuation Inputs:	Securities	Instruments	*
Level 1 — Quoted Prices	$239,330,571	—
Level 2 — Other Significant Observable Inputs	—	—
Level 3 — Significant Unobservable Inputs	—	—
Total	$239,330,571	—

Lifecycle 2020
	Investments In	Other Financial
Valuation Inputs:	Securities	Instruments	*
Level 1 — Quoted Prices	$239,399,723	—
Level 2 — Other Significant Observable Inputs	—	—
Level 3 — Significant Unobservable Inputs	—	—
Total	$239,399,723	—

Lifecycle 2015
	Investments in	Other Financial
Valuation Inputs:	Securities	Instruments	*
Level 1 — Quoted Prices	$187,247,962	—
Level 2 — Other Significant Observable Inputs	—	—
Level 3 — Significant Unobservable Inputs	—	—
Total	$187,247,962	—

Lifecycle 2010
	Investments In	Other Financial
Valuation Inputs:	Securities	Instruments	*
Level 1 — Quoted Prices	$106,974,353	—
Level 2 — Other Significant Observable Inputs	—	—
Level 3 — Significant Unobservable Inputs	—	—
Total	$106,974,353	—

Lifecycle Retirement
	Investments in	Other Financial
Valuation Inputs:	Securities	Instruments	*
Level 1— Quoted Prices	$173,188,278	($605,314	)
Level 2 — Other Significant Observable Inputs	8,775,372	—
Level 3 — Significant Unobservable Inputs	—	—
Total	$181,963,650	($605,314	)

* Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

56 Lifecycle Portfolios   Semiannual report

Security transactions and related investment income
Investment security transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is accrued as earned. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Discounts/premiums are accreted/amortized for financial reporting purposes. Non-cash dividends are recorded at the fair market value of the securities received. Debt obligations may be placed in a non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful, based upon consistently applied procedures.

The Portfolio uses the specific identification method for determining realized gain or loss on investments for both financial statement and federal income tax reporting purposes.

Overdrafts
Pursuant to the custodian agreement, the Custodian may, in its discretion, advance funds to a Fund to make properly authorized payments. When such payments result in an overdraft, the Fund is obligated to repay the Custodian for any overdraft, including any costs or expenses associated with the overdraft. The Custodian has a lien and security interest in any Fund property that is not segregated, to the extent of any overdraft.

Expenses
The majority of expenses are directly identifiable to an individual Portfolio. Trust expenses that are not readily identifiable to a specific Portfolio are allocated in such a manner as deemed equitable, taking into consideration, among other things, the nature and type of expense and the relative size of the Portfolios. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Class allocations
Income, common expenses and realized and unrealized gains (losses) are determined at the Portfolio level and allocated daily to each Class of shares based on the appropriate net asset value of the respective series. Class-specific expenses, including distribution and service fees, transfer agent fees, registration fees and printing and postage fees are calculated daily at the series level based on the appropriate net asset value of each series and the specific expense rate(s) applicable to each class.

Expenses not directly attributable to a particular Portfolio or share class are allocated based on the relative share of net assets of each Portfolio or share class at the time the expense was incurred. Expenses in the Lifecycle Portfolios’ Statements of Operations reflect the expenses of the Portfolios and do not include any indirect expenses related to the underlying affiliated funds. Because the affiliated underlying funds have varied expense levels and the Lifecycle Portfolios may own different proportions of the affiliated underlying funds at different times, the amount of fees and expenses incurred indirectly by the Lifecycle Portfolios will vary.

Federal income taxes
Each Portfolio qualifies as a regulated investment company by complying with the applicable provisions of the Internal Revenue Code and will not be subject to federal income tax on taxable income that is distributed to shareholders. Therefore, no federal income tax provision is required.

As of August 31, 2008, the Portfolios had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each of the Portfolios’ federal tax returns filed in the two year period ended August 31, 2008 remain subject to examination by the Internal Revenue Service.

The cost of investments owned on February 28, 2009, including short-term investments, for federal income tax purposes, was as follows:

		Unrealized	Unrealized		Net Unrealized
Portfolio	Aggregate Cost	Appreciation	Depreciation		Depreciation
Lifecycle 2045	$149,268,599	$6,263	($53,715,707	)	($53,709,444	)
Lifecycle 2040	165,675,067	7,659	(62,066,305	)	(62,058,646	)
Lifecycle 2035	232,189,388	10,585	(88,992,572	)	(88,981,987	)
Lifecycle 2030	307,384,924	21,343	(117,793,062	)	(117,771,719	)
Lifecycle 2025	378,934,860	42,969	(139,647,258	)	(139,604,289	)
Lifecycle 2020	370,328,501	40,807	(130,969,585	)	(130,928,778	)
Lifecycle 2015	280,750,906	93,365	(93,596,309	)	(93,502,944	)
Lifecycle 2010	155,017,090	101,331	(48,144,068	)	(48,042,737	)
Lifecycle Retirement	256,959,845	148,289	(75,144,484	)	(74,996,195	)

Distribution of income and gains
The Portfolios record distributions to shareholders from net investment income and net realized gains, if any, on the ex-dividend date. The Portfolios, except for Lifecycle Retirement, generally declare and pay income dividends and capital gains distributions, if any, annually. The Lifecycle Retirement Portfolio generally declares and pays income dividends quarterly and capital gains distributions, if any, annually. Distributions paid by the Portfolios with respect to each series of shares are calculated in the same manner, at the same time and are in the same amount, except for the effect of expenses that may be applied differently to each class.

During the year ended August 31, 2008, the tax character of distributions paid was as follows:

Semiannual report   Lifecycle Portfolios 57

Year Ended August 31, 2008 Distributions
	Ordinary	Long Term	Return of
Portfolio	Income	Capital Gains	Capital	Total
Lifecycle 2045	$830,254	$64,011	—	$894,265
Lifecycle 2040	984,508	72,022	—	1,056,530
Lifecycle 2035	1,559,943	45,027	—	1,604,970
Lifecycle 2030	2,060,557	—	—	2,060,557
Lifecycle 2025	2,911,516	—	—	2,911,516
Lifecycle 2020	2,946,493	—	—	2,946,493
Lifecycle 2015	2,722,896	—	—	2,722,896
Lifecycle 2010	1,589,726	—	—	1,589,726
Lifecycle Retirement	5,993,973	108,827	—	6,102,800

Distributions paid by the Fund with respect to each class of shares are calculated in the same manner, at the same time and are in the same amount, except for the effect of expenses that may be applied differently to each class.

Such distributions and distributable earnings, on a tax basis, are determined in conformity with income tax regulations, which may differ from accounting principles generally accepted in the United States of America. Distributions in excess of tax basis earnings and profits, if any, are reported in the Portfolio’s financial statements as a return of capital.

New accounting pronouncement
In March 2008, FASB No. 161 (FAS 161), “Disclosures about Derivative Instruments and Hedging Activities, an amendment of FAS 133,” was issued and is effective for fiscal years beginning after November 15, 2008. FAS 161 amends and expands the disclosure requirements of FAS 133 in order to provide financial statement users an understanding of a company’s use of derivative instruments, how derivative instruments are accounted for under FAS 133 and related interpretations and how these instruments affect a company’s financial position, performance, and cash flows. FAS 161 requires companies to disclose information detailing the objectives and strategies for using derivative instruments, the level of derivative activity entered into by the company, and any credit risk-related contingent features of the agreements. As of February 28, 2009, management does not believe that the adoption of FAS 161 will have a material impact on the amounts reported in the financial statements.

3. Financial instruments
Futures
Lifecycle Retirement Portfolio may purchase and sell financial futures contracts and options on those contracts. A Portfolio uses futures contracts to manage against a decline in the value of securities owned by the Portfolio. When a Portfolio sells a futures contract based on a financial instrument, the Portfolio becomes obligated to deliver that kind of instrument at an agreed upon date for a specified price. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by a Portfolio and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract.

Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. Upon entering into a futures contract, initial margin deposits, as set by the exchange or broker to the contract, are required and are met by the delivery of specific securities (or cash) as collateral to the broker. Futures contracts are marked to market daily and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Portfolio. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statements of Assets and Liabilities.

The following is a summary of open futures contracts at February 28, 2009:

		Number of		Expiration	Notional	Appreciation
Portfolio	Open Contracts	Contracts	Position	Date	Value	(Depreciation		)
Lifecycle Retirement	S&P Mini 500 Index Futures	125	Long	Mar 2009	$5,194,064	($605,314	)
						($605,314	)

4. Risks & uncertainties
Concentration Risk The Portfolio may concentrate investments in a particular industry, sector of the economy or invest in a limited number of companies. Accordingly, the concentration may make the Portfolio’s value more volatile and investment values may rise and fall more rapidly. In addition, the Portfolio with a concentration is particularly susceptible to the impact of market, economic, regulatory and other factors affecting the specific concentration.

Derivatives and counterparty risk The use of derivative instruments may involve risks different from, or potentially greater than, the risks associated with investing directly in securities. Specifically, derivative instruments exposes a Portfolio to the risk that the counterparty to an over-the-counter (OTC) derivatives contract will be unable or unwilling to make timely settlement payments or otherwise to honor its obligations. OTC derivatives transactions typically can only be closed out with the other party to the transaction. If the counterparty

58 Lifecycle Portfolios   Semiannual report

defaults, the Portfolio 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 Portfolio will succeed in enforcing them.

5. Guarantees and indemnifications
Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

6. Investment advisory and other agreements
Advisory fees
The Trust has entered into an Investment Advisory Agreement with the Adviser. The Adviser is responsible for managing the corporate and business affairs of the Trust and for selecting and compensating subadvisers to handle the investment of the assets of the Portfolios, subject to the supervision of the Board of Trustees. The advisory fee has two components: (a) a fee on assets invested in a fund of JHF II or JHF III and (b) a fee on assets not invested in a fund of JHF II or JHF III (“Other Assets”). Under the Advisory Agreement, the Portfolios pay a daily management fee to the Adviser as stated below:

The fee on assets invested in a fund of JHF II or JHF III is stated as an annual percentage of the current value of the aggregate net assets of all the Portfolios determined in accordance with the following schedule, and that rate is applied to the Affiliated Fund Assets of each Portfolio.

	First $7.5 billion of	Excess over $7.5 billion
Portfolio	Aggregate Net Assets	of Aggregate Net Assets
Lifecycle Portfolios	0.06%	0.05%

The fee on Other Assets is stated as an annual percentage of the current value of the aggregate net assets of all the Portfolios determined in accordance with the following schedule, and that rate is applied to the Other Assets of each Portfolio.

	First $7.5 billion of	Excess over $7.5 billion
Portfolio	Aggregate Net Assets	of Aggregate Net Assets
Lifecycle Portfolios	0.51%	0.50%

The Portfolios are not responsible for the payment of subadvisory fees.

MFC Global Investment Management (U.S.A) Limited acts as Subadviser to the Lifecycle Portfolios.

The investment management fees incurred for the year ended February 28, 2009, were equivalent to an annual effective rate of the Portfolio’s average daily net assets as follows:

	Annual		Annual
Portfolio	Effective Rate	Portfolio	Effective Rate
Lifecycle 2045	0.06%	Lifecycle 2020	0.06%
Lifecycle 2040	0.06%	Lifecycle 2015	0.06%
Lifecycle 2035	0.06%	Lifecycle 2010	0.06%
Lifecycle 2030	0.06%	Lifecycle Retirement	0.11%
Lifecycle 2025	0.06%

John Hancock Funds II are retail mutual funds advised by JHIMS and distributed by an affiliate of JHIMS, John Hancock Funds, LLC.

MFC Global Investment Management (U.S.A.) Limited acts as Subadviser to the Lifestyle Portfolios.

Expense reimbursements
The Adviser has contractually agreed to reimburse for certain Portfolio level expenses (excluding management fees, underlying fund expenses, Rule 12b-1 fees, transfer agency fees, service plan fees, blue sky fees, printing and postage fees, taxes, Portfolio brokerage commissions, interest, litigation and indemnification expenses, other expenses not incurred in the ordinary course of the Portfolios’ business, and fees under any agreement or plans of the Portfolios dealing with services for shareholders and others with beneficial interests in shares of the Portfolio) that exceed 0.09% of the average annual net assets. Also, the Adviser has agreed to reimburse or to make a payment to a specific class of shares of the Portfolios in an amount equal to the amount by which the expenses attributable to such class of shares exceed the percentage of average annual net assets (on an annualized basis) attributable as follows: 0.50% for Class A, 1.20% for Class B, 1.20% for Class C, 1.05% for Class R, 0.80% for Class R1, 0.55% for Class R2, 0.70% for Class R3, 0.40% for Class R4 and 0.10% for Class R5, and 0.05% for Class 1 for the Lifecycle funds. These expense reimbursements shall continue in effect until December 31, 2009, and thereafter until terminated by the Adviser on notice to JHF II. In addition, effective April 1, 2009, the adviser has agreed to contractually limit certain class-specific expenses to 0.65% for Class R1, 0.60% for Class R3 (0.55% for Lifecycle 2045 and Lifecycle 2040), 0.30% for Class R4 and 0.00% for Class R5, to continue in effect until March 31, 2010 and thereafter, until terminated by the Adviser on notice to JHF II.

Semiannual report   Lifecycle Portfolios 59

For the period ended February 28, 2009, the expense reductions amounted to the following and are reflected as a reduction of total expenses in the Statement of Operations:

Expense Reimbursement by Class
Portfolio	Class A	Class B	Class C	Class R	Class R1	Class R2	Class R3	Class R4	Class R5	Class 1
Lifecycle 2045	$6,985	$6,507	$6,470	$7,715	$7,680	$7,547	$7,744	$7,746	$7,802	$75
Lifecycle 2040	6,787	6,574	6,581	7,746	7,616	7,366	7,511	7,764	7,837	—
Lifecycle 2035	6,874	6,632	6,586	7,747	7,643	7,003	7,738	7,784	7,822	—
Lifecycle 2030	7,152	6,578	6,727	7,657	7,620	6,850	7,658	7,755	7,789	—
Lifecycle 2025	7,317	6,602	6,609	7,739	7,652	7,344	7,858	7,828	7,938	—
Lifecycle 2020	7,675	6,913	6,853	7,765	7,472	7,430	7,941	7,857	8,161	—
Lifecycle 2015	7,024	6,730	6,580	7,718	7,726	7,416	7,830	7,838	8,050	—
Lifecycle 2010	6,981	6,535	6,840	7,743	7,735	7,413	7,907	7,820	7,969	10
Lifecycle Retirement	5,164	6,637	6,635	7,728	7,713	7,685	7,718	7,767	7,789	9

Expense Recapture
Effective January 1, 2009, the adviser may recapture operating expenses reimbursed or fees waived under previous expense limitation or waiver arrangements that were made subsequent to January 1, 2009. Amounts are subject to recapture for a period of three years following the month in which such reimbursement or waivers occurred. The following table shows the waived or reimbursed expenses subject to potential recovery that expire in 2012:

	Reimbursement Amount
Portfolio	Subject to Recapture
Lifecycle 2045	$20,976
Lifecycle 2040	20,834
Lifecycle 2035	20,872
Lifecycle 2030	20,818
Lifecycle 2025	21,214
Lifecycle 2020	21,587
Lifecycle 2015	21,187
Lifecycle 2010	21,236
Lifecycle Retirement	20,876

Fund administration fees
Pursuant to the Service Agreement, the Portfolios reimburse the Adviser for all expenses associated with providing the administrative, financial, legal, accounting and recordkeeping services of the Portfolios, including the preparation of all tax returns, annual, semiannual and periodic reports to shareholders and the preparation of all regulatory reports. These expenses are allocated based on the relative share of net assets of each Portfolio at the time the expense was incurred. Prior to 2008, such non-advisory services were provided pursuant to the Advisory Agreement.

The fund administration fees incurred for the period ended February 28, 2009, were equivalent to an annual effective rate of 0.01% of each Portfolio’s average daily net assets.

Distribution and service plans
The Trust has a Distribution Agreement with the Distributor. The Portfolios have adopted Distribution Plans with respect to Class A, Class B, Class C, Class R, Class R1, Class R2, Class R3, Class R4 and Class 1, pursuant to Rule 12b-1 under the 1940 Act, to reimburse the Distributor for the services it provides as distributor of shares of the Portfolios. Accordingly, the Portfolios make daily payments to the Distributor at an annual rate not to exceed 0.30%, 1.00%, 1.00%, 0.75%, 0.50%, 0.25%, 0.50%, 0.25% and 0.05% of the average daily net assets of Class A, Class B, Class C, Class R, Class R1, Class R2, Class R3, Class R4 and Class 1, respectively. A maximum of 0.25% of average daily net assets may be service fees, as defined by the Conduct Rules of the Financial Industry Regulatory Authority (formerly, National Association of Securities Dealers). Under the Conduct Rules, curtailment of a portion of the Portfolio’s 12b-1 payments could occur under certain circumstances.

The Portfolios have also adopted a Service Plan with respect to Class R, Class R1, Class R2, Class R3, Class R4 and Class R5 shares (the “Service Plan”). Under the Service Plan, the Portfolios pay up to 0.25%, 0.25%, 0.25%, 0.15%, 0.10% and 0.05% of average daily net assets of Class R, Class R1, Class R2, Class R3, Class R4 and Class R5 shares, respectively, for certain other services.

60 Lifecycle Portfolios   Semiannual report

Sales charges

Class A shares are assessed up-front sales charges of up to 5% of the net asset value of such shares. The following summarizes the net upfront sales charges received by the Distributor during the period ended February 28, 2009:

	Lifecycle	Lifecycle	Lifecycle	Lifecycle	Lifecycle	Lifecycle	Lifecycle	Lifecycle	Lifecycle
	2045	2040	2035	2030	2025	2020	2015	2010	Retirement
Net Sales Charges	$6,995	$5,840	$12,028	$13,345	$13,715	$58,148	$17,541	$5,298	$33,941
Retained for Printing
Prospectuses, advertising
and sales literature	1,053	823	1,770	2,110	2,080	9,493	2,784	833	5,674
Sales commission to
unrelated broker-dealers	5,870	4,984	10,258	11,203	11,565	48,454	14,757	4,419	27,845
Sales commission to
affiliated sales personnel	72	33	—	32	70	201	—	46	422

Class B shares that are redeemed within six years of purchase are subject to a contingent deferred sales charge (“CDSC”) at declining rates, beginning at 5.00% of the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Class C shares that are redeemed within one year of purchase are subject to a CDSC at a rate of 1.00% of the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Proceeds from the CDSCs are paid to the Distributor and are used, in whole or in part, to defray its expenses for providing distribution-related services to the Portfolios in connection with the sale of Class B and Class C shares. During the period ended February 28, 2009, CDSCs received by the Distributor amounted to $512, $761, $689, $467, $235, $491, $715, $324 and $2,240 for Lifecycle 2045, Lifecycle 2040, Lifecycle 2035, Lifecycle 2030, Lifecycle 2025, Lifecycle 2020, Lifecycle 2015, Lifecycle 2010 and Lifecycle Retirement, respectively, for Class B shares. CDSCs received by the Distributor amounted to $119, $113, $114, $19, $2,424, $150 and $2,084 for Lifecycle 2035, Lifecycle 2030, Lifecycle 2025, Lifecycle 2020, Lifecycle 2015, Lifecycle 2010 and Lifecycle Retirement, respectively. There were no CDSCs received by the Distributor for Lifecycle 2045 and Lifecycle 2040 for Class C shares.

Transfer agent fees

The Portfolios have a Transfer Agency Agreement with John Hancock Signature Services, Inc. (Signature Services), an indirect subsidiary of MFC. For Class A, Class B, Class C, Class R, Class R1, Class R2, Class R3, Class R4 and Class R5 shares, the Portfolio pays a monthly transfer agent fee at an annual rate of 0.05% of each class’s average daily net assets, plus a fee based on the number of shareholder accounts and reimbursement for certain out-of-pocket expenses. Expenses not directly attributable to a particular class of shares are aggregated and allocated to each class on the basis of its relative net asset value.

Signature Services has contractually agreed to limit the transfer agent fees so that such fees do not exceed 0.20% annually of Class A, Class B, Class C, Class R, Class R1, Class R2, Class R3, Class R4 and Class R5 shares average daily net assets. This agreement was effective until December 31, 2008.

In addition, Signature Services voluntarily agreed to further limit transfer agent fees for Class R, Class R1, Class R2, Class R3, Class R4 and Class R5 shares so that such fees do not exceed 0.05% annually of each class’s average daily net assets. For the period ended February 28, 2009, the transfer agent voluntary fees reductions amounted to the following and are reflected as a reduction of total expenses in the Statement of Operations:

Transfer agent fee reduction by class
Portfolio	Class A	Class B	Class C	Class R	Class R1	Class R2	Class R3
Lifecycle 2045	$1,425	$492	$325	$49	$22	—	$17
Lifecycle 2040	1,174	470	442	70	—	—	—
Lifecycle 2035	1,237	438	383	74	8	—	4
Lifecycle 2030	1,332	475	310	50	—	—	—
Lifecycle 2025	619	382	400	64	—	—	—
Lifecycle 2020	951	444	317	23	—	—	—
Lifecycle 2015	574	284	170	67	24	—	—
Lifecycle 2010	216	285	96	34	18	—	—
Lifecycle Retirement	—	267	—	3	21	24	—

The Portfolios receive earnings credits from the transfer agent as a result of uninvested cash balances. These credits are used to reduce a portion of the Portfolios’ transfer agent fees and out of pocket expenses. During the period ended February 28, 2009, there were no transfer agent credits earned.

Semiannual report   Lifecycle Portfolios 61

Class level expenses for the period ended February 28, 2009, were as follows:

		Distribution and	Transfer	Registration	Printing and
Portfolio	Share class	service fees	agent fees	fees	postage fees
Lifecycle 2045	Class A	$1,547	$2,455	$6,545	$516
	Class B	1,181	728	6,425	98
	Class C	933	512	6,422	62
	Class R	508	151	7,746	79
	Class R1	483	196	7,750	59
	Class R2	453	272	7,761	81
	Class R3	406	131	7,748	55
	Class R4	166	53	7,746	55
	Class R5	—	71	7,746	59
	Class 1	21,736	—	5,816	—
	Total	$27,413	$4,569	$71,705	$1,064
Lifecycle 2040	Class A	$1,713	$2,318	$6,546	$310
	Class B	902	650	6,485	100
	Class C	1,151	672	6,535	60
	Class R	449	190	7,747	69
	Class R1	598	155	7,752	81
	Class R2	628	226	7,769	157
	Class R3	2,317	602	7,795	98
	Class R4	169	61	7,746	67
	Class R5	—	252	7,766	77
	Class 1	24,185	—	6,064	—
	Total	$32,112	$5,126	$72,205	$1,019
Lifecycle 2035	Class A	$2,715	$3,048	$6,580	$387
	Class B	1,986	835	6,441	212
	Class C	1,332	649	6,500	100
	Class R	370	153	7,756	65
	Class R1	650	216	7,765	74
	Class R2	1,159	510	7,797	134
	Class R3	591	169	7,763	59
	Class R4	124	40	7,756	69
	Class R5	—	71	7,756	65
	Class 1	34,395	—	7,133	—
	Total	$43,322	$5,691	$73,247	$1,165
Lifecycle 2030	Class A	$4,385	$4,254	$6,607	$677
	Class B	2,338	942	6,431	169
	Class C	2,390	788	6,570	181
	Class R	661	138	7,745	96
	Class R1	1,027	411	7,756	88
	Class R2	1,486	773	7,788	122
	Class R3	1,071	193	7,756	157
	Class R4	172	69	7,745	52
	Class R5	—	327	7,770	88
	Class 1	45,991	—	8,295	—
	Total	$59,521	$7,895	$77,463	$1,630
Lifecycle 2025	Class A	$59,589	$3,690	$6,909	$531
	Class B	4,607	899	6,430	193
	Class C	2,588	978	6,498	134
	Class R	2,889	202	7,743	71
	Class R1	516	354	7,751	91
	Class R2	885	1,018	7,778	115
	Class R3	1,272	512	7,758	120
	Class R4	1,281	108	7,744	64
	Class R5	135	223	7,746	90
	Class 1	—	—	9,591	—
	Total	$73,762	$7,984	$75,948	$1,409

62 Lifecycle Portfolios   Semiannual report

		Distribution and	Transfer	Registration	Printing and
Portfolio	Share class	service fees	agent fees	fees	postage fees
Lifecycle 2020	Class A	$6,037	$4,975	$6,881	$955
	Class B	4,516	1,347	6,498	452
	Class C	4,503	1,218	6,596	293
	Class R	795	235	7,781	98
	Class R1	1,897	759	7,803	78
	Class R2	1,388	1,110	7,818	213
	Class R3	1,767	707	7,802	169
	Class R4	146	117	7,778	55
	Class R5	—	580	7,796	98
	Class 1	58,301	—	9,397	—
	Total	$79,350	$11,048	$76,150	$2,411
Lifecycle 2015	Class A	$3,949	$3,206	$6,563	$578
	Class B	3,425	969	6,476	286
	Class C	3,859	942	6,480	134
	Class R	538	189	7,746	74
	Class R1	495	222	7,746	88
	Class R2	1,143	914	7,778	136
	Class R3	1,403	561	7,762	93
	Class R4	201	161	7,744	60
	Class R5	—	343	7,752	141
	Class 1	46,390	—	8,312	—
	Total	$61,403	$7,507	$74,359	$1,590
Lifecycle 2010	Class A	$2,832	$2,104	$6,610	$488
	Class B	914	468	6,457	90
	Class C	3,718	840	6,632	255
	Class R	334	114	7,743	59
	Class R1	261	122	7,743	50
	Class R2	1,327	1,062	7,802	213
	Class R3	1,606	642	7,776	170
	Class R4	114	92	7,743	60
	Class R5	—	215	7,815	59
	Class 1	26,147	—	6,377	—
	Total	$37,253	$5,659	$72,698	$1,444
Lifecycle Retirement	Class A	$12,142	$4,048	$7,010	$2,567
	Class B	1,739	615	6,457	198
	Class C	21,326	2,985	6,680	1,431
	Class R	292	42	7,747	64
	Class R1	224	79	7,747	47
	Class R2	174	107	7,749	67
	Class R3	409	82	7,748	57
	Class R4	107	39	7,747	50
	Class R5	—	45	7,747	47
	Class 1	45,761	—	8,247	—
	Total	$82,174	$8,042	$74,879	$4,528

Semiannual report   Lifecycle Portfolios 63

7. Portfolio share transactions

Share activities for the Portfolios for the year ended August 31, 2008 and the period ended February 28, 2009, were as follows:

Lifecycle 2045 Portfolio

	Year ended 8-31-08				Six months ended 2-28-09
	Shares		Amount		Shares		Amount
Class A shares
Sold	98,037		$1,018,036		87,520		$565,611
Distributions reinvested	2,858		30,538		3,299		19,894
Repurchased	(27,860	)	(285,948	)	(117,433	)	(853,592	)
Net increase (decrease)	73,035		$762,626		(26,614	)	($268,087	)
Class B shares
Sold	28,315		$293,920		9,637		$75,532
Distributions reinvested	316		3,363		621		3,746
Repurchased	(12,813	)	(127,822	)	(2,500	)	(13,815	)
Net increase	15,818		$169,461		7,758		$65,463
Class C shares
Sold	6,278		$66,271		10,043		$85,860
Distributions reinvested	292		3,103		480		2,897
Repurchased	(560	)	(5,554	)	(507	)	(3,266	)
Net increase	6,010		$63,820		10,016		$85,491
Class R shares
Sold	6,278		$71,102		7,497		$49,427
Distributions reinvested	292		2,465		381		2,295
Repurchased	(560	)	(109	)	(2,252	)	(13,884	)
Net increase	6,010		$73,458		5,626		$37,838
Class R1 shares
Sold	8,488		$85,788		18,336		$131,086
Distributions reinvested	214		2,286		639		3,855
Repurchased	(65	)	(633	)	(1,193	)	(7,425	)
Net increase	8,637		$87,441		17,782		$127,516
Class R2 shares
Sold	43,295		$431,933		36,502		$242,056
Distributions reinvested	314		3,359		1,519		9,172
Repurchased	(11,469	)	(114,671	)	(10,775	)	(70,810	)
Net increase	32,140		$320,621		27,246		$180,418
Class R3 shares
Sold	21,803		$217,375		10,077		$67,008
Distributions reinvested	295		3,144		601		3,627
Repurchased	(3,120	)	(31,851	)	(11,450	)	(101,774	)
Net increase (decrease)	18,978		$188,668		(772	)	($31,139	)
Class R4 shares
Sold	5,216		$52,001		13,012		$85,524
Distributions reinvested	216		2,312		640		3,867
Repurchased	(872	)	(8,736	)	(2,232	)	(14,152	)
Net increase	4,560		$45,577		11,420		$75,239
Class R5 shares
Sold	6,695		$68,210		4,861		$33,672
Distributions reinvested	225		2,408		660		3,989
Repurchased	(391	)	(3,782	)	(124	)	(790	)
Net increase	6,529		$66,836		5,397		$36,871
Class 1 shares
Sold	7,983,512		$82,402,161		6,883,289		$44,793,182
Distributions reinvested	78,533		841,091		480,327		2,901,172
Repurchased	(11,424	)	(126,806	)	(14,835	)	(88,271	)
Net increase	8,050,621		$83,116,446		7,348,781		$47,606,083
Net increase	8,223,570		$84,894,954		7,406,640		$47,915,693

