A message to shareholders

Dear shareholder,

Despite improving economic conditions in many developed countries and continued central bank stimulus, global market volatility crept up near the end of the period. European markets were shaken by the ongoing debt crisis in Greece, including that country's default on debt payments and initial vote to reject the terms of a bailout package from European creditors. A subsequent deal offered hope of an orderly resolution. Meanwhile, in China, the stock market rally fizzled in June, and the ensuing sell-off was stemmed only as a result of massive government intervention. In the United States, a stronger economy has increased the chances that the U.S. Federal Reserve will raise short-term interest rates this year—an event investors have viewed with trepidation for some time.

We may be in for a period of rising volatility as markets adjust to the idea of more normalized monetary policy in the United States and as the European debt situation continues to play out. Unpleasant as they are, these periods can ultimately be beneficial to the long-term health of markets, resetting valuations and investor expectations on a more realistic trajectory. The near-term challenge for many investors will be maintaining the discipline to stick to a well-constructed long-term financial plan in the face of short-term market disruptions. As always, we recommend that your first course of action be a conversation with your financial advisor. We also believe investors can be well served by owning broadly diversified asset allocation funds or by adding alternative strategies such as absolute return funds to a diversified portfolio.

At John Hancock Investments, one of the ways we seek to maximize the value shareholders receive is by lowering expenses where possible. To that end, we were pleased to announce a sweeping package of expense reductions across a wide range of funds. Details can be found at jhinvestments.com.

On behalf of everyone at John Hancock Investments, I'd like to take this opportunity to welcome new shareholders and thank existing shareholders for the continued trust you've placed in us.

Sincerely,

Andrew G. Arnott
President and Chief Executive Officer
John Hancock Investments

This commentary reflects the CEO's views as of June 30, 2015. They are subject to change at any time. For more up-to-date information, you can visit our website at jhinvestments.com.

AVERAGE ANNUAL TOTAL RETURNS AS OF 6/30/15(%)

Lifestyle Moderate Portfolio

Lifestyle Conservative Portfolio

Lifestyle Aggressive Blended Index is composed of 70% Russell 3000 Index and 30% MSCI All Country World ex-USA Index.

Lifestyle Growth Blended Index is composed of 56% Russell 3000 Index, 24% MSCI All Country World ex-USA Index, 16% Barclays U.S. Aggregate Bond Index, and 4% Bank of America Merrill Lynch U.S. High Yield Master II Index.

Lifestyle Balanced Blended Index is composed of 42% Russell 3000 Index, 18% MSCI All Country World ex-USA Index, 32% Barclays U.S. Aggregate Bond Index, and 8% Bank of America Merrill Lynch U.S. High Yield Master II Index.

Lifestyle Moderate Blended Index is composed of 28% Russell 3000 Index, 12% MSCI All Country World ex-USA Index, 48% Barclays U.S. Aggregate Bond Index, and 12% Bank of America Merrill Lynch U.S. High Yield Master II Index.

Lifestyle Conservative Blended Index is composed of 14% Russell 3000 Index, 6% MSCI All Country World ex-USA Index, 64% Barclays U.S. Aggregate Bond Index, and 16% Bank of America Merrill Lynch U.S. High Yield Master II Index.

It is not possible to invest directly in an index. Index figures do not reflect expenses or sales charges, which would result in lower values.

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

The past performance shown here reflects reinvested distributions and the beneficial effect of any expense reductions, and does not guarantee future results. Returns for periods shorter than one year are cumulative, and results for other share classes will vary. Shares will fluctuate in value and, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance cited, and can be found at jhinvestments.com or by calling 800-225-5291. For further information on the portfolios' objectives, risks, and strategy, see the portfolios' prospectuses.

Discussion of portfolio performance

An interview with Portfolio Manager Robert M. Boyda, John Hancock Asset Management a division of Manulife Asset Management (US) LLC

Robert M. Boyda
Portfolio Manager
John Hancock Asset Management

What market themes surfaced over the course of the six months ended June 30, 2015?

Most global stock indexes were up modestly for the period while many core bond markets were slightly down as interest rates rose throughout much of the world. Meanwhile, commodities as a group, represented by the S&P/Goldman Sachs Commodity Index, were essentially flat. Still, there was a great deal of intra-asset class differentiation just beneath the surface. For example, in the equity markets, growth stocks handily outpaced value-oriented shares. Meanwhile, smaller-capitalization companies beat their larger-cap counterparts. Representing a major shift in leadership, international developed-market equities, led by Japan, finished the period ahead of U.S. stocks, which, prior to this period, had been on an extended streak of relative strength.

While many of the more credit-oriented sectors such as bank loans, high-yield bonds, and emerging-market debt posted positive returns, other fixed-income assets, particularly those with greater embedded interest-rate risk, did not fare as well. The commodity market was also bifurcated; oil prices rose while industrial metals suffered double-digit percentage price declines.

Recognizing that each one is unique, would you share some summary observations that apply across the suite of Lifestyle Portfolios?

As a group, the Lifestyle Portfolios demonstrated resilience, with each one posting positive absolute returns for the six months ended June 30, 2015, a period generating mixed results across the global capital markets. We elected to increase the portfolios' exposure to international developed-market equities during the period, a decision that served shareholders well.

One of the key challenges capital market participants faced in this environment was deciding where to deploy investment dollars. As central bankers continued to pump liquidity into the system, the wave of money washing over the world had already found the more obvious investment bargains, driving many global asset prices up and yields down. On the whole, valuations were running on the high side of their long-run ranges, and most financial assets didn't appear cheap in absolute terms. However, as global asset allocators, we had the benefit of examining a vast opportunity set of investments, in search of the most appealing areas in the world's markets, those pockets where we saw signs of potential strength.

As investors, we recognize that a market with ample liquidity is likely to present better values in areas fraught with more risk. With that in mind, we spent much of the period analyzing Europe and other areas that have been under stress, which, in our view, held the most attractive asset values and the greatest long-term potential on a risk-adjusted basis. Acknowledging the difficulties of Greece and its neighbors, we favored equities in Europe as well as those in Japan, another economy experimenting with unprecedented stimulus.

As the period closed, we continued to hold a positive view of assets higher up the risk curve. Each portfolio maintained an overweight allocation to equities and an underweight allocation to fixed income. Still, our core belief in the diversification benefits of global asset allocation means that the portfolios maintain ownership in a broad swath of the world's capital markets at all times.

We also like the diversifying characteristics of alternative investments, including absolute return strategies that target consistent, positive returns without relying on rising stock or bond markets.

While the portfolios' primary benchmark indexes remain the same, what has changed with respect to the secondary benchmarks?

We did indeed make changes to the portfolios' secondary benchmarks. More specifically, prior to May 1, 2015, we compared performance to a series of secondary custom composite blends of the S&P 500 Index and the Barclays U.S. Aggregate Bond Index, with relative weightings varying by portfolio.

After that date, to better reflect the universe of investment opportunities based on each portfolio's investment strategy, we replaced the custom indexes with new composite blends, including a wider variety of asset classes—namely, those represented by the Russell 3000 Index, the MSCI All Country World ex-USA Index, the Barclays U.S. Aggregate Bond Index, and the Bank of America Merrill Lynch U.S. High Yield Master II Index.

The relative proportions reflected in each new secondary custom benchmark index vary according to the accompanying portfolio's mandate; you'll find portfolio-specific details in the discussion that follows.

LIFESTYLE AGGRESSIVE PORTFOLIO

The portfolio's Class A shares returned 3.93%, excluding sales charges, and the new custom blended benchmark was up 2.70% for the period.

Our decision to modestly increase the portfolio's exposure to international developed-market equities proved beneficial, and an allocation to international small-cap stocks was particularly helpful to this period's results. Also contributing to performance was a dedicated allocation to healthcare equities, which continued to demonstrate relative strength.

On balance, active management contributed to results; top performers included Capital Appreciation Fund (Jennison), Technical Opportunities Fund (Wellington), and Fundamental Large Cap Value Fund (John Hancock). Still, a handful of actively managed holdings detracted from performance during the period; they included Absolute Return Currency Fund (First Quadrant), Emerging Markets Fund (DFA), and International Growth Stock Fund (Invesco).

LIFESTYLE GROWTH PORTFOLIO

The portfolio's Class A shares returned 3.18%, excluding sales charges, and the new custom blended benchmark was up 2.28% for the period.

Our decision to modestly increase the portfolio's exposure to international developed-market equities proved beneficial, and an allocation to international small-cap stocks was particularly helpful to this period's results. Also contributing to results was a dedicated allocation to healthcare equities, which continued to demonstrate relative strength. Within fixed income, an emphasis on credit-oriented sectors helped buffer the portfolio against interest-rate risk during this period of rising yields.

On balance, active management contributed to results; top performers included Capital Appreciation Fund (Jennison), Technical Opportunities Fund (Wellington), Fundamental Large Cap Value Fund (John Hancock), and Strategic Income Opportunities Fund (John Hancock). Still, a handful of actively managed holdings detracted from performance during the period; they included Absolute Return Currency Fund (First Quadrant), Floating Rate Income Fund (WAMCO), Emerging Markets Fund (DFA), International Growth Stock Fund (Invesco), and Spectrum Income Fund (T. Rowe Price).

LIFESTYLE BALANCED PORTFOLIO

The portfolio's Class A shares returned 2.44%, excluding sales charges, and the new custom blended benchmark was up 1.85% for the period.

Our decision to modestly increase the portfolio's exposure to international developed-market equities proved beneficial, and an allocation to international small-cap stocks was particularly helpful to this period's results. Also contributing to results was a dedicated allocation to healthcare equities, which continued to demonstrate relative strength. Within fixed income, an emphasis on credit-oriented sectors helped buffer the portfolio against interest-rate risk during this period of rising yields.

On balance, active management contributed to results; top performers included Capital Appreciation Fund (Jennison), Technical Opportunities Fund (Wellington), Fundamental Large Cap Value Fund (John Hancock), Strategic Income Opportunities Fund (John Hancock), and Total Return Fund (PIMCO). Still, a handful of actively managed holdings detracted from performance during the period; they included Absolute Return Currency Fund (First Quadrant), Floating Rate Income Fund (WAMCO), Emerging Markets Fund (DFA), International Growth Stock Fund (Invesco), and Spectrum Income Fund (T. Rowe Price).

LIFESTYLE MODERATE PORTFOLIO

The portfolio's Class A shares returned 1.37%, excluding sales charges, and the new custom blended benchmark was up 1.57% for the period.

Our decision to modestly increase the portfolio's exposure to international developed-market equities proved beneficial, and an allocation to international small-cap stocks was particularly helpful to this period's results. Within fixed income, an emphasis on certain credit-oriented sectors helped buffer the portfolio against interest-rate risk during this period of rising yields. However, on a relative basis, the portfolio's overweight allocation to global bonds and its underweight allocation to U.S. high-yield debt weighed down returns versus the benchmark.

On balance, active management contributed to results; top performers included Capital Appreciation Fund (Jennison), Fundamental Large Cap Value Fund (John Hancock), Strategic Income Opportunities Fund (John Hancock), and Total Return Fund (PIMCO). Still, a handful of actively managed holdings detracted from performance during the period; they included Absolute Return Currency Fund (First Quadrant), Floating Rate Income Fund (WAMCO), Emerging Markets Fund (DFA), and Spectrum Income Fund (T. Rowe Price).

LIFESTYLE CONSERVATIVE PORTFOLIO

The portfolio's Class A shares returned 0.49%, excluding sales charges, and the new custom blended benchmark was up 0.92% for the period.

During the period, we modestly increased the portfolio's exposure to international developed-market equities, which outpaced U.S. stocks. Within fixed income, an emphasis on certain credit-oriented sectors helped buffer the portfolio against interest-rate risk during this period of rising yields. However, on a relative basis, the portfolio's overweight allocation to global bonds and its underweight allocation to U.S. high-yield debt weighed down returns versus the benchmark.

In terms of individual positions, top performers included Capital Appreciation Fund (Jennison), Fundamental Large Cap Value Fund (John Hancock), Strategic Income Opportunities Fund (John Hancock), and Total Return Fund (PIMCO). A handful of holdings detracted from performance during the period; they included Absolute Return Currency Fund (First Quadrant), Floating Rate Income Fund (WAMCO), and Spectrum Income Fund (T. Rowe Price).

MANAGED BY

Robert M. Boyda
On the portfolio since 2010
Investing since 1979

Marcelle Daher, CFA
On the portfolio since 2013
Investing since 1999

Steven E. Medina, CFA
On the portfolio since 2010
Investing since 1994

Nathan W. Thooft, CFA
On the portfolio since 2013
Investing since 2000

The portfolios' performance depends on the subadvisors' ability to determine the strategic asset class allocations, the mix of underlying funds, and the performance of those underlying funds. The underlying funds' performance may be lower than the performance of the asset class that they were selected to represent. The portfolios are subject to the same risks as the underlying funds in which they invest, which include the following: Stocks, bonds, and derivatives can decline due to adverse issuer, market, regulatory, or economic developments; foreign investing, especially in emerging markets, has additional risks, such as currency and market volatility and political and social instability; the securities of small-capitalization companies are subject to higher volatility than larger, more established companies; and high-yield bonds are subject to additional risks, such as increased risk of default and interest-rate risk. Events in the financial markets have resulted, and may continue to result, in an unusually high degree of volatility in the financial markets, both domestic and foreign. In addition, reduced liquidity in credit and fixed-income markets may adversely affect issuers worldwide. Certain market conditions, including reduced trading volume, heightened volatility, and rising interest rates, may impair liquidity, the ability of the portfolio to sell securities or close derivative positions at advantageous prices. Hedging and other strategic transactions may increase volatility and result in losses if not successful. For additional information on these and other risk considerations, please see the portfolios' prospectuses.
The views expressed in this report are exclusively those of Robert M. Boyda, John Hancock Asset Management, and are subject to change. They are not meant as investment advice. Please note that the holdings discussed in this report may not have been held by the portfolio for the entire period. Portfolio composition is subject to review in accordance with the portfolio's investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk.

John Hancock Lifestyle Aggressive Portfolio

GROWTH OF $10,000

This chart shows what happened to a hypothetical $10,000 investment in John Hancock Lifestyle Aggressive Portfolio for the share classes and periods indicated, assuming all distributions were reinvested. For comparison, we've shown the same investment in a blended index and two separate indexes.

Index 1 is the S&P 500, an unmanaged index that includes 500 widely traded common stocks.

Index 2 is the MSCI EAFE Index (Europe, Australasia, Far East) (gross of foreign withholding taxes on dividends) is a free-float-adjusted market capitalization index that is designed to measure developed market equity performance.

Index 3 is 70% Russell 3000 Index and 30% MSCI All Country World ex-USA Index.

It is not possible to invest directly in an index. Index figures do not reflect expenses or sales charges, which would result in lower values.

Prior to May 1, 2015, the fund compared its performance to the S&P 500 Index and the MSCI EAFE Index. After this date, to better reflect the universe of investment opportunities based on the fund's investment strategy, the fund added this custom blended benchmark as the secondary benchmark index to which the fund compares its performance.

ASSET ALLOCATION (%)

Equity 84.8

U.S. Large Cap 36.7

International Large Cap 13.7

U.S. Mid Cap 8.7

Large Blend 8.0

Emerging Markets 7.5

U.S. Small Cap 4.7

International Small Cap 4.5

Global Large Cap 1.0

Alternative and specialty 15.2

Science & Technology 2.9

Technical Opportunities 2.8

Financial Industries 2.4

Natural Resources 1.6

Health Sciences 1.3

Global Absolute Return Strategies 1.1

Real Estate 1.0

Currency 0.9

Redwood 0.7

Seaport 0.5

As a percentage of net assets.

PERFORMANCE CHART

Total returns with maximum sales charge for the period ended 6-30-15 (%)

Class A Class B Class C Class I^1,2 Class R1¹ Class R2^1,2 Class R3¹ Class R4¹ Class R5¹ Class R6^1,2 Class 1¹ Index 1³ Index 2³ Index 3³

Inception 10-18-05 10-18-05 10-18-05 10-15-05 9-18-06 10-18-05 10-18-05 10-18-05 10-18-05 10-15-05 10-15-05 10-18-05 10-18-05 10-18-05

Average annual total returns

1 year -2.24 -2.91 1.18 2.37 2.44 2.80 2.49 2.92 3.16 3.36 3.25 7.42 -3.82 3.59

5 year 11.84 11.84 12.18 12.34 12.51 12.48 12.61 12.97 13.30 12.94 13.46 17.34 10.03 14.74

Since inception 5.41 5.32 5.23 5.38 4.88 5.13 5.69 6.01 6.31 5.12 6.45 8.10 5.06 7.55

Cumulative returns

6 months -1.28 -1.51 2.61 3.78 3.74 3.88 3.75 4.00 4.06 4.19 4.13 1.23 5.88 2.70

5 year 74.99 75.00 77.64 78.92 80.30 80.08 81.06 84.00 86.69 83.76 87.99 122.47 61.26 98.90

Since inception 66.79 65.39 63.97 66.37 52.07 62.46 71.06 76.13 81.06 62.38 83.46 112.90 61.41 102.69

Performance figures assume all distributions have been reinvested. Returns with maximum sales charge 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 charges will be assessed after the sixth year. Class C shares held for less than one year are subject to a 1% CDSC. Sales charges are not applicable to Class I, Class R1, Class R2, Class R3, Class R4, Class R5, Class R6, and Class 1 shares.

Performance of the classes will vary based on the difference in sales charges paid by shareholders investing in the different classes and the fee structure of those classes.

The expense ratios of the portfolio, both net (including any fee waivers and/or expense limitations) and gross (excluding any fee waivers and/or expense limitations), are set forth according to the most recent publicly available prospectuses for the portfolio and may differ from those disclosed in the Financial highlights tables in this report. Had the fee waivers and expense limitations not been in place, gross expenses would apply. The following expense ratios include expenses of the affiliated underlying funds in which the portfolio invests. The expense ratios are as follows:

Class A Class B Class C Class I* Class R1 Class R2 Class R3 Class R4 Class R5 Class R6 Class 1

Gross (%) 1.44 2.13 2.14 1.14 1.78 1.52 1.68 1.37 1.07 1.02 1.06

Net (%) 1.42 2.13 2.14 1.12 1.78 1.52 1.68 1.27 1.07 1.01 1.06

* Expenses have been estimated for the fund's first year of operations.

Please refer to the most recent prospectus and annual or semiannual report for more information on expenses and any expense limitation arrangements for each class.

The returns reflect past results and should not be considered indicative of future performance. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility, 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 800-225-5291 or visit the portfolio's website at jhinvestments.com.

This performance information does not reflect the deduction of taxes that a shareholder may pay on portfolio distributions or the redemption of portfolio shares. The portfolio's performance results reflect any applicable fee waivers or expense reductions, without which the expenses would increase and results would have been less favorable.