64 Lifecycle Portfolios   Semiannual report

Lifecycle 2040 Portfolio
	Year ended 8-31-08				Six months ended 2-28-09
	Shares		Amount		Shares		Amount
Class A shares
Sold	118,633		$1,239,743		121,666		$813,336
Distributions reinvested	1,861		19,890		4,650		28,038
Repurchased	(42,305	)	(422,298	)	(30,151	)	(197,283	)
Net increase	78,189		$837,335		96,165		$644,091
Class B shares
Sold	23,684		$251,706		11,074		$69,620
Distributions reinvested	439		4,680		528		3,178
Repurchased	(12,894	)	(129,491	)	(3,913	)	(29,577	)
Net increase	11,229		$126,895		7,689		$43,221
Class C shares
Sold	25,422		$260,996		31,959		$197,678
Distributions reinvested	323		3,444		782		4,706
Repurchased	(12,536	)	(125,786	)	(1,950	)	(11,930	)
Net increase	13,209		$138,654		30,791		$190,454
Class R shares
Sold	4,253		$43,142		9,957		$62,958
Distributions reinvested	222		2,371		376		2,266
Repurchased	(79	)	(750	)	(151	)	(1,117	)
Net increase	4,396		$44,763		10,182		$64,107
Class R1 shares
Sold	20,931		$215,989		24,212		$161,352
Distributions reinvested	294		3,141		597		3,598
Repurchased	(10,475	)	(99,534	)	(4,449	)	(25,643	)
Net increase	10,750		$119,596		20,360		$139,307
Class R2 shares
Sold	62,292		$616,164		23,607		$150,986
Distributions reinvested	582		6,223		2,102		12,672
Repurchased	(13,108	)	(131,647	)	(16,603	)	(114,212	)
Net increase	49,766		$490,740		9,106		$49,446
Class R3 shares
Sold	128,579		$1,248,512		45,264		$291,446
Distributions reinvested	489		5,218		3,824		23,022
Repurchased	(18,094	)	(178,830	)	(15,543	)	(92,890	)
Net increase	110,974		$1,074,900		33,545		$221,578
Class R4 shares
Sold	11,713		$118,813		4,564		$30,072
Distributions reinvested	224		2,393		648		3,908
Repurchased	(4,073	)	(42,234	)	(53	)	(360	)
Net increase	7,864		$78,972		5,159		$33,620
Class R5 shares
Sold	85,659		$842,514		11,024		$75,265
Distributions reinvested	239		2,561		2,475		14,951
Repurchased	(30,558	)	(297,549	)	(12,152	)	(73,453	)
Net increase	55,340		$547,526		1,347		$16,763
Class 1 shares
Sold	9,191,245		$95,022,350		6,611,037		$43,220,788
Distributions reinvested	93,889		1,006,487		559,163		3,371,754
Repurchased	(20,936	)	(234,174	)	(23,515	)	(185,340	)
Net increase	9,264,198		$95,794,663		7,146,685		$46,407,202
Net increase	9,605,915		$99,254,044		7,361,029		$47,809,789

Semiannual report   Lifecycle Portfolios 65

Lifecycle 2035 Portfolio
	Year ended 8-31-08				Six months ended 2-28-09
	Shares		Amount		Shares		Amount
Class A shares
Sold	196,006		$2,041,324		155,526		$1,028,133
Distributions reinvested	1,672		17,849		8,529		51,600
Repurchased	(31,220	)	(324,132	)	(58,185	)	(372,192	)
Net increase	166,458		$1,735,041		105,870		$707,541
Class B shares
Sold	40,058		$425,469		17,476		$107,699
Distributions reinvested	874		9,356		1,313		7,945
Repurchased	(18,788	)	(199,268	)	(11,762	)	(72,941	)
Net increase	22,144		$235,557		7,027		$42,703
Class C shares
Sold	25,658		$279,939		15,219		$98,872
Distributions reinvested	536		5,740		799		4,837
Repurchased	(13,968	)	(150,848	)	(6,131	)	(35,850	)
Net increase	12,226		$134,831		9,887		$67,859
Class R shares
Sold	19,880		$201,125		17,989		$118,242
Distributions reinvested	229		2,452		404		2,447
Repurchased	(22,220	)	(227,053	)	(5,141	)	(34,201	)
Net increase (decrease)	(2,111	)	($23,476	)	13,252		$86,488
Class R1 shares
Sold	18,677		$191,534		34,782		$276,440
Distributions reinvested	217		2,332		534		3,229
Repurchased	(10,610	)	(101,427	)	(11,106	)	(68,794	)
Net increase	8,284		$92,439		24,210		$210,875
Class R2 shares
Sold	142,396		$1,398,517		27,493		$175,331
Distributions reinvested	306		3,297		4,320		26,138
Repurchased	(12,781	)	(129,019	)	(49,521	)	(321,188	)
Net increase (decrease)	129,921		$1,272,795		(17,708	)	($119,719	)
Class R3 shares
Sold	29,045		$298,140		16,752		$110,857
Distributions reinvested	285		3,058		993		6,009
Repurchased	(10,473	)	(100,269	)	(861	)	(5,440	)
Net increase	18,857		$200,929		16,884		$111,426
Class R4 shares
Sold	18,345		$182,548		7,450		$50,396
Distributions reinvested	224		2,407		438		2,656
Repurchased	(5,947	)	(56,797	)	(14,358	)	(120,019	)
Net increase (decrease)	12,622		$128,158		(6,470	)	($66,967	)
Class R5 shares
Sold	15,402		$159,749		7,180		$51,004
Distributions reinvested	250		2,698		758		4,591
Repurchased	(10,996	)	(110,754	)	(177	)	(1,109	)
Net increase	4,656		$51,693		7,761		$54,486
Class 1 shares
Sold	13,037,246		$136,162,654		8,688,993		$57,222,186
Distributions reinvested	144,091		1,554,738		834,103		5,054,667
Repurchased	(104,135	)	(1,123,302	)	(80,517	)	(659,916	)
Net increase	13,077,202		$136,594,090		9,442,579		$61,616,937
Net increase	13,450,259		$140,422,057		9,603,292		$62,711,629

66 Lifecycle Portfolios   Semiannual report

Lifecycle 2030 Portfolio
	Year ended 8-31-08				Six months ended 2-28-09
	Shares		Amount		Shares		Amount
Class A shares
Sold	289,702		$3,012,936		257,829		$1,717,136
Distributions reinvested	2,865		30,623		14,664		88,422
Repurchased	(47,030	)	(492,880	)	(71,682	)	(468,742	)
Net increase	245,537		$2,550,679		200,811		$1,336,816
Class B shares
Sold	47,041		$478,082		28,406		$232,324
Distributions reinvested	396		4,233		1,517		9,160
Repurchased	(19,905	)	(208,883	)	(8,937	)	(69,259	)
Net increase	27,532		$273,432		20,986		$172,225
Class C shares
Sold	31,099		$324,051		47,669		$353,621
Distributions reinvested	578		6,169		1,551		9,370
Repurchased	(31,005	)	(323,375	)	(11,590	)	(85,083	)
Net increase	672		$6,845		37,630		$277,908
Class R shares
Sold	12,120		$122,761		35,795		$239,202
Distributions reinvested	221		2,357		551		3,325
Repurchased	(274	)	(2,721	)	(14,082	)	(122,333	)
Net increase	12,067		$122,397		22,264		$120,194
Class R1 shares
Sold	34,528		$347,211		47,888		$328,484
Distributions reinvested	208		2,217		1,912		11,513
Repurchased	(11,401	)	(112,864	)	(2,311	)	(18,060	)
Net increase	23,335		$236,564		47,489		$321,937
Class R2 shares
Sold	144,745		$1,413,285		109,133		$771,114
Distributions reinvested	331		3,534		5,744		34,577
Repurchased	(18,261	)	(179,343	)	(57,315	)	(373,402	)
Net increase	126,815		$1,237,476		57,562		$432,289
Class R3 shares
Sold	78,378		$829,159		19,982		$132,106
Distributions reinvested	932		9,945		1,847		11,122
Repurchased	(18,674	)	(198,780	)	(20,770	)	(172,751	)
Net increase (decrease)	60,636		$640,324		1,059		($29,523	)
Class R4 shares
Sold	2,214		$22,031		22,576		$140,964
Distributions reinvested	210		2,244		1,064		6,405
Repurchased	(629	)	(6,325	)	—		—
Net increase	1,795		$17,950		23,640		$147,369
Class R5 shares
Sold	149,048		$1,451,436		16,009		$106,561
Distributions reinvested	241		2,567		3,960		23,761
Repurchased	(54,791	)	(530,702	)	(7,625	)	(55,080	)
Net increase	94,498		$923,301		12,344		$75,242
Class 1 shares
Sold	18,232,119		$187,652,703		10,535,170		$68,460,410
Distributions reinvested	187,107		1,996,434		1,115,358		6,692,147
Repurchased	(49,768	)	(528,520	)	(104,488	)	(696,694	)
Net increase	18,369,458		$189,120,617		11,546,040		$74,455,863
Net increase	18,962,345		$195,129,585		11,969,825		$77,310,320

Semiannual report   Lifecycle Portfolios 67

Lifecycle 2025 Portfolio
	Year ended 8-31-08				Six months ended 2-28-09
	Shares		Amount		Shares		Amount
Class A shares
Sold	361,450		$3,703,251		272,650		$1,804,155
Distributions reinvested	1,640		17,449		17,730		108,862
Repurchased	(47,605	)	(488,900	)	(77,343	)	(523,270	)
Net increase	315,485		$3,231,800		213,037		$1,389,747
Class B shares
Sold	60,998		$632,404		19,312		$124,075
Distributions reinvested	322		3,416		2,030		12,487
Repurchased	(15,122	)	(157,598	)	(1,839	)	(11,144	)
Net increase	46,198		$478,222		19,503		$125,418
Class C shares
Sold	63,029		$658,808		26,310		$187,821
Distributions reinvested	344		3,655		2,235		13,748
Repurchased	(12,783	)	(133,371	)	(3,671	)	(24,099	)
Net increase	50,590		$529,092		24,874		$177,470
Class R shares
Sold	4,088		$41,973		13,821		$91,787
Distributions reinvested	185		1,963		655		4,021
Repurchased	(7	)	(66	)	(2,513	)	(16,408	)
Net increase	4,266		$43,870		11,963		$79,400
Class R1 shares
Sold	32,763		$329,022		45,837		$356,018
Distributions reinvested	232		2,456		1,245		7,634
Repurchased	(13,265	)	(126,697	)	(18,638	)	(120,063	)
Net increase	19,730		$204,781		28,444		$243,589
Class R2 shares
Sold	178,139		$1,738,279		50,686		$335,525
Distributions reinvested	391		4,146		4,816		29,476
Repurchased	(10,732	)	(113,356	)	(84,169	)	(597,969	)
Net increase (decrease)	167,798		$1,629,069		(28,667	)	($232,968	)
Class R3 shares
Sold	54,594		$577,342		134,167		$829,095
Distributions reinvested	855		9,067		2,262		13,867
Repurchased	(24,749	)	(248,136	)	(21,477	)	(122,186	)
Net increase	30,700		$338,273		114,952		$720,776
Class R4 shares
Sold	11,846		$119,032		8,441		$56,342
Distributions reinvested	220		2,339		621		3,803
Repurchased	(594	)	(6,004	)	(10,793	)	(97,659	)
Net increase (decrease)	11,472		$115,367		(1,731	)	($37,514	)
Class R5 shares
Sold	30,069		$309,143		6,793		$45,199
Distributions reinvested	254		2,694		1,414		8,641
Repurchased	(10,901	)	(108,814	)	(590	)	(4,170	)
Net increase	19,422		$203,023		7,617		$49,670
Class 1 shares
Sold	22,895,610		$235,338,535		12,516,532		$84,428,597
Distributions reinvested	269,249		2,856,733		1,620,343		9,900,299
Repurchased	(45,102	)	(470,040	)	(519,364	)	(3,668,342	)
Net increase	23,119,757		$237,725,228		13,617,511		$90,660,554
Net increase	23,785,418		$244,498,725		14,007,503		$93,176,142

68 Lifecycle Portfolios   Semiannual report

Lifecycle 2020 Portfolio
	Year ended 8-31-08				Six months ended 2-28-09
	Shares		Amount		Shares		Amount
Class A shares
Sold	346,873		$3,614,886		418,406		$2,916,407
Distributions reinvested	4,411		46,760		24,115		152,168
Repurchased	(45,096	)	(464,080	)	(141,803	)	(970,936	)
Net increase	306,188		$3,197,566		300,718		$2,097,639
Class B shares
Sold	101,666		$1,062,506		20,177		$143,038
Distributions reinvested	1,050		11,135		4,351		27,498
Repurchased	(26,115	)	(267,174	)	(20,302	)	(164,738	)
Net increase	76,601		$806,467		4,226		$5,798
Class C shares
Sold	79,442		$833,142		54,847		$393,975
Distributions reinvested	837		8,877		3,553		22,452
Repurchased	(19,431	)	(201,977	)	(39,789	)	(273,485	)
Net increase	60,848		$640,042		18,611		$142,942
Class R shares
Sold	20,925		$221,867		31,936		$210,188
Distributions reinvested	383		4,053		1,038		6,550
Repurchased	(10,349	)	(103,704	)	(8,548	)	(51,923	)
Net increase	10,959		$122,216		24,426		$164,815
Class R1 shares
Sold	30,910		$311,811		106,820		$904,444
Distributions reinvested	205		2,165		3,791		23,881
Repurchased	(15,236	)	(146,814	)	(9,471	)	(59,248	)
Net increase	15,879		$167,162		101,140		$869,077
Class R2 shares
Sold	156,560		$1,552,843		62,050		$418,782
Distributions reinvested	418		4,418		7,296		45,961
Repurchased	(18,955	)	(192,751	)	(65,031	)	(453,882	)
Net increase	138,023		$1,364,510		4,315		$10,861
Class R3 shares
Sold	102,114		$1,086,512		29,672		$204,934
Distributions reinvested	1,002		10,614		4,425		27,878
Repurchased	(28,981	)	(303,910	)	(3,628	)	(25,178	)
Net increase	74,135		$793,216		30,469		$207,634
Class R4 shares
Sold	4,387		$44,331		5,827		$39,512
Distributions reinvested	230		2,435		796		5,017
Repurchased	(439	)	(4,410	)	(177	)	(1,160	)
Net increase	4,178		$42,356		6,446		$43,369
Class R5 shares
Sold	64,772		$632,997		8,286		$56,753
Distributions reinvested	378		4,002		4,154		26,127
Repurchased	(11,818	)	(123,740	)	(295	)	(1,789	)
Net increase	53,332		$513,259		12,145		$81,091
Class 1 shares
Sold	22,479,297		$232,024,606		10,900,451		$74,980,192
Distributions reinvested	268,281		2,841,099		1,791,509		11,268,593
Repurchased	(164,608	)	(1,816,093	)	(543,972	)	(3,864,079	)
Net increase	22,582,970		$233,049,612		12,147,988		$82,384,706
Net increase	23,323,113		$240,696,406		12,650,484		$86,007,932

Semiannual report   Lifecycle Portfolios 69

Lifecycle 2015 Portfolio
	Year ended 8-31-08				Six months ended 2-28-09
	Shares		Amount		Shares		Amount
Class A shares
Sold	256,050		$2,615,937		243,625		$1,771,678
Distributions reinvested	2,745		28,683		20,774		133,990
Repurchased	(49,748	)	(505,001	)	(105,420	)	(731,040	)
Net increase	209,047		$2,139,619		158,979		$1,174,628
Class B shares
Sold	69,878		$711,535		8,513		$58,872
Distributions reinvested	783		8,177		4,076		26,410
Repurchased	(19,999	)	(206,216	)	(6,639	)	(46,054	)
Net increase	50,662		$513,496		5,950		$39,228
Class C shares
Sold	72,676		$739,069		63,523		$460,946
Distributions reinvested	452		4,728		4,146		26,826
Repurchased	(18,472	)	(192,134	)	(43,025	)	(277,435	)
Net increase	54,656		$551,663		24,644		$210,337
Class R shares
Sold	7,380		$75,071		11,540		$77,764
Distributions reinvested	222		2,314		846		5,465
Repurchased	(383	)	(3,724	)	(4,220	)	(28,006	)
Net increase	7,219		$73,661		8,166		$55,223
Class R1 shares
Sold	21,618		$223,188		20,221		$149,812
Distributions reinvested	391		4,081		1,140		7,367
Repurchased	(10,670	)	(102,139	)	(8,937	)	(63,914	)
Net increase	11,339		$125,130		12,424		$93,265
Class R2 shares
Sold	121,562		$1,195,474		90,089		$604,118
Distributions reinvested	510		5,315		7,027		45,326
Repurchased	(12,505	)	(124,199	)	(66,431	)	(454,320	)
Net increase	109,567		$1,076,590		30,685		$195,124
Class R3 shares
Sold	71,912		$731,743		44,639		$312,360
Distributions reinvested	321		3,353		3,474		22,438
Repurchased	(10,414	)	(99,769	)	(26,973	)	(181,228	)
Net increase	61,819		$635,327		21,140		$153,570
Class R4 shares
Sold	8,080		$80,771		11,096		$77,415
Distributions reinvested	261		2,726		1,311		8,458
Repurchased	(706	)	(7,076	)	(1,510	)	(9,647	)
Net increase	7,635		$76,421		10,897		$76,226
Class R5 shares
Sold	61,469		$625,889		3,635		$26,566
Distributions reinvested	288		3,004		2,734		17,607
Repurchased	(23,994	)	(240,340	)	(42,396	)	(260,001	)
Net increase (decrease)	37,763		$388,553		(36,027	)	($215,828	)
Class 1 shares
Sold	17,158,243		$176,378,050		7,679,787		$54,763,684
Distributions reinvested	254,558		2,660,134		1,611,108		10,375,537
Repurchased	(251,331	)	(2,535,009	)	(884,239	)	(6,410,769	)
Net increase	17,161,470		$176,503,175		8,406,656		$58,728,452
Net increase	17,711,177		$182,083,635		8,643,514		$60,510,225

70 Lifecycle Portfolios   Semiannual report

Lifecycle 2010 Portfolio
	Year ended 8-31-08				Six months ended 2-28-09
	Shares		Amount		Shares		Amount
Class A shares
Sold	206,150		$2,112,391		101,659		$753,920
Distributions reinvested	2,495		25,819		15,125		101,640
Repurchased	(60,209	)	(603,338	)	(50,680	)	(350,337	)
Net increase	148,436		$1,534,872		66,104		$505,223
Class B shares
Sold	23,018		$235,563		9,075		$64,003
Distributions reinvested	280		2,904		1,266		8,530
Repurchased	(12,596	)	(126,151	)	(4,236	)	(32,848	)
Net increase	10,702		$112,316		6,105		$39,685
Class C shares
Sold	100,254		$1,040,588		49,348		$341,478
Distributions reinvested	1,147		11,884		3,652		24,615
Repurchased	(38,965	)	(403,306	)	(22,913	)	(174,227	)
Net increase	62,436		$649,166		30,087		$191,866
Class R shares
Sold	174		$1,776		6,295		$43,656
Distributions reinvested	211		2,182		551		3,703
Repurchased	—		—		(189	)	(1,605	)
Net increase	385		$3,958		6,657		$45,754
Class R1 shares
Sold	2,725		$27,217		1,905		$14,243
Distributions reinvested	238		2,456		772		5,188
Repurchased	(25	)	(258	)	(1,604	)	(10,654	)
Net increase	2,938		$29,415		1,073		$8,777
Class R2 shares
Sold	311,738		$3,064,593		18,920		$139,642
Distributions reinvested	264		2,730		6,716		45,062
Repurchased	(87,280	)	(881,776	)	(143,390	)	(1,188,520	)
Net increase (decrease)	224,722		$2,185,547		(117,754	)	($1,003,816	)
Class R3 shares
Sold	97,370		$1,016,704		10,896		$77,195
Distributions reinvested	1,055		10,914		4,911		33,000
Repurchased	(26,359	)	(266,281	)	(2,078	)	(14,159	)
Net increase	72,066		$761,337		13,729		$96,036
Class R4 shares
Sold	16,708		$166,308		1,790		$13,526
Distributions reinvested	264		2,730		704		4,721
Repurchased	(5,964	)	(57,706	)	(13,785	)	(120,929	)
Net increase (decrease)	11,008		$111,332		(11,291	)	($102,682	)
Class R5 shares
Sold	57,081		$557,654		2,707		$20,525
Distributions reinvested	290		3,005		1,120		7,502
Repurchased	(16,191	)	(158,353	)	(35,504	)	(283,611	)
Net increase (decrease)	41,180		$402,306		(31,677	)	($255,584	)
Class 1 shares
Sold	10,300,472		$105,648,006		3,789,403		$27,696,752
Distributions reinvested	147,202		1,523,542		942,312		6,322,910
Repurchased	(368,067	)	(3,737,100	)	(704,224	)	(5,379,958	)
Net increase	10,079,606		$103,434,448		4,027,491		$28,639,704
Net increase	10,653,480		$109,224,697		3,990,524		$28,164,963

Semiannual report   Lifecycle Portfolios 71

Lifecycle Retirement Portfolio
	Year ended 8-31-08				Six months ended 2-28-09
	Shares		Amount		Shares		Amount
Class A shares
Sold	823,146		$8,271,824		296,274		$2,256,044
Distributions reinvested	26,078		261,289		45,509		317,687
Repurchased	(141,454	)	(1,376,430	)	(428,595	)	(2,969,257	)
Net increase (decrease)	707,770		$7,156,683		(86,812	)	($395,526	)
Class B shares
Sold	27,292		$280,517		13,965		$106,655
Distributions reinvested	1,270		12,810		992		7,025
Repurchased	(20,551	)	(201,914	)	(9,809	)	(66,848	)
Net increase	8,011		$91,413		5,148		$46,832
Class C shares
Sold	665,373		$6,704,880		40,766		$333,580
Distributions reinvested	11,420		114,105		24,052		166,859
Repurchased	(135,683	)	(1,322,073	)	(273,548	)	(1,891,818	)
Net increase (decrease)	541,110		$5,496,912		(208,730	)	($1,391,379	)
Class R shares
Sold	4,734		$45,493		10		$76
Distributions reinvested	394		3,963		506		3,481
Repurchased	(4,741	)	(45,064	)	—		—
Net increase	387		$4,392		516		$3,557
Class R1 shares
Sold	115		$1,135		18,006		$117,703
Distributions reinvested	404		4,064		547		3,763
Repurchased	—		—		(14,610	)	(91,363	)
Net increase	519		$5,199		3,943		$30,103
Class R2 shares
Sold	10,844		$108,356		7,113		$51,613
Distributions reinvested	531		5,321		1,007		6,912
Repurchased	(5,468	)	(52,471	)	(2,263	)	(16,327	)
Net increase	5,907		$61,206		5,857		$42,198
Class R3 shares
Sold	9,187		$95,388		13,421		$101,983
Distributions reinvested	674		6,767		973		6,717
Repurchased	(684	)	(6,788	)	(13,061	)	(85,867	)
Net increase	9,177		$95,367		1,333		$22,833
Class R4 shares
Sold	97		$946		2,368		$16,365
Distributions reinvested	440		4,426		609		4,189
Repurchased	—		—		—		—
Net increase	537		$5,372		2,977		$20,554
Class R5 shares
Sold	980		$9,618		1,451		$10,107
Distributions reinvested	474		4,769		660		4,567
Repurchased	(1	)	(8	)	(7	)	(49	)
Net increase	1,453		$14,379		2,104		$14,625
Class 1 shares
Sold	22,765,338		$228,178,574		9,879,843		$70,540,277
Distributions reinvested	565,986		5,643,203		1,342,014		9,274,284
Repurchased	(7,198,772	)	(71,496,368	)	(5,102,049	)	(35,859,023	)
Net increase	16,132,552		$162,325,409		6,119,808		$43,955,538
Net increase	17,407,423		$175,256,332		5,846,144		$42,349,335

72 Lifecycle Portfolios   Semiannual report

8. Purchases and sales of securities

The following summarizes the Portfolios’ purchases and sales of the affiliated and unaffiliated underlying funds and securities, other than short-term securities and obligations of the U.S. Government, for the period ended February 28, 2009:

	Purchases	Sales and Maturities
Portfolio	Other Issuers	Other Issuers
Lifecycle 2045	$59,923,621	$11,768,638
Lifecycle 2040	59,788,818	11,828,971
Lifecycle 2035	78,981,846	16,330,020
Lifecycle 2030	101,129,185	23,771,661
Lifecycle 2025	129,506,195	37,069,332
Lifecycle 2020	120,764,752	35,933,735
Lifecycle 2015	92,235,692	33,462,876
Lifecycle 2010	45,761,767	18,826,113
Lifecycle Retirement	10,839,833	64,232,026

9. Investment in affiliated underlying funds

The Portfolios invest primarily in affiliated underlying funds that are managed by affiliates of the Adviser. The Portfolios do not invest in affiliated underlying funds for the purpose of exercising management or control; however, the Portfolios’ investments may represent a significant portion of each underlying funds’ net assets. For the period ended February 28, 2009, the following Portfolios held 5% or more of the underlying funds’ net assets:

Portfolio	Affiliate-Class NAV		Percent of Underlying
			Funds’ Net Assets
Lifecycle 2045	Value	8.68%
Lifecycle 2040	Value	9.70%
Lifecycle 2035	Small Cap Growth	5.24%
	Value	13.85%
Lifecycle 2030	International Equity Index	6.61%
	Small Cap Growth	7.00%
	Value	17.37%
Lifecycle 2025	International Equity Index	8.18%
	Small Cap Growth	7.50%
	Value	11.43%
Lifecycle 2020	International Equity Index	6.89%
	Value	11.33%
Lifecycle 2015	Value	10.15%
Lifecycle Retirement	Investment Quality Bond	7.71%
	Real Estate Equity	6.32%
	Small Cap Index Fund	5.21%

Semiannual report   Lifecycle Portfolios 73

	More information
	Trustees James M. Oates**, Chairman James R. Boyle† Grace K. Fey**† Charles L. Bardelis* Peter S. Burgess* Elizabeth G. Cook** Theron S. Hoffman** Hassell H. McClellan** Steven M. Roberts* John D. Richardson,* Trustee Emeritus			Investment adviser John Hancock Investment Management Services, LLC Investment Subadviser MFC Global Investment Management (U.S.A.) Limited Principal distributor John Hancock Funds, LLC Custodian State Street Bank and Trust Company Transfer agent John Hancock Signature Services, Inc. Legal counsel K&L Gates LLP
	*	Members of the Audit Committee
	**	Members of the Compliance Committee
	†	Non-Independent Trustees
	Officers Keith F. Hartstein President and Chief Executive Officer Thomas M. Kinzler Secretary and Chief Legal Officer Francis V. Knox, Jr. Chief Compliance Officer Charles A. Rizzo Chief Financial Officer Gordon M. Shone Treasurer John G. Vrysen Chief Operating Officer
Additional information about your fund is available without charge in several ways. As required by the SEC, you can access proxy voting information and quarterly portfolio information on your fund. The proxy voting information includes a description of proxy voting policies, procedures and information regarding how the fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30. The quarterly portfolio information that includes a complete list of the fund’s holdings for the first and third quarters of the fund’s fiscal period is filed on Form N-Q. You have access to this information:
By phone 1-800-225-5291		On the fund’s Website                       www.jhfunds.com		At the SEC www.sec.gov 1-800-SEC-0330 SEC Public Reference Room
You can also contact us:
Regular mail    John Hancock Signature Services, Inc.    P.O. Box 9510    Portsmouth, NH 03802-9510			Express mail John Hancock Signature Services, Inc. Mutual Fund Image Operations 164 Corporate Drive Portsmouth, NH 03801
Month-end portfolio holdings are available at www.jhfunds.com.