1	For certain types of investors as described in the portfolio's prospectuses.
2	Class R2 shares were first offered on 3-1-12. The returns prior to this date are those of Class A shares that have been recalculated to apply the gross fees and expenses of Class R2 shares. Class R6 and Class I shares were first offered on 9-1-11 and 5-1-15, respectively. The returns prior to this date are those of Class 1 shares that have been recalculated to apply the gross fees and expenses of Class R6 and Class I shares, as applicable.
3	Index 1, Index 2, and Index 3 returns at 6-30-15 for the period beginning 10-15-05 (inception date for Class 1, Class R6, and Class I shares) are 8.13%, 4.71%, and 7.56% (respectively, annualized), and 113.53%, 56.34%, and 102.98% (respectively, cumulative). Index 1, Index 2, and Index 3 returns at 6-30-15 for the period beginning 9-18-06 (inception date for Class R1 shares) are 7.49%, 4.83%, and 6.59% (respectively, annualized) and 88.59%, 51.29%, and 75.11% (respectively, cumulative).

John Hancock Lifestyle Growth Portfolio

GROWTH OF $10,000

This chart shows what happened to a hypothetical $10,000 investment in John Hancock Lifestyle Growth Portfolio for the share classes and periods indicated, assuming all distributions were reinvested. For comparison, we've shown the same investment in two blended indexes and two separate indexes.

Index 1 is the S&P 500, an unmanaged index that includes 500 widely traded common stocks.

Index 2 is the Barclays U.S. Aggregate Bond Index, an unmanaged index of dollar-denominated and non-convertible investment-grade debt issues.

Index 3 is 80% S&P 500 Index and 20% Barclays U.S. Aggregate Bond Index.

Index 4 is 56% Russell 3000 Index, 24% MSCI All Country World ex-USA Index, 16% Barclays U.S. Aggregate Bond Index, and 4% Bank of America Merrill Lynch U.S. High Yield Master II Index.

It is not possible to invest directly in an index. Index figures do not reflect expenses or sales charges, which would result in lower values.

Prior to May 1, 2015, the fund compared its performance to the S&P 500 Index, the Barclays U.S. Aggregate Bond Index and a composite of these indices. After this date, to better reflect the universe of investment opportunities based on the fund's investment strategy, the fund replaced the composite of these indices with the new custom blended benchmark.

ASSET ALLOCATION (%)

Equity 71.0

U.S. Large Cap 33.7

International Large Cap 11.2

U.S. Mid Cap 7.0

Large Blend 6.4

Emerging Markets 5.3

International Small Cap 3.3

U.S. Small Cap 3.1

Global Large Cap 1.0

Fixed income 14.2

Multi-Sector Bond 4.3

Bank Loan 2.8

Intermediate Bond 2.6

High Yield Bond 2.0

Global Bond 1.8

Treasury Inflation-Protected Securities 0.7

Alternative and specialty 14.8

Science & Technology 2.4

Technical Opportunities 2.4

Financial Industries 2.0

Global Absolute Return Strategies 1.9

Currency 1.7

Natural Resources 1.2

Health Sciences 1.1

Real Estate 0.9

Redwood 0.9

Seaport 0.3

As a percentage of net assets.

PERFORMANCE CHART

Total returns with maximum sales charge for the period ended 6-30-15 (%)

Class A Class B Class C Class I^1,2 Class R1¹ Class R2^1,2 Class R3¹ Class R4¹ Class R5¹ Class R6^1,2 Class 1¹ Class 5¹ Index 1³ Index 2³ Index 3³ Index 4³

Inception 10-18-05 10-18-05 10-18-05 10-15-05 9-18-06 10-18-05 10-18-05 10-18-05 10-18-05 10-15-05 10-15-05 7-3-06 10-18-05 10-18-05 10-18-05 10-18-05

Average annual total returns

1 year -2.66 -3.22 0.72 2.05 2.03 2.32 2.13 2.59 2.75 2.94 2.89 2.88 7.42 1.86 6.37 3.21

5 year 10.46 10.50 10.79 11.01 11.19 11.12 11.28 11.68 11.97 11.76 12.06 12.11 17.34 3.35 14.56 12.74

Since inception 5.53 5.45 5.34 5.53 5.21 5.34 5.83 6.17 6.45 5.76 6.55 6.12 8.10 4.71 7.62 7.32

Cumulative returns

6 months -1.98 -2.13 1.87 3.11 2.99 3.13 3.06 3.31 3.36 3.44 3.44 3.44 1.23 -0.10 1.03 2.28

5 year 64.43 64.75 66.95 68.55 69.99 69.45 70.63 73.77 76.02 74.35 76.68 77.08 122.47 17.90 97.30 82.11

Since inception 68.54 67.31 65.69 68.68 56.27 65.72 73.21 78.80 83.42 72.19 85.13 70.71 112.90 56.28 103.81 98.42

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.

Class A Class B Class C Class I* Class R1 Class R2 Class R3 Class R4 Class R5 Class R6 Class 1 Class 5

Gross (%) 1.38 2.08 2.08 1.09 1.73 1.47 1.62 1.32 1.02 0.97 1.01 0.96

Net (%) 1.37 2.08 2.08 1.07 1.73 1.47 1.62 1.22 1.02 0.96 1.01 0.96

* Expenses have been estimated for the fund's first year of operations.

Please refer to the most recent prospectus and annual or semiannual report for more information on expenses and any expense limitation arrangements for each class.

1	For certain types of investors as described in the portfolio's prospectuses.
2	Class R2 shares were first offered on 3-1-12. The returns prior to this date are those of Class A shares that have been recalculated to apply the gross fees and expenses of Class R2 shares. Class R6 and Class I shares were first offered on 9-1-11 and 5-1-15, respectively. The returns prior to this date are those of Class 1 shares that have been recalculated to apply the gross fees and expenses of Class R6 and Class I shares, as applicable.
3	Index 1, Index 2, Index 3, and Index 4 returns at 6-30-15 for the period beginning 10-15-05 (inception date for Class 1, Class R6, and Class I shares) are 8.13%,4.71%, 7.64%, and 7.33% (respectively, annualized), and 113.53%, 56.34%, 104.32%, and 98.70% respectively, cumulative). Index 1, Index 2, Index 3, and Index 4 returns at 6-30-15 for the period beginning 7-3-06 (inception date for Class 5 shares) are 7.82%, 5.04%, 7.47%, and 6.79% (respectively, annualized), and 96.79%, 55.63%, 91.17%, and 80.59% (respectively, cumulative). Index 1, Index 2, Index 3, and Index 4 returns at 6-30-15 for the period beginning 9-18-06 (inception date of Class R1 shares) are 7.49%, 4.83%, 7.17%, and 6.58% (respectively, annualized) and 88.59%, 51.29%,83.72%, and 74.97% (respectively, cumulative).

John Hancock Lifestyle Balanced Portfolio

GROWTH OF $10,000

This chart shows what happened to a hypothetical $10,000 investment in John Hancock Lifestyle Balanced Portfolio for the share classes and periods indicated, assuming all distributions were reinvested. For comparison, we've shown the same investment in two blended indexes and two separate indexes.

Index 1 is the S&P 500, an unmanaged index that includes 500 widely traded common stocks.

Index 2 is the Barclays U.S. Aggregate Bond Index, an unmanaged index of dollar-denominated and non-convertible investment-grade debt issues.

Index 3 is 60% S&P 500 Index and 40% Barclays U.S. Aggregate Bond Index.

Index 4 is 42% Russell 3000 Index, 18% MSCI All Country World ex-USA Index, 32% Barclays U.S. Aggregate Bond Index, and 8% Bank of America Merrill Lynch U.S. High Yield Master II Index.

It is not possible to invest directly in an index. Index figures do not reflect expenses or sales charges, which would result in lower values.

ASSET ALLOCATION (%)

Equity 52.8

U.S. Large Cap 25.2

International Large Cap 8.9

U.S. Mid Cap 5.0

Large Blend 4.6

Emerging Markets 3.4

International Small Cap 2.4

U.S. Small Cap 2.4

Global Large Cap 0.9

Fixed income 33.9

Multi-Sector Bond 10.3

Intermediate Bond 9.8

Bank Loan 5.8

Global Bond 3.5

High Yield Bond 3.5

Treasury Inflation-Protected Securities 1.0

Alternative and specialty 13.3

Global Absolute Return Strategies 2.0

Science & Technology 2.0

Currency 1.9

Financial Industries 1.7

Technical Opportunities 1.4

Natural Resources 1.2

Real Estate 1.1

Health Sciences 0.9

Redwood 0.8

Seaport 0.3

As a percentage of net assets.

PERFORMANCE CHART

Total returns with maximum sales charge for the period ended 6-30-15 (%)

Class A Class B Class C Class I^1,2 Class R1¹ Class R2^1,2 Class R3¹ Class R4¹ Class R5¹ Class R6^1,2 Class 1¹ Class 5¹ Index 1³ Index 2³ Index 3³ Index 4³

Inception 10-18-05 10-18-05 10-18-05 10-15-05 9-18-06 10-18-05 10-18-05 10-18-05 10-18-05 10-15-05 10-15-05 7-3-06 10-18-05 10-18-05 10-18-05 10-18-05

Average annual total returns

1 year -3.62 -4.23 -0.25 1.04 1.01 1.29 1.19 1.60 1.85 1.91 1.86 1.91 7.42 1.86 5.28 2.79

5 year 8.60 8.62 8.94 9.17 9.30 9.24 9.42 9.84 10.10 9.88 10.16 10.23 17.34 3.35 11.76 10.69

Since inception 5.30 5.20 5.12 5.32 4.99 5.10 5.60 5.95 6.22 5.51 6.29 6.05 8.10 4.71 7.03 6.99

Cumulative returns

6 months -2.69 -2.92 1.14 2.31 2.26 2.33 2.31 2.50 2.66 2.67 2.64 2.67 1.23 -0.10 0.79 1.85

5 year 51.06 51.21 53.47 55.06 55.98 55.58 56.88 59.88 61.75 60.14 62.26 62.75 122.47 17.90 74.38 66.19

Since inception 65.06 63.48 62.36 65.38 53.36 61.98 69.69 75.17 79.63 68.33 80.86 69.60 112.90 56.28 93.32 92.56

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.