74 Lifecycle Portfolios   Semiannual report

1-800-225-5291
1-800-554-6713 TDD
1-800-338-8080 EASI-Line
www.jhfunds.com

Now available: electronic delivery
www.jhfunds.com/edelivery

This report is for the information of the shareholders of John Hancock Lifecycle Portfolios.
It is not authorized for distribution to prospectiveinvestors unless preceded or accompanied by a prospectus. LC0SA 2/09
4/09

	JOHN HANCOCK Funds II
2.28.2009	Semiannual Report

John Hancock Funds II

Semiannual Report — Table of Contents 

Sector Weightings	4
Shareholder Expense Example	9
Portfolio of Investments (See below for each Fund’s page #)	15
Statements of Assets and Liabilities	328
Statements of Operations	347
Statements of Changes in Net Assets	363
Financial Highlights	374
Notes to Financial Statements	407

	Portfolio of
Fund	Investments
Absolute Return Portfolio	15
Active Bond Fund	15
All Cap Core Fund	32
All Cap Growth Fund	35
All Cap Value Fund	36
Alpha Opportunities Fund	38
Alternative Asset Allocation Fund	42
American Diversified Growth & Income Fund	42
American Fundamental Holdings Fund	42
American Global Diversification Fund	42
Blue Chip Growth Fund	43
Capital Appreciation Fund	45
Core Bond Fund	46
Core Equity Fund	53
Emerging Markets Value Fund	55
Emerging Small Company Fund	68
Equity-Income Fund	71
Fundamental Value Fund	73
Global Agribusiness Fund	75
Global Bond Fund	75
Global Infrastructure Fund	85
Global Real Estate Fund	86
Global Timber Fund	88
High Income Fund	88
High Yield Fund	93
Index 500 Fund	102
International Equity Index Fund	108
International Opportunities Fund	127
International Small Cap Fund	128
International Small Company Fund	130
International Value Fund	159
Investment Quality Bond Fund	160
Large Cap Fund	170
Large Cap Value Fund	172
Mid Cap Index Fund	173
Mid Cap Intersection Fund	179
Mid Cap Stock Fund	182
Mid Cap Value Fund	184
Mid Cap Value Equity Fund	186
Mid Value Fund	188
Natural Resources Fund	190
Optimized All Cap Fund	191
Real Estate Equity Fund	193
Real Estate Securities Fund	194
Real Return Bond Fund	195
Short Term Government Income Fund	199
Small Cap Growth Fund	199
Small Cap Index Fund	201
Small Cap Opportunities Fund	220
Small Cap Value Fund	230
Small Company Growth Fund	231
Small Company Value Fund	233
Smaller Company Growth Fund	236
Spectrum Income Fund	248
Strategic Bond Fund	277
Strategic Income Fund	286
Total Bond Market Fund	292
Total Return Fund	300
U.S. Government Securities Fund	308
U.S. High Yield Bond Fund	310
U.S. Multi Sector Fund	317
Value Fund	321
Value & Restructuring Fund	322
Vista Fund	324

3

John Hancock Funds II

Sector Weightings*

Absolute Return Portfolio		All Cap Value Fund		American Fundamental Holdings Fund
Sector Weighting	% of Total	Sector Weighting	% of Total	Sector Weighting	% of Total
U.S. Large Cap	12.78	Consumer, Non-cyclical	30.50	Intermediate Bond	25.00
Financial	12.41	Industrial	21.23	Energy	22.02
Intermediate Bond	12.31	Consumer, Cyclical	11.84	International	13.01
Multi-Sector Bond	8.77	Financial	11.54	Large Value	12.01
Real Estate	8.59	Energy	10.17	U.S. Large Cap	12.01
High Yield Bond	8.38	Basic Materials	6.32	Government	8.04
International Large Cap	6.45	Communications	2.76	Utilities	7.91
U.S. Mid Cap	4.84	Utilities	2.69
Bank Loan	3.60	Technology	0.44	American Global Diversification Fund
Investment Companies	3.44			Sector Weighting	% of Total
U.S. Small Cap	3.22	Alpha Opportunities Fund		Intermediate Bond	21.29
		Sector Weighting	% of Total	International Mid Cap	15.93
Active Bond Fund		Consumer, Non-cyclical	28.76	International Small Cap	15.93
Sector Weighting	% of Total	Financial	10.48	Diversified	11.95
Federal National Mortgage Association	32.78	Energy	8.70	International	9.96
Financial	12.78	Industrial	8.13	U.S. Large Cap	9.96
Mortgage Securities	11.32	Consumer, Cyclical	7.82	Large Value	7.96
Energy	6.81	Communications	7.73	High Yield Bond	7.02
Communications	5.38	Technology	6.62
Consumer, Non-cyclical	5.10	Basic Materials	5.56	Blue Chip Growth Fund
Utilities	4.54	Investment Companies	2.29	Sector Weighting	% of Total
Asset Backed Securities	2.56	Utilities	0.08	Consumer, Non-cyclical	28.91
Consumer, Cyclical	2.30			Communications	19.54
Industrial	1.91	Alternative Asset Allocation Fund		Technology	15.06
		Sector Weighting	% of Total	Financial	10.38
All Cap Core Fund		Bank Loan	15.44	Consumer, Cyclical	9.40
Sector Weighting	% of Total	Treasury Inflation-Protected Securities (d)	14.37	Energy	5.77
Consumer, Non-cyclical	22.92	Real Estate	13.95	Industrial	4.35
Energy	11.76	Emerging Markets	11.91	Basic Materials	3.96
Communications	10.22	Global Bond	11.41	Short-term Securities	2.19
Financial	9.75	Commodities	10.55	Utilities	0.44
Industrial	9.14	High Yield Bond	8.89
Technology	9.08	International Small Cap	7.50	Capital Appreciation Fund
Consumer, Cyclical	6.50	Natural Resources	5.98	Sector Weighting	% of Total
Basic Materials	4.90			Consumer, Non-cyclical	36.42
Utilities	4.49	American Diversified Growth &		Communications	16.01
		Income Fund		Technology	15.11
All Cap Growth Fund		Sector Weighting	% of Total	Consumer, Cyclical	8.79
Sector Weighting	% of Total	Energy	23.67	Energy	6.09
Consumer, Non-cyclical	51.78	Large Value	17.81	Industrial	4.86
Industrial	11.94	U.S. Large Cap	15.83	Basic Materials	3.00
Technology	11.01	Intermediate Bond	14.59	Financial	2.99
Communications	7.00	Financial	6.19
Financial	5.14	International	5.01	Core Bond Fund
Energy	3.08	International Mid Cap	4.97	Sector Weighting	% of Total
Consumer, Cyclical	3.01	Diversified	3.95	Mortgage Securities	27.76
Basic Materials	1.22	Utilities	3.93	Federal Home Loan Mortgage Corp.	18.43
		High Yield Bond	2.07	Federal National Mortgage Association	11.04
				Asset Backed Securities	6.65
				Financial	5.65
				U.S. Treasury Bonds	5.60
				Government National Mortgage Association	5.57
				U.S. Treasury Notes	5.17
				Communications	3.33
				Consumer, Non-cyclical	3.28

4

John Hancock Funds II

Sector Weightings*

Core Equity Fund		Fundamental Value Fund		High Income Fund
Sector Weighting	% of Total	Sector Weighting	% of Total	Sector Weighting	% of Total
Financial	21.45	Financial	22.13	Consumer, Cyclical	40.54
Energy	18.36	Energy	16.22	Communications	23.61
Consumer, Non-cyclical	16.60	Consumer, Non-cyclical	15.79	Consumer, Non-cyclical	8.93
Consumer, Cyclical	10.25	Consumer, Cyclical	10.22	Basic Materials	6.60
Communications	9.84	Communications	8.55	Mortgage Securities	4.13
Technology	7.30	Technology	6.24	Other	4.07
Industrial	5.44	Industrial	6.19	Utilities	3.51
Basic Materials	1.84	Basic Materials	1.73	Financial	2.61
Utilities	0.21	Diversified	0.64	Industrial	2.07
		Utilities	0.21	Government	1.37
Emerging Markets Value Fund
Sector Weighting	% of Total	Global Agribusiness Fund		High Yield Fund
Financial	24.69	Sector Weighting	% of Total	Sector Weighting	% of Total
Basic Materials	16.65	Basic Materials	54.24	Communications	18.73
Industrial	14.31	Consumer, Non-cyclical	44.55	Consumer, Non-cyclical	14.95
Consumer, Cyclical	8.72	Industrial	1.21	Energy	13.95
Consumer, Non-cyclical	7.43			Financial	12.07
Diversified	5.00	Global Bond Fund		Consumer, Cyclical	11.45
Technology	4.40	Sector Weighting	% of Total	Utilities	7.68
Energy	4.05	Government	27.76	Basic Materials	7.09
Communications	2.62	Financial	21.12	Industrial	6.17
Utilities	1.95	Mortgage Securities	17.78	Government	3.51
		Government National Mortgage Association	8.94	Technology	1.15
Emerging Small Company Fund		Asset Backed Securities	4.61
Sector Weighting	% of Total	U.S. Treasury Bonds	4.14	Index 500 Fund
Consumer, Non-cyclical	31.69	Federal National Mortgage Association	2.98	Sector Weighting	% of Total
Technology	15.93	Other	2.06	Consumer, Non-cyclical	24.95
Industrial	13.38	Consumer, Non-cyclical	1.94	Energy	14.14
Financial	7.91	Communications	1.71	Technology	11.91
Consumer, Cyclical	7.80			Communications	11.45
Communications	5.80	Global Infrastructure Fund		Financial	9.78
Energy	4.15	Sector Weighting	% of Total	Industrial	9.68
Basic Materials	1.39	Communications	37.46	Consumer, Cyclical	8.32
Utilities	1.06	Utilities	30.38	Utilities	3.75
Real Estate	0.69	Energy	16.54	Basic Materials	3.56
		Consumer, Non-cyclical	8.82	Diversified	0.04
Equity-Income Fund		Industrial	6.22
Sector Weighting	% of Total	Financial	0.58	International Equity Index Fund
Energy	17.52			Sector Weighting	% of Total
Financial	15.68	Global Real Estate Fund		Financial	19.05
Consumer, Non-cyclical	14.23	Sector Weighting	% of Total	Consumer, Non-cyclical	16.56
Communications	11.13	Financial	88.45	Energy	10.81
Industrial	10.32	Consumer, Non-cyclical	3.84	Communications	10.19
Consumer, Cyclical	7.62	Consumer, Cyclical	0.45	Industrial	10.12
Utilities	5.14			Basic Materials	9.15
Basic Materials	5.02	Global Timber Fund		Consumer, Cyclical	7.76
Technology	4.57	Sector Weighting	% of Total	Utilities	6.05
		Basic Materials	90.74	Technology	3.27
		Industrial	5.69	Diversified	0.94
		Consumer, Non-cyclical	3.57

5

John Hancock Funds II

Sector Weightings*

International Opportunities Fund		Investment Quality Bond Fund		Mid Cap Intersection Fund
Sector Weighting	% of Total	Sector Weighting	% of Total	Sector Weighting	% of Total
Consumer, Non-cyclical	20.09	U.S. Treasury Bonds	26.17	Consumer, Non-cyclical	21.29
Industrial	14.12	Financial	19.37	Financial	16.82
Financial	13.33	Government	8.71	Consumer, Cyclical	11.77
Consumer, Cyclical	11.70	Mortgage Securities	7.95	Industrial	11.59
Energy	9.07	Communications	7.88	Utilities	8.95
Communications	7.48	Consumer, Non-cyclical	6.20	Technology	6.57
Basic Materials	6.12	Utilities	5.69	Energy	4.84
Technology	3.63	Federal National Mortgage Association	4.03	Communications	4.48
		Energy	2.28	Basic Materials	4.27
International Small Cap Fund		Asset Backed Securities	2.19	Diversified	0.16
Sector Weighting	% of Total
Consumer, Cyclical	24.08	Large Cap Fund		Mid Cap Stock Fund
Industrial	17.48	Sector Weighting	% of Total	Sector Weighting	% of Total
Consumer, Non-cyclical	17.36	Consumer, Non-cyclical	20.95	Consumer, Non-cyclical	30.59
Financial	10.44	Technology	16.87	Consumer, Cyclical	16.89
Communications	4.59	Energy	14.86	Technology	10.30
Basic Materials	3.87	Industrial	10.00	Industrial	9.09
Technology	2.89	Consumer, Cyclical	9.18	Communications	8.67
Utilities	1.97	Communications	8.88	Financial	8.50
Diversified	0.98	Financial	8.09	Energy	4.54
Energy	0.96	Utilities	6.09	Basic Materials	2.91
		Investment Companies	0.54
International Small Company Fund		Basic Materials	0.42	Mid Cap Value Fund
Sector Weighting	% of Total			Sector Weighting	% of Total
Industrial	22.70	Large Cap Value Fund		Consumer, Non-cyclical	22.07
Consumer, Non-cyclical	16.65	Sector Weighting	% of Total	Financial	19.87
Consumer, Cyclical	16.23	Energy	27.65	Consumer, Cyclical	10.15
Financial	12.45	Consumer, Non-cyclical	23.74	Energy	9.56
Basic Materials	9.24	Financial	9.77	Communications	7.40
Communications	5.53	Communications	9.74	Basic Materials	6.69
Technology	4.91	Industrial	8.36	Technology	6.67
Energy	4.13	Consumer, Cyclical	6.83	Industrial	5.09
Diversified	1.40	Technology	6.60	Utilities	4.57
Utilities	1.28	Basic Materials	4.35
		Utilities	0.92	Mid Cap Value Equity Fund
International Value Fund				Sector Weighting	% of Total
Sector Weighting	% of Total	Mid Cap Index Fund		Financial	19.72
Communications	24.50	Sector Weighting	% of Total	Industrial	13.69
Consumer, Non-cyclical	13.69	Consumer, Non-cyclical	20.60	Energy	10.60
Financial	13.39	Financial	14.88	Consumer, Cyclical	10.19
Consumer, Cyclical	9.14	Industrial	14.10	Consumer, Non-cyclical	8.87
Energy	8.79	Consumer, Cyclical	11.56	Technology	6.65
Technology	8.46	Technology	6.68	Basic Materials	5.57
Industrial	6.97	Utilities	6.41	Utilities	5.42
Basic Materials	1.67	Energy	5.86	Communications	5.24
Diversified	1.18	Basic Materials	4.42
		Communications	2.89
		Real Estate	0.20

6

John Hancock Funds II

Sector Weightings*

Mid Value Fund		Short Term Government Income Fund		Small Company Growth Fund
Sector Weighting	% of Total	Sector Weighting	% of Total	Sector Weighting	% of Total
Consumer, Non-cyclical	21.84	Government	67.31	Consumer, Non-cyclical	26.00
Financial	19.54	U.S. Treasury Notes	24.04	Technology	13.23
Consumer, Cyclical	10.37	Treasury Inflation-Protected Securities (d)	6.55	Industrial	12.33
Energy	9.45	Federal National Mortgage Association	2.10	Consumer, Cyclical	12.24
Communications	7.39			Financial	7.06
Technology	6.62	Small Cap Growth Fund		Communications	6.01
Basic Materials	6.56	Sector Weighting	% of Total	Energy	3.74
Industrial	4.94	Consumer, Non-cyclical	36.21	Utilities	1.60
Utilities	4.45	Industrial	12.94	Basic Materials	0.34
		Consumer, Cyclical	12.72
Natural Resources Fund		Technology	10.27	Small Company Value Fund
Sector Weighting	% of Total	Communications	8.07	Sector Weighting	% of Total
Energy	69.17	Energy	6.10	Industrial	21.12
Basic Materials	19.61	Financial	3.95	Financial	15.93
		Investment Companies	3.18	Consumer, Non-cyclical	15.15
Optimized All Cap Fund		Basic Materials	2.39	Consumer, Cyclical	10.17
Sector Weighting	% of Total	Diversified	1.60	Basic Materials	6.99
Consumer, Non-cyclical	27.19			Technology	6.83
Technology	15.86	Small Cap Index Fund		Utilities	3.99
Energy	12.93	Sector Weighting	% of Total	Energy	3.59
Financial	10.96	Consumer, Non-cyclical	20.73	Communications	2.24
Consumer, Cyclical	10.67	Financial	16.21
Industrial	8.46	Industrial	11.30	Smaller Company Growth Fund
Utilities	4.09	Consumer, Cyclical	9.29	Sector Weighting	% of Total
Communications	4.09	Technology	7.91	Consumer, Non-cyclical	26.33
Basic Materials	4.06	Communications	6.07	Consumer, Cyclical	15.89
		Utilities	3.96	Communications	15.06
Real Estate Equity Fund		Energy	2.86	Industrial	13.28
Sector Weighting	% of Total	Basic Materials	2.51	Technology	10.52
Financial	76.78	Real Estate	0.05	Financial	6.44
Consumer, Cyclical	3.12			Energy	5.41
Real Estate	1.35	Small Cap Opportunities Fund		Basic Materials	2.49
Basic Materials	1.27	Sector Weighting	% of Total	Utilities	0.29
		Financial	16.70	Real Estate	0.02
Real Estate Securities Fund		Industrial	16.04
Sector Weighting	% of Total	Consumer, Non-cyclical	15.30	Spectrum Income Fund
Financial	91.55	Consumer, Cyclical	14.57	Sector Weighting	% of Total
		Technology	8.95	Government	13.45
Real Return Bond Fund		Communications	8.33	Government National Mortgage Association	12.13
Sector Weighting	% of Total	Energy	6.10	Financial	10.45
Treasury Inflation-Protected Securities (d)	55.81	Basic Materials	3.66	Communications	9.28
Financial	11.56	Utilities	2.10	Consumer, Non-cyclical	7.18
Federal National Mortgage Association	10.89	Real Estate	0.39	Energy	7.12
Federal Home Loan Mortgage Corp.	5.32			Federal National Mortgage Association	6.44
U.S. Treasury Bonds	3.24	Small Cap Value Fund		Industrial	5.26
Government	2.55	Sector Weighting	% of Total	Mortgage Securities	4.96
Asset Backed Securities	2.53	Industrial	22.21	Consumer, Cyclical	4.42
Consumer, Non-cyclical	1.72	Financial	20.20
Government National Mortgage Association	0.92	Consumer, Non-cyclical	18.57
Mortgage Securities	0.81	Consumer, Cyclical	16.85
		Utilities	6.60
		Technology	3.54
		Basic Materials	3.19
		Energy	3.06
		Communications	1.50

7

John Hancock Funds II

Sector Weightings*

Strategic Bond Fund		U.S. Government Securities Fund		Value & Restructuring Fund
Sector Weighting	% of Total	Sector Weighting	% of Total	Sector Weighting	% of Total
Federal National Mortgage Association	18.15	Federal National Mortgage Association	44.94	Energy	19.42
Mortgage Securities	11.83	Federal Home Loan Mortgage Corp.	12.43	Consumer, Non-cyclical	13.83
Financial	11.69	Mortgage Securities	9.03	Industrial	13.16
Energy	6.76	Federal Home Loan Bank	8.10	Financial	12.84
Federal Home Loan Bank	5.67	Asset Backed Securities	6.49	Communications	9.26
Consumer, Non-cyclical	4.91	U.S. Treasury Bonds	2.86	Basic Materials	8.06
Communications	4.61	U.S. Treasury Notes	1.65	Consumer, Cyclical	3.26
Asset Backed Securities	4.26	Government National Mortgage Association	0.32	Technology	3.15
Federal Home Loan Mortgage Corp.	3.86	Financial	0.01	Utilities	0.37
Utilities	3.67
		U.S. High Yield Bond Fund		Vista Fund
Strategic Income Fund		Sector Weighting	% of Total	Sector Weighting	% of Total
Sector Weighting	% of Total	Communications	25.01	Consumer, Non-cyclical	30.17
Government	30.13	Consumer, Non-cyclical	20.97	Consumer, Cyclical	13.08
Mortgage Securities	17.66	Energy	12.43	Communications	12.92
Consumer, Cyclical	11.25	Consumer, Cyclical	11.58	Basic Materials	8.50
Communications	10.12	Financial	8.30	Industrial	8.27
Financial	6.85	Industrial	6.58	Energy	7.48
Federal National Mortgage Association	6.34	Basic Materials	5.85	Financial	6.64
Industrial	4.28	Technology	5.28	Technology	4.98
Consumer, Non-cyclical	4.18	Utilities	3.04	Utilities	1.37
Energy	2.77	Mortgage Securities	0.19	Investment Companies	0.94
Basic Materials	1.85
		U.S. Multi Sector Fund
Total Bond Market Fund		Sector Weighting	% of Total
Sector Weighting	% of Total	Consumer, Non-cyclical	41.89
Federal National Mortgage Association	28.11	Energy	12.95
Federal Home Loan Mortgage Corp.	18.31	Consumer, Cyclical	12.00
U.S. Treasury Bonds	10.61	Technology	10.94
Financial	10.12	Communications	9.65
U.S. Treasury Notes	8.10	Industrial	3.68
Government National Mortgage Association	5.32	Financial	2.34
Consumer, Non-cyclical	2.65	Basic Materials	1.93
Communications	2.62	Utilities	0.29
Utilities	2.03
Government	1.93	Value Fund
		Sector Weighting	% of Total
Total Return Fund		Financial	20.12
Sector Weighting	% of Total	Consumer, Non-cyclical	17.21
Federal National Mortgage Association	31.44	Technology	11.92
Mortgage Securities	22.93	Industrial	10.94
Financial	22.54	Consumer, Cyclical	8.53
Federal Home Loan Mortgage Corp.	7.52	Utilities	7.97
Asset Backed Securities	3.82	Energy	5.66
Consumer, Non-cyclical	2.24	Basic Materials	4.00
Government	2.18
Treasury Inflation-Protected Securities (d)	1.17
Consumer, Cyclical	1.15
Energy	0.77

* Top Sectors as a percentage of market value. Does not include short-term securities and investments in the John Hancock Cash Investment Trust, if applicable.

8

John Hancock Funds II

Shareholder Expense Example 

As a shareholder of John Hancock Funds II, you incur ongoing costs, such as management fees, distribution (12b-1) fees and other expenses. In the case of Absolute Return, Alternative Asset Allocation, American Diversified Growth & Income, American Fundamental Holdings and American Global Diversification, in addition to the operating expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the operating expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied operating expenses and transaction costs and the Fund may own different proportions of the underlying funds at different times, the amount of expenses incurred indirectly by the Fund will vary. If these indirect expenses were included, your expenses paid during the period would have been higher.

This example is intended to help you understand your ongoing costs (in dollars) of investing in the funds so you can compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2008 through February 28, 2009).

Actual expenses:
The first line of each share class in the table below and on the following pages provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses paid during period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes:
The second line of each share class in the table below and on the following pages provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed annualized rate of return of 5% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the portfolio and other portfolios. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs and insurance-related charges. Therefore, the second line of each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

			Expenses Paid
	Beginning	Ending	During Period 1	Annualized
	Account Value	Account Value	9/1/2008–	Expense
	9/1/2008	2/28/2009	2/28/2009	Ratio 2
Absolute Return Portfolio
Class A — Actual	$1,000.00	$674.20	$1.91	0.46%
Class A — Hypothetical (5% of annualized return before expenses)	1,000.00	1,022.50	2.31	0.46%
Class B — Actual	1,000.00	672.80	4.81	1.16%
Class B — Hypothetical (5% of annualized return before expenses)	1,000.00	1,019.00	5.81	1.16%
Class C — Actual	1,000.00	672.80	4.81	1.16%
Class C — Hypothetical (5% of annualized return before expenses)	1,000.00	1,019.00	5.81	1.16%
Class 1 — Actual	1,000.00	676.20	0.87	0.21%
Class 1 — Hypothetical (5% of annualized return before expenses)	1,000.00	1,023.80	1.05	0.21%
Active Bond Fund
Class 1 — Actual	$1,000.00	$934.80	$3.45	0.72%
Class 1 — Hypothetical (5% of annualized return before expenses)	1,000.00	1,021.20	3.61	0.72%
Class NAV — Actual	1,000.00	935.10	3.21	0.67%
Class NAV — Hypothetical (5% of annualized return before expenses)	1,000.00	1,021.50	3.36	0.67%
All Cap Core Fund
Class NAV — Actual	$1,000.00	$563.20	$3.22	0.83%
Class NAV — Hypothetical (5% of annualized return before expenses)	1,000.00	1,020.70	4.16	0.83%
All Cap Growth Fund
Class 1 — Actual	$1,000.00	$602.50	$3.97	1.00%
Class 1 — Hypothetical (5% of annualized return before expenses)	1,000.00	1,019.80	5.01	1.00%
All Cap Value Fund
Class 1 — Actual	$1,000.00	$640.90	$3.99	0.98%
Class 1 — Hypothetical (5% of annualized return before expenses)	1,000.00	1,019.90	4.91	0.98%
Class NAV — Actual	1,000.00	641.50	3.74	0.92%
Class NAV — Hypothetical (5% of annualized return before expenses)	1,000.00	1,020.20	4.61	0.92%

9

John Hancock Funds II

Shareholder Expense Example

			Expenses Paid
	Beginning	Ending	During Period 1	Annualized
	Account Value	Account Value	9/1/2008–	Expense
	9/1/2008	2/28/2009	2/28/2009	Ratio 2
Alpha Opportunities Fund 3
Class NAV — Actual	$1,000.00	$756.70	$3.59	1.03%
Class NAV — Hypothetical (5% of annualized return before expenses)	1,000.00	1,019.70	5.16	1.03%
Alternative Asset Allocation Fund 4
Class A — Actual	$1,000.00	$908.00	$0.85	0.56%
Class A — Hypothetical (5% of annualized return before expenses)	1,000.00	1,022.00	2.81	0.56%
American Diversified Growth & Income Fund
Class 1 — Actual	$1,000.00	$663.50	$0.25	0.06%
Class 1 — Hypothetical (5% of annualized return before expenses)	1,000.00	1,024.50	0.30	0.06%
American Fundamental Holdings Fund
Class 1 — Actual	$1,000.00	$708.40	$0.25	0.06%
Class 1 — Hypothetical (5% of annualized return before expenses)	1,000.00	1,024.50	0.30	0.06%
American Global Diversification Fund
Class 1 — Actual	$1,000.00	$661.70	$0.25	0.06%
Class 1 — Hypothetical (5% of annualized return before expenses)	1,000.00	1,024.50	0.30	0.06%
Blue Chip Growth Fund
Class 1 — Actual	$1,000.00	$592.80	$3.44	0.87%
Class 1 — Hypothetical (5% of annualized return before expenses)	1,000.00	1,020.50	4.36	0.87%
Class NAV — Actual	1,000.00	593.00	3.24	0.82%
Class NAV — Hypothetical (5% of annualized return before expenses)	1,000.00	1,020.70	4.11	0.82%
Capital Appreciation Fund
Class 1 — Actual	$1,000.00	$655.20	$3.37	0.82%
Class 1 — Hypothetical (5% of annualized return before expenses)	1,000.00	1,020.70	4.11	0.82%
Class NAV — Actual	1,000.00	654.40	3.16	0.77%
Class NAV — Hypothetical (5% of annualized return before expenses)	1,000.00	1,021.00	3.86	0.77%
Core Bond Fund
Class 1 — Actual	$1,000.00	$1,011.70	$4.24	0.85%
Class 1 — Hypothetical (5% of annualized return before expenses)	1,000.00	1,020.60	4.26	0.85%
Class NAV — Actual	1,000.00	1,011.90	3.94	0.79%
Class NAV — Hypothetical (5% of annualized return before expenses)	1,000.00	1,020.90	3.96	0.79%
Core Equity Fund
Class 1 — Actual	$1,000.00	$482.80	$3.38	0.92%
Class 1 — Hypothetical (5% of annualized return before expenses)	1,000.00	1,020.20	4.61	0.92%
Emerging Markets Value Fund
Class NAV — Actual	$1,000.00	$500.30	$4.05	1.09%
Class NAV — Hypothetical (5% of annualized return before expenses)	1,000.00	1,019.40	5.46	1.09%
Emerging Small Company Fund
Class 1 — Actual	$1,000.00	$563.40	$4.69	1.21%
Class 1 — Hypothetical (5% of annualized return before expenses)	1,000.00	1,018.80	6.06	1.21%
Equity-Income Fund
Class 1 — Actual	$1,000.00	$559.50	$3.36	0.87%
Class 1 — Hypothetical (5% of annualized return before expenses)	1,000.00	1,020.50	4.36	0.87%
Class NAV — Actual	1,000.00	559.50	3.17	0.82%
Class NAV — Hypothetical (5% of annualized return before expenses)	1,000.00	1,020.70	4.11	0.82%
Fundamental Value Fund
Class 1 — Actual	$1,000.00	$545.60	$3.30	0.86%
Class 1 — Hypothetical (5% of annualized return before expenses)	1,000.00	1,020.50	4.31	0.86%
Class NAV — Actual	1,000.00	545.40	3.10	0.81%
Class NAV — Hypothetical (5% of annualized return before expenses)	1,000.00	1,020.80	4.06	0.81%
Global Agribusiness Fund 4
Class A — Actual	$1,000.00	$950.00	$2.20	1.42%
Class A — Hypothetical (5% of annualized return before expenses)	1,000.00	1,017.80	7.10	1.42%
Class I — Actual	1,000.00	951.00	1.53	0.99%
Class I — Hypothetical (5% of annualized return before expenses)	1,000.00	1,019.90	4.96	0.99%
Global Bond Fund
Class 1 — Actual	$1,000.00	$894.50	$4.37	0.93%
Class 1 — Hypothetical (5% of annualized return before expenses)	1,000.00	1,020.20	4.66	0.93%
Class NAV — Actual	1,000.00	894.40	4.13	0.88%
Class NAV — Hypothetical (5% of annualized return before expenses)	1,000.00	1,020.40	4.41	0.88%

10

John Hancock Funds II

Shareholder Expense Example 

			Expenses Paid
	Beginning	Ending	During Period 1	Annualized
	Account Value	Account Value	9/1/2008–	Expense
	9/1/2008	2/28/2009	2/28/2009	Ratio 2
Global Infrastructure Fund 4
Class A — Actual	$1,000.00	$806.00	$2.05	1.43%
Class A — Hypothetical (5% of annualized return before expenses)	1,000.00	1,017.70	7.15	1.43%
Class I — Actual	1,000.00	807.00	1.41	0.98%
Class I — Hypothetical (5% of annualized return before expenses)	1,000.00	1,006.40	1.56	0.98%
Global Real Estate Fund
Class NAV — Actual	$1,000.00	$489.30	$3.99	1.08%
Class NAV — Hypothetical (5% of annualized return before expenses)	1,000.00	1,019.40	5.41	1.08%
Global Timber Fund 4
Class A — Actual	$1,000.00	$687.00	$1.92	1.43%
Class A — Hypothetical (5% of annualized return before expenses)	1,000.00	1,017.70	7.15	1.43%
Class I — Actual	1,000.00	688.00	1.31	0.98%
Class I — Hypothetical (5% of annualized return before expenses)	1,000.00	1,006.40	1.56	0.98%
High Income Fund
Class NAV — Actual	$1,000.00	$612.40	$2.92	0.73%
Class NAV — Hypothetical (5% of annualized return before expenses)	1,000.00	1,021.20	3.66	0.73%
High Yield Fund
Class 1 — Actual	$1,000.00	$735.90	$3.27	0.76%
Class 1 — Hypothetical (5% of annualized return before expenses)	1,000.00	1,021.00	3.81	0.76%
Class NAV — Actual	1,000.00	736.10	3.06	0.71%
Class NAV — Hypothetical (5% of annualized return before expenses)	1,000.00	1,021.30	3.56	0.71%
Index 500 Fund
Class NAV — Actual	$1,000.00	$581.00	$1.84	0.47%
Class NAV — Hypothetical (5% of annualized return before expenses)	1,000.00	1,022.50	2.36	0.47%
International Equity Index Fund
Class NAV — Actual	$1,000.00	$542.40	$2.18	0.57%
Class NAV — Hypothetical (5% of annualized return before expenses)	1,000.00	1,022.00	2.86	0.57%
International Opportunities Fund
Class 1 — Actual	$1,000.00	$532.80	$4.14	1.09%
Class 1 — Hypothetical (5% of annualized return before expenses)	1,000.00	1,019.40	5.46	1.09%
Class NAV — Actual	1,000.00	532.90	3.95	1.04%
Class NAV — Hypothetical (5% of annualized return before expenses)	1,000.00	1,019.60	5.21	1.04%
International Small Cap Fund
Class 1 — Actual	$1,000.00	$516.20	$5.04	1.34%
Class 1 — Hypothetical (5% of annualized return before expenses)	1,000.00	1,018.10	6.71	1.34%
Class NAV — Actual	1,000.00	516.30	4.77	1.27%
Class NAV — Hypothetical (5% of annualized return before expenses)	1,000.00	1,018.50	6.36	1.27%
International Small Company Fund
Class NAV — Actual	$1,000.00	$543.20	$4.21	1.10%
Class NAV — Hypothetical (5% of annualized return before expenses)	1,000.00	1,019.30	5.51	1.10%
International Value Fund
Class 1 — Actual	$1,000.00	$571.20	$4.05	1.04%
Class 1 — Hypothetical (5% of annualized return before expenses)	1,000.00	1,019.60	5.21	1.04%
Class NAV — Actual	1,000.00	571.80	3.86	0.99%
Class NAV — Hypothetical (5% of annualized return before expenses)	1,000.00	1,019.90	4.96	0.99%
Investment Quality Bond Fund
Class 1 — Actual	$1,000.00	$967.20	$3.76	0.77%
Class 1 — Hypothetical (5% of annualized return before expenses)	1,000.00	1,021.00	3.86	0.77%
Class NAV — Actual	1,000.00	967.40	3.46	0.71%
Class NAV — Hypothetical (5% of annualized return before expenses)	1,000.00	1,021.30	3.56	0.71%
Large Cap Fund
Class 1 — Actual	$1,000.00	$538.80	$3.28	0.86%
Class 1 — Hypothetical (5% of annualized return before expenses)	1,000.00	1,020.50	4.31	0.86%
Class NAV — Actual	1,000.00	538.80	3.05	0.80%
Class NAV — Hypothetical (5% of annualized return before expenses)	1,000.00	1,020.80	4.01	0.80%