Class A Class B Class C Class I* Class R1 Class R2 Class R3 Class R4 Class R5 Class R6 Class 1 Class 5

Gross (%) 1.34 2.05 2.04 1.05 1.68 1.43 1.59 1.28 0.99 0.93 0.97 0.92

Net (%) 1.33 2.05 2.04 1.03 1.68 1.43 1.59 1.18 0.99 0.92 0.97 0.92

* Expenses have been estimated for the fund's first year of operations.

Please refer to the most recent prospectus and annual or semiannual report for more information on expenses and any expense limitation arrangements for each class.

1	For certain types of investors as described in the portfolio's prospectuses.
2	Class R2 shares were first offered on 3-1-12. The returns prior to this date are those of Class A shares that have been recalculated to apply the gross fees and expenses of Class R2 shares. Class R6 and Class I shares were first offered on 9-1-11 and 5-1-15, respectively. The returns prior to this date are those of Class 1 shares that have been recalculated to apply the gross fees and expenses of Class R6 and Class I shares, as applicable.
3	Index 1, Index 2, Index 3, and Index 4 returns at 6-30-15 for the period beginning 10-15-05 (inception date for Class 1, Class R6, and Class I shares) are 8.13%, 4.71%, 7.05%, and 7.00% (respectively, annualized), and 113.53%, 56.34%, 93.70%, and 92.83% (respectively, cumulative). Index 1, Index 2, Index 3, and Index 4 returns at 6-30-15 for the period beginning 7-3-06 (inception date for Class 5 shares) are 7.82%, 5.04%, 7.02%, and 6.68% (respectively, annualized), and 96.79%, 55.63%, 84.03%, and 78.83% (respectively, cumulative). Index 1, Index 2, Index 3, and Index 4 returns at 6-30-15 for the period beginning 9-18-06 (inception date of Class R1 shares) are 7.49%, 4.83%, 6.74%, and 6.46% (respectively, annualized) and 88.59%, 51.29%, 77.36%, and 73.36% (respectively, cumulative).

John Hancock Lifestyle Moderate Portfolio

GROWTH OF $10,000

This chart shows what happened to a hypothetical $10,000 investment in John Hancock Lifestyle Moderate Portfolio for the share classes and periods indicated, assuming all distributions were reinvested. For comparison, we've shown the same investment in two blended indexes and two separate indexes.

Index 1 is the S&P 500, an unmanaged index that includes 500 widely traded common stocks.

Index 2 is the Barclays U.S. Aggregate Bond Index, an unmanaged index of dollar-denominated and non-convertible investment-grade debt issues.

Index 3 is 40% S&P 500 Index and 60% Barclays U.S. Aggregate Bond Index.

Index 4 is 28% Russell 3000 Index, 12% MSCI All Country World ex-USA Index, 48% Barclays U.S. Aggregate Bond Index, and 12% Bank of America Merrill Lynch U.S. High Yield Master II Index.

It is not possible to invest directly in an index. Index figures do not reflect expenses or sales charges, which would result in lower values.

ASSET ALLOCATION (%)

Equity 37.9

U.S. Large Cap 20.0

International Large Cap 5.7

U.S. Mid Cap 3.2

Large Blend 3.0

Emerging Markets 2.0

International Small Cap 1.7

U.S. Small Cap 1.4

Global Large Cap 0.9

Fixed income 54.4

Intermediate Bond 20.9

Multi-Sector Bond 12.7

Bank Loan 8.5

Global Bond 5.9

High Yield Bond 4.9

Treasury Inflation-Protected Securities 1.5

Alternative and specialty 7.7

Global Absolute Return Strategies 2.3

Currency 2.1

Real Estate 0.9

Natural Resources 0.8

Redwood 0.8

Enduring Equity 0.5

Seaport 0.3

As a percentage of net assets.

PERFORMANCE CHART

Total returns with maximum sales charge for the period ended 6-30-15 (%)

Class A Class B Class C Class I^1,2 Class R1¹ Class R2^1,2 Class R3¹ Class R4¹ Class R5¹ Class R6^1,2 Class 1¹ Class 5¹ Index 1³ Index 2³ Index 3³ Index 4³

Inception 10-18-05 10-18-05 10-18-05 10-18-05 9-18-06 10-18-05 10-18-05 10-18-05 10-18-05 10-15-05 10-15-05 7-3-06 10-18-05 10-18-05 10-18-05 10-18-05

Average annual total returns

1 year -4.70 -5.24 -1.33 -0.04 -0.22 0.17 0.02 0.35 0.62 0.71 0.73 0.71 7.42 1.86 4.17 2.35

5 year 6.80 6.80 7.15 7.44 7.44 7.45 7.58 7.94 8.23 7.84 8.38 8.43 17.34 3.35 8.96 8.62

Since inception 4.97 4.86 4.78 5.04 4.85 4.78 5.22 5.53 5.84 4.59 5.97 5.92 8.10 4.71 6.35 6.56

Cumulative returns

6 months -3.68 -4.00 0.07 1.31 1.16 1.39 1.29 1.42 1.59 1.66 1.63 1.58 1.23 -0.10 0.52 1.39

5 year 38.97 38.96 41.27 43.18 43.19 43.25 44.09 46.51 48.48 45.87 49.54 49.86 122.47 17.90 53.58 51.17

Since inception 60.04 58.45 57.36 61.14 51.58 57.24 63.82 68.54 73.40 54.64 75.55 67.76 112.90 56.28 81.71 85.29

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.

Class A Class B Class C Class I* Class R1 Class R2 Class R3 Class R4 Class R5 Class R6 Class 1 Class 5

Gross (%) 1.31 2.01 2.01 1.01 1.65 1.40 1.55 1.26 0.95 0.90 0.93 0.88

Net (%) 1.29 2.01 2.01 0.99 1.65 1.40 1.55 1.16 0.95 0.88 0.93 0.88

* Expenses have been estimated for the fund's first year of operations.

Please refer to the most recent prospectus and annual or semiannual report for more information on expenses and any expense limitation arrangements for each class.

1	For certain types of investors as described in the portfolio's prospectuses.
2	Class R2 shares were first offered on 3-1-12. The returns prior to this date are those of Class A shares that have been recalculated to apply the gross fees and expenses of Class R2 shares. Class R6 and Class I shares were first offered on 9-1-11 and 5-1-15, respectively. The returns prior to this date are those of Class 1 shares that have been recalculated to apply the gross fees and expenses of Class R6 and Class I shares, as applicable.
3	Index 1, Index 2, Index 3, and Index 4 returns at 6-30-15 for the period beginning 10-15-05 (inception date for Class 1, Class R6, and Class I shares) are 8.13%, 4.71%, 6.36%, and 6.57% (respectively, annualized), and 113.53%, 56.34%, 81.97%, and 85.54% (respectively, cumulative). Index 1, Index 2, Index 3, and Index 4 returns at 6-30-15 for the period beginning 7-3-06 (inception date for Class 5 shares) are 7.82%, 5.04%, 6.46%, and 6.46% (respectively, annualized), and 96.79%, 55.63%, 75.57%, and 75.62% (respectively, cumulative). Index 1, Index 2, Index 3, and Index 4 returns at 6-30-15 for the period beginning 9-18-06 (inception date of Class R1 shares) are 7.49%, 4.83%, 6.21%, and 6.25% (respectively, annualized) and 88.59%, 51.29%, 69.69%, and 70.33% (respectively, cumulative).

John Hancock Lifestyle Conservative Portfolio

GROWTH OF $10,000

This chart shows what happened to a hypothetical $10,000 investment in John Hancock Lifestyle Conservative Portfolio for the share classes and periods indicated, assuming all distributions were reinvested. For comparison, we've shown the same investment in two blended indexes and two separate indexes.

Index 1 is the S&P 500, an unmanaged index that includes 500 widely traded common stocks.

Index 2 is the Barclays U.S. Aggregate Bond Index, an unmanaged index of dollar-denominated and non-convertible investment-grade debt issues.

Index 3 is 20% S&P 500 Index and 80% Barclays U.S. Aggregate Bond Index.

Index 4 is 14% Russell 3000 Index, 6% MSCI All Country World ex-USA Index, 64% Barclays U.S. Aggregate Bond Index, and 16% Bank of America Merrill Lynch U.S. High Yield Master II Index.

It is not possible to invest directly in an index. Index figures do not reflect expenses or sales charges, which would result in lower values.

ASSET ALLOCATION (%)

Equity 17.9

U.S. Large Cap 9.7

International Large Cap 4.2

U.S. Mid Cap 1.3

Emerging Markets 0.8

Large Blend 0.8

Global Large Cap 0.6

U.S. Small Cap 0.5

Fixed income 71.4

Intermediate Bond 29.2

Multi-Sector Bond 14.2

Bank Loan 9.8

Global Bond 7.6

Short-Term Bond 4.0

High Yield Bond 3.7

Treasury Inflation-Protected Securities 2.9

Alternative and specialty 10.7

Global Absolute Return Strategies 3.5

Currency 3.0

Enduring Equity 2.0

Real Estate 1.0

Redwood 0.6

Natural Resources 0.4

Seaport 0.2

As a percentage of net assets.

PERFORMANCE CHART

Total returns with maximum sales charge for the period ended 6-30-15 (%)

Class A Class B Class C Class I^1,2 Class R1¹ Class R2^1,2 Class R3¹ Class R4¹ Class R5¹ Class R6^1,2 Class 1¹ Index 1³ Index 2³ Index 3³ Index 4³

Inception 10-18-05 10-18-05 10-18-05 10-15-05 9-18-06 10-18-05 10-18-05 10-18-05 10-18-05 10-15-05 10-15-05 10-18-05 10-18-05 10-18-05 10-18-05

Average annual total returns

1 year -5.30 -5.80 -1.96 -0.73 -0.74 -0.48 -0.69 -0.32 -0.06 0.07 0.02 7.42 1.86 3.02 1.88

5 year 4.77 4.75 5.12 5.40 5.38 5.41 5.51 5.86 6.18 5.70 6.31 17.34 3.35 6.15 6.51

Since inception 4.52 4.42 4.33 4.60 4.54 4.33 4.78 5.06 5.39 3.93 5.51 8.10 4.71 5.57 6.05

Cumulative returns

6 months -4.53 -4.81 -0.81 0.43 0.37 0.51 0.42 0.60 0.73 0.77 0.75 1.23 -0.10 0.22 0.92

5 year 26.23 26.10 28.38 30.10 29.94 30.14 30.74 32.94 34.98 31.96 35.76 122.47 17.90 34.80 37.06

Since inception 53.49 52.19 50.83 54.82 47.69 50.81 57.24 61.39 66.44 45.44 68.36 112.90 56.28 69.27 76.78

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.

Class A Class B Class C Class I* Class R1 Class R2 Class R3 Class R4 Class R5 Class R6 Class 1

Gross (%) 1.29 1.98 1.99 0.99 1.63 1.38 1.52 1.23 0.92 0.87 0.91

Net (%) 1.27 1.98 1.99 0.97 1.63 1.38 1.52 1.13 0.92 0.86 0.91

* Expenses have been estimated for the fund's first year of operations.

Please refer to the most recent prospectus and annual or semiannual report for more information on expenses and any expense limitation arrangements for each class.

1	For certain types of investors as described in the portfolio's prospectuses.
2	Class R2 shares were first offered on 3-1-12. The returns prior to this date are those of Class A shares that have been recalculated to apply the gross fees and expenses of Class R2 shares. Class R6 and Class I shares were first offered on 9-1-11 and 5-1-15, respectively. The returns prior to this date are those of Class 1 shares that have been recalculated to apply the gross fees and expenses of Class R6 and Class I shares, as applicable.
3	Index 1, Index 2, Index 3, and Index 4 returns at 6-30-15 for the period beginning 10-15-05 (inception date for Class 1, Class R6, and Class I shares) are 8.13%, 4.71%, 5.58%, and 6.06% (respectively, annualized), and 113.53%, 56.34%, 69.42%, and 77.02% (respectively, cumulative). Index 1, Index 2, Index 3, and Index 4 returns at 6-30-15 for the period beginning 9-18-06 (inception date of Class R1 shares) are 7.49%, 4.83%, 5.57%, and 5.94% (respectively, annualized) and 88.59%, 51.29%, 60.93%, and 65.98% (respectively, cumulative).

Your expenses

As a shareholder of a John Hancock Funds II Lifestyle Portfolios, you incur two types of costs: (1) transaction costs, including sales charges (loads) on certain purchases or redemptions, and (2) ongoing costs, including management fees, distribution and service (Rule 12b-1) fees, and other portfolio expenses. In addition to the operating expenses which each portfolio bears directly, the portfolio indirectly bears a pro rata share of the operating expenses of the underlying funds in which each portfolio invests. Because underlying funds have varied operating expenses and transaction costs and 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.

These examples are intended to help you understand your ongoing costs (in dollars) of investing in a portfolio so you can compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 at the beginning of the period and held for the entire period (January 1, 2015 through June 30, 2015).

Actual expenses:

The first line of each share class in the tables 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 tables 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 a portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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

SHAREHOLDER EXPENSE EXAMPLE CHART

Beginning
account value
1-1-2015 Ending
account value
6-30-2015 Expenses paid
during period¹
1-1-2015–6-30-2015 Annualized
expense
ratio²

Lifestyle Aggressive Portfolio

Class A Actual $1,000.00 $1,039.30 $2.38 0.47%

Hypothetical (5% annualized return before expenses) 1,000.00 1,022.50 2.36 0.47%

Class B Actual 1,000.00 1,034.90 6.21 1.23%

Hypothetical (5% annualized return before expenses) 1,000.00 1,018.70 6.16 1.23%

Class C Actual 1,000.00 1,036.10 6.06 1.20%

Hypothetical (5% annualized return before expenses) 1,000.00 1,018.80 6.01 1.20%

Class I Actual³ 1,000.00 990.60 0.28 0.17%

Hypothetical (5% annualized return before expenses) 1,000.00 1,024.00 0.85 0.17%

Class R1 Actual 1,000.00 1,037.40 4.60 0.91%

Hypothetical (5% annualized return before expenses) 1,000.00 1,020.30 4.56 0.91%

Class R2 Actual 1,000.00 1,038.80 3.08 0.61%

Hypothetical (5% annualized return before expenses) 1,000.00 1,021.80 3.06 0.61%

Class R3 Actual 1,000.00 1,037.50 4.24 0.84%

Hypothetical (5% annualized return before expenses) 1,000.00 1,020.60 4.21 0.84%

Class R4 Actual 1,000.00 1,040.00 2.17 0.43%

Hypothetical (5% annualized return before expenses) 1,000.00 1,022.70 2.16 0.43%

Class R5 Actual 1,000.00 1,040.60 0.96 0.19%

Hypothetical (5% annualized return before expenses) 1,000.00 1,023.90 0.95 0.19%

Class R6 Actual 1,000.00 1,041.90 0.30 0.06%

Hypothetical (5% annualized return before expenses) 1,000.00 1,024.50 0.30 0.06%

Class 1 Actual 1,000.00 1,041.30 0.56 0.11%

Hypothetical (5% annualized return before expenses) 1,000.00 1,024.20 0.55 0.11%

Lifestyle Growth Portfolio

Class A Actual $1,000.00 $1,031.80 $2.37 0.47%

Hypothetical (5% annualized return before expenses) 1,000.00 1,022.50 2.36 0.47%

Class B Actual 1,000.00 1,028.70 6.04 1.20%

Hypothetical (5% annualized return before expenses) 1,000.00 1,018.80 6.01 1.20%

Class C Actual 1,000.00 1,028.70 5.99 1.19%

Hypothetical (5% annualized return before expenses) 1,000.00 1,018.90 5.96 1.19%

Class I Actual³ 1,000.00 991.20 0.28 0.17%

Hypothetical (5% annualized return before expenses) 1,000.00 1,024.00 0.85 0.17%

Class R1 Actual 1,000.00 1,029.90 4.38 0.87%

Hypothetical (5% annualized return before expenses) 1,000.00 1,020.50 4.36 0.87%

Class R2 Actual 1,000.00 1,031.30 3.07 0.61%

Hypothetical (5% annualized return before expenses) 1,000.00 1,021.80 3.06 0.61%

Class R3 Actual 1,000.00 1,030.60 3.78 0.75%

Hypothetical (5% annualized return before expenses) 1,000.00 1,021.10 3.76 0.75%

Class R4 Actual 1,000.00 1,033.10 1.81 0.36%

Hypothetical (5% annualized return before expenses) 1,000.00 1,023.00 1.81 0.36%

Class R5 Actual 1,000.00 1,033.60 0.76 0.15%

Hypothetical (5% annualized return before expenses) 1,000.00 1,024.10 0.75 0.15%

Class R6 Actual 1,000.00 1,034.40 0.30 0.06%

Hypothetical (5% annualized return before expenses) 1,000.00 1,024.50 0.30 0.06%

Class 1 Actual 1,000.00 1,034.40 0.55 0.11%

Hypothetical (5% annualized return before expenses) 1,000.00 1,024.20 0.55 0.11%

Class 5 Actual 1,000.00 1,034.40 0.30 0.06%

Hypothetical (5% annualized return before expenses) 1,000.00 1,024.50 0.30 0.06%

SHAREHOLDER EXPENSE EXAMPLE CHART (continued)

Beginning
account value
1-1-2015 Ending
account value
6-30-2015 Expenses paid
during period¹
1-1-2015–6-30-2015 Annualized
expense
ratio²