11

John Hancock Funds II

Shareholder Expense Example 

			Expenses Paid
	Beginning	Ending	During Period 1	Annualized
	Account Value	Account Value	9/1/2008–	Expense
	9/1/2008	2/28/2009	2/28/2009	Ratio 2
Large Cap Value Fund
Class 1 — Actual	$1,000.00	$573.40	$3.51	0.90%
Class 1 — Hypothetical (5% of annualized return before expenses)	1,000.00	1,020.30	4.51	0.90%
Class NAV — Actual	1,000.00	573.60	3.32	0.85%
Class NAV — Hypothetical (5% of annualized return before expenses)	1,000.00	1,020.60	4.26	0.85%
Mid Cap Index Fund
Class NAV — Actual	$1,000.00	$554.60	$1.97	0.51%
Class NAV — Hypothetical (5% of annualized return before expenses)	1,000.00	1,022.30	2.56	0.51%
Mid Cap Intersection Fund
Class NAV — Actual	$1,000.00	$527.70	$3.64	0.96%
Class NAV — Hypothetical (5% of annualized return before expenses)	1,000.00	1,020.00	4.81	0.96%
Mid Cap Stock Fund
Class 1 — Actual	$1,000.00	$549.70	$3.65	0.95%
Class 1 — Hypothetical (5% of annualized return before expenses)	1,000.00	1,020.10	4.76	0.95%
Class NAV — Actual	1,000.00	549.70	3.46	0.90%
Class NAV — Hypothetical (5% of annualized return before expenses)	1,000.00	1,020.30	4.51	0.90%
Mid Cap Value Fund
Class 1 — Actual	$1,000.00	$567.30	$4.12	1.06%
Class 1 — Hypothetical (5% of annualized return before expenses)	1,000.00	1,019.50	5.31	1.06%
Mid Cap Value Equity Fund
Class NAV — Actual	$1,000.00	$517.60	$3.99	1.06%
Class NAV — Hypothetical (5% of annualized return before expenses)	1,000.00	1,019.50	5.31	1.06%
Mid Value Fund 4
Class NAV — Actual	$1,000.00	$815.00	$1.67	1.16%
Class NAV — Hypothetical (5% of annualized return before expenses)	1,000.00	1,019.00	5.81	1.16%
Natural Resources Fund
Class 1 — Actual	$1,000.00	$497.30	$4.23	1.14%
Class 1 — Hypothetical (5% of annualized return before expenses)	1,000.00	1,019.10	5.71	1.14%
Class NAV — Actual	1,000.00	497.40	4.08	1.10%
Class NAV — Hypothetical (5% of annualized return before expenses)	1,000.00	1,019.30	5.51	1.10%
Optimized All Cap Fund
Class A — Actual	$1,000.00	$535.60	$4.19	1.10%
Class A — Hypothetical (5% of annualized return before expenses)	1,000.00	1,019.30	5.51	1.10%
Class B — Actual	1,000.00	533.60	6.84	1.80%
Class B — Hypothetical (5% of annualized return before expenses)	1,000.00	1,015.90	9.00	1.80%
Class C — Actual	1,000.00	533.60	6.84	1.80%
Class C — Hypothetical (5% of annualized return before expenses)	1,000.00	1,015.90	9.00	1.80%
Class I — Actual	1,000.00	536.30	3.05	0.80%
Class I — Hypothetical (5% of annualized return before expenses)	1,000.00	1,020.80	4.01	0.80%
Class NAV — Actual	1,000.00	536.20	3.05	0.80%
Class NAV — Hypothetical (5% of annualized return before expenses)	1,000.00	1,020.80	4.01	0.80%
Real Estate Equity Fund
Class NAV — Actual	$1,000.00	$373.90	$3.07	0.90%
Class NAV — Hypothetical (5% of annualized return before expenses)	1,000.00	1,020.30	4.51	0.90%
Real Estate Securities Fund
Class 1 — Actual	$1,000.00	$395.60	$3.08	0.89%
Class 1 — Hypothetical (5% of annualized return before expenses)	1,000.00	1,020.40	4.46	0.89%
Real Return Bond Fund
Class 1 — Actual	$1,000.00	$894.20	$3.85	0.82%
Class 1 — Hypothetical (5% of annualized return before expenses)	1,000.00	1,020.70	4.11	0.82%
Class NAV — Actual	1,000.00	895.00	3.62	0.77%
Class NAV — Hypothetical (5% of annualized return before expenses)	1,000.00	1,021.00	3.86	0.77%
Short Term Government Income Fund 4
Class NAV — Actual	$1,000.00	$999.00	$2.29	1.44%
Class NAV — Hypothetical (5% of annualized return before expenses)	1,000.00	1,017.70	7.20	1.44%
Small Cap Growth Fund 5
Class NAV — Actual	$1,000.00	$592.00	$4.57	1.21%
Class NAV — Hypothetical (5% of annualized return before expenses)	1,000.00	1,018.80	6.06	1.21%

12

John Hancock Funds II

Shareholder Expense Example 

			Expenses Paid
	Beginning	Ending	During Period 1	Annualized
	Account Value	Account Value	9/1/2008–	Expense
	9/1/2008	2/28/2009	2/28/2009	Ratio 2
Small Cap Index Fund
Class NAV — Actual	$1,000.00	$531.70	$2.05	0.54%
Class NAV — Hypothetical (5% of annualized return before expenses)	1,000.00	1,022.10	2.71	0.54%
Small Cap Opportunities Fund
Class 1 — Actual	$1,000.00	$518.20	$4.22	1.12%
Class 1 — Hypothetical (5% of annualized return before expenses)	1,000.00	1,019.20	5.61	1.12%
Class NAV — Actual	1,000.00	518.10	4.03	1.07%
Class NAV — Hypothetical (5% of annualized return before expenses)	1,000.00	1,019.50	5.36	1.07%
Small Cap Value Fund 6
Class NAV — Actual	$1,000.00	$820.00	$3.27	1.75%
Class NAV — Hypothetical (5% of annualized return before expenses)	1,000.00	1,016.10	8.75	1.75%
Small Company Growth Fund
Class NAV — Actual	$1,000.00	$569.90	$4.40	1.13%
Class NAV — Hypothetical (5% of annualized return before expenses)	1,000.00	1,019.20	5.66	1.13%
Small Company Value Fund
Class 1 — Actual	$1,000.00	$551.80	$4.16	1.08%
Class 1 — Hypothetical (5% of annualized return before expenses)	1,000.00	1,019.40	5.41	1.08%
Class NAV — Actual	1,000.00	552.30	3.96	1.03%
Class NAV — Hypothetical (5% of annualized return before expenses)	1,000.00	1,019.70	5.16	1.03%
Smaller Company Growth Fund 3
Class NAV — Actual	$1,000.00	$736.00	$3.66	1.06%
Class NAV — Hypothetical (5% of annualized return before expenses)	1,000.00	1,019.50	5.31	1.06%
Spectrum Income Fund
Class NAV — Actual	$1,000.00	$875.90	$3.86	0.83%
Class NAV — Hypothetical (5% of annualized return before expenses)	1,000.00	1,020.70	4.16	0.83%
Strategic Bond Fund
Class 1 — Actual	$1,000.00	$871.40	$3.76	0.81%
Class 1 — Hypothetical (5% of annualized return before expenses)	1,000.00	1,020.80	4.06	0.81%
Class NAV — Actual	1,000.00	871.40	3.53	0.76%
Class NAV — Hypothetical (5% of annualized return before expenses)	1,000.00	1,021.00	3.81	0.76%
Strategic Income Fund
Class NAV — Actual	$1,000.00	$915.10	$3.61	0.76%
Class NAV — Hypothetical (5% of annualized return before expenses)	1,000.00	1,021.00	3.81	0.76%
Total Bond Market Fund
Class NAV — Actual	$1,000.00	$1,023.90	$2.56	0.51%
Class NAV — Hypothetical (5% of annualized return before expenses)	1,000.00	1,022.30	2.56	0.51%
Total Return Fund
Class 1 — Actual	$1,000.00	$975.20	$3.87	0.79%
Class 1 — Hypothetical (5% of annualized return before expenses)	1,000.00	1,020.90	3.96	0.79%
Class NAV — Actual	1,000.00	975.50	3.58	0.73%
Class NAV — Hypothetical (5% of annualized return before expenses)	1,000.00	1,021.20	3.66	0.73%
U.S. Government Securities Fund
Class 1 — Actual	$1,000.00	$1,010.70	$3.89	0.78%
Class 1 — Hypothetical (5% of annualized return before expenses)	1,000.00	1,020.90	3.91	0.78%
Class NAV — Actual	1,000.00	1,010.90	3.59	0.72%
Class NAV — Hypothetical (5% of annualized return before expenses)	1,000.00	1,021.20	3.61	0.72%
U.S. High Yield Bond Fund
Class 1 — Actual	$1,000.00	$837.90	$3.78	0.83%
Class 1 — Hypothetical (5% of annualized return before expenses)	1,000.00	1,020.70	4.16	0.83%
Class NAV — Actual	1,000.00	837.20	3.51	0.77%
Class NAV — Hypothetical (5% of annualized return before expenses)	1,000.00	1,021.00	3.86	0.77%
U.S. Multi Sector Fund
Class NAV — Actual	$1,000.00	$685.20	$3.51	0.84%
Class NAV — Hypothetical (5% of annualized return before expenses)	1,000.00	1,020.60	4.21	0.84%
Value Fund
Class NAV — Actual	$1,000.00	$547.50	$3.84	1.00%
Class NAV — Hypothetical (5% of annualized return before expenses)	1,000.00	1,019.80	5.01	1.00%

13

John Hancock Funds II

Shareholder Expense Example 

			Expenses Paid
	Beginning	Ending	During Period 1	Annualized
	Account Value	Account Value	9/1/2008–	Expense
	9/1/2008	2/28/2009	2/28/2009	Ratio 2
Value & Restructuring Fund
Class NAV — Actual	$1,000.00	$487.40	$3.21	0.87%
Class NAV — Hypothetical (5% of annualized return before expenses)	1,000.00	1,020.50	4.36	0.87%
Vista Fund
Class NAV — Actual	$1,000.00	$546.60	$4.06	1.06%
Class NAV — Hypothetical (5% of annualized return before expenses)	1,000.00	1,019.50	5.31	1.06%

1	Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the period (181), and divided by 366 (to reflect the one-half year period).
2	Ratios do not include expenses indirectly incurred from underlying funds whose expense ratios can vary based on the mix of underlying funds held by the Portfolio. The range of expense ratios of the underlying funds held by the Portfolios was as follows:

Fund	Range
Absolute Return Portfolio	0.71%-1.13%
Alternative Asset Allocation Fund	0.71%-1.27%
American Diversified Growth & Income Fund	0.32%-0.70%
American Fundamental Holdings Fund	0.32%-0.48%
American Global Diversification Fund	0.34%-0.70%

3	Alpha Opportunities Fund and Smaller Company Growth Fund commenced operations on October 7, 2008. Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the period (145), and divided by 365 (to reflect the one-half year period).
4	Alternative Asset Allocation Fund, Global Agribusiness Fund, Global Infrastructure Fund, Global Timber Fund, Mid Value Fund and Short Term Government Income Fund commenced operations on January 2, 2009. Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the period (58), and divided by 365 (to reflect the one-half year period).
5	Small Cap Growth Fund commenced operations on September 9, 2008. Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the period (173), and divided by 365 (to reflect the one-half year period).
6	Small Cap Value Fund commenced operations on December 16, 2008. Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the period (75), and divided by 365 (to reflect the one-half year period).

14

JOHN HANCOCK FUNDS II 

PORTFOLIO OF INVESTMENTS - February 28, 2009 (Unaudited) 

(showing percentage of total net assets) 

Absolute Return Portfolio

	Shares or
	Principal
	Amount		Value
INVESTMENT COMPANIES - 95.84%
Investment Companies - 18.59%
iShares Barclays Aggregate Bond Fund * (g)		1,000	$	100,690
iShares MSCI EAFE Index Fund		2,600		90,168
iShares Russell 2000 Index Fund		800		31,272
iShares S&P Mid Cap Fund *		1,500		67,605
PowerShares DB Commodity Index Tracking Fund *		4,545		86,855
SPDR Barclays Capital High Yield Bond ETF *		5,800		164,198
SPDR Trust Series 1		1,700		125,681
Vanguard REIT ETF *		1,800		43,002
				709,471
JOHN HANCOCK FUNDS II (g) - 75.76%
Blue Chip Growth (T. Rowe Price) *		8,386		94,427
Capital Appreciation (Jennison) *		14,180		93,732
Core Bond (Wells Capital) *		13,313		163,488
Emerging Markets Value (DFA) *		25,495		114,727
Equity-Income (T. Rowe Price) *		6,937		54,459
Floating Rate Income (WAMCO) *		17,318		131,791
Fundamental Value (Davis) *		13,289		109,637
Global Bond (PIMCO) *		6,010		62,805
Global Real Estate (Deutsche) *		36,474		139,697
High Income (MFC Global U.S.) * (f)		22,023		98,003
High Yield (WAMCO) *		16,966		102,812
International Opportunities (Marsico) *		11,582		92,427
International Small Company (DFA) *		13,269		58,384
International Value (Templeton) *		10,539		86,630
Investment Quality Bond (Wellington) *		11,805		127,847
Large Cap Value (BlackRock) *		4,514		56,013
Mid Cap Stock (Wellington) *		9,845		91,559
Mid Cap Value Equity (RiverSource) *		17,527		85,358
Natural Resources (Wellington) *		6,483		77,733
Optimized All Cap (MFC Global U.S.A.) * (f)		12,196		57,444
Real Estate Equity (T. Rowe Price) *		43,003		131,589
Real Return Bond (PIMCO) *		9,175		98,170
Small Company Growth (AIM) *		8,871		60,414
Small Company Value (T. Rowe Price) *		4,296		57,263
Spectrum Income (T. Rowe Price) *		18,437		156,161
Strategic Income (MFC Global U.S.) * (f)		20,299		164,629
Total Return (PIMCO) *		12,839		158,815
U.S. High Yield Bond (Wells Capital) *		10,943		105,710
Value & Restructuring (Columbia) *		10,333		59,309
				2,891,033
JOHN HANCOCK FUNDS III (g) - 1.49%
International Core (GMO) *		3,075		56,787
TOTAL INVESTMENT COMPANIES (Cost $5,568,673)			$	3,657,291
Total Investments (Absolute Return Portfolio)
(Cost $5,568,673) - 95.84%			$	3,657,291
Other Assets in Excess of Liabilities - 4.16%				158,617
TOTAL NET ASSETS - 100.00%			$	3,815,908

Active Bond Fund

	Shares or
	Principal
	Amount		Value
U.S. TREASURY OBLIGATIONS - 3.75%
U.S. Treasury Bonds - 0.73%
3.75% due 11/15/2018	$	780,000	$	826,496
4.375% due 02/15/2038		985,000		1,086,270
4.50% due 05/15/2038		1,555,000		1,765,410
				3,678,176
U.S. Treasury Notes - 3.02%
2.00% due 02/28/2010		241,000		243,786
2.75% due 02/15/2019 (a)		2,955,000		2,881,125
4.25% due 08/15/2015 (a)		4,475,000		4,951,167
4.75% due 02/15/2010		6,865,000		7,121,634
				15,197,712
TOTAL U.S. TREASURY OBLIGATIONS (Cost $18,441,196)			$	18,875,888
U.S. GOVERNMENT AGENCY OBLIGATIONS - 35.64%
Federal Home Loan Mortgage Corp. - 1.72%
5.50% due 07/01/2038		1,228,070		1,259,108
5.713% due 04/01/2037		687,382		710,461
5.835% due 03/01/2037 (b)		1,970,408		2,039,642
5.875% due 03/21/2011		81,000		84,992
6.00% due 05/01/2037 to 08/01/2038		4,438,524		4,603,318
				8,697,521
Federal National Mortgage Association - 33.87%
zero coupon due 02/01/2015		390,000		314,230
4.046% due 05/01/2035 (b)		2,413,020		2,425,778
4.375% due 03/15/2013		20,000		21,538
4.50% TBA **		6,000,000		6,106,875
4.95% due 12/01/2038 (b)		1,010,098		1,033,053
5.00% due 05/01/2018 to 05/01/2038		28,904,716		29,530,533
5.00% TBA **		5,000,000		5,140,625
5.041% due 07/01/2033 (b)		2,613		2,687
5.363% due 12/01/2038 (b)		1,157,359		1,197,035
5.40% due 12/01/2038 (b)		822,445		849,410
5.50% due 02/01/2018 to 07/01/2038		72,541,727		74,531,950
5.50% due 03/15/2011 (a)		5,086,000		5,486,212
5.50% TBA **		5,725,000		5,864,547
5.564% due 01/01/2036 (b)		1,332,556		1,377,485
5.704% due 04/01/2036 (b)		994,283		1,031,233
6.00% due 09/01/2022 to 01/01/2038		23,224,364		24,107,246
6.00% TBA **		11,000,000		11,362,657
6.25% due 05/15/2029		157,000		194,582
6.50% due 02/01/2036		61,247		64,173
7.00% due 09/01/2010 to 10/25/2041		60,337		62,819
7.50% due 09/01/2029 to 08/01/2031		4,862		5,188
				170,709,856
Government National Mortgage Association - 0.05%
5.00% due 04/15/2035		96,540		98,784
5.50% due 03/15/2035		94,309		97,142
6.00% due 03/15/2033 to 06/15/2033		38,904		40,556
6.50% due 09/15/2028 to 08/15/2031		6,985		7,356
7.00% due 04/15/2029		2,345		2,496

The accompanying notes are an integral part of the financial statements.

15

JOHN HANCOCK FUNDS II 

PORTFOLIO OF INVESTMENTS - February 28, 2009 (Unaudited) - continued 

(showing percentage of total net assets) 

Active Bond Fund (continued)

		Shares or
		Principal
		Amount		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Government National Mortgage Association (continued)
8.00% due 10/15/2026		$	2,213	$	2,354
					248,688
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $174,666,866)				$	179,656,065
FOREIGN GOVERNMENT OBLIGATIONS - 0.07%
Argentina - 0.00%
Republic of Argentina
0.63% due 12/31/2038 (b)	ARS		177,218		6,093
2.455% due 12/15/2035 (b)			393,449		4,141
5.83% due 12/31/2033 (b)			72,870		10,635
					20,869
Canada - 0.00%
Government of Canada
5.50% due 06/01/2010	CAD		5,000		4,153
Colombia - 0.01%
Republic of Colombia
10.00% due 01/23/2012		$	20,000		22,600
11.75% due 03/01/2010	COP		8,000,000		3,215
					25,815
Japan - 0.01%
Government of Japan
1.50% due 09/20/2014	JPY		1,350,000		14,391
1.80% due 03/22/2010			2,650,000		27,565
					41,956
Mexico - 0.05%
Government of Mexico
8.00% due 12/07/2023	MXN		238,900		14,748
8.00% due 12/19/2013			167,800		10,907
9.875% due 02/01/2010		$	205,000		219,555
					245,210
Panama - 0.00%
Republic of Panama
8.875% due 09/30/2027			6,000		6,435
9.375% due 04/01/2029			1,000		1,100
					7,535
Peru - 0.00%
Republic of Peru
9.875% due 02/06/2015			2,000		2,370
Philippines - 0.00%
Republic of Philippines
9.125% due 02/22/2010	EUR		2,000		2,593
Sweden - 0.00%
Kingdom of Sweden
5.25% due 03/15/2011	SEK		30,000		3,606
TOTAL FOREIGN GOVERNMENT OBLIGATIONS (Cost $422,581)				$	354,107
CORPORATE BONDS - 42.38%
Advertising - 0.01%
R.H. Donnelley Corp.
8.875% due 10/15/2017			560,000		25,200
Aerospace - 0.10%
BAE Systems Asset Trust
6.664% due 09/15/2013 (h)			34,090		30,340
BE Aerospace, Inc.
8.50% due 07/01/2018			250,000		199,375
Vought Aircraft Industries, Inc.
8.00% due 07/15/2011			460,000		253,000
					482,715
Agriculture - 0.27%
Archer-Daniels-Midland Company
6.45% due 01/15/2038			1,000,000		989,564
Mosaic Company
7.625% due 12/01/2016 (h)			390,000		374,400
					1,363,964
Air Travel - 0.23%
Continental Airlines, Inc., Series 00-2
8.307% due 10/02/2019			166,411		121,480
Continental Airlines, Inc., Series 991A
6.545% due 02/02/2019			97,714		85,500
Delta Air Lines, Inc., Series 02-1
6.417% due 07/02/2012			515,000		401,700
Delta Airlines, Inc.
6.821% due 08/10/2022			508,234		358,305
Northwest Airlines, Inc., Series 07-1
7.027% due 11/01/2019			310,000		184,450
					1,151,435
Aluminum - 0.07%
Alcoa, Inc.
5.72% due 02/23/2019			150,000		96,442
Rio Tinto Alcan, Inc.
6.125% due 12/15/2033			395,000		273,690
					370,132
Amusement & Theme Parks - 0.00%
HRP Myrtle Beach Operations LLC
zero coupon due 04/01/2012 ^ (h)			140,000		1,400
Auto Parts - 0.15%
Allison Transmission, Inc.
11.00% due 11/01/2015 (h)			600,000		291,000
Delphi Corp.
6.197% due 11/15/2033 ^			2,000		0
Goodyear Tire & Rubber Company
8.625% due 12/01/2011			485,000		388,000
Tenneco Automotive, Inc.
8.625% due 11/15/2014			505,000		70,700
					749,700
Auto Services - 0.09%
ERAC USA Finance Company
6.375% due 10/15/2017 (h)			320,000		207,917
7.95% due 12/15/2009 (h)			10,000		9,602
United Rentals North America, Inc.
7.00% due 02/15/2014			310,000		170,500
7.75% due 11/15/2013			100,000		57,000
					445,019

The accompanying notes are an integral part of the financial statements.

16

JOHN HANCOCK FUNDS II 

PORTFOLIO OF INVESTMENTS - February 28, 2009 (Unaudited) - continued 

(showing percentage of total net assets) 

Active Bond Fund (continued)

		Shares or
		Principal
		Amount		Value
CORPORATE BONDS (continued)
Automobiles - 0.07%
DaimlerChrysler NA Holding Corp.
5.875% due 03/15/2011		$	395,000	$	375,990
Banking - 1.26%
Allied Irish Banks PLC
7.50% due 12/29/2049 (b)	EUR		1,000		209
BAC Capital Trust XIII
2.3963% due 03/15/2043 (b)		$	640,000		128,780
BAC Capital Trust XV
3.0025% due 06/01/2056 (b)			925,000		305,568
Banco Santander Chile
2.5356% due 12/09/2009 (b)(h)			18,000		17,809
5.375% due 12/09/2014 (h)			5,000		4,429
Bank of Ireland
6.45% due 02/10/2010	EUR		1,000		1,277
Chuo Mitsui Trust & Banking Company
5.506% due 12/29/2049 (b)(h)		$	500,000		236,668
Comerica Capital Trust II
6.576% due 02/20/2037 (b)			1,000,000		316,372
HBOS PLC
5.375% due 12/29/2049 (b)(h)			22,000		5,499
HSBC Holdings PLC
6.50% due 09/15/2037			435,000		378,618
Independence Community Bank Corp.
3.75% due 04/01/2014 (b)			85,000		68,429
Landsbanki Islands HF
zero coupon due 08/25/2009 ^ (h)			490,000		3,062
7.431% due 12/31/2049 ^ (h)			805,000		81
Lloyds TSB Group PLC
6.267% due 12/31/2049 (b)(h)			545,000		107,815
6.413% due 12/31/2049 (h)			450,000		89,362
Mellon Capital IV, Series 1
6.244% due 06/29/2049 (b)			400,000		168,067
Natixis
10.00% due 04/29/2049 (b)(h)			325,000		125,382
Northern Trust Company
6.50% due 08/15/2018			190,000		196,214
Rabobank Capital Funding II
5.26% due 12/29/2049 (b)(h)			790,000		399,842
RBS Capital Trust IV
2.2587% due 09/29/2049 (b)			18,000		2,571
Royal Bank of Scotland Group PLC
7.648% due 08/31/2049 (b)			580,000		156,600
Royal Bank of Scotland Group PLC, MTN
7.64% due 03/31/2049			300,000		39,000
Shinhan Bank
6.819% due 09/20/2036 (b)			515,000		254,120
Silicon Valley Bank
6.05% due 06/01/2017			415,000		323,560
Standard Chartered PLC
6.40% due 09/26/2017 (h)			1,000,000		799,832
6.409% due 01/30/2017 (b)(h)			1,215,000		384,618
SunTrust Capital VIII
6.10% due 12/01/2066 (b)			630,000		375,313
SunTrust Preferred Capital I
5.853% due 12/31/2049 (b)			605,000		205,700
TuranAlem Finance BV
7.875% due 06/02/2010			12,000		3,240
USB Capital IX
6.189% due 03/29/2049 (b)			2,025,000		810,000
Wachovia Bank NA
5.85% due 02/01/2037			395,000		314,272
Wachovia Bank NA, BKNT
6.60% due 01/15/2038			150,000		132,102
					6,354,411
Broadcasting - 0.39%
CSC Holdings, Inc.
7.875% due 02/15/2018			405,000		364,500
News America Holdings, Inc.
6.75% due 01/09/2038			2,000		2,014
6.90% due 03/01/2019 (h)			385,000		364,517
7.75% due 12/01/2045			9,000		7,816
8.25% due 08/10/2018			375,000		358,923
News America, Inc.
6.65% due 11/15/2037			865,000		699,294
XM Satellite Radio Holdings, Inc.
13.00% due 08/01/2013 (h)			360,000		158,400
					1,955,464
Building Materials & Construction - 0.28%
CRH America, Inc.
8.125% due 07/15/2018			425,000		330,961
Masco Corp.
5.85% due 03/15/2017			705,000		470,792
USG Corp.
6.30% due 11/15/2016			1,000,000		590,000
					1,391,753
Business Services - 0.28%
Electronic Data Systems Corp.
7.125% due 10/15/2009			2,000		2,068
Minerva Overseas, Ltd.
9.50% due 02/01/2017 (h)			335,000		208,119
Science Applications International Corp.
5.50% due 07/01/2033			825,000		610,446
Sotheby's
7.75% due 06/15/2015			360,000		226,800
Xerox Corp.
6.75% due 02/01/2017			435,000		369,750
					1,417,183
Cable & Television - 1.67%
AT&T Broadband Corp.
8.375% due 03/15/2013			305,000		325,360
Charter Communications Holdings II LLC
10.25% due 10/01/2013 (h)			312,000		241,800
Comcast Corp.
4.95% due 06/15/2016			360,000		321,774
6.50% due 01/15/2015			300,000		295,348
COX Communications, Inc.
4.625% due 01/15/2010			22,000		21,812
5.45% due 12/15/2014			218,000		196,723
6.75% due 03/15/2011			209,000		209,919
7.75% due 11/01/2010			207,000		211,370
8.375% due 03/01/2039			195,000		187,459
Cox Communications, Inc., Class A
4.625% due 06/01/2013			340,000		307,409

The accompanying notes are an integral part of the financial statements.

17

JOHN HANCOCK FUNDS II 

PORTFOLIO OF INVESTMENTS - February 28, 2009 (Unaudited) - continued 

(showing percentage of total net assets) 

Active Bond Fund (continued)

	Shares or
	Principal
	Amount		Value
CORPORATE BONDS (continued)
Cable & Television (continued)
Rogers Cable, Inc.
6.75% due 03/15/2015	$	300,000	$	298,630
TCI Communications, Inc.
9.80% due 02/01/2012		315,000		340,209
Time Warner Cable, Inc.
6.75% due 07/01/2018		1,225,000		1,161,391
8.75% due 02/14/2019 (b)		295,000		314,896
Time Warner Companies, Inc.
7.57% due 02/01/2024		34,000		31,392
Time Warner Entertainment Company LP
8.375% due 07/15/2033		535,000		511,979
8.375% due 03/15/2023		335,000		325,599
Time Warner, Inc.
6.75% due 04/15/2011		575,000		583,530
7.625% due 04/15/2031		9,000		8,444
Viacom, Inc.
5.75% due 04/30/2011		1,000,000		969,715
6.625% due 05/15/2011		575,000		537,722
6.75% due 10/05/2037		630,000		456,414
6.875% due 04/30/2036		760,000		563,605
				8,422,500
Cellular Communications - 0.27%
America Movil SAB de CV
5.75% due 01/15/2015		305,000		291,580
American Tower Corp.
7.50% due 05/01/2012		12,000		11,970
AT&T Wireless Services, Inc.
7.875% due 03/01/2011		211,000		225,508
8.75% due 03/01/2031		209,000		228,902
Nextel Communications, Inc.
6.875% due 10/31/2013		435,000		206,625
Rogers Wireless, Inc.
9.625% due 05/01/2011		8,000		8,469
Verizon Wireless Capital LLC
7.375% due 11/15/2013 (h)		360,000		381,978
				1,355,032
Chemicals - 0.38%
American Pacific Corp.
9.00% due 02/01/2015		425,000		357,000
E.I. Du Pont de Nemours & Company
5.875% due 01/15/2014		730,000		770,366
Ecolab, Inc.
4.875% due 02/15/2015		350,000		346,693
Momentive Performance Materials, Inc.
9.75% due 12/01/2014		480,000		182,400
Sterling Chemicals, Inc.
10.25% due 04/01/2015		305,000		253,150
				1,909,609
Chemicals-Diversified - 0.09%
The Dow Chemical Company
5.70% due 05/15/2018		700,000		476,421
Computers & Business Equipment - 0.37%
Cisco Systems, Inc.
5.50% due 02/22/2016		510,000		528,025
5.90% due 02/15/2039		465,000		432,996
Computer Sciences Corp.
6.50% due 03/15/2018 (h)		965,000		890,002
				1,851,023
Containers & Glass - 0.09%
BWAY Corp.
10.00% due 10/15/2010		427,000		400,313
US Corrugated, Inc.
10.00% due 06/12/2013		110,000		55,000
				455,313
Crude Petroleum & Natural Gas - 0.91%
Apache Corp.
5.625% due 01/15/2017		1,000,000		1,005,659
6.90% due 09/15/2018		455,000		495,063
Hess Corp.
8.125% due 02/15/2019		340,000		346,552
Marathon Oil Corp.
6.80% due 03/15/2032		760,000		647,148
7.50% due 02/15/2019		195,000		189,424
Premcor Refining Group, Inc.
7.50% due 06/15/2015		4,000		3,859
Suncor Energy, Inc.
6.10% due 06/01/2018		760,000		626,322
Transocean, Inc.
6.00% due 03/15/2018		750,000		707,906
XTO Energy, Inc.
5.90% due 08/01/2012		570,000		564,952
				4,586,885
Domestic Oil - 0.47%
Devon Energy Corp.
5.625% due 01/15/2014		1,020,000		1,027,875
Devon Financing Corp.
6.875% due 09/30/2011		205,000		215,743
7.875% due 09/30/2031		1,060,000		1,105,212
				2,348,830
Drugs & Health Care - 0.04%
Allegiance Corp.
7.00% due 10/15/2026		205,000		176,315
Electrical Utilities - 4.36%
AES Eastern Energy LP, Series 99-A
9.00% due 01/02/2017		597,534		555,706
AES Gener SA
7.50% due 03/25/2014		218,000		219,291
American Electric Power Company, Inc.
5.25% due 06/01/2015		210,000		194,721
Appalachian Power Company
5.80% due 10/01/2035		39,000		31,463
7.00% due 04/01/2038		425,000		398,302
Arizona Public Service Company
5.50% due 09/01/2035		222,000		134,600
CenterPoint Energy Houston Electric LLC, Series K2
6.95% due 03/15/2033		10,000		8,901
CenterPoint Energy Resources Corp.
7.875% due 04/01/2013		235,000		238,139
CenterPoint Energy Resources Corp., MTN
6.00% due 05/15/2018		1,000,000		820,668

The accompanying notes are an integral part of the financial statements.