Lifestyle Balanced Portfolio

Class A Actual $1,000.00 $1,024.40 $2.36 0.47%

Hypothetical (5% annualized return before expenses) 1,000.00 1,022.50 2.36 0.47%

Class B Actual 1,000.00 1,020.80 6.01 1.20%

Hypothetical (5% annualized return before expenses) 1,000.00 1,018.80 6.01 1.20%

Class C Actual 1,000.00 1,021.40 5.96 1.19%

Hypothetical (5% annualized return before expenses) 1,000.00 1,018.90 5.96 1.19%

Class I Actual³ 1,000.00 989.60 0.28 0.17%

Hypothetical (5% annualized return before expenses) 1,000.00 1,024.00 0.85 0.17%

Class R1 Actual 1,000.00 1,022.60 4.36 0.87%

Hypothetical (5% annualized return before expenses) 1,000.00 1,020.50 4.36 0.87%

Class R2 Actual 1,000.00 1,023.30 3.06 0.61%

Hypothetical (5% annualized return before expenses) 1,000.00 1,021.80 3.06 0.61%

Class R3 Actual 1,000.00 1,023.10 3.76 0.75%

Hypothetical (5% annualized return before expenses) 1,000.00 1,021.10 3.76 0.75%

Class R4 Actual 1,000.00 1,025.00 1.76 0.35%

Hypothetical (5% annualized return before expenses) 1,000.00 1,023.10 1.76 0.35%

Class R5 Actual 1,000.00 1,026.60 0.70 0.14%

Hypothetical (5% annualized return before expenses) 1,000.00 1,024.10 0.70 0.14%

Class R6 Actual 1,000.00 1,026.70 0.30 0.06%

Hypothetical (5% annualized return before expenses) 1,000.00 1,024.50 0.30 0.06%

Class 1 Actual 1,000.00 1,026.40 0.55 0.11%

Hypothetical (5% annualized return before expenses) 1,000.00 1,024.20 0.55 0.11%

Class 5 Actual 1,000.00 1,026.70 0.30 0.06%

Hypothetical (5% annualized return before expenses) 1,000.00 1,024.50 0.30 0.06%

Lifestyle Moderate Portfolio

Class A Actual $1,000.00 $1,013.70 $2.35 0.47%

Hypothetical (5% annualized return before expenses) 1,000.00 1,022.50 2.36 0.47%

Class B Actual 1,000.00 1,010.00 6.08 1.22%

Hypothetical (5% annualized return before expenses) 1,000.00 1,018.70 6.11 1.22%

Class C Actual 1,000.00 1,010.70 5.98 1.20%

Hypothetical (5% annualized return before expenses) 1,000.00 1,018.80 6.01 1.20%

Class I Actual³ 1,000.00 986.90 0.28 0.17%

Hypothetical (5% annualized return before expenses) 1,000.00 1,024.00 0.85 0.17%

Class R1 Actual 1,000.00 1,011.60 4.49 0.90%

Hypothetical (5% annualized return before expenses) 1,000.00 1,020.30 4.51 0.90%

Class R2 Actual 1,000.00 1,013.90 3.10 0.62%

Hypothetical (5% annualized return before expenses) 1,000.00 1,021.70 3.11 0.62%

Class R3 Actual 1,000.00 1,012.90 3.94 0.79%

Hypothetical (5% annualized return before expenses) 1,000.00 1,020.90 3.96 0.79%

Class R4 Actual 1,000.00 1,014.20 1.95 0.39%

Hypothetical (5% annualized return before expenses) 1,000.00 1,022.90 1.96 0.39%

Class R5 Actual 1,000.00 1,015.90 0.95 0.19%

Hypothetical (5% annualized return before expenses) 1,000.00 1,023.90 0.95 0.19%

Class R6 Actual 1,000.00 1,016.60 0.30 0.06%

Hypothetical (5% annualized return before expenses) 1,000.00 1,024.50 0.30 0.06%

Class 1 Actual 1,000.00 1,016.30 0.55 0.11%

Hypothetical (5% annualized return before expenses) 1,000.00 1,024.20 0.55 0.11%

Class 5 Actual 1,000.00 1,015.80 0.30 0.06%

Hypothetical (5% annualized return before expenses) 1,000.00 1,024.50 0.30 0.06%

SHAREHOLDER EXPENSE EXAMPLE CHART (continued)

Beginning
account value
1-1-2015 Ending
account value
6-30-2015 Expenses paid
during period¹
1-1-2015–6-30-2015 Annualized
expense
ratio²

Lifestyle Conservative Portfolio

Class A Actual $1,000.00 $1,004.90 $2.34 0.47%

Hypothetical (5% annualized return before expenses) 1,000.00 1,022.50 2.36 0.47%

Class B Actual 1,000.00 1,001.80 6.01 1.21%

Hypothetical (5% annualized return before expenses) 1,000.00 1,018.80 6.06 1.21%

Class C Actual 1,000.00 1,001.90 5.96 1.20%

Hypothetical (5% annualized return before expenses) 1,000.00 1,018.80 6.01 1.20%

Class I Actual³ 1,000.00 986.40 0.28 0.17%

Hypothetical (5% annualized return before expenses) 1,000.00 1,024.00 0.85 0.17%

Class R1 Actual 1,000.00 1,003.70 4.37 0.88%

Hypothetical (5% annualized return before expenses) 1,000.00 1,020.40 4.41 0.88%

Class R2 Actual 1,000.00 1,005.10 3.08 0.62%

Hypothetical (5% annualized return before expenses) 1,000.00 1,021.70 3.11 0.62%

Class R3 Actual 1,000.00 1,004.20 3.88 0.78%

Hypothetical (5% annualized return before expenses) 1,000.00 1,020.90 3.91 0.78%

Class R4 Actual 1,000.00 1,006.00 2.04 0.41%

Hypothetical (5% annualized return before expenses) 1,000.00 1,022.80 2.06 0.41%

Class R5 Actual 1,000.00 1,007.30 0.95 0.19%

Hypothetical (5% annualized return before expenses) 1,000.00 1,023.90 0.95 0.19%

Class R6 Actual 1,000.00 1,007.70 0.30 0.06%

Hypothetical (5% annualized return before expenses) 1,000.00 1,024.50 0.30 0.06%

Class 1 Actual 1,000.00 1,007.50 0.55 0.11%

Hypothetical (5% annualized return before expenses) 1,000.00 1,024.20 0.55 0.11%

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 The portfolios' expense ratios do not include fees and expenses indirectly incurred by the underlying funds and can vary based on the mix of underlying funds held by the portfolios. The range of expense ratios of the underlying funds held by the portfolios was as follows:

Period ended Lifestyle Aggressive Lifestyle Growth Lifestyle Balanced Lifestyle Moderate Lifestyle Conservative

6-30-15 0.65%-3.11% 0.55%-3.11% 0.55%-3.11% 0.55%-3.11% 0.61%-3.11%

³ 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 (61) and divided by 365 (to reflect the period).

Portfolios’ investments

INVESTMENT COMPANIES

Underlying Funds' Investment Managers

Allianz Life Insurance Company of New York (Allianz)

Baillie Gifford Overseas Ltd. (Baillie Gifford)

Barrow, Hanley, Mewhinney & Strauss, LLC (Barrow Hanley)

Brandywine Asset Management, Inc. (Brandywine)

Declaration Management & Research, LLC (Declaration)

Deutsche Investment Management Americas, Inc. (Deutsche)

Dimensional Fund Advisors LP (DFA)

Epoch Investment Partners, Inc. (Epoch)

First Quadrant, L.P. (First Quadrant)

Franklin Templeton Investments Corp. (Franklin Templeton)

Grantham, Mayo, Van Otterloo & Co. LLC (GMO)

Invesco Advisers, Inc. (Invesco)

Jennison Associates LLC (Jennison)

John Hancock Asset Management (John Hancock)

Pacific Investment Management Company LLC (PIMCO)

QS Investors, Inc. (QS Investors)

Robeco Investment Management, Inc. (Robeco)

Standard Life Investments (Corporate Funds) Limited (Standard Life)

Stone Harbor Investment Partners LP (Stone Harbor)

T. Rowe Price Associates, Inc (T.Rowe Price)

Templeton Investment Counsel, LLC (Templeton)

Wellington Management Company, LLP (Wellington)

Wells Capital Management, Incorporated (Wells Capital)

Western Asset Management Company (WAMCO)

LIFESTYLE AGGRESSIVE PORTFOLIO

As of 6-30-15

Shares or
Principal
Amount Value

AFFILIATED INVESTMENT COMPANIES (G) - 100.0%

Equity - 84.8%

All Cap Core, Class NAV (QS Investors) 10,496,050 $147,154,617

Alpha Opportunities, Class NAV (Wellington) 20,801,589 260,227,881

Blue Chip Growth, Class NAV (T. Rowe Price) 6,365,269 224,566,693

Capital Appreciation Value, Class NAV (T.Rowe Price) 16,199,254 194,553,035

Capital Appreciation, Class NAV (Jennison) 11,185,588 209,170,505

Disciplined Value, Class NAV (Robeco) 5,188,122 98,522,437

Emerging Markets Equity, Class NAV (John Hancock) (A)(1)(I) 3,285,395 32,459,704

Emerging Markets, Class NAV (DFA) 29,868,840 301,973,973

Equity Income, Class NAV (T. Rowe Price) 11,734,859 230,707,326

Fundamental Global Franchise, Class NAV (John Hancock) (A)(1) 3,492,360 45,470,522

Fundamental Large Cap Value, Class NAV (John Hancock) (A)(1) 13,576,748 188,309,492

Global Equity, Class NAV (John Hancock) (A)(1) 4,175,295 45,218,440

Global Shareholder Yield, Class NAV (Epoch) 4,071,199 44,742,479

Greater China Opportunities, Class NAV (John Hancock) (A)(1) 589,864 13,696,652

International Core, Class NAV (GMO) 4,521,358 149,114,393

International Growth Opportunities, Class NAV (Baillie Gifford) 8,293,725 111,135,914