18

JOHN HANCOCK FUNDS II 

PORTFOLIO OF INVESTMENTS - February 28, 2009 (Unaudited) - continued 

(showing percentage of total net assets) 

Active Bond Fund (continued)

	Shares or
	Principal
	Amount		Value
CORPORATE BONDS (continued)
Electrical Utilities (continued)
CenterPoint Energy, Inc.
6.50% due 05/01/2018	$	1,000,000	$	822,050
Commonwealth Edison Company
5.80% due 03/15/2018		1,985,000		1,885,565
Connecticut Light & Power Company, Series 09-A
5.50% due 02/01/2019		200,000		199,340
Constellation Energy Group, Inc.
4.55% due 06/15/2015		420,000		339,723
7.60% due 04/01/2032		246,000		204,821
Dominion Resources, Inc.
5.00% due 03/15/2013		575,000		570,115
5.70% due 09/17/2012		207,000		210,059
6.30% due 09/30/2066 (b)		800,000		472,000
7.50% due 06/30/2066 (b)		320,000		208,000
Empresa Nacional De Electricidad
8.50% due 04/01/2009		8,000		8,014
Enel Finance International SA
6.25% due 09/15/2017 (h)		565,000		496,955
Enersis SA
7.375% due 01/15/2014		12,000		12,438
Entergy Louisiana LLC
8.09% due 01/02/2017		450,375		439,269
FirstEnergy Corp.
6.45% due 11/15/2011		209,000		208,781
7.375% due 11/15/2031		676,000		576,956
FPL Group Capital, Inc.
7.875% due 12/15/2015		245,000		276,897
Funding Corp.
9.00% due 06/01/2017		924,000		919,149
Indiantown Cogeneration LP, Series A-9
9.26% due 12/15/2010		52,146		48,061
Ipalco Enterprises, Inc.
8.625% due 11/14/2011		365,000		354,050
Israel Electric Corp., Ltd.
7.25% due 01/15/2019 (h)		1,720,000		1,643,806
ITC Holdings Corp.
5.875% due 09/30/2016 (h)		135,000		125,859
Midwest Generation LLC, Series B
8.56% due 01/02/2016		584,360		577,056
Monongahela Power Company
7.95% due 12/15/2013 (h)		665,000		711,398
National Grid PLC
6.30% due 08/01/2016		485,000		463,091
Nevada Power Company
5.875% due 01/15/2015		370,000		344,454
6.65% due 04/01/2036		530,000		462,458
Oncor Electric Delivery Company
6.375% due 05/01/2012		850,000		849,644
Pacific Gas & Electric Company
4.20% due 03/01/2011		246,000		249,341
4.80% due 03/01/2014		212,000		216,372
8.25% due 10/15/2018		455,000		544,294
Peco Energy Company
5.35% due 03/01/2018		1,000,000		979,552
PSEG Power LLC
5.00% due 04/01/2014		214,000		194,749
8.625% due 04/15/2031		214,000		219,096
San Diego Gas & Electric Company, Series FFF
6.125% due 09/15/2037		1,000,000		1,025,953
Scottish Power PLC
4.91% due 03/15/2010		225,000		222,057
Sierra Pacific Power Company, Series M
6.00% due 05/15/2016		840,000		777,686
Texas Competitive Electric Holdings Company LLC, Series A
10.25% due 11/01/2015		600,000		303,000
TransAlta Corp.
6.65% due 05/15/2018		580,000		510,926
United Energy Distribution Property, Ltd.
4.70% due 04/15/2011 (h)		96,000		94,504
Virginia Electric and Power Company
6.00% due 01/15/2036		620,000		601,852
				21,971,182
Electronics - 0.00%
Jabil Circuit, Inc.
5.875% due 07/15/2010		17,000		15,555
Energy - 0.73%
Duke Capital LLC
6.75% due 02/15/2032		511,000		398,956
Duke Energy Corp.
6.30% due 02/01/2014		335,000		348,033
Enterprise Products Operating LP
4.95% due 06/01/2010		210,000		207,324
Enterprise Products Operating LP, Series B
5.60% due 10/15/2014 (h)		680,000		631,420
6.875% due 03/01/2033		209,000		179,172
Exide Technologies, Series B
10.50% due 03/15/2013		395,000		233,050
Nexen, Inc.
5.875% due 03/10/2035		577,000		393,323
6.40% due 05/15/2037		625,000		441,074
Salton Sea Funding Corp., Series F
7.475% due 11/30/2018		220,811		231,887
Sempra Energy
4.75% due 05/15/2009		208,000		208,018
8.90% due 11/15/2013		360,000		390,865
				3,663,122
Financial Services - 7.38%
Allied Capital Corp.
6.625% due 07/15/2011		255,000		33,967
American Express Bank FSB, BKNT
6.00% due 09/13/2017		805,000		712,888
American Express Company
7.00% due 03/19/2018		1,065,000		1,002,967
American Express Credit Corp., Series C
7.30% due 08/20/2013		585,000		580,355
American General Finance Corp.
6.90% due 12/15/2017		335,000		133,200
American Honda Finance Corp.
7.625% due 10/01/2018 (h)		615,000		580,874
Astoria Depositor Corp.
8.144% due 05/01/2021 (h)		600,000		480,937
AXA Financial, Inc.
7.75% due 08/01/2010		210,000		207,826
Bear Stearns Companies, Inc.
7.25% due 02/01/2018		360,000		373,335

The accompanying notes are an integral part of the financial statements.

19

JOHN HANCOCK FUNDS II 

PORTFOLIO OF INVESTMENTS - February 28, 2009 (Unaudited) - continued 

(showing percentage of total net assets) 

Active Bond Fund (continued)

	Shares or
	Principal
	Amount		Value
CORPORATE BONDS (continued)
Financial Services (continued)
Bear Stearns Companies, Inc., MTN
1.4462% due 11/28/2011 (b)	$	640,000	$	593,672
Bosphorus Financial Services, Ltd.
3.0344% due 02/15/2012 (b)(h)		281,250		241,061
Bunge, Ltd. Finance Corp.
5.35% due 04/15/2014		430,000		344,713
5.875% due 05/15/2013		25,000		21,978
Capmark Financial Group, Inc.
5.875% due 05/10/2012		1,300,000		298,364
Caterpillar Financial Services Corp.
4.50% due 06/15/2009		210,000		210,488
Caterpillar Financial Services Corp., MTN
5.45% due 04/15/2018		870,000		761,422
5.50% due 03/15/2016		405,000		364,880
CIT Group, Inc.
5.00% due 02/13/2014		95,000		52,667
5.65% due 02/13/2017		125,000		69,597
CIT Group, Inc., MTN
5.125% due 09/30/2014		95,000		56,351
Citigroup, Inc.
5.50% due 04/11/2013		505,000		457,282
5.625% due 08/27/2012		219,000		160,284
6.125% due 11/21/2017		640,000		546,636
6.125% due 05/15/2018		590,000		508,792
6.875% due 03/05/2038		250,000		216,959
8.40% due 04/29/2049 (b)		1,305,000		456,880
CME Group, Inc.
5.75% due 02/15/2014		470,000		476,331
CNOOC Finance
5.50% due 05/21/2033 (h)		10,000		8,276
Credit Suisse First Boston USA, Inc.
1.3313% due 11/20/2009 (b)		1,220,000		1,194,057
6.50% due 01/15/2012		209,000		215,103
Dresdner Bank AG
7.25% due 09/15/2015		281,000		228,024
ESI Tractebel Acquisition Corp., Series B
7.99% due 12/30/2011		394,000		383,085
FPL Group Capital, Inc.
6.35% due 10/01/2066 (b)		650,000		481,000
General Electric Capital Corp.
5.45% due 01/15/2013		261,000		250,503
5.625% due 05/01/2018		455,000		389,776
General Electric Capital Corp., MTN
6.875% due 01/10/2039		500,000		404,620
Goldman Sachs Capital II
5.793% due 12/29/2049 (b)		760,000		295,196
Goldman Sachs Group, Inc.
5.125% due 01/15/2015		640,000		572,373
6.75% due 10/01/2037		370,000		263,082
7.50% due 02/15/2019		470,000		465,509
Harley-Davidson Funding Corp.
6.80% due 06/15/2018 (h)		1,000,000		609,428
HSBC Finance Corp.
5.00% due 06/30/2015		645,000		557,366
HVB Funding Trust III
9.00% due 10/22/2031 (h)		10,000		2,265
Independencia International, Ltd.
9.875% due 01/31/2017 (h)		290,000		43,500
9.875% due 05/15/2015 (h)		160,000		24,000
International Lease Finance Corp.
3.50% due 04/01/2009		213,000		199,425
4.55% due 10/15/2009		7,000		5,681
4.75% due 07/01/2009		30,000		25,837
International Lease Finance Corp., MTN
5.45% due 03/24/2011		555,000		383,928
International Lease Finance Corp., Series P
1.4944% due 01/15/2010 (b)		13,000		10,442
Jefferies Group, Inc.
6.45% due 06/08/2027		210,000		123,979
John Deere Capital Corp., Series D
4.125% due 01/15/2010		39,000		39,125
JPMorgan Chase & Company
6.75% due 02/01/2011		218,000		222,776
JPMorgan Chase & Company, Series 1
7.90% due 12/31/2049 (b)		2,070,000		1,428,010
JPMorgan Chase Capital XX, Series T
6.55% due 09/29/2036		750,000		530,460
JPMorgan Chase Capital XXIII
2.2375% due 05/15/2047 (b)		915,000		365,552
Kaupthing Bank HF
5.75% due 10/04/2011 (h)		750,000		48,750
Lehman Brothers Holdings, Inc., MTN
zero coupon due 01/26/2017 (b)		1,120,000		137,200
MBNA Capital, Series B
1.97% due 02/01/2027 (b)		23,000		9,484
Merrill Lynch & Company, Inc.
1.72% due 05/02/2017 (b)		1,000,000		639,392
7.75% due 05/14/2038		1,855,000		1,304,288
Merrill Lynch & Company, Inc., MTN
2.4313% due 06/05/2012 (b)		472,000		378,134
6.875% due 04/25/2018		1,535,000		1,277,203
Mizuho Financial Group (Cayman), Ltd.
8.375% due 12/29/2049		455,000		432,664
Morgan Stanley
1.5356% due 10/18/2016 (b)		830,000		591,104
4.25% due 05/15/2010		232,000		226,357
Morgan Stanley, MTN
5.95% due 12/28/2017		290,000		255,933
6.625% due 04/01/2018		825,000		761,806
Nelnet, Inc.
7.40% due 09/29/2036 (b)		400,000		102,673
NiSource Finance Corp.
6.15% due 03/01/2013		219,000		187,363
7.875% due 11/15/2010		216,000		211,545
Osiris Capital PLC, Series C
3.9444% due 01/15/2010 (b)(h)		920,000		893,872
Osiris Capital PLC, Series D
6.0944% due 01/15/2010 (b)(h)		360,000		351,792
PNC Financial Services Group, Inc.
8.25% due 12/31/2049 (b)		760,000		479,507
PNC Funding Corp.
1.3144% due 01/31/2012 (b)		1,000,000		795,400
4.50% due 03/10/2010		1,500,000		1,474,366
Popular North America, Inc.
4.70% due 06/30/2009		12,000		11,824
Schwab Capital Trust I
7.50% due 11/15/2037 (b)		1,435,000		937,414

The accompanying notes are an integral part of the financial statements.

20

JOHN HANCOCK FUNDS II 

PORTFOLIO OF INVESTMENTS - February 28, 2009 (Unaudited) - continued 

(showing percentage of total net assets) 

Active Bond Fund (continued)

	Shares or
	Principal
	Amount		Value
CORPORATE BONDS (continued)
Financial Services (continued)
Skandinaviska Enskilda Banken AB
5.471% due 03/29/2049 (b)(h)	$	400,000	$	160,000
SLM Corp.
1.4594% due 01/27/2014 (b)		1,840,000		948,923
4.50% due 07/26/2010		410,000		324,134
SLM Corp., MTN
8.45% due 06/15/2018		370,000		240,500
SLM Corp., MTN, Series A
1.2994% due 07/27/2009 (b)		1,000,000		930,974
SLM Corp., MTN, Series X
2.0963% due 03/16/2009 (b)		600,000		598,667
SMFG Preferred Capital
6.078% due 01/29/2049 (b)(h)		400,000		239,416
Sovereign Capital Trust VI
7.908% due 06/13/2036		295,000		191,750
Teco Finance, Inc.
6.572% due 11/01/2017		232,000		191,956
7.00% due 05/01/2012		233,000		220,478
Ucar Finance, Inc.
10.25% due 02/15/2012		20,000		18,000
Vita Capital III, Ltd., Series B-I
2.525% due 01/01/2011 (b)(h)		870,000		809,970
Waddell & Reed Financial, Inc.
5.60% due 01/15/2011		400,000		360,106
Wells Fargo Capital XIII, MTN, Series G
7.70% due 12/29/2049		1,000,000		486,880
Westfield Capital Corp., Ltd.
4.375% due 11/15/2010 (h)		304,000		282,963
				37,179,872
Food & Beverages - 2.18%
ASG Consolidated LLC/ASG Finance, Inc.
11.50% due 11/01/2011 (h)		395,000		335,750
Cargill, Inc.
6.125% due 09/15/2036 (h)		665,000		531,403
Coca-Cola Enterprises, Inc.
7.375% due 03/03/2014		415,000		467,019
General Mills, Inc.
5.20% due 03/17/2015		160,000		160,688
5.65% due 09/10/2012		600,000		626,574
5.70% due 02/15/2017		245,000		246,901
Kellogg Company, Series B
6.60% due 04/01/2011		209,000		223,243
Kraft Foods, Inc.
5.625% due 11/01/2011		219,000		228,871
6.00% due 02/11/2013		715,000		745,354
6.125% due 02/01/2018		1,360,000		1,351,170
6.875% due 01/26/2039		325,000		323,132
Kroger Company
6.40% due 08/15/2017		980,000		993,336
6.80% due 12/15/2018		920,000		960,473
7.00% due 05/01/2018		580,000		609,096
McCormick & Company, Inc.
5.75% due 12/15/2017		1,000,000		957,900
Nabisco, Inc.
7.55% due 06/15/2015		229,000		246,115
SABMiller PLC
6.50% due 07/15/2018 (h)		875,000		803,556
Smithfield Foods, Inc.
7.00% due 08/01/2011		18,000		13,590
Supervalu, Inc.
7.50% due 11/15/2014		500,000		485,000
Tate & Lyle International Finance PLC
5.00% due 11/15/2014 (h)		208,000		171,975
Tesco PLC
6.15% due 11/15/2037 (h)		570,000		511,289
				10,992,435
Gas & Pipeline Utilities - 2.98%
Buckeye Partners LP
5.125% due 07/01/2017		225,000		181,586
DCP Midstream LLC
9.75% due 03/15/2019 (h)		395,000		382,941
Dynegy-Roseton Danskammer, Series B
7.67% due 11/08/2016		360,000		270,000
Enbridge Energy Partners LP, Series B
6.50% due 04/15/2018		600,000		523,383
Energy Transfer Partners LP
6.70% due 07/01/2018		1,000,000		902,779
7.50% due 07/01/2038		1,440,000		1,206,428
9.70% due 03/15/2019		345,000		367,386
Kinder Morgan Energy Partners LP
5.125% due 11/15/2014		240,000		226,215
5.80% due 03/15/2035		208,000		165,995
6.50% due 02/01/2037		1,091,000		941,517
7.30% due 08/15/2033		212,000		196,588
7.75% due 03/15/2032		200,000		195,177
9.00% due 02/01/2019		525,000		566,465
Kinder Morgan Energy Partners LP, MTN
6.95% due 01/15/2038		540,000		497,347
MarkWest Energy Partners LP / MarkWest Energy Finance Corp., Series B
8.50% due 07/15/2016		330,000		237,600
Michigan Consolidated Gas Company
5.70% due 03/15/2033		14,000		12,286
NGPL Pipeco LLC
7.119% due 12/15/2017 (h)		1,420,000		1,317,213
ONEOK Partners LP
6.15% due 10/01/2016		728,000		647,102
6.65% due 10/01/2036		1,245,000		965,365
8.625% due 03/01/2019		325,000		323,112
Southern Union Company
7.20% due 11/01/2066 (b)		950,000		475,000
Spectra Energy Capital LLC
6.20% due 04/15/2018		3,290,000		2,983,135
TEPPCO Partners LP
7.00% due 06/01/2067 (b)		705,000		395,514
Texas Eastern Transmission LP
6.00% due 09/15/2017 (h)		685,000		639,868
TransCanada Pipelines, Ltd.
7.125% due 01/15/2019		400,000		411,286
				15,031,288
Healthcare Products - 0.18%
Covidien International Finance SA
6.00% due 10/15/2017		885,000		891,258

The accompanying notes are an integral part of the financial statements.

21

JOHN HANCOCK FUNDS II 

PORTFOLIO OF INVESTMENTS - February 28, 2009 (Unaudited) - continued 

(showing percentage of total net assets) 

Active Bond Fund (continued)

	Shares or
	Principal
	Amount		Value
CORPORATE BONDS (continued)
Healthcare Services - 0.42%
Coventry Health Care, Inc.
5.875% due 01/15/2012	$	225,000	$	177,007
6.30% due 08/15/2014		420,000		305,788
Roche Holdings, Inc.
5.00% due 03/01/2014		545,000		551,188
UnitedHealth Group, Inc.
4.875% due 02/15/2013		225,000		218,809
5.375% due 03/15/2016		240,000		216,435
5.80% due 03/15/2036		115,000		92,158
WellPoint, Inc.
5.00% due 12/15/2014		208,000		197,140
6.375% due 06/15/2037		415,000		381,757
				2,140,282
Holdings Companies/Conglomerates - 0.21%
General Electric Company
5.00% due 02/01/2013		1,057,000		1,032,267
SPI Electricity & Gas Australia Holdings Party, Ltd.
6.15% due 11/15/2013 (h)		16,000		15,847
				1,048,114
Homebuilders - 0.41%
Centex Corp.
4.55% due 11/01/2010		1,200,000		1,068,000
5.80% due 09/15/2009		830,000		805,100
Pulte Homes, Inc.
6.25% due 02/15/2013		210,000		179,813
				2,052,913
Hotels & Restaurants - 0.40%
Darden Restaurants, Inc.
6.80% due 10/15/2037		835,000		571,026
Marriott International, Inc.
4.625% due 06/15/2012		26,000		22,672
Starwood Hotels & Resorts Worldwide, Inc.
6.25% due 02/15/2013		340,000		268,600
Yum! Brands, Inc.
6.25% due 03/15/2018		405,000		368,741
6.875% due 11/15/2037		965,000		799,038
				2,030,077
Household Products - 0.26%
Clorox Company
5.00% due 03/01/2013		600,000		601,287
5.95% due 10/15/2017		500,000		492,041
Yankee Acquisition Corp., Series B
8.50% due 02/15/2015		415,000		222,025
				1,315,353
Industrial Machinery - 0.04%
Caterpillar, Inc.
7.25% due 09/15/2009		213,000		216,725
Industrials - 0.19%
Parker Hannifin Corp., Series MTN
5.50% due 05/15/2018		1,000,000		955,824
Insurance - 2.74%
Allied World Assurance Holdings, Ltd.
7.50% due 08/01/2016		1,490,000		1,052,737
American International Group, Inc.
8.175% due 05/15/2058 (b)(h)		700,000		111,843
Aon Capital Trust A
8.205% due 01/01/2027		990,000		623,492
Assurant, Inc.
5.625% due 02/15/2014		209,000		172,558
6.75% due 02/15/2034		550,000		343,392
AXA SA
6.379% due 12/14/2049 (b)(h)		585,000		225,007
6.463% due 12/31/2049 (b)(h)		275,000		103,294
Catlin Insurance Company, Ltd.
7.249% due 12/31/2049 (b)(h)		500,000		131,451
Chubb Corp.
5.75% due 05/15/2018		230,000		221,190
Cigna Corp.
6.15% due 11/15/2036		500,000		362,138
CNA Financial Corp.
6.00% due 08/15/2011		280,000		254,951
Endurance Specialty Holdings, Ltd.
7.00% due 07/15/2034		800,000		495,533
Financial Security Assurance Holdings, Ltd.
6.40% due 12/15/2066 (b)(h)		795,000		94,987
Foundation Re II, Ltd.
7.9875% due 11/26/2010 (b)(h)		250,000		238,375
Genworth Financial, Inc.
6.15% due 11/15/2066 (b)		790,000		133,548
Hartford Financial Services Group, Inc.
4.625% due 07/15/2013		8,000		6,413
Horace Mann Educators Corp.
6.85% due 04/15/2016		210,000		167,590
Liberty Mutual Group, Inc.
6.50% due 03/15/2035 (h)		683,000		415,030
7.30% due 06/15/2014 (h)		380,000		311,339
7.50% due 08/15/2036 (h)		1,470,000		909,592
7.80% due 03/15/2037 (h)		455,000		182,000
Lincoln National Corp.
6.05% due 04/20/2067 (b)		495,000		188,100
7.00% due 05/17/2066 (b)		555,000		204,606
Markel Corp.
6.80% due 02/15/2013		325,000		319,104
Merna Reinsurance, Ltd., Series B
3.2088% due 07/07/2010 (b)(h)		1,000,000		915,300
Oil Casualty Insurance, Ltd.
8.00% due 09/15/2034 (h)		1,873,000		1,244,603
PartnerRe Finance II
6.44% due 12/01/2066 (b)		895,000		344,562
Progressive Corp.
6.70% due 06/15/2037 (b)		225,000		122,258
Prudential Financial, Inc.
4.75% due 04/01/2014		227,000		192,710
Prudential Financial, Inc., MTN
5.15% due 01/15/2013		540,000		483,114
QBE Insurance Group, Ltd.
9.75% due 03/14/2014		301,000		296,491
StanCorp Financial Group, Inc.
6.90% due 06/01/2067 (b)		1,150,000		551,100
Symetra Financial Corp.
6.125% due 04/01/2016 (h)		350,000		275,867
8.30% due 10/15/2037 (b)(h)		310,000		141,891
Transatlantic Holdings, Inc.
5.75% due 12/14/2015		575,000		340,395

The accompanying notes are an integral part of the financial statements.

22

JOHN HANCOCK FUNDS II 

PORTFOLIO OF INVESTMENTS - February 28, 2009 (Unaudited) - continued 

(showing percentage of total net assets) 

Active Bond Fund (continued)

	Shares or
	Principal
	Amount		Value
CORPORATE BONDS (continued)
Insurance (continued)
W.R. Berkley Corp.
5.125% due 09/30/2010	$	900,000	$	872,477
6.15% due 08/15/2019		14,000		10,191
White Mountains Re Group, Ltd.
7.506% due 05/29/2049 (b)(h)		1,540,000		550,134
XL Capital, Ltd.
5.25% due 09/15/2014		214,000		134,701
XL Capital, Ltd., Series E
6.50% due 12/31/2049 (b)		275,000		60,500
				13,804,564
International Oil - 1.05%
ConocoPhillips
6.50% due 02/01/2039		775,000		751,149
ConocoPhillips Canada Funding Company
5.95% due 10/15/2036		1,000,000		928,561
Delek & Avner-Yam Tethys, Ltd.
5.326% due 08/01/2013 (h)		162,777		152,258
EnCana Corp.
6.50% due 08/15/2034		1,000,000		802,930
Nabors Industries, Inc.
9.25% due 01/15/2019 (h)		200,000		183,785
Pemex Project Funding Master Trust
3.2963% due 06/15/2010 (b)(h)		218,000		210,370
Ras Laffan Liquefied Natural Gas Company, Ltd.
3.437% due 09/15/2009 (h)		5,346		5,312
Ras Laffan Liquefied Natural Gas Company, Ltd. III
5.838% due 09/30/2027 (h)		330,000		235,567
Shell International Finance BV
6.375% due 12/15/2038		575,000		598,550
Talisman Energy, Inc.
6.25% due 02/01/2038		1,150,000		785,391
Weatherford International, Ltd.
6.50% due 08/01/2036		600,000		414,231
9.625% due 03/01/2019		210,000		214,513
				5,282,617
Leisure Time - 0.93%
AMC Entertainment, Inc.
8.00% due 03/01/2014		495,000		396,000
Cinemark, Inc.
zero coupon, step up to 9.75% on 03/15/2009 due 03/15/2014		150,000		137,250
Fontainebleau Las Vegas Holdings
11.00% due 06/15/2015 (h)		350,000		22,750
Greektown Holdings LLC
10.75% due 12/01/2013 ^ (h)		220,000		19,800
Indianapolis Downs Capital LLC
11.00% due 11/01/2012 (h)		225,000		117,000
Jacobs Entertainment, Inc.
9.75% due 06/15/2014		310,000		165,850
Little Traverse Bay Bands of Odawa Indians
10.25% due 02/15/2014 (h)		460,000		211,600
Mashantucket Western Pequot Tribe
8.50% due 11/15/2015 (h)		85,000		28,050
MGM Mirage, Inc.
6.00% due 10/01/2009		16,000		11,720
Mohegan Tribal Gaming Authority
6.375% due 07/15/2009		208,000		163,280
8.00% due 04/01/2012		150,000		48,000
MTR Gaming Group, Inc., Series B
9.00% due 06/01/2012		185,000		86,950
9.75% due 04/01/2010		285,000		210,900
Seminole Indian Tribe of Florida
6.535% due 10/01/2020 (h)		405,000		306,747
Turning Stone Resort Casino
9.125% due 09/15/2014 (h)		370,000		249,750
Vivendi
5.75% due 04/04/2013 (h)		2,515,000		2,351,062
Waterford Gaming LLC
8.625% due 09/15/2014 (h)		220,000		154,000
				4,680,709
Liquor - 0.07%
Anheuser-Busch Companies, Inc.
6.50% due 02/01/2043		10,000		8,157
Miller Brewing Company
5.50% due 08/15/2013 (h)		380,000		362,134
				370,291
Manufacturing - 0.53%
Eaton Corp.
4.90% due 05/15/2013		450,000		444,268
Ingersoll-Rand Global Holding Company, Ltd.
6.875% due 08/15/2018		465,000		429,589
Tyco Electronics Group SA
6.00% due 10/01/2012		410,000		361,373
6.55% due 10/01/2017		910,000		686,120
7.125% due 10/01/2037		501,000		326,898
Tyco International Finance SA
8.50% due 01/15/2019		400,000		412,210
				2,660,458
Medical-Hospitals - 0.15%
Community Health Systems, Inc.
8.875% due 07/15/2015		305,000		288,606
Humana, Inc.
8.15% due 06/15/2038		590,000		480,920
				769,526
Metal & Metal Products - 0.12%
Alcan, Inc.
5.00% due 06/01/2015		6,000		4,846
Blaze Recycling & Metals LLC
10.875% due 07/15/2012 (h)		210,000		136,500
CII Carbon LLC
11.125% due 11/15/2015 (h)		405,000		274,387
Commercial Metals Company
7.35% due 08/15/2018		270,000		213,096
				628,829
Mining - 0.14%
Corporacion Nacional del Cobre
5.50% due 10/15/2013 (h)		209,000		208,264
Drummond Company, Inc.
7.375% due 02/15/2016 (h)		465,000		274,350
Vedanta Resources PLC
8.75% due 01/15/2014 (h)		315,000		220,500
				703,114

The accompanying notes are an integral part of the financial statements.