International Growth Stock, Class NAV (Invesco) 9,046,130 120,675,372

International Small Cap, Class NAV (Franklin Templeton) 5,339,718 103,376,934

International Small Company, Class NAV (DFA) 9,928,099 103,152,950

International Value Equity, Class NAV (John Hancock) (A)(1) 9,641,917 80,992,103

International Value, Class NAV (Templeton) 14,817,495 233,968,246

Mid Cap Stock, Class NAV (Wellington) 8,707,162 190,338,554

Mid Value, Class NAV (T. Rowe Price) 8,998,857 147,851,223

Select Growth, Class NAV (Baillie Gifford) 532,601 11,504,172

Small Cap Core, Class NAV (Wellington) 3,292,022 34,664,994

Small Cap Growth, Class NAV (Wellington) 3,379,385 36,125,624

Small Cap Opportunities, Class NAV (Brandywine/Invesco/DFA) 1,265,240 34,515,757

Small Cap Value, Class NAV (Wellington) 2,279,648 46,550,413

Small Company Growth, Class NAV (Invesco) 1,552,100 32,982,133

Small Company Value, Class NAV (T. Rowe Price) 925,291 31,922,539

Strategic Growth, Class NAV (John Hancock) (A)(1) 12,634,092 207,830,821

U.S. Equity, Class NAV (GMO) 7,278,396 85,957,858

Value Equity, Class NAV (Barrow Hanley) 5,172,314 54,981,696

Value, Class NAV (Invesco) 5,022,910 63,539,805

Alternative and specialty - 15.2%

Absolute Return Currency, Class NAV (First Quadrant) 4,954,638 42,263,059

Financial Industries, Class NAV (John Hancock) (A)(1) 6,091,971 110,630,186

Global Absolute Return Strategies, Class NAV (Standard Life) 4,526,720 50,518,197

Global Real Estate, Class NAV (Deutsche) 2,493,697 22,543,017

Health Sciences, Class NAV (T. Rowe Price) 2,954,161 57,901,561

SEE NOTES TO FINANCIAL STATEMENTS17

Shares or
Principal
Amount Value

Alternative and specialty - (continued)

Natural Resources, Class NAV (Jennison) 5,763,056 $72,268,717

Real Estate Equity, Class NAV (T. Rowe Price) 1,975,248 22,577,081

Redwood, Class NAV (Robeco) 3,100,093 34,473,033

Science & Technology, Class NAV (T. Rowe Price/Allianz) 10,211,389 136,015,706

Seaport, Class NAV (Wellington) (I) 2,116,158 23,298,899

Technical Opportunities, Class NAV (Wellington) 9,141,382 131,727,320

4,622,172,033

TOTAL AFFILIATED INVESTMENT COMPANIES (Cost $3,495,945,073) $4,622,172,033

Total Investments (Lifestyle Aggressive Portfolio) (Cost $3,495,945,073) - 100.0% $4,622,172,033

Other assets and liabilities, net - 0.0% 784,546

TOTAL NET ASSETS - 100.0% $4,622,956,579

LIFESTYLE GROWTH PORTFOLIO

As of 6-30-15

Shares or
Principal
Amount Value

AFFILIATED INVESTMENT COMPANIES (G) - 100.0%

Equity - 71.0%

All Cap Core, Class NAV (QS Investors) 27,025,576 $378,898,582

Alpha Opportunities, Class NAV (Wellington) 51,274,169 641,439,850

Blue Chip Growth, Class NAV (T. Rowe Price) 17,495,456 617,239,676

Capital Appreciation Value, Class NAV (T.Rowe Price) 55,766,197 669,752,028

Capital Appreciation, Class NAV (Jennison) 30,067,092 562,254,626

Disciplined Value, Class NAV (Robeco) 14,366,505 272,819,937

Emerging Markets Equity, Class NAV (John Hancock) (A)(1)(I) 7,195,681 71,093,326

Emerging Markets, Class NAV (DFA) 67,472,763 682,149,629

Equity Income, Class NAV (T. Rowe Price) 31,697,694 623,176,661

Fundamental Global Franchise, Class NAV (John Hancock) (A)(1) 11,162,375 145,334,125

Fundamental Large Cap Value, Class NAV (John Hancock) (A)(1) 34,389,651 476,984,458

Global Equity, Class NAV (John Hancock) (A)(1) 13,653,660 147,869,136

Global Shareholder Yield, Class NAV (Epoch) 18,500,890 203,324,780

International Core, Class NAV (GMO) 11,382,578 375,397,427

International Growth Opportunities, Class NAV (Baillie Gifford) 20,843,580 279,303,973

International Growth Stock, Class NAV (Invesco) 22,599,123 301,472,298

International Small Cap, Class NAV (Franklin Templeton) 12,412,813 240,312,059

International Small Company, Class NAV (DFA) 23,021,536 239,193,760

International Value Equity, Class NAV (John Hancock) (A)(1) 24,379,966 204,791,714

International Value, Class NAV (Templeton) 36,569,868 577,438,221

Mid Cap Stock, Class NAV (Wellington) 21,892,337 478,566,494

Mid Value, Class NAV (T. Rowe Price) 22,476,890 369,295,296

Small Cap Core, Class NAV (Wellington) 6,844,637 72,074,032

Small Cap Growth, Class NAV (Wellington) 6,971,864 74,529,227

Small Cap Opportunities, Class NAV (Brandywine/Invesco/DFA) 2,631,399 71,784,577

Small Cap Value, Class NAV (Wellington) 4,857,050 $99,180,953

Small Company Growth, Class NAV (Invesco) 3,182,800 67,634,501

Small Company Value, Class NAV (T. Rowe Price) 1,972,452 68,049,580

Strategic Growth, Class NAV (John Hancock) (A)(1) 34,073,565 560,510,151

U.S. Equity, Class NAV (GMO) 26,331,996 310,980,871

Value Equity, Class NAV (Barrow Hanley) 17,954,781 190,859,326

Value, Class NAV (Invesco) 12,868,412 162,785,409

Fixed income - 14.2%

Active Bond, Class NAV (John Hancock/Declaration) (A)(1) 14,892,463 150,413,880

Asia Pacific Total Return Bond, Class NAV (John Hancock) (A)(1) 9,463,763 87,255,899

Core Bond, Class NAV (Wells Capital) 2,972,163 38,459,793

Emerging Markets Debt, Class NAV (John Hancock) (A)(1) 15,469,409 142,009,177

Floating Rate Income, Class NAV (WAMCO) 46,798,050 417,906,586

Focused High Yield, Class NAV (John Hancock) (A)(1) 23,894,304 84,824,779

Global Bond, Class NAV (PIMCO) (I) 3,445,911 40,523,918

Global Income, Class NAV (Stone Harbor) 10,282,084 96,857,228

Global Short Duration Credit, Class NAV (John Hancock) (A)(1) 7,489,060 69,198,918

High Yield, Class NAV (WAMCO) 5,337,281 45,580,377

Real Return Bond, Class NAV (PIMCO) 8,716,958 96,758,237

Short Duration Credit Opportunities Fund, Class NAV (Stone Harbor) 23,306,386 228,635,649

Spectrum Income, Class NAV (T. Rowe Price) 14,380,012 150,127,322

Strategic Income Opportunities, Class NAV (John Hancock) (A)(1) 21,890,179 237,727,349

Total Return, Class NAV (PIMCO) 8,198,280 111,660,571

U.S. High Yield Bond, Class NAV (Wells Capital) 4,846,751 55,446,826

Alternative and specialty - 14.8%

Absolute Return Currency, Class NAV (First Quadrant) 28,200,814 240,552,945

Financial Industries, Class NAV (John Hancock) (A)(1) 16,196,463 294,127,772

Global Absolute Return Strategies, Class NAV (Standard Life) 24,700,932 275,662,402

Global Real Estate, Class NAV (Deutsche) 7,478,114 67,602,147

Health Sciences, Class NAV (T. Rowe Price) 8,094,582 158,653,813

Natural Resources, Class NAV (Jennison) 13,951,560 174,952,564

Real Estate Equity, Class NAV (T. Rowe Price) 5,904,448 67,487,845

Redwood, Class NAV (Robeco) 10,623,993 118,138,804

Science & Technology, Class NAV (T. Rowe Price/Allianz) 26,374,737 351,311,494

Seaport, Class NAV (Wellington) (I) 4,475,646 49,276,859

Technical Opportunities, Class NAV (Wellington) 23,614,665 340,287,322

TOTAL AFFILIATED INVESTMENT COMPANIES (Cost $11,518,884,733) $14,427,937,159

Total Investments (Lifestyle Growth Portfolio) (Cost $11,518,884,733) - 100.0% $14,427,937,159

Other assets and liabilities, net - 0.0% (808,293)

TOTAL NET ASSETS - 100.0% $14,427,128,866

18SEE NOTES TO FINANCIAL STATEMENTS

LIFESTYLE BALANCED PORTFOLIO

As of 6-30-15

Shares or
Principal
Amount Value

AFFILIATED INVESTMENT COMPANIES (G) - 100.0%

Equity - 52.8%

All Cap Core, Class NAV (QS Investors) 17,056,659 $239,134,362

Alpha Opportunities, Class NAV (Wellington) 36,335,212 454,553,495

Blue Chip Growth, Class NAV (T. Rowe Price) 13,208,103 465,981,880

Capital Appreciation Value, Class NAV (T.Rowe Price) 55,391,283 665,249,305

Capital Appreciation, Class NAV (Jennison) 21,074,072 394,085,146

Disciplined Value, Class NAV (Robeco) 11,146,472 211,671,508

Emerging Markets Equity, Class NAV (John Hancock) (A)(1)(I) 5,053,399 49,927,587

Emerging Markets, Class NAV (DFA) 45,686,294 461,888,429

Equity Income, Class NAV (T. Rowe Price) 23,632,317 464,611,345

Fundamental Global Franchise, Class NAV (John Hancock) (A)(1) 10,533,752 137,149,445

Fundamental Large Cap Value, Class NAV (John Hancock) (A)(1) 24,936,859 345,874,237