23

JOHN HANCOCK FUNDS II 

PORTFOLIO OF INVESTMENTS - February 28, 2009 (Unaudited) - continued 

(showing percentage of total net assets) 

Active Bond Fund (continued)

	Shares or
	Principal
	Amount		Value
CORPORATE BONDS (continued)
Oil Comp-Integrated - 0.13%
Occidental Petroleum Corp.
7.00% due 11/01/2013	$	600,000	$	664,928
Oil Field Mach&Equip - 0.16%
BJ Services Company
6.00% due 06/01/2018		880,000		810,058
Paper - 0.14%
International Paper Company
7.95% due 06/15/2018		395,000		311,607
Plum Creek Timberlands LP
5.875% due 11/15/2015		320,000		261,696
Verso Paper, Inc., Series B
9.125% due 08/01/2014		380,000		142,500
				715,803
Petroleum Services - 0.66%
Allis-Chalmers Energy, Inc.
8.50% due 03/01/2017		210,000		90,300
Anadarko Finance Company, Series B
7.50% due 05/01/2031		900,000		768,890
Anadarko Petroleum Corp.
6.45% due 09/15/2036		1,000,000		763,639
Enterprise Products Operating LP
7.034% due 01/15/2068 (b)		405,000		261,225
8.375% due 08/01/2066 (b)		700,000		472,500
McMoRan Exploration Company
11.875% due 11/15/2014		245,000		178,238
Petro-Canada
6.05% due 05/15/2018		716,000		590,207
Valero Logistics Operations LP
6.05% due 03/15/2013		248,000		212,537
				3,337,536
Pharmaceuticals - 0.88%
Allergan, Inc.
5.75% due 04/01/2016		400,000		382,838
AstraZeneca PLC
5.90% due 09/15/2017		485,000		511,113
Hospira, Inc.
5.90% due 06/15/2014		8,000		7,425
Medco Health Solutions, Inc.
7.25% due 08/15/2013		840,000		861,028
Schering Plough Corp.
5.55% due 12/01/2013		218,000		224,880
6.00% due 09/15/2017		1,200,000		1,205,292
Teva Pharmaceutical Finance LLC
5.55% due 02/01/2016		170,000		167,192
6.15% due 02/01/2036		170,000		154,967
Wyeth
5.50% due 03/15/2013		900,000		942,615
				4,457,350
Pipelines - 0.32%
Enbridge Energy Partners LP, Series B
7.50% due 04/15/2038		600,000		490,247
Plains All American Pipeline LP
6.50% due 05/01/2018		265,000		229,573
Texas Gas Transmission LLC
5.50% due 04/01/2013 (h)		1,000,000		872,206
				1,592,026
Publishing - 0.00%
Idearc, Inc.
8.00% due 11/15/2016		505,000		7,575
Railroads & Equipment - 0.27%
CSX Corp.
5.50% due 08/01/2013		645,000		604,387
Union Pacific Corp.
5.70% due 08/15/2018		785,000		744,328
				1,348,715
Real Estate - 2.20%
AvalonBay Communities, Inc.
5.50% due 01/15/2012		605,000		563,710
Boston Properties, Ltd.
6.25% due 01/15/2013		215,000		186,444
Camden Property Trust
5.00% due 06/15/2015		216,000		163,813
Colonial Properties Trust
6.25% due 06/15/2014		211,000		146,801
Colonial Realty LP
5.50% due 10/01/2015		231,000		143,725
Developers Diversified Realty Corp.
4.625% due 08/01/2010		22,000		15,527
Duke Realty LP
5.95% due 02/15/2017		1,505,000		930,269
6.25% due 05/15/2013		1,000,000		713,578
Health Care Property Investors, Inc.
6.30% due 09/15/2016		1,000,000		686,863
Health Care Property Investors, Inc., MTN
4.875% due 09/15/2010		229,000		204,065
5.625% due 02/28/2013		520,000		384,708
Health Care, Inc.
6.00% due 11/15/2013		215,000		179,294
6.20% due 06/01/2016		680,000		526,493
Healthcare Realty Trust, Inc.
8.125% due 05/01/2011		360,000		333,022
Hospitality Properties Trust
6.75% due 02/15/2013		1,212,000		807,134
HRPT Properties Trust
6.65% due 01/15/2018		200,000		127,278
Kimco Realty Corp.
5.70% due 05/01/2017		775,000		522,850
Nationwide Health Properties, Inc.
6.50% due 07/15/2011		285,000		258,018
ProLogis
5.625% due 11/15/2016		1,075,000		606,419
6.625% due 05/15/2018		480,000		270,098
Realty Income Corp.
5.95% due 09/15/2016		560,000		385,672
Rouse Company LP
3.625% due 03/15/2009		645,000		212,850
Simon Property Group LP
5.625% due 08/15/2014		530,000		454,886
5.75% due 12/01/2015		530,000		434,907
5.875% due 03/01/2017		595,000		478,955
USB Realty Corp.
6.091% due 12/22/2049 (b)(h)		500,000		186,250
Vornado Realty LP
5.60% due 02/15/2011		800,000		744,504

The accompanying notes are an integral part of the financial statements.

24

JOHN HANCOCK FUNDS II 

PORTFOLIO OF INVESTMENTS - February 28, 2009 (Unaudited) - continued 

(showing percentage of total net assets) 

Active Bond Fund (continued)

		Shares or
		Principal
		Amount		Value
CORPORATE BONDS (continued)
Real Estate (continued)
Westfield Group
5.40% due 10/01/2012 (h)		$	475,000	$	404,444
					11,072,577
Retail - 0.62%
CVS Caremark Corp.
2.5025% due 06/01/2010 (b)			900,000		872,463
5.75% due 06/01/2017			360,000		351,212
6.125% due 08/15/2016			515,000		514,804
6.302% due 06/01/2037 (b)			710,000		436,650
Home Depot, Inc.
5.875% due 12/16/2036			335,000		243,656
Macy's Retail Holdings, Inc.
7.875% due 07/15/2015			360,000		258,246
Staples, Inc.
9.75% due 01/15/2014			440,000		461,633
					3,138,664
Software - 0.06%
Fiserv, Inc.
6.80% due 11/20/2017			330,000		300,815
Steel - 0.05%
Allegheny Technologies, Inc.
8.375% due 12/15/2011			270,000		257,612
Telecommunications Equipment & Services - 1.14%
BellSouth Corp.
6.55% due 06/15/2034			420,000		389,053
Citizens Communications Company
6.25% due 01/15/2013			290,000		263,900
9.00% due 08/15/2031			900,000		657,000
Deutsche Telekom International Finance BV
6.75% due 08/20/2018			870,000		889,905
7.125% due 07/11/2011 (b)	EUR		1,000		1,360
8.50% due 06/15/2010		$	222,000		233,370
8.75 due 06/15/2030			227,000		258,081
Digicel Group, Ltd.
8.875% due 01/15/2015 (h)			400,000		298,000
Embarq Corp.
7.995% due 06/01/2036			820,000		639,600
France Telecom SA
7.75% due 03/01/2011			20,000		21,486
SBC Communications, Inc.
4.125% due 09/15/2009			207,000		209,157
5.10% due 09/15/2014			16,000		15,866
5.625% due 06/15/2016			12,000		11,811
6.45% due 06/15/2034			580,000		532,435
Singapore Telecommunications, Ltd.
6.375% due 12/01/2011 (h)			9,000		9,552
Verizon Communications, Inc.
6.10% due 04/15/2018			910,000		900,984
West Corp.
11.00% due 10/15/2016			645,000		412,800
					5,744,360
Telephone - 1.53%
AT&T, Inc.
5.60% due 05/15/2018			500,000		481,087
6.30% due 01/15/2038			500,000		449,166
6.40% due 05/15/2038			390,000		354,961
6.70% due 11/15/2013			980,000		1,036,876
BellSouth Corp.
4.20% due 09/15/2009			212,000		214,462
6.00% due 11/15/2034			820,000		728,520
British Telecommunications PLC
5.95% due 01/15/2018			10,000		8,198
Cincinnati Bell, Inc.
8.375% due 01/15/2014			405,000		370,575
Qwest Corp.
7.875% due 09/01/2011			315,000		310,275
Sprint Capital Corp.
6.375% due 05/01/2009			212,000		211,470
6.875% due 11/15/2028			900,000		497,250
8.375% due 03/15/2012			207,000		167,670
8.75% due 03/15/2032			685,000		412,713
Telecom Italia Capital SA
4.00% due 01/15/2010			670,000		658,358
7.20% due 07/18/2036			650,000		526,886
7.721% due 06/04/2038			600,000		516,488
Verizon Communications, Inc.
6.90% due 04/15/2038			760,000		755,671
Verizon of New York, Inc., Series A
6.875% due 04/01/2012			15,000		15,326
					7,715,952
Tobacco - 0.59%
Alliance One International, Inc.
8.50% due 05/15/2012			170,000		147,050
Altria Group, Inc.
8.50% due 11/10/2013			840,000		906,424
9.95% due 11/10/2038			720,000		719,115
Philip Morris International, Inc.
4.875% due 05/16/2013			300,000		303,213
5.65% due 05/16/2018			620,000		601,785
Reynolds American, Inc.
7.25% due 06/01/2013			320,000		305,504
					2,983,091
Transportation - 0.27%
Canadian Pacific Railway Company
5.75% due 05/15/2013			570,000		543,489
CMA CGM SA
7.25% due 02/01/2013 (h)			455,000		209,300
FedEx Corp.
7.375% due 01/15/2014			375,000		399,848
Navios Maritime Holdings, Inc.
9.50% due 12/15/2014			385,000		231,000
					1,383,637
Utility Service - 0.29%
Public Service Company of New Mexico
7.95% due 05/15/2018			1,000,000		887,480
Veolia Environnement
6.00% due 06/01/2018			600,000		559,979
					1,447,459

The accompanying notes are an integral part of the financial statements.

25

JOHN HANCOCK FUNDS II 

PORTFOLIO OF INVESTMENTS - February 28, 2009 (Unaudited) - continued 

(showing percentage of total net assets) 

Active Bond Fund (continued)

	Shares or
	Principal
	Amount		Value
CORPORATE BONDS (continued)
Water Treatment Systems - 0.11%
American Water Capital Corp.
6.085% due 10/15/2017	$	600,000	$	538,343
TOTAL CORPORATE BONDS (Cost $261,372,037)			$	213,586,903
MUNICIPAL BONDS - 0.22%
District of Columbia - 0.22%
George Washington University, DC, Series B
5.095% due 09/15/2032		1,175,000		1,102,291
TOTAL MUNICIPAL BONDS (Cost $1,175,000)			$	1,102,291
COLLATERALIZED MORTGAGE OBLIGATIONS - 12.01%
American Home Mortgage Assets, Series 2006-6, Class A1A
0.6637% due 12/25/2046 (b)		502,873		183,657
American Home Mortgage Assets, Series 2006-6, Class XP
3.73% IO due 12/25/2046		8,824,983		267,507
American Home Mortgage Assets, Series 2007-5, Class XP
2.491% IO due 06/25/2047		7,099,272		357,182
American Home Mortgage Investment Trust, Series 2004-4, Class 5A
4.44% due 02/25/2045		673,356		379,065
American Home Mortgage Investment Trust, Series 2007-1, Class GIOP
2.041% IO due 05/25/2047		6,258,359		324,652
American Tower Trust, Series 2007-1A, Class D
5.9568% due 04/15/2037 (h)		535,000		451,386
Banc of America Commercial Mortgage, Inc., Series 2004-4, Class A3
4.128% due 07/10/2042		31,079		30,239
Banc of America Commercial Mortgage, Inc., Series 2005-2, Class AJ
4.953% due 07/10/2042 (b)		50,846		23,312
Banc of America Commercial Mortgage, Inc., Series 2005-6, Class A4
5.1795% due 09/10/2047 (b)		470,000		347,463
Banc of America Commercial Mortgage, Inc., Series 2006-1, Class AM
5.421% due 09/10/2045 (b)		1,600,000		650,616
Banc of America Commercial Mortgage, Inc., Series 2006-2, Class A3
5.7112% due 05/10/2045 (b)		970,000		711,393
Banc of America Commercial Mortgage, Inc., Series 2006-3, Class A4
5.889% due 07/10/2044 (b)		995,000		545,857
Banc of America Commercial Mortgage, Inc., Series 2006-4, Class A3A
5.60% due 08/10/2013		750,000		537,287
Banc of America Funding Corp., Series 2006-B, Class 6A1
5.8862% due 03/20/2036 (b)		495,122		276,038
Banc of America Funding Corp., Series 2006-D, Class 6B1
5.9045% due 05/20/2036 (b)		44		5
Banc of America Funding Corp., Series 2007-E, Class 4A1
5.8302% due 09/20/2037 (b)		356,698		250,006
Banc of America Large Loan, Series 2005-MIB1, Class B
0.715% due 03/15/2022 (b)(h)		895,000		681,319
Banc of America Large Loan, Series 2006-BIX1, Class C
0.635% due 10/15/2019 (b)(h)		1,000,000		661,662
Bank of America Commercial Mortgage, Inc., Series 2005-5, Class XC
0.0782% IO due 10/10/2045 (h)		84,310,936		251,078
Bank of America Commercial Mortgage, Inc., Series 2001-3, Class A1
4.89% due 04/11/2037		20,915		20,725
Bear Stearns Alt-A Trust, Series 2005-3, Class B2
5.3074% due 04/25/2035 (b)		179,520		30,391
Bear Stearns Asset Backed Securities, Inc., Series 2003-AC4, Class A
5.00% due 09/25/2033		9,156		5,455
Bear Stearns Commercial Mortgage Securities, Inc.
4.997% due 06/11/2041 (h)		665,000		158,507
Bear Stearns Commercial Mortgage Securities, Inc., Series 2004-PWR6, Class X1
0.2405% IO due 11/11/2041		57,490,870		646,732
Bear Stearns Commercial Mortgage Securities, Series 2005-PWR8, Class X1
0.1642% IO due 06/11/2041		67,173,423		766,979
Bear Stearns Commercial Mortgage Securities, Inc., Series 2004-PWR5, Class X1
0.419% IO due 07/11/2042		448,053		5,903
Bear Stearns Commercial Mortgage Securities, Inc., Series 2004-T16, Class X1
0.2226% IO due 08/13/2046		549,468		6,866
Bear Stearns Commercial Mortgage Securities, Inc., Series 2005-PWR8, Class AJ
4.75% due 06/11/2041		47,292		21,164
Bear Stearns Commercial Mortgage Securities, Inc., Series 2006-BBA7, Class G
0.895% due 03/15/2019 (h)		700,000		365,344
Bear Stearns Commercial Mortgage Securities, Inc., Series 2006-PW14, Class D
5.412% due 12/11/2038 (h)		400,000		50,076
Bear Stearns Commercial Mortgage Securities, Inc., Series 2006-T24, Class AY
0.4247% IO due 10/12/2041		28,875,170		434,620
Bear Stearns Mortgage Funding Trust, Series 2006-AR1, Class 2A1
0.6938% due 08/25/2036 (b)		414,614		156,935
Bear Stearns Mortgage Funding Trust, Series 2006-AR4, Class A1
0.6837% due 12/25/2036 (b)		1,948,635		853,795
Chase Commercial Mortgage Securities Corp., Series 2000-2, Class C
7.928% due 07/15/2032		29,619		29,782
Chaseflex Trust, Series 2005-2, Class 4A1
5.00% due 06/25/2035		250,948		220,364
Citigroup Commercial Mortgage Trust, Series 2006-C4, Class A3
5.7252% due 03/15/2049 (b)		700,000		473,603
Citigroup Mortgage Loan Trust, Inc., Series 2005-10, Class 1A5A
5.8333% due 12/25/2035 (b)		349,888		177,204

The accompanying notes are an integral part of the financial statements.

26

JOHN HANCOCK FUNDS II 

PORTFOLIO OF INVESTMENTS - February 28, 2009 (Unaudited) - continued 

(showing percentage of total net assets) 

Active Bond Fund (continued)

	Shares or
	Principal
	Amount		Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
Citigroup Mortgage Loan Trust, Inc., Series 2005-5, Class 2A3
5.00% due 08/25/2035	$	210,332	$	174,181
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2005-CD1, Class C
5.2252% due 09/15/2020 (b)		190,000		58,830
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2005-CD1, Class A4
5.2252% due 09/15/2020 (b)		360,000		274,808
Citigroup/Deutsche Bank Commercial Mortgage, Series 2006-CD2, Class AM
5.4093% due 01/15/2046 (b)		1,000,000		406,718
Commercial Mortgage Pass Through Certificates, Series 2003-LB1A, Class A2
4.084% due 06/10/2038		424,859		355,031
Commercial Mortgage Pass Through Certificates, Series 2005-C6, Class B
5.2238% due 06/10/2044 (b)		49,365		15,656
Commercial Mortgage Pass Through Certificates, Series 2005-FL11, Class AJ
0.655% due 11/15/2017 (b)(h)		512,305		445,136
Countrywide Alternative Loan Trust, Series 2007-25, Class 1A2
6.50% due 11/25/2037		1,206,576		718,667
Countrywide Alternative Loan Trust, Series 2006-OA3, Class X
3.1969% IO due 05/25/2036		2,756,622		92,605
Countrywide Alternative Loan Trust, Series 2005-59, Class 2X
3.187% IO due 11/20/2035		7,147,782		206,616
Countrywide Alternative Loan Trust, Series 2006-11CB, Class 3A1
6.50% due 05/25/2036		552,516		302,008
Countrywide Home Loan Mortgage Pass Through Trust, Series 2004-HYB2, Class 4A
4.4287% due 07/20/2034 (b)		1,208,549		898,318
Credit Suisse Mortgage Capital Certificates, Series 2006-TFLA, Class B
0.685% due 04/15/2008 (b)(h)		870,000		596,587
Crown Castle Towers LLC, Series 2006-1A, Class F
6.6496% due 11/15/2036 (h)		1,760,000		1,413,571
Crown Castle Towers LLC, Series 2006-1A, Class G
6.7954% due 11/15/2036 (h)		1,225,000		1,031,935
Crown Castle Towers LLC, Series 2005-1A, Class D
5.612% due 06/15/2035 (h)		671,000		610,610
Crown Castle Towers LLC, Series 2006-1A, Class E
6.0652% due 11/15/2036 (h)		690,000		596,850
CS First Boston Mortgage Securities Corp., Series 2001-CKN5, Class A4
5.435% due 09/15/2034		261,191		243,458
CS First Boston Mortgage Securities Corp., Series 2001-CP4, Class A4
6.18% due 12/15/2035		307,087		298,864
CS First Boston Mortgage Securities Corp., Series 2002-CKN2, Class A3
6.133% due 04/15/2037		144,746		138,955
CS First Boston Mortgage Securities Corp., Series 2004-C4, Class A4
4.283% due 10/15/2039		160,860		143,513
CS First Boston Mortgage Securities Corp., Series 2005-C1, Class AX
0.1269% IO due 02/15/2038 (h)		95,248,057		673,670
CS First Boston Mortgage Securities Corp., Series 2005-C2, Class B
5.016% due 04/15/2037		58,053		18,804
DB Master Finance LLC, Series 2006-1, Class-A2
5.779% due 06/20/2031 (h)		3,045,000		2,184,574
DB Master Finance LLC, Series 2006-1, Class-M1
8.285% due 06/20/2031 (h)		125,000		81,171
DSLA Mortgage Loan Trust, Series 2005-AR5, Class X2
4.014% IO due 08/19/2045		6,346,615		146,766
Federal Home Loan Mortgage Corp., Series 2005-3019, Class MD
4.75% due 01/15/2031		402,612		409,681
Federal Home Loan Mortgage Corp., Series 24989, Class PE
6.00% due 08/15/2032		338,904		351,975
Federal Home Loan Mortgage Corp., Series T-41, Class 3A
7.50% due 07/25/2032		3,350		3,374
Federal National Mortgage Association, Series 2002-W3, Class A5
7.50% due 11/25/2041		36,290		38,672
Federal National Mortgage Association, Series 2003-18, Class EX
4.00% due 06/25/2017		1,149,228		1,167,083
First Horizon Alternative Mortgage Securities, Series 2006-RE1, Class A1
5.50% due 05/25/2035		799,250		538,994
First Horizon Alternative Mortgage Securities, Series 2004-AA2, Class 2A1
5.0144% due 08/25/2034 (b)		1,507,595		1,019,879
First Horizon Alternative Mortgage Securities, Series 2004-AA5, Class B1
5.2138% due 12/25/2034 (b)		127,209		13,565
First Union National Bank Commercial Mortgage Trust, Series 2002-C1, Class A1
5.585% due 02/12/2034		85,524		84,977
GE Capital Commercial Mortgage Corp., Series 2001-3, Class A2
6.07% due 06/10/2038		22,214		21,289
GE Capital Commercial Mortgage Corp., Series 2002-2A, Class A3
5.349% due 08/11/2036		164,809		150,753
GE Capital Commercial Mortgage Corp., Series 2005-C1, Class XC
0.1305% IO due 06/10/2048 (h)		1,672,124		14,411
GE Capital Commercial Mortgage Corp., Series 2005-C2, Class C
5.133% due 05/10/2043 (b)		43,737		14,066
Global Signal Trust, Series 2004-2A, Class D
5.093% due 12/15/2014 (h)		295,000		284,675
Global Signal Trust, Series 2006-1, Class E
6.495% due 02/15/2036 (h)		367,000		323,748
Global Tower Partners Acquisition Partners LLC, Series 2007-1A, Class F
7.0496% due 05/15/2037 (h)		135,000		103,715

The accompanying notes are an integral part of the financial statements.

27

JOHN HANCOCK FUNDS II 

PORTFOLIO OF INVESTMENTS - February 28, 2009 (Unaudited) - continued 

(showing percentage of total net assets) 

Active Bond Fund (continued)

	Shares or
	Principal
	Amount		Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
GMAC Commercial Mortgage Securities, Inc., Series 2003-C2, Class B
5.501% due 05/10/2040 (b)	$	1,370,000	$	1,023,252
GMAC Mortgage Corp. Loan Trust, Series 2006-AR1, Class 2A1
5.6294% due 04/19/2036 (b)		263,688		174,826
Greenpoint Mortgage Funding Trust, Series 2005-AR1, Class A3
0.7538% due 06/25/2045 (b)		127,534		33,213
Greenpoint Mortgage Funding Trust, Series 2005-AR4, Class 4A2
0.8338% due 10/25/2045 (b)		565,673		158,914
Greenpoint Mortgage Funding Trust, Series 2006-AR1, Class A2A
0.8438% due 02/25/2036 (b)		915,320		342,535
Greenwich Capital Commercial Funding Corp., Series 2005-GG3, Class XC
0.2245% IO due 08/10/2042 (h)		64,325,253		882,060
Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class C
5.554% due 02/10/2017		315,000		40,741
Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class F
5.633% due 02/10/2017		170,000		8,879
Greenwich Capital Commercial Funding Corp., Series 2002-C1, Class A2
4.112% due 01/11/2017		197,344		186,098
GS Mortgage Securities Corp. II, Series 2004-GG2, Class E
5.5732% due 08/10/2038 (b)		800,000		241,406
GS Mortgage Securities Corp. II, Series 2005-GG4, Class XC
0.2118% IO due 07/10/2039 (h)		2,031,223		24,045
GS Mortgage Securities Corp. II, Series 2006-GG6, Class AM
5.622% due 04/10/2038		1,350,000		558,537
GSR Mortgage Loan Trust, Series 2004-14, Class 3A2
5.2907% due 12/25/2034 (b)		373,901		190,889
GSR Mortgage Loan Trust, Series 2004-9, Class B1
4.5847% due 08/25/2034 (b)		287,160		105,784
GSR Mortgage Loan Trust, Series 2006-AR1, Class 3A1
5.3656% due 01/25/2036 (b)		697,428		416,174
Harborview Mortgage Loan Trust, Series 2005-16, Class 2A1B
0.7962% due 01/19/2036 (b)		320,229		92,867
Harborview Mortgage Loan Trust, Series 2005-8, Class 1X
3.8062% IO due 09/19/2035		4,814,963		81,253
Harborview Mortgage Loan Trust, Series 2006-SB1, Class A1A
2.6725% due 12/19/2036 (b)		663,736		207,279
Harborview Mortgage Loan Trust, Series 2007-3, Class ES
0.35% IO due 05/19/2047		14,668,446		82,510
Harborview Mortgage Loan Trust, Series 2007-4, Class ES
0.35% IO due 07/19/2047		14,832,343		88,067
Harborview Mortgage Loan Trust, Series 2007-6, Class ES
0.3425% IO due 08/19/2037 (h)		10,651,077		59,912
IndyMac Index Mortgage Loan Trust, Series 2004-AR13, Class B1
5.2962% due 01/25/2035		184,443		37,599
IndyMac Index Mortgage Loan Trust, Series 2005-AR18, Class 1X
3.803% IO due 10/25/2036		10,940,064		175,041
IndyMac Index Mortgage Loan Trust, Series 2005-AR18, Class 2X
3.487% IO due 10/25/2036		14,417,905		198,967
IndyMac Index Mortgage Loan Trust, Series 2005-AR5, Class B1
5.2879% due 05/25/2035 (b)		297,180		26,549
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP5, Class G
5.3342% due 12/15/2044 (b)		600,000		138,900
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP5, Class A4
5.1792% due 12/15/2044 (b)		2,025,000		1,494,291
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2002-C1, Class A3
5.376% due 07/12/2037		421,734		395,180
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2004-CBX, Class A2
3.89% due 01/12/2037		7,458		7,435
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP3, Class A4B
4.996% due 08/15/2042 (b)		900,000		579,750
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP4, Class B
5.129% due 10/15/2042 (b)		145,000		44,588
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2006-LDP7, Class A4
5.8751% due 04/15/2045 (b)		490,000		337,585
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2006-LDP8, Class A3B
5.447% due 05/15/2045		845,000		596,531
JPMorgan Mortgage Trust, Series 2006-A7, Class 2A5
5.7981% due 01/25/2037 (b)		680,896		198,641
JPMorgan Mortgage Trust, Series 2005-S2, Class 2A16
6.50% due 09/25/2035		187,593		121,115
JPMorgan Mortgage Trust, Series 2005-S3, Class 2A2
5.50% due 01/25/2021		388,824		325,276
LB-UBS Commercial Mortgage Trust, Series 2004-C1, Class XCL
0.3484% IO due 01/15/2036 (b)		24,792,243		660,155
LB-UBS Commercial Mortgage Trust, Series 2005-C1, Class A2
4.31% due 02/15/2030		595,000		557,895
LB-UBS Commercial Mortgage Trust, Series 2005-C2, Class E
5.2869% due 04/15/2040 (b)		740,000		195,185
LB-UBS Commercial Mortgage Trust, Series 2000-C4, Class A2
7.37% due 08/15/2026		1,386,659		1,393,914

The accompanying notes are an integral part of the financial statements.

28

JOHN HANCOCK FUNDS II 

PORTFOLIO OF INVESTMENTS - February 28, 2009 (Unaudited) - continued 

(showing percentage of total net assets) 

Active Bond Fund (continued)

	Shares or
	Principal
	Amount		Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
LB-UBS Commercial Mortgage Trust, Series 2002-C1,Class A4
6.462% due 03/15/2031	$	29,619	$	28,878
LB-UBS Commercial Mortgage Trust, Series 2005-C1, Class XCL
0.2739% IO due 03/17/2020 (h)		727,418		9,709
LB-UBS Commercial Mortgage Trust, Series 2005-C3, Class G
5.111% due 06/17/2015 (b)(h)		25,472		6,158
LB-UBS Commercial Mortgage Trust, Series 2005-C5, Class A2
4.885% due 09/15/2040		58,053		54,215
LB-UBS Commercial Mortgage Trust, Series 2006-C4, Class A4
5.8824% due 06/15/2038 (b)		575,000		400,696
Lehman XS Trust, Series 2007-10H, Class 2A2
7.50% due 07/25/2037		1,887,430		1,343,824
Mastr Adjustable Rate Mortgages Trust, Series 2004-13, Class 2A1
4.5522% due 04/21/2034 (b)		1,202,651		954,530
Mastr Adjustable Rate Mortgages Trust, Series 2004-8, Class 5A1
4.6068% due 08/25/2034 (b)		697,081		397,520
Mastr Adjustable Rate Mortgages Trust, Series 2005-2, Class 2A1
4.9305% due 03/25/2035 (b)		1,199,095		575,671
Mastr Adjustable Rate Mortgages Trust, Series 2006-2, Class 4A1
4.9827% due 02/25/2036 (b)		579,874		421,229
Merrill Lynch Mortgage Trust, Series 2008-C1, Class A4
5.69% due 02/12/2051		1,080,000		513,421
Merrill Lynch Mortgage Trust, Series 2008-C1, Class X
0.564% IO due 02/14/2051 (h)		33,182,115		627,142
Merrill Lynch Mortgage Trust, Series 2004-KEY2, Class A4
4.864% due 08/12/2039 (b)		31,988		24,935
Merrill Lynch Mortgage Trust, Series 2005-CIP1, Class XC
0.0634% IO due 08/12/2020 (h)		217,776,552		854,011
Merrill Lynch Mortgage Trust, Series 2005-CKI1, Class A6
5.2423% due 11/12/2037 (b)		435,000		318,230
Merrill Lynch Mortgage Trust, Series 2005-CKI1, Class A1
5.077% due 11/12/2037		350,384		348,171
Merrill Lynch Mortgage Trust, Series 2006-C1, Class AM
5.657% due 05/12/2039 (b)		1,000,000		409,677
Merrill Lynch Mortgage Trust, Series 2006-C2, Class X
0.3627% IO due 08/12/2026		21,051,661		314,255
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-2, Class A4
5.9093% due 06/12/2046 (b)		785,000		541,804
MLCC Mortgage Investors, Inc., Series 2007-3, Class M1
5.9346% due 09/25/2037 (b)		289,948		46,735
MLCC Mortgage Investors, Inc., Series 2007-3, Class M2
5.9346% due 09/25/2037 (b)		109,980		18,705
MLCC Mortgage Investors, Inc., Series 2007-3, Class M3
5.9346% due 09/25/2037 (b)		69,987		9,046
Morgan Stanley Capital I, Series 2004-T13, Class A2
3.94% due 09/13/2045		11,871		11,119
Morgan Stanley Capital I, Series 2005-HQ6, Class A2A
4.882% due 08/13/2042		610,000		560,794
Morgan Stanley Capital I, Series 2005-HQ7, Class A2
5.2077% due 11/14/2042 (b)		415,000		341,824
Morgan Stanley Capital I, Series 2005-HQ7, Class A4
5.2077% due 11/14/2042 (b)		415,000		310,213
Morgan Stanley Capital I, Series 2005-HQ7, Class AJ
5.2077% due 11/14/2042 (b)		1,500,000		741,843
Morgan Stanley Capital I, Series 2005-IQ10, Class A4A
5.23% due 09/15/2042 (b)		555,000		422,224
Morgan Stanley Capital I, Series 2005-IQ9, Class X1
0.2162% IO due 07/15/2056 (h)		668,431		12,210
Morgan Stanley Capital I, Series 2005-T17, Class X1
0.1807% IO due 12/31/2041 (h)		1,446,466		14,696
Morgan Stanley Capital I, Series 2006-IQ11, Class AJ
5.775% due 10/15/2042 (b)		4,300,000		1,249,967
Morgan Stanley Capital I, Series 2006-IQ12, Class E
5.538% due 12/15/2043 (b)		390,000		48,344
Morgan Stanley Capital I, Series 2007-SRR3, Class A
0.77% due 12/20/2049 (b)(h)		1,000,000		130,000
Morgan Stanley Capital I, Series 2007-SRR3, Class B
0.87% due 12/20/2049 (b)(h)		1,000,000		80,000
Provident Funding Mortgage Loan Trust, Series 2005-1, Class B1
4.7032% due 05/25/2035 (b)		310,458		48,372
Residential Accredit Loans, Inc., Series 2007-QS10, Class A1
6.50% due 09/25/2037		740,325		440,956
Residential Accredit Loans, Inc., Series 2005-QA12, Class NB5
5.9539% due 12/25/2035 (b)		445,707		249,290
Residential Accredit Loans, Inc., Series 2007-QS11, Class A1
7.00% due 10/25/2037		619,703		344,322
Residential Asset Securitization Trust, Series 2006-A7CB, Class 2A1
6.50% due 07/25/2036		544,978		297,354
Salomon Brothers Mortgage Securities VII, Series 2000-C3, Class A2
6.592% due 12/18/2033		127,768		125,907
Salomon Brothers Mortgage Securities VII, Series 2001-C1, Class A3
6.428% due 12/18/2035		22,905		22,498

The accompanying notes are an integral part of the financial statements.

29

JOHN HANCOCK FUNDS II 

PORTFOLIO OF INVESTMENTS - February 28, 2009 (Unaudited) - continued 

(showing percentage of total net assets) 

Active Bond Fund (continued)

	Shares or
	Principal
	Amount		Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
SBA CMBS Trust, Series 2006-1A, Class H
7.389% due 11/15/2036 (h)	$	980,000	$	764,400
SBA CMBS Trust, Series 2006-1A, Class J
7.825% due 11/15/2036 (h)		135,000		110,025
SBA CMBS Trust, Series 2005-1A, Class C
5.731% due 11/15/2035 (h)		797,000		717,300
SBA CMBS Trust, Series 2005-1A, Class D
6.219% due 11/15/2035 (h)		100,000		87,000
SBA CMBS Trust, Series 2005-1A, Class E
6.706% due 11/15/2035 (h)		110,000		92,950
Sequoia Mortgage Trust, Series 2005-3, Class A1
0.67% due 04/15/2032 (b)		5,133		2,757
Structured Asset Securities Corp., Series 2003-6A, Class B1
5.1956% due 03/25/2033 (b)		529,477		159,464
Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-2, Class 4A1
5.731% due 04/25/2037 (b)		1,555,640		943,483
Timberstar Trust, Series 2006-1A, Class A
5.668% due 10/15/2036 (h)		900,000		585,000
Wachovia Bank Commercial Mortgage Trust, Series 2005-C22, Class E
5.3552% due 12/15/2044 (b)		915,000		221,016
Wachovia Bank Commercial Mortgage Trust, Series 2005-C17, Class XC
0.0915% IO due 03/15/2042 (h)		76,955,181		418,621
Wachovia Bank Commercial Mortgage Trust, Series 2005-C19, Class AJ
4.793% due 05/15/2044		37,517		16,792
WAMU Commercial Mortgage Securities Trust, Series 2007-SL3, Class A
5.9426% due 03/23/2045 (h)		555,900		470,169
WAMU Commercial Mortgage Securities Trust, Series 2006-SL1, Class A
5.3015% due 11/23/2043 (b)(h)		861,388		475,917
WAMU Mortgage Pass Through Certificates, Series 2005-AR19, Class A1B3
0.8238% due 12/25/2045 (b)		225,475		60,433
WAMU Mortgage Pass Through Certificates, Series 2006-AR4, Class 1A1B
2.763% due 05/25/2046 (b)		557,735		117,124
WAMU Mortgage Pass Through Certificates, Series 2005-AR13, Class B1
1.0738% due 10/25/2045 (b)		841,519		126,228
WAMU Mortgage Pass Through Certificates, Series 2005-AR6, Class B1
1.0738% due 04/25/2045 (b)		958,907		47,945
WAMU Mortgage Pass Through Certificates, Series 2007-OA5, Class 1XPP
1.183% IO due 06/25/2017		29,006,244		244,740
WAMU Mortgage Pass Through Certificates, Series 2007-OA6, Class 1XPP
1.126% IO due 07/25/2047		16,502,632		134,084
Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2005-AR19, Class B1
1.1738% due 12/25/2045 (b)		506,156		75,923
Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2005-6, Class 1CB
6.50% due 08/25/2035		215,625		149,994
Washington Mutual Mortgage Pass Through Certificates, Series 2007-OA4, Class XPPP
0.987% IO due 04/25/2047		12,755,289		95,665
Washington Mutual Mortgage Pass-Through, Series 2005-1, Class 6A1
6.50% due 03/25/2035		15,072		10,032
Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR15, Class A3
5.6578% due 10/25/2036 (b)		737,279		243,965
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $88,446,440)			$	60,548,288
ASSET BACKED SECURITIES - 2.76%
Alesco Preferred Funding, Ltd., Series 12A, Class B
1.6944% due 07/15/2037 (b)(h)		430,000		64,500
Alesco Preferred Funding, Ltd., Series 14A, Class B
2.1475% due 09/23/2037 (b)(h)		930,000		139,500
Alesco Preferred Funding, Ltd., Series 15A, Class B1
2.1775% due 12/23/2037 (b)(h)		220,000		22,000
American Express Issuance Trust, Series 2008-1, Class A
1.4113% due 12/15/2010 (b)		2,235,000		2,195,823
Amresco Residential Securities Mortgage Loan Trust, Series 1998-1, Class A6
6.51% due 08/25/2027		657		566
Ansonia CDO, Ltd.
5.812% due 07/28/2046 (h)		1,150,000		172,500
Anthracite, Ltd., Series 2002-2A, Class B
5.488% due 12/24/2037 (b)(h)		600,000		300,000
Anthracite, Ltd., Series 2002-CIBA, Class A
0.9225% due 05/24/2017 (b)(h)		826,126		454,369
Arbor Realty Mortgage Securities, Series 2006-1A, Class C
1.7594% due 01/26/2042 (b)(h)		370,000		44,400
Arbor Realty Mortgage Securities, Series 2006-1A, Class F
2.2094% due 01/26/2042 (b)(h)		615,000		30,750
Argent Securities, Inc., Series 2004-W1, Class M3
1.8394% due 03/25/2034 (b)		10,009		1,392
Bank of America Credit Card Trust, Series 2008-A3, Class A3
1.205% due 08/15/2011 (b)		1,588,000		1,586,258
Capital Trust Re CDO, Ltd., Series 2005-1A, Class B
0.94% due 03/20/2050 (b)(h)		400,000		140,000
Cedarwoods Credit CDO, Ltd., Series 2007-2A, Class B
0.8537% due 02/25/2052 (b)(h)		1,000,000		140,000
Chase Issuance Trust, Series 2008-A1, Class A1
0.9112% due 01/15/2012 (b)		800,000		789,280
CNH Equipment Trust, Series 2008-B, Class A2B
1.4513% due 04/15/2011 (b)		879,405		869,690
Credit-Based Asset Servicing and Securitization, Series 2006-CB2, Class AF2
5.501% due 12/25/2036		794,395		624,015

The accompanying notes are an integral part of the financial statements.

30

JOHN HANCOCK FUNDS II 

PORTFOLIO OF INVESTMENTS - February 28, 2009 (Unaudited) - continued 

(showing percentage of total net assets) 

Active Bond Fund (continued)

	Shares or
	Principal
	Amount		Value
ASSET BACKED SECURITIES (continued)
Credit-Based Asset Servicing and Securitization, Series 2006-MH1, Class B1
6.25% due 10/25/2036 (h)	$	460,000	$	155,169
Crest, Ltd., Series 2000-1A, Class C
7.75% due 08/31/2036 (h)		860,000		266,600
Crest, Ltd., Series 2002-IGA, Class A
1.6337% due 07/28/2017 (b)(h)		1,319,907		950,333
Crest, Ltd., Series 2003-1A, Class B1
3.1312% due 05/28/2038 (b)(h)		600,000		240,000
CW Capital Cobalt I, Series 2005-1A, Class A1
1.5287% due 05/25/2045 (b)(h)		448,931		118,181
Dillon Read CMBS CDO, Ltd.,Series 2006-1A, Class A3
2.9012% due 12/05/2046 (b)(h)		975,000		97,500
Dominos Pizza Master Issuer LLC, Series 2007-1, Class M1
7.629% due 04/27/2037 (h)		535,000		214,000
Equity One ABS, Inc., Series 2004-2, Class AV2
0.7237% due 07/25/2034 (b)		647		225
GSAA Home Equity Trust, Series 2006-10, Class AF3
5.9846% due 06/25/2036 (b)		1,000,000		482,813
Highland Park CDO, Ltd., Series 2006-1A, Class A2
1.6487% due 11/25/2051 (b)(h)		1,230,000		159,900
JER CDO, Series 2006-2A, Class AFL
0.8037% due 03/25/2045 (b)(h)		694,797		104,220
Lehman XS Trust, Series 2005-5N, Class 3A2
0.8338% due 11/25/2035 (b)		636,027		157,569
Lehman XS Trust, Series 2005-7N, Class 1A1B
0.7738% due 12/25/2035 (b)		470,276		100,138
Lehman XS Trust, Series 2006-2N, Class 1A2
0.8138% due 02/25/2046 (b)		1,433,440		306,486
LNR CDO, Ltd., Series 2006-1A, Class BFL
0.9588% due 05/28/2043 (b)(h)		700,000		35,000
Newcastle CDO, Ltd., Series 2005-7A, Class 2FL
0.9725% due 12/24/2050 (b)(h)		570,000		74,100
North Street Referenced Linked Notes, Series 2000-1A, Class C
2.9244% due 07/30/2010 (b)(h)		500,000		150,000
N-Star Real Estate CDO, Ltd.
0.7513% due 07/27/2040 (b)(h)		700,000		210,000
N-Star Real Estate CDO, Ltd., Series 2006-7A, Class B
0.8537% due 06/22/2051 (b)(h)		900,000		117,000
N-Star Real Estate CDO, Ltd., Series 2006-8A, Class E
1.1625% due 02/01/2041 (b)(h)		475,000		95,000
Ownit Mortgage Loan, Series 2006-1, Class AF2
5.29% due 12/25/2036		897,629		502,812
Ownit Mortgage Loan, Series 2006-2, Class A2B
5.6329% due 02/25/2037		829,547		633,178
Prima Capital Ltd., Series 2006-CR1A, Class A1
5.417% due 12/25/2048		1,284,873		693,832
RAIT Preferred Funding, Ltd., Series 2007-2A, Class B
1.2737% due 06/25/2045 (b)(h)		685,000		184,950
Renaissance Home Equity Loan Trust, Series 2005-2, Class AF3
4.499% due 08/25/2035		109,688		96,652
Renaissance Home Equity Loan Trust, Series 2005-2, Class AF4
4.934% due 08/25/2035		335,000		165,406
Residential Accredit Loans, Inc.,
Series 2004-QS16, Class 1A1
5.50% due 12/25/2034		15,722		10,993
Wells Fargo Home Equity Trust, Series 2004-2, Class AI5
4.89% due 05/25/2034 (b)		49,000		33,448
TOTAL ASSET BACKED SECURITIES (Cost $30,074,821)			$	13,930,548
SUPRANATIONAL OBLIGATIONS - 0.04%
Honduras - 0.00%
Central American Bank for Economic Integration
6.75% due 04/15/2013 (h)		12,000		11,836
Venezuela - 0.04%
Corporacion Andina de Fomento
5.20% due 05/21/2013		214,000		188,245
6.875% due 03/15/2012		20,000		19,154
				207,399
TOTAL SUPRANATIONAL OBLIGATIONS (Cost $249,290)			$	219,235
PREFERRED STOCKS - 0.15%
Banking - 0.03%
Bank of America Corp., Series MER, 8.625%		20,775		163,084
Food & Beverages - 0.07%
Ocean Spray Cranberries, Inc., 6.25%		5,034		342,941
Telephone - 0.05%
Telephone & Data Systems, Inc., 7.60%		16,000		268,000
TOTAL PREFERRED STOCKS (Cost $1,341,891)			$	774,025
WARRANTS - 0.00%
Metal & Metal Products - 0.00%
New Gold, Inc.        (Expiration date 06/28/2017, strike price CAD 15.00)		3,852		1,211
TOTAL WARRANTS (Cost $0)			$	1,211
REPURCHASE AGREEMENTS - 1.44%
Repurchase Agreement with State
Street Corp. dated 02/27/2009 at
0.05% to be repurchased at
$7,242,030 on 03/02/2009,
collateralized by $7,415,000
Federal Home Loan Bank Discount
Notes, zero coupon due
10/01/2009 (valued at $7,387,194
including interest)	$	7,242,000	$	7,242,000
TOTAL REPURCHASE AGREEMENTS (Cost $7,242,000)			$	7,242,000
SHORT TERM INVESTMENTS - 7.80%
Federal Home Loan Bank Discount Notes
zero coupon due 03/02/2009	$	900,000	$	899,997

The accompanying notes are an integral part of the financial statements.

31

JOHN HANCOCK FUNDS II 

PORTFOLIO OF INVESTMENTS - February 28, 2009 (Unaudited) - continued 

(showing percentage of total net assets) 

Active Bond Fund (continued)

	Shares or
	Principal
	Amount		Value
SHORT TERM INVESTMENTS (continued)
Federal Home Loan Bank Discount Notes (continued)
zero coupon due 03/06/2009 to 03/11/2009 ***	$	23,520,000	$	23,518,577
Federal National Mortgage Association Discount Notes
zero coupon due 03/09/2009 ***		4,850,000		4,849,763
John Hancock Cash Investment Trust, 0.7604% (c)(i)		10,061,100		10,061,100
TOTAL SHORT TERM INVESTMENTS (Cost $38,600,270)			$	39,329,437
Total Investments (Active Bond Fund)
(Cost $622,032,392) - 106.26%			$	535,619,998
Liabilities in Excess of Other Assets - (6.26)%				(31,566,709	)
TOTAL NET ASSETS - 100.00%			$	504,053,289
All Cap Core Fund
	Shares or
	Principal
	Amount		Value
COMMON STOCKS - 90.19%
Aerospace - 3.56%
General Dynamics Corp.		70,700	$	3,098,074
Lockheed Martin Corp.		29,700		1,874,367
Northrop Grumman Corp.		100,900		3,769,624
Raytheon Company		8,700		347,739
United Technologies Corp.		15,900		649,197
				9,739,001
Agriculture - 3.30%
Archer-Daniels-Midland Company		169,600		4,521,536
Bunge, Ltd. (a)		71,900		3,370,672
The Mosaic Company		26,600		1,145,130
				9,037,338
Apparel & Textiles - 0.40%
Phillips-Van Heusen Corp.		25,900		429,163
Polo Ralph Lauren Corp., Class A		19,300		665,271
				1,094,434
Auto Parts - 0.36%
Genuine Parts Company		22,900		644,406
WABCO Holdings, Inc.		32,500		328,900
				973,306
Banking - 3.06%
Astoria Financial Corp.		37,700		269,555
Bank of America Corp.		467,500		1,846,625
Marshall & Ilsley Corp. (a)		360,800		1,652,464
SunTrust Banks, Inc.		236,600		2,846,298
Zions Bancorp		187,300		1,755,001
				8,369,943
Biotechnology - 1.35%
Alnylam Pharmaceuticals, Inc. *		10,300		189,932
Amgen, Inc. *		71,400		3,493,602
Genomic Health, Inc. *		1,100		21,648
				3,705,182
Broadcasting - 0.52%
Liberty Media Corp. - Entertainment, Series A *		82,100		1,421,972
Building Materials & Construction - 0.04%
Perini Corp. *		6,800		104,176
Business Services - 4.06%
Automatic Data Processing, Inc.		96,300		3,288,645
Brinks Company		87,800		2,095,786
Computer Sciences Corp. *		52,100		1,809,954
Fluor Corp.		14,500		482,125
Global Sources, Ltd. *		10,166		43,003
Manpower, Inc.		48,500		1,352,180
NCR Corp. *		36,100		285,912
R.R. Donnelley & Sons Company		115,200		897,408
SAIC, Inc. *		45,000		850,950
				11,105,963
Cable & Television - 1.41%
Comcast Corp., Class A		247,600		3,233,656
DISH Network Corp. *		56,300		633,375
				3,867,031
Chemicals - 2.07%
Ashland, Inc.		129,200		763,572
CF Industries Holdings, Inc.		29,200		1,878,436
Cytec Industries, Inc.		18,800		289,520
Terra Industries, Inc.		106,000		2,733,740
				5,665,268
Commercial Services - 0.23%
Brinks Home Security Holdings, Inc. *		29,500		618,615
Computers & Business Equipment - 5.25%
Apple, Inc. *		39,400		3,518,814
Cisco Systems, Inc. *		24,500		356,965
EMC Corp. *		33,900		355,950
Hewlett-Packard Company		186,500		5,414,095
Ingram Micro, Inc., Class A *		63,400		690,426
International Business Machines Corp.		10,500		966,315
Lexmark International, Inc. * (a)		104,000		1,782,560
Tech Data Corp. *		17,700		306,032
Western Digital Corp. *		70,800		967,128
				14,358,285
Construction & Mining Equipment - 0.53%
Joy Global, Inc. (a)		83,100		1,450,926
Cosmetics & Toiletries - 2.11%
Colgate-Palmolive Company		74,200		4,465,356
Procter & Gamble Company		26,900		1,295,773
				5,761,129
Crude Petroleum & Natural Gas - 2.09%
Apache Corp.		19,000		1,122,710
Cimarex Energy Company		97,100		1,908,015
Occidental Petroleum Corp.		39,400		2,043,678
Swift Energy Company *		12,100		86,999
W&T Offshore, Inc.		69,900		562,695
				5,724,097
Domestic Oil - 0.82%
Encore Aquisition Company *		49,100		985,928

The accompanying notes are an integral part of the financial statements.

32

JOHN HANCOCK FUNDS II 

PORTFOLIO OF INVESTMENTS - February 28, 2009 (Unaudited) - continued 

(showing percentage of total net assets) 

All Cap Core Fund (continued)

	Shares or
	Principal
	Amount	Value
COMMON STOCKS (continued)
Domestic Oil (continued)
Mariner Energy, Inc. *	109,500	$	1,012,875
Oil States International, Inc. *	19,200		255,744
			2,254,547
Drugs & Health Care - 0.41%
CV Therapeutics, Inc. *	37,500		600,000
Quidel Corp. *	44,000		485,760
Vivus, Inc. *	5,300		21,359
			1,107,119
Electrical Equipment - 0.12%
GrafTech International, Ltd. *	1,800		10,170
Wesco International, Inc. *	19,400		322,040
			332,210
Electrical Utilities - 3.68%
Consolidated Edison, Inc.	29,000		1,050,090
Dominion Resources, Inc.	43,500		1,312,830
DTE Energy Company	25,900		693,343
Edison International	137,200		3,734,584
FirstEnergy Corp.	22,600		961,856
Integrys Energy Group, Inc.	12,400		298,220
Mirant Corp. *	97,200		1,188,756
NV Energy, Inc.	41,100		380,997
Pepco Holdings, Inc.	30,500		457,500
			10,078,176
Electronics - 1.07%
Arrow Electronics, Inc. *	57,000		947,910
Avnet, Inc. *	31,000		535,370
Harman International Industries, Inc.	33,000		350,460
Jabil Circuit, Inc.	209,000		865,260
Multi-Fineline Electronix, Inc. *	16,500		235,455
			2,934,455
Energy - 0.68%
Duke Energy Corp.	59,500		801,465
Progress Energy, Inc.	19,100		676,522
Sempra Energy	9,000		374,130
			1,852,117
Financial Services - 3.25%
Bank of New York Mellon Corp.	42,900		951,093
Broadridge Financial Solutions, Inc.	56,100		896,478
Citigroup, Inc. (a)	522,800		784,200
CME Group, Inc.	4,300		784,320
JPMorgan Chase & Company	215,600		4,926,460
State Street Corp.	21,200		535,724
			8,878,275
Food & Beverages - 1.28%
Sysco Corp.	162,500		3,493,750
Gas & Pipeline Utilities - 0.50%
Atmos Energy Corp.	13,400		292,522
NiSource, Inc.	79,500		695,625
UGI Corp.	15,600		374,244
			1,362,391
Healthcare Products - 3.65%
Becton, Dickinson & Company	6,400		396,096
Cypress Biosciences, Inc. *	97,000		818,680
Herbalife, Ltd.	121,900		1,662,716
Johnson & Johnson	86,500		4,325,000
Medicines Company *	22,700		278,529
St. Jude Medical, Inc. *	75,500		2,503,581
			9,984,602
Healthcare Services - 2.29%
Alliance Imaging, Inc. *	8,000		65,600
Centene Corp. *	22,700		385,446
Express Scripts, Inc. *	53,800		2,706,140
McKesson Corp.	51,300		2,104,326
WellPoint, Inc. *	29,400		997,248
			6,258,760
Homebuilders - 0.05%
NVR, Inc. *	400		133,108
Hotels & Restaurants - 2.08%
CEC Entertainment, Inc. *	21,000		490,350
McDonald's Corp.	86,900		4,540,525
Yum! Brands, Inc.	25,500		670,140
			5,701,015
Industrial Machinery - 1.36%
AGCO Corp. *	60,600		1,038,684
Flowserve Corp.	32,400		1,635,228
Gardner Denver, Inc. *	37,400		707,608
Manitowoc Company, Inc.	81,200		332,920
			3,714,440
Industrials - 0.20%
General Electric Company	33,400		284,234
Shaw Group, Inc. *	11,800		275,412
			559,646
Insurance - 2.67%
Aetna, Inc.	125,800		3,002,846
Allied World Assurance Holdings, Ltd.	21,800		837,338
First American Corp.	46,000		1,065,820
Progressive Corp. *	51,800		599,326
The Travelers Companies, Inc.	49,700		1,796,655
			7,301,985
International Oil - 8.74%
Chevron Corp.	127,100		7,716,241
ConocoPhillips	44,600		1,665,810
Exxon Mobil Corp.	164,800		11,189,920
Murphy Oil Corp.	79,900		3,340,619
			23,912,590
Internet Content - 1.15%
Google, Inc., Class A *	7,900		2,670,121
Yahoo!, Inc. *	36,800		486,864
			3,156,985
Internet Retail - 0.62%
Amazon.com, Inc. *	11,200		725,648
eBay, Inc. *	60,000		652,200
Liberty Media Holding Corp.-Interactive A *	100,800		326,592
			1,704,440

The accompanying notes are an integral part of the financial statements.

33

JOHN HANCOCK FUNDS II 

PORTFOLIO OF INVESTMENTS - February 28, 2009 (Unaudited) - continued 

(showing percentage of total net assets) 

All Cap Core Fund (continued)

	Shares or
	Principal
	Amount		Value
COMMON STOCKS (continued)
Internet Software - 0.16%
Symantec Corp. *		31,300	$	432,879
Manufacturing - 0.09%
Insteel Industries, Inc.		1,000		6,300
Trinity Industries, Inc.		34,000		250,920
				257,220
Medical-Hospitals - 0.36%
LifePoint Hospitals, Inc. *		14,000		294,280
Universal Health Services, Inc., Class B		19,000		699,770
				994,050
Metal & Metal Products - 0.19%
Timken Company		43,500		529,830
Mining - 0.19%
Cliffs Natural Resources, Inc.		33,600		518,448
Multimedia - 1.05%
Time Warner, Inc.		377,500		2,880,325
Paper - 0.78%
International Paper Company		373,600		2,125,784
Pharmaceuticals - 7.28%
Abbott Laboratories		126,200		5,974,308
Cubist Pharmaceuticals, Inc. *		27,500		390,775
Eli Lilly & Company		142,200		4,177,836
Enzon Pharmaceuticals, Inc. *		35,200		186,208
Gilead Sciences, Inc. *		43,200		1,935,360
Medicis Pharmaceutical Corp., Class A		28,600		322,608
Merck & Company, Inc.		80,400		1,945,680
OSI Pharmaceuticals, Inc. *		8,300		283,030
Pfizer, Inc.		378,600		4,660,566
POZEN, Inc. *		4,900		29,253
				19,905,624
Railroads & Equipment - 0.49%
Norfolk Southern Corp.		41,800		1,325,896
Real Estate - 0.94%
Apartment Investment & Management Company, Class A, REIT		5,443		28,413
Boston Properties, Inc., REIT		5,400		200,286
Equity Residential, REIT		21,800		383,680
Health Care, Inc., REIT		9,900		304,623
Liberty Property Trust, REIT		11,200		204,624
ProLogis, REIT		17,900		103,641
Public Storage, Inc., REIT		4,800		266,304
Regency Centers Corp., REIT		9,200		248,216
Simon Property Group, Inc., REIT		13,800		456,780
Vornado Realty Trust, REIT		11,200		366,576
				2,563,143
Retail Grocery - 0.71%
Safeway, Inc.		51,500		952,750
The Kroger Company		48,100		994,227
				1,946,977
Retail Trade - 3.10%
Foot Locker, Inc.		86,900		722,139
Macy's, Inc.		253,500		1,995,045
The Gap, Inc.		100,900		1,088,711
Wal-Mart Stores, Inc.		95,100		4,682,724
				8,488,619
Semiconductors - 0.63%
Intel Corp.		18,900		240,786
QLogic Corp. *		102,300		943,206
Texas Instruments, Inc.		18,800		269,780
Volterra Semiconductor Corp. *		33,300		269,730
				1,723,502
Software - 1.87%
Microsoft Corp.		288,100		4,652,815
VMware, Inc. Class A * (a)		22,900		475,404
				5,128,219
Telecommunications Equipment & Services - 1.23%
ADC Telecommunications, Inc. *		109,000		309,560
QUALCOMM, Inc.		91,700		3,065,531
				3,375,091
Telephone - 4.08%
AT&T, Inc.		199,400		4,739,738
Atlantic Tele-Network, Inc.		1,800		37,530
Verizon Communications, Inc.		224,000		6,390,720
				11,167,988
Tobacco - 1.37%
Altria Group, Inc.		88,600		1,367,984
Lorillard, Inc.		32,600		1,905,144
Philip Morris International, Inc.		13,900		465,233
				3,738,361
Transportation - 0.10%
Overseas Shipholding Group, Inc.		10,800		277,776
Trucking & Freight - 0.61%
FedEx Corp.		25,600		1,106,176
Ryder Systems, Inc.		24,100		550,926
				1,657,102
TOTAL COMMON STOCKS (Cost $323,346,938)			$	246,754,111
SHORT TERM INVESTMENTS - 4.72%
John Hancock Cash Investment Trust, 0.7604% (c)(i)	$	4,974,750	$	4,974,750
U.S. Treasury Bills
zero coupon due 06/11/2009 ***		7,940,000		7,937,300
TOTAL SHORT TERM INVESTMENTS (Cost $12,912,051)			$	12,912,050

The accompanying notes are an integral part of the financial statements.

34

JOHN HANCOCK FUNDS II 

PORTFOLIO OF INVESTMENTS - February 28, 2009 (Unaudited) - continued 

(showing percentage of total net assets) 

All Cap Core Fund (continued)

	Shares or
	Principal
	Amount		Value
REPURCHASE AGREEMENTS - 6.70%
Repurchase Agreement with State
Street Corp. dated 02/27/2009 at
0.05% to be repurchased at
$18,335,076 on 03/02/2009,
collateralized by $6,975,000
Federal Home Loan Bank Discount
Notes, zero coupon due
01/11/2010 (valued at $6,922,688
including interest) and
$10,265,000 Federal Home Loan
Bank, 3.75% due 01/08/2010
(valued at $10,547,288 including
interest) and $1,235,000 Federal
Home Loan Bank, 0.92% due
01/15/2010 (valued at $1,233,456
including interest)	$	18,335,000	$	18,335,000
TOTAL REPURCHASE AGREEMENTS (Cost $18,335,000)			$	18,335,000
Total Investments (All Cap Core Fund)
(Cost $354,593,989) - 101.61%			$	278,001,161
Liabilities in Excess of Other Assets - (1.61)%				(4,406,707	)
TOTAL NET ASSETS - 100.00%			$	273,594,454
All Cap Growth Fund
	Shares or
	Principal
	Amount		Value
COMMON STOCKS - 94.38%
Aerospace - 8.22%
General Dynamics Corp.		15,058	$	659,842
Lockheed Martin Corp.		20,632		1,302,085
Raytheon Company		55,984		2,237,680
Rockwell Collins, Inc.		9,646		300,955
United Technologies Corp.		37,548		1,533,085
				6,033,647
Agriculture - 0.65%
Monsanto Company		3,005		229,191
The Mosaic Company		5,717		246,117
				475,308
Business Services - 3.46%
Accenture, Ltd., Class A		75,929		2,216,368
Fluor Corp.		9,637		320,430
				2,536,798
Cellular Communications - 0.57%
China Mobile, Ltd.		48,116		418,037
Chemicals - 0.33%
Potash Corp. of Saskatchewan, Inc.		2,873		241,246
Coal - 0.75%
CONSOL Energy, Inc.		11,626		316,808
Peabody Energy Corp.		9,977		236,156
				552,964
Commercial Services - 0.36%
Morningstar, Inc. * (a)		9,482		264,548
Computers & Business Equipment - 5.09%
Apple, Inc. *		5,267		470,396
Cisco Systems, Inc. *		39,363		573,519
Cognizant Technology Solutions Corp.,Class A *		41,380		761,392
International Business Machines Corp.		8,623		793,575
Research In Motion, Ltd. *		28,393		1,134,016
				3,732,898
Construction & Mining Equipment - 0.21%
Joy Global, Inc. (a)		8,653		151,081
Cosmetics & Toiletries - 9.73%
Avon Products, Inc.		16,879		296,902
Colgate-Palmolive Company		57,473		3,458,725
Procter & Gamble Company		70,183		3,380,715
				7,136,342
Crude Petroleum & Natural Gas - 0.81%
Occidental Petroleum Corp.		11,518		597,439
Drugs & Health Care - 0.76%
Shire, Ltd.		47,210		559,705
Educational Services - 0.44%
Apollo Group, Inc., Class A *		4,410		319,725
Electronics - 0.24%
Trimble Navigation, Ltd. *		12,488		176,081
Financial Services - 1.06%
MasterCard, Inc., Class A		4,927		778,614
Food & Beverages - 12.53%
General Mills, Inc.		20,167		1,058,364
Kellogg Company		68,961		2,683,962
PepsiCo, Inc.		47,842		2,303,114
The Coca-Cola Company		77,099		3,149,494
				9,194,934
Healthcare Products - 16.94%
Baxter International, Inc.		56,088		2,855,440
Becton, Dickinson & Company		40,448		2,503,327
Johnson & Johnson		64,040		3,202,000
Medtronic, Inc.		59,730		1,767,411
St. Jude Medical, Inc. *		57,249		1,898,377
Varian Medical Systems, Inc. *		6,642		202,647
				12,429,202
Healthcare Services - 0.89%
Express Scripts, Inc. *		7,843		394,503
Quest Diagnostics, Inc.		5,579		255,685
				650,188
Hotels & Restaurants - 0.78%
McDonald's Corp.		11,023		575,952
Household Products - 0.78%
Clorox Company		11,817		574,306
Industrial Machinery - 0.75%
W.W. Grainger, Inc.		8,304		549,393
Insurance - 5.15%
ACE, Ltd.		34,447		1,257,660
Aon Corp.		17,976		687,402

The accompanying notes are an integral part of the financial statements.

35

JOHN HANCOCK FUNDS II 

PORTFOLIO OF INVESTMENTS - February 28, 2009 (Unaudited) - continued 

(showing percentage of total net assets) 

All Cap Growth Fund (continued)

	Shares or
	Principal
	Amount		Value
COMMON STOCKS (continued)
Insurance (continued)
Assurant, Inc.		11,776	$	240,230
Chubb Corp.		40,860		1,595,175
				3,780,467
International Oil - 0.36%
Exxon Mobil Corp.		3,912		265,625
Internet Content - 1.71%
Google, Inc., Class A *		3,713		1,254,957
Internet Software - 0.47%
McAfee, Inc. *		6,782		189,557
Symantec Corp. *		11,391		157,537
				347,094
Manufacturing - 0.93%
Honeywell International, Inc.		25,416		681,911
Mining - 0.25%
BHP Billiton, Ltd.		10,184		183,379
Petroleum Services - 1.16%
Transocean, Ltd. *		10,211		610,312
Valero Energy Corp.		12,327		238,897
				849,209
Pharmaceuticals - 4.04%
Abbott Laboratories		31,753		1,503,187
Gilead Sciences, Inc. *		32,681		1,464,109
				2,967,296
Railroads & Equipment - 0.40%
Norfolk Southern Corp.		5,845		185,403
Union Pacific Corp.		2,856		107,157
				292,560
Retail Grocery - 2.40%
The Kroger Company		85,183		1,760,733
Retail Trade - 1.48%
The Gap, Inc.		23,658		255,270
Wal-Mart Stores, Inc.		16,838		829,103
				1,084,373
Sanitary Services - 1.77%
Waste Management, Inc.		48,220		1,301,940
Semiconductors - 0.52%
Altera Corp.		12,569		192,683
Xilinx, Inc.		10,787		190,714
				383,397
Software - 4.91%
Adobe Systems, Inc. *		46,753		780,775
Autodesk, Inc. *		17,625		223,661
Intuit, Inc. *		11,705		266,757
Microsoft Corp.		144,294		2,330,348
				3,601,541
Telecommunications Equipment & Services - 3.48%
Amdocs, Ltd. *		17,891		299,674
KDDI Corp.		318		1,665,899
Nokia Oyj, SADR		62,567		585,627
				2,551,200
TOTAL COMMON STOCKS (Cost $76,202,392)			$	69,254,090
SHORT TERM INVESTMENTS - 0.53%
John Hancock Cash Investment Trust, 0.7604% (c)(i)	$	389,505	$	389,505
TOTAL SHORT TERM INVESTMENTS (Cost $389,505)			$	389,505
REPURCHASE AGREEMENTS - 5.31%
Repurchase Agreement with State
Street Corp. dated 02/27/2009 at
0.05% to be repurchased at
$3,891,016 on 03/02/2009,
collateralized by $3,825,000
Federal National Mortgage
Association, 5.625% due
09/18/2017 (valued at $3,973,219
including interest)	$	3,891,000	$	3,891,000
TOTAL REPURCHASE AGREEMENTS (Cost $3,891,000)			$	3,891,000
Total Investments (All Cap Growth Fund)
(Cost $80,482,897) - 100.22%			$	73,534,595
Liabilities in Excess of Other Assets - (0.22)%				(158,098	)
TOTAL NET ASSETS - 100.00%			$	73,376,497
All Cap Value Fund
	Shares or
	Principal
	Amount		Value
COMMON STOCKS - 98.25%
Aerospace - 5.43%
Alliant Techsystems, Inc. *		14,400	$	1,017,504
Curtiss-Wright Corp.		7,400		196,766
General Dynamics Corp.		33,100		1,450,442
Rockwell Collins, Inc.		13,800		430,560
United Technologies Corp.		42,320		1,727,926
				4,823,198
Agriculture - 3.74%
Archer-Daniels-Midland Company		124,521		3,319,730
Air Travel - 0.55%
Southwest Airlines Company		82,500		485,925
Auto Parts - 1.68%
Autoliv, Inc.		55,500		825,840
BorgWarner, Inc. (a)		29,900		515,775
WABCO Holdings, Inc.		14,600		147,752
				1,489,367
Automobiles - 2.59%
Honda Motor Company, Ltd., ADR		61,600		1,455,608

The accompanying notes are an integral part of the financial statements.

36

JOHN HANCOCK FUNDS II 

PORTFOLIO OF INVESTMENTS - February 28, 2009 (Unaudited) - continued 

(showing percentage of total net assets) 

All Cap Value Fund (continued)

	Shares or
	Principal
	Amount	Value
COMMON STOCKS (continued)
Automobiles (continued)
PACCAR, Inc.	33,600	$	842,352
			2,297,960
Banking - 2.25%
Commerce Bancshares, Inc.	15,949		553,909
Cullen Frost Bankers, Inc.	33,635		1,447,650
			2,001,559
Biotechnology - 5.71%
Amgen, Inc. *	36,400		1,781,052
Biogen Idec, Inc. *	38,100		1,754,124
Life Technologies Corp. *	52,500		1,530,375
			5,065,551
Building Materials & Construction - 0.21%
Quanex Building Products Corp.	26,285		184,258
Business Services - 1.06%
Jacobs Engineering Group, Inc. *	2,200		74,228
URS Corp. *	28,000		865,760
			939,988
Chemicals - 0.83%
Cytec Industries, Inc.	48,000		739,200
Containers & Glass - 1.61%
Pactiv Corp. *	72,100		1,141,343
Silgan Holdings, Inc.	5,800		284,548
			1,425,891
Crude Petroleum & Natural Gas - 2.78%
Apache Corp.	1,400		82,726
EQT Corp. *	12,000		369,000
Forest Oil Corp. *	35,900		509,062
Hess Corp.	5,300		289,857
Noble Energy, Inc.	6,800		309,672
XTO Energy, Inc.	28,800		911,808
			2,472,125
Domestic Oil - 0.12%
Range Resources Corp.	3,100		110,267
Electrical Equipment - 1.12%
Anixter International, Inc. *	28,589		840,802
Emerson Electric Company	5,600		149,800
			990,602
Electrical Utilities - 1.40%
The Southern Company	21,600		654,696
Wisconsin Energy Corp.	14,700		585,354
			1,240,050
Electronics - 0.21%
Teleflex, Inc.	3,900		185,250
Financial Services - 5.86%
Bank of New York Mellon Corp.	68,398		1,516,384
Charles Schwab Corp.	16,100		204,631
GATX Corp.	25,500		465,885
JPMorgan Chase & Company	57,500		1,313,875
Lazard, Ltd., Class A	40,500		983,340
Raymond James Financial, Inc. (a)	51,700		721,732
			5,205,847
Food & Beverages - 2.92%
Diageo PLC, SADR	15,600		725,244
J.M. Smucker Company	25,100		931,712
Kellogg Company	8,200		319,144
PepsiCo, Inc.	5,479		263,759
Ralcorp Holdings, Inc. *	5,800		351,480
			2,591,339
Gas & Pipeline Utilities - 4.38%
El Paso Corp.	178,800		1,206,900
Spectra Energy Corp.	43,600		566,800
UGI Corp.	48,600		1,165,914
Williams Companies, Inc.	84,200		951,460
			3,891,074
Gold - 1.77%
Barrick Gold Corp.	52,097		1,573,329
Healthcare Products - 0.26%
Medicines Company *	18,600		228,222
Healthcare Services - 2.95%
DaVita, Inc. *	55,900		2,622,828
Holdings Companies/Conglomerates - 0.87%
Berkshire Hathaway, Inc., Class B *	300		769,200
Hotels & Restaurants - 2.98%
Brinker International, Inc.	74,000		814,000
Darden Restaurants, Inc.	46,000		1,248,440
Sonic Corp. *	25,900		233,100
Wendy's/Arby's Group, Inc.	77,700		351,981
			2,647,521
Industrial Machinery - 4.05%
Donaldson Company, Inc.	16,300		397,883
ITT Corp.	41,200		1,538,820
Kennametal, Inc.	22,700		370,464
Parker-Hannifin Corp.	38,600		1,288,082
			3,595,249
Insurance - 3.17%
ACE, Ltd.	8,200		299,382
Aon Corp.	47,000		1,797,280
Markel Corp. *	2,700		717,687
			2,814,349
International Oil - 0.61%
EnCana Corp.	13,700		539,369
Internet Software - 1.83%
McAfee, Inc. *	58,299		1,629,457
Manufacturing - 5.45%
AptarGroup, Inc.	24,000		673,440
Carlisle Companies, Inc.	68,154		1,350,812
Eaton Corp.	44,090		1,593,854
Hexcel Corp. *	33,300		206,793
Honeywell International, Inc.	30,600		820,998
Nordson Corp.	7,600		189,240
			4,835,137
Metal & Metal Products - 1.72%
Precision Castparts Corp.	7,800		432,354

The accompanying notes are an integral part of the financial statements.

37

JOHN HANCOCK FUNDS II 

PORTFOLIO OF INVESTMENTS - February 28, 2009 (Unaudited) - continued 

(showing percentage of total net assets) 

All Cap Value Fund (continued)

	Shares or
	Principal
	Amount		Value
COMMON STOCKS (continued)
Metal & Metal Products (continued)
Reliance Steel & Aluminum Company		46,000	$	1,094,340
				1,526,694
Petroleum Services - 3.67%
Halliburton Company		44,458		725,110
Helmerich & Payne, Inc.		12,400		293,384
PetroHawk Energy Corp. *		65,300		1,111,406
Smith International, Inc.		24,800		532,704
Superior Energy Services, Inc. *		44,900		592,231
				3,254,835
Pharmaceuticals - 14.36%
Abbott Laboratories		57,400		2,717,316
AmerisourceBergen Corp.		35,100		1,114,776
Onyx Pharmaceuticals, Inc. *		44,500		1,334,555
OSI Pharmaceuticals, Inc. *		38,400		1,309,440
Schering-Plough Corp.		232,404		4,041,505
Watson Pharmaceuticals, Inc. *		79,000		2,233,330
				12,750,922
Railroads & Equipment - 0.93%
Kansas City Southern *		46,900		829,661
Retail Grocery - 2.39%
The Kroger Company		102,734		2,123,512
Retail Trade - 4.52%
AnnTaylor Stores Corp. *		15,600		102,648
Costco Wholesale Corp.		32,200		1,363,348
Fossil, Inc. *		26,900		339,478
Kohl's Corp. *		18,500		650,090
MSC Industrial Direct Company, Inc., Class A		3,400		104,006
Target Corp.		12,400		351,044
Wal-Mart Stores, Inc.		22,400		1,102,976
				4,013,590
Software - 0.44%
Adobe Systems, Inc. *		23,200		387,440
Steel - 0.56%
Carpenter Technology Corp.		36,200		495,940
Transportation - 0.72%
Bristow Group, Inc. * (a)		8,953		181,298
Kirby Corp. *		20,700		456,228
				637,526
Trucking & Freight - 0.55%
Heartland Express, Inc.		39,800		492,326
TOTAL COMMON STOCKS (Cost $104,872,576)			$	87,226,288
SHORT TERM INVESTMENTS - 0.54%
John Hancock Cash Investment Trust, 0.7604% (c)(i)	$	478,175	$	478,175
TOTAL SHORT TERM INVESTMENTS (Cost $478,175)			$	478,175
REPURCHASE AGREEMENTS - 1.99%
Repurchase Agreement with State
Street Corp. dated 02/27/2009 at
0.05% to be repurchased at
$1,766,007 on 03/02/2009,
collateralized by $1,765,000
Federal National Mortgage
Association, 5.00% due
11/07/2012 (valued at $1,804,713
including interest)	$	1,766,000	$	1,766,000
TOTAL REPURCHASE AGREEMENTS (Cost $1,766,000)			$	1,766,000
Total Investments (All Cap Value Fund)
(Cost $107,116,751) - 100.78%			$	89,470,463
Liabilities in Excess of Other Assets - (0.78)%				(696,407	)
TOTAL NET ASSETS - 100.00%			$	88,774,056
Alpha Opportunities Fund
	Shares or
	Principal
	Amount		Value
COMMON STOCKS - 84.65%
Advertising - 0.06%
Monster Worldwide, Inc. *		29,830	$	196,580
Aerospace - 0.59%
Boeing Company		63,397		1,993,202
Agriculture - 1.00%
The Mosaic Company		78,630		3,385,022
Air Travel - 1.84%
Delta Air Lines, Inc. *		1,032,840		5,195,185
US Airways Group, Inc. *		368,900		1,051,365
				6,246,550
Apparel & Textiles - 0.44%
NIKE, Inc., Class B		36,101		1,499,275
Auto Parts - 0.07%
AutoZone, Inc. *		1,700		241,791
Banking - 0.68%
Bank of America Corp.		171,822		678,697
Julius Baer Holding AG		17,042		392,815
PNC Financial Services Group, Inc.		26,900		735,446
Signature Bank *		19,500		487,695
				2,294,653
Biotechnology - 4.07%
Amgen, Inc. *		60,970		2,983,262
Cephalon, Inc. *		28,500		1,869,315
Charles River Laboratories International, Inc. *		56,500		1,401,200
Genentech, Inc. *		53,710		4,594,891
Genzyme Corp. *		14,600		889,578
Life Technologies Corp. *		38,100		1,110,615
Myriad Genetics, Inc. *		12,080		952,508
				13,801,369
Building Materials & Construction - 0.10%
Sterling Construction Company, Inc. *		21,800		325,692

The accompanying notes are an integral part of the financial statements.

38

JOHN HANCOCK FUNDS II 

PORTFOLIO OF INVESTMENTS - February 28, 2009 (Unaudited) - continued 

(showing percentage of total net assets) 

Alpha Opportunities Fund (continued)

	Shares or
	Principal
	Amount	Value
COMMON STOCKS (continued)
Business Services - 2.09%
Accenture, Ltd., Class A	132,679	$	3,872,900
Alliance Data Systems Corp. *	11,500		340,400
Automatic Data Processing, Inc.	69,339		2,367,927
Parexel International Corp. *	51,300		470,421
R.H. Donnelley Corp. *	190,700		32,419
			7,084,067
Cable & Television - 2.09%
Comcast Corp., Class A	116,000		1,514,960
Comcast Corp., Special Class A	296,800		3,606,120
Virgin Media, Inc.	409,500		1,957,410
			7,078,490
Cellular Communications - 1.39%
MetroPCS Communications, Inc. *	319,100		4,626,950
NTT DoCoMo, Inc., SADR	5,300		81,461
			4,708,411
Chemicals - 1.58%
Celanese Corp., Series A	83,500		713,090
FMC Corp.	68,200		2,757,326
Potash Corp. of Saskatchewan, Inc.	19,620		1,647,491
Solutia, Inc. *	29,200		109,500
UCB SA	5,105		140,450
			5,367,857
Coal - 0.10%
CONSOL Energy, Inc.	12,700		346,075
Colleges & Universities - 1.39%
Career Education Corp. *	73,530		1,813,985
Corinthian Colleges, Inc. *	146,860		2,893,142
			4,707,127
Commercial Services - 0.43%
Pool Corp.	110,000		1,459,700
Computers & Business Equipment - 1.27%
Apple, Inc. *	200		17,862
CACI International, Inc., Class A *	7,500		320,775
Cisco Systems, Inc. *	121,700		1,773,169
Cognizant Technology Solutions Corp., Class A *	39,700		730,480
EMC Corp. *	27,800		291,900
Hewlett-Packard Company	12,100		351,263
Research In Motion, Ltd. *	13,360		533,598
Seagate Technology	68,320		293,776
			4,312,823
Construction & Mining Equipment - 0.36%
National Oilwell Varco, Inc. *	45,700		1,221,561
Containers & Glass - 1.04%
Mobile Mini, Inc. *	25,900		252,525
Owens-Illinois, Inc. *	212,073		3,270,166
			3,522,691
Cosmetics & Toiletries - 0.42%
Procter & Gamble Company	29,900		1,440,283
Crude Petroleum & Natural Gas - 3.27%
Apache Corp.	20,100		1,187,709
Arena Resources, Inc. *	23,400		501,228
Cabot Oil & Gas Corp.	22,300		454,251
Hess Corp.	36,990		2,022,983
Newfield Exploration Company *	71,500		1,382,095
Noble Energy, Inc.	30,800		1,402,632
Whiting Petroleum Corp. *	15,800		368,140
XTO Energy, Inc.	119,899		3,796,002
			11,115,040
Domestic Oil - 0.31%
Range Resources Corp.	9,100		323,687
Suncor Energy, Inc.	35,270		733,263
			1,056,950
Drugs & Health Care - 1.28%
Impax Laboratories, Inc. *	73,900		443,400
Wyeth	95,340		3,891,779
			4,335,179
Educational Services - 1.14%
Apollo Group, Inc., Class A *	8,130		589,425
ITT Educational Services, Inc. *	26,860		3,048,610
Lincoln Educational Services Corp. *	16,050		230,157
			3,868,192
Electrical Equipment - 0.68%
American Science & Engineering, Inc.	4,830		293,133
FLIR Systems, Inc. *	37,100		757,211
Vestas Wind Systems AS *	24,913		1,084,807
Wesco International, Inc. *	10,500		174,300
			2,309,451
Electrical Utilities - 0.08%
AES Corp. *	41,130		259,119
Electronics - 0.11%
Agilent Technologies, Inc. *	19,100		264,917
Flextronics International, Ltd. *	61,440		126,566
			391,483
Energy - 1.65%
Covanta Holding Corp. *	51,300		781,299
Energy Conversion Devices, Inc. *	27,400		600,882
First Solar, Inc. *	23,290		2,462,685
Sunpower Corp., Class B *	71,120		1,760,931
			5,605,797
Financial Services - 7.61%
American Express Company	188,542		2,273,816
Ameriprise Financial, Inc.	65,400		1,042,476
Deutsche Boerse AG	17,486		795,070
Discover Financial Services	24,000		137,520
Goldman Sachs Group, Inc.	65,770		5,990,332
JPMorgan Chase & Company	160,367		3,664,386
MasterCard, Inc., Class A	6,450		1,019,293
PennantPark Investment Corp.	137,600		412,800
State Street Corp.	105,160		2,657,393
TD Ameritrade Holding Corp. *	75,300		893,811
Visa, Inc.	42,990		2,437,963
Wells Fargo & Company	174,860		2,115,806

The accompanying notes are an integral part of the financial statements.

39

JOHN HANCOCK FUNDS II 

PORTFOLIO OF INVESTMENTS - February 28, 2009 (Unaudited) - continued 

(showing percentage of total net assets) 

Alpha Opportunities Fund (continued)

	Shares or
	Principal
	Amount	Value
COMMON STOCKS (continued)
Financial Services (continued)
Western Union Company	214,536	$	2,394,222
			25,834,888
Food & Beverages - 1.91%
Nestle SA	21,102		689,834
Pan Fish ASA *	2,424,000		579,860
PepsiCo, Inc.	19,500		938,730
Ralcorp Holdings, Inc. *	18,260		1,106,556
Smithfield Foods, Inc. *	61,400		481,990
Sysco Corp.	82,025		1,763,537
Tyson Foods, Inc., Class A	110,100		928,143
			6,488,650
Gas & Pipeline Utilities - 0.72%
BG Group PLC	126,668		1,810,642
Gazprom OAO, SADR	48,550		623,398
			2,434,040
Gold - 0.80%
AngloGold Ashanti, Ltd., SADR	21,090		629,115
Barrick Gold Corp.	19,710		595,242
Randgold Resources, Ltd., ADR	22,490		1,022,845
Real Gold Mining, Ltd. *	18,500		12,524
Yamana Gold, Inc.	53,150		460,279
			2,720,005
Healthcare Products - 3.91%
ATS Medical, Inc. *	309,400		720,902
China Medical Technologies, Inc., SADR	45,900		598,077
Covidien, Ltd.	57,850		1,832,110
Hologic, Inc. *	38,200		432,424
Intuitive Surgical, Inc. *	15,840		1,440,806
Inverness Medical Innovations, Inc. *	39,100		878,577
Johnson & Johnson	3,330		166,500
Medtronic, Inc.	65,212		1,929,623
NutriSystem, Inc.	80,200		1,034,580
St. Jude Medical, Inc. *	65,400		2,168,664
Varian Medical Systems, Inc. *	27,900		851,229
Volcano Corp. *	62,270		931,559
Zoll Medical Corp. *	21,600		297,000
			13,282,051
Healthcare Services - 3.52%
Cardinal Health, Inc.	126,981		4,120,533
Humana, Inc. *	10,800		255,636
McKesson Corp.	35,400		1,452,108
Omnicare, Inc.	48,900		1,267,977
UnitedHealth Group, Inc.	246,646		4,846,594
			11,942,848
Holdings Companies/Conglomerates - 0.10%
Mitsui & Company, Ltd.	36,030		331,889
Homebuilders - 0.28%
M.D.C. Holdings, Inc.	37,510		946,377
Household Products - 0.49%
Jarden Corp. *	164,149		1,666,112
Industrial Machinery - 1.12%
Caterpillar, Inc.	73,358		1,805,341
Cummins, Inc.	16,500		343,200
Deere & Company	27,070		744,154
Ingersoll-Rand Company, Ltd., Class A	27,000		382,860
Pall Corp.	22,700		539,579
			3,815,134
Industrials - 0.81%
Aecom Technology Corp. *	98,600		2,418,658
General Electric Company	37,300		317,423
			2,736,081
Insurance - 3.26%
ACE, Ltd.	84,850		3,097,873
Allied World Assurance Holdings, Ltd.	12,000		460,920
CIGNA Corp.	97,300		1,533,448
Marsh & McLennan Companies, Inc.	238,947		4,284,320
The Travelers Companies, Inc.	28,900		1,044,735
Unum Group	62,700		638,286
			11,059,582
International Oil - 1.19%
EnCana Corp.	10,270		404,330
Exxon Mobil Corp.	24,600		1,670,340
Lundin Petroleum AB, Series A *	115,451		488,102
Petroleo Brasileiro SA, ADR	20,600		571,238
Talisman Energy, Inc.	97,900		916,344
			4,050,354
Internet Content - 0.34%
Google, Inc., Class A *	3,375		1,140,716
Internet Service Provider - 0.43%
Equinix, Inc. *	31,790		1,475,374
Internet Software - 0.80%
Akamai Technologies, Inc. *	17,600		318,384
Check Point Software Technologies, Ltd. *	22,580		496,083
McAfee, Inc. *	68,300		1,908,985
			2,723,452
Leisure Time - 0.39%
DreamWorks Animation SKG, Inc., Class A *	33,400		644,286
LIFE TIME FITNESS, Inc. *	31,600		270,496
Scientific Games Corp., Class A *	38,100		403,098
			1,317,880
Life Sciences - 0.78%
American Ecology Corp.	60,600		951,420
PerkinElmer, Inc.	39,800		512,624
Pharmaceutical Product Development, Inc.	29,300		702,907
Sequenom, Inc. *	32,560		476,353
			2,643,304
Manufacturing - 1.85%
ABB, Ltd., SADR	68,800		829,040
Eaton Corp.	1,600		57,840
Hansen Transmissions International NV *	310,200		407,272
Honeywell International, Inc.	106,793		2,865,256
Pentair, Inc.	98,918		2,064,419
Siemens AG	1,242		62,323
			6,286,150

The accompanying notes are an integral part of the financial statements.

40

JOHN HANCOCK FUNDS II 

PORTFOLIO OF INVESTMENTS - February 28, 2009 (Unaudited) - continued 

(showing percentage of total net assets) 

Alpha Opportunities Fund (continued)

	Shares or
	Principal
	Amount	Value
COMMON STOCKS (continued)
Medical-Hospitals - 0.22%
Community Health Systems, Inc. *	36,800	$	602,048
Novavax, Inc. *	166,700		136,694
			738,742
Metal & Metal Products - 0.70%
Cameco Corp.	45,460		662,807
Companhia Vale Do Rio Doce, ADR *	16,580		213,716
Franco-Nevada Corp.	14,490		307,522
Precision Castparts Corp.	18,630		1,032,661
Vedanta Resources PLC	21,572		164,977
			2,381,683
Mining - 1.40%
Agnico Eagle Mines, Ltd.	14,560		725,961
Cliffs Natural Resources, Inc.	64,150		989,834
Compania de Minas Buenaventura SA, ADR	22,260		428,728
Goldcorp Inc.	20,350		588,522
Harmony Gold Mining Company, Ltd., SADR *	43,410		520,052
Kinross Gold Corp.	33,010		520,898
Newmont Mining Corp.	15,460		643,600
Royal Gold, Inc.	7,990		323,275
			4,740,870
Oil & Gas Drilling - 0.10%
Karoon Gas Australia, Ltd. *	183,638		333,918
Paper - 0.01%
Aracruz Celulose SA, SADR	6,760		48,199
Petroleum Services - 1.97%
Halliburton Company	14,900		243,019
Helmerich & Payne, Inc.	32,300		764,218
Schlumberger, Ltd.	62,829		2,391,272
Total SA, ADR	49,467		2,334,842
Weatherford International, Ltd. *	89,740		957,526
			6,690,877
Pharmaceuticals - 7.87%
Abbott Laboratories	114,772		5,433,306
Amylin Pharmaceuticals, Inc. *	38,136		348,182
Auxilium Pharmaceuticals, Inc. *	20,190		554,619
Bristol-Myers Squibb Company	77,520		1,427,143
Cubist Pharmaceuticals, Inc. *	23,100		328,251
Elan Corp. PLC, SADR *	182,420		1,127,356
Eli Lilly & Company	57,264		1,682,416
Gilead Sciences, Inc. *	3,720		166,656
Merck & Company, Inc.	22,950		555,390
OSI Pharmaceuticals, Inc. *	4,820		164,362
Pfizer, Inc.	190,300		2,342,593
Schering-Plough Corp.	443,700		7,715,943
Teva Pharmaceutical Industries, Ltd., SADR	78,220		3,487,048
Theravance, Inc. *	82,400		1,148,656
Vertex Pharmaceuticals, Inc. *	7,970		240,933
			26,722,854
Real Estate - 0.68%
Anworth Mortgage Asset Corp., REIT	171,900		1,036,557
MFA Mortgage Investments, Inc., REIT	219,700		1,261,078
			2,297,635
Retail Trade - 3.29%
Advance Auto Parts, Inc.	18,300		699,975
Best Buy Company, Inc.	14,600		420,772
Dick's Sporting Goods, Inc. *	37,274		460,334
GameStop Corp., Class A *	62,400		1,679,808
Kohl's Corp. *	23,850		838,089
Nordstrom, Inc.	19,200		258,624
Staples, Inc.	283,413		4,520,437
The Gap, Inc.	107,000		1,154,530
Wal-Mart Stores, Inc.	23,000		1,132,520
			11,165,089
Semiconductors - 0.86%
Intel Corp.	54,300		691,782
Marvell Technology Group, Ltd. *	37,300		280,123
Maxim Integrated Products, Inc.	1,570		18,997
ON Semiconductor Corp. *	530,500		1,941,630
			2,932,532
Software - 3.26%
Activision Blizzard, Inc. *	54,100		542,623
BMC Software, Inc. *	83,900		2,485,957
Concur Technologies, Inc. *	43,600		915,164
Microsoft Corp.	208,800		3,372,120
Red Hat, Inc. *	88,400		1,210,196
Solera Holdings, Inc. *	97,300		2,022,867
UbiSoft Entertainment SA *	35,810		533,026
			11,081,953
Steel - 0.12%
ArcelorMittal	1,730		33,441
Nucor Corp.	11,500		386,975
			420,416
Telecommunications Equipment & Services - 1.16%
Amdocs, Ltd. *	36,200		606,350
Corning, Inc.	177,200		1,869,460
NICE Systems, Ltd., ADR *	39,100		825,010
QUALCOMM, Inc.	18,600		621,798
			3,922,618
Telephone - 1.01%
AT&T, Inc.	143,983		3,422,476
Tobacco - 0.18%
Lorillard, Inc.	10,610		620,048
Toys, Amusements & Sporting Goods - 0.78%
Marvel Entertainment, Inc. *	50,000		1,293,000
Nintendo Company, Ltd.	4,700		1,341,847
			2,634,847
Trucking & Freight - 1.20%
FedEx Corp.	6,530		282,161
Heartland Express, Inc.	56,500		698,905
Hub Group, Inc., Class A *	31,600		567,536
United Parcel Service, Inc., Class B	61,133