Global Equity, Class NAV (John Hancock) (A)(1) 13,354,359 144,627,707

Global Shareholder Yield, Class NAV (Epoch) 18,202,503 200,045,505

International Core, Class NAV (GMO) 9,517,734 313,894,864

International Growth Opportunities, Class NAV (Baillie Gifford) 17,258,992 231,270,494

International Growth Stock, Class NAV (Invesco) 18,672,001 249,084,499

International Small Cap, Class NAV (Franklin Templeton) 9,479,887 183,530,606

International Small Company, Class NAV (DFA) 17,560,681 182,455,472

International Value Equity, Class NAV (John Hancock) (A)(1) 19,978,427 167,818,788

International Value, Class NAV (Templeton) 29,906,102 472,217,358

Mid Cap Stock, Class NAV (Wellington) 15,913,221 347,863,006

Mid Value, Class NAV (T. Rowe Price) 16,693,002 274,266,022

Small Cap Core, Class NAV (Wellington) 5,356,521 56,404,164

Small Cap Growth, Class NAV (Wellington) 5,475,447 58,532,526

Small Cap Opportunities, Class NAV (Brandywine/Invesco/DFA) 2,062,635 56,268,691

Small Cap Value, Class NAV (Wellington) 3,919,454 80,035,249

Small Company Growth, Class NAV (Invesco) 2,483,361 52,771,411

Small Company Value, Class NAV (T. Rowe Price) 1,598,074 55,133,557

Strategic Growth, Class NAV (John Hancock) (A)(1) 23,924,247 393,553,870

U.S. Equity, Class NAV (GMO) 25,004,168 295,299,229

Value Equity, Class NAV (Barrow Hanley) 12,176,803 129,439,411

Value, Class NAV (Invesco) 9,807,792 124,068,565

Fixed income - 33.9%

Active Bond, Class NAV (John Hancock/Declaration) (A)(1) 53,553,657 540,891,940

Asia Pacific Total Return Bond, Class NAV (John Hancock) (A)(1) 16,906,695 155,879,731

Core Bond, Class NAV (Wells Capital) 15,661,428 202,658,884

Emerging Markets Debt, Class NAV (John Hancock) (A)(1) 21,626,028 198,526,939

Floating Rate Income, Class NAV (WAMCO) 97,549,291 871,115,171

Focused High Yield, Class NAV (John Hancock) (A)(1) 44,328,999 157,367,948

Global Bond, Class NAV (PIMCO) (I) 15,140,434 178,051,498

Global Income, Class NAV (Stone Harbor) 18,005,619 $169,612,930

Global Short Duration Credit, Class NAV (John Hancock) (A)(1) 17,733,936 163,861,572

High Yield, Class NAV (WAMCO) 10,292,654 87,899,269

Investment Quality Bond, Class NAV (Wellington) 16,605,266 202,418,196

Real Return Bond, Class NAV (PIMCO) 13,340,343 148,077,812

Short Duration Credit Opportunities, Class NAV (Stone Harbor) 55,546,590 544,912,044

Spectrum Income, Class NAV (T. Rowe Price) 37,308,538 389,501,141

Strategic Income Opportunities, Class NAV (John Hancock) (A)(1) 56,782,818 616,661,404

Total Return, Class NAV (PIMCO) 27,364,007 372,697,770

U.S. High Yield Bond, Class NAV (Wells Capital) 9,667,826 110,599,930

Alternative and specialty - 13.3%

Absolute Return Currency, Class NAV (First Quadrant) 32,260,848 275,185,033

Financial Industries, Class NAV (John Hancock) (A)(1) 14,284,709 259,410,320

Global Absolute Return Strategies, Class NAV (Standard Life) 27,675,768 308,861,568

Global Real Estate, Class NAV (Deutsche) 11,516,411 104,108,356

Health Sciences, Class NAV (T. Rowe Price) 7,298,047 143,041,718

Natural Resources, Class NAV (Jennison) 13,860,182 173,806,686

Real Estate Equity, Class NAV (T. Rowe Price) 5,949,070 67,997,867

Redwood, Class NAV (Robeco) 10,694,023 118,917,533

Science & Technology, Class NAV (T. Rowe Price/Allianz) 22,102,735 294,408,432

Seaport, Class NAV (Wellington) (I) 4,439,014 48,873,540

Technical Opportunities, Class NAV (Wellington) 14,545,081 209,594,619

TOTAL AFFILIATED INVESTMENT COMPANIES (Cost $12,724,259,251) $15,073,647,584

Total Investments (Lifestyle Balanced Portfolio) (Cost $12,724,259,251) - 100.0% $15,073,647,584

Other assets and liabilities, net - 0.0% (1,054,266)

TOTAL NET ASSETS - 100.0% $15,072,593,318

LIFESTYLE MODERATE PORTFOLIO

As of 6-30-15

Shares or
Principal
Amount Value

AFFILIATED INVESTMENT COMPANIES (G) - 100.0%

Equity - 37.9%

Alpha Opportunities, Class NAV (Wellington) 7,464,535 $93,381,333

Blue Chip Growth, Class NAV (T. Rowe Price) 3,304,988 116,599,976

Capital Appreciation Value, Class NAV (T.Rowe Price) 15,838,738 190,223,241

Capital Appreciation, Class NAV (Jennison) 5,006,099 93,614,060

Emerging Markets Equity, Class NAV (John Hancock) (A)(1)(I) 953,137 9,416,989

Emerging Markets, Class NAV (DFA) 8,337,593 84,293,065

Equity Income, Class NAV (T. Rowe Price) 7,295,212 143,423,872

Fundamental Global Franchise, Class NAV (John Hancock) (A)(1) 3,114,161 40,546,373

Fundamental Large Cap Value, Class NAV (John Hancock) (A)(1) 10,111,238 140,242,876

SEE NOTES TO FINANCIAL STATEMENTS19

Shares or
Principal
Amount Value

Equity - (continued)

Global Equity, Class NAV (John Hancock) (A)(1) 3,779,168 $40,928,395

Global Shareholder Yield, Class NAV (Epoch) 5,126,546 56,340,738

International Core, Class NAV (GMO) 1,606,464 52,981,193

International Growth Opportunities, Class NAV (Baillie Gifford) 3,247,993 43,523,103

International Growth Stock, Class NAV (Invesco) 3,530,409 47,095,656

International Small Cap, Class NAV (Franklin Templeton) 2,014,703 39,004,658

International Small Company, Class NAV (DFA) 3,758,310 39,048,845

International Value Equity, Class NAV (John Hancock) (A)(1) 3,601,458 30,252,249

International Value, Class NAV (Templeton) 5,815,654 91,829,169

Mid Cap Stock, Class NAV (Wellington) 3,183,691 69,595,476

Mid Value, Class NAV (T. Rowe Price) 4,609,155 75,728,422

Small Cap Growth, Class NAV (Wellington) 1,420,994 15,190,424

Small Cap Value, Class NAV (Wellington) 1,023,471 20,899,278

Small Company Growth, Class NAV (Invesco) 631,460 13,418,534

Small Company Value, Class NAV (T. Rowe Price) 419,826 14,483,999

Strategic Growth, Class NAV (John Hancock) (A)(1) 5,686,649 93,545,374

U.S. Equity, Class NAV (GMO) 7,344,321 86,736,435

Fixed income - 54.4%

Active Bond, Class NAV (John Hancock/Declaration) (A)(1) 36,342,604 367,060,302

Asia Pacific Total Return Bond, Class NAV (John Hancock) (A)(1) 8,464,238 78,040,274

Core Bond, Class NAV (Wells Capital) 11,372,231 147,156,672

Emerging Markets Debt, Class NAV (John Hancock) (A)(1) 9,370,795 86,023,894

Floating Rate Income, Class NAV (WAMCO) 43,935,727 392,346,040

Focused High Yield, Class NAV (John Hancock) (A)(1) 18,490,933 65,642,814

Global Bond, Class NAV (PIMCO) (I) 8,953,386 105,291,823

Global Income, Class NAV (Stone Harbor) 7,147,533 67,329,765

Global Short Duration Credit, Class NAV (John Hancock) (A)(1) 5,222,320 48,254,234

High Yield, Class NAV (WAMCO) 4,974,200 42,479,669

Investment Quality Bond, Class NAV (Wellington) 12,040,155 146,769,492

Real Return Bond, Class NAV (PIMCO) 6,108,021 67,799,030

Short Duration Credit Opportunities Fund, Class NAV (Stone Harbor) 19,834,263 194,574,123

Spectrum Income, Class NAV (T. Rowe Price) 14,354,911 149,865,268

Strategic Income Opportunities, Class NAV (John Hancock) (A)(1) 21,748,783 236,191,778

Total Return, Class NAV (PIMCO) 18,520,577 252,250,261

U.S. High Yield Bond, Class NAV (Wells Capital) 4,264,210 48,782,565

Alternative and specialty - 7.7%

Absolute Return Currency, Class NAV (First Quadrant) 10,989,573 93,741,056

Enduring Equity, Class NAV (Wellington) 2,088,844 22,058,190

Global Absolute Return Strategies, Class NAV (Standard Life) 9,500,891 106,029,946

Global Real Estate, Class NAV (Deutsche) 2,396,196 21,661,616

Natural Resources, Class NAV (Jennison) 3,016,346 37,824,975

Real Estate Equity, Class NAV (T. Rowe Price) 1,863,911 $21,304,504

Redwood, Class NAV (Robeco) 3,152,099 35,051,346

Seaport, Class NAV (Wellington) (I) 1,292,187 14,226,977

TOTAL AFFILIATED INVESTMENT COMPANIES (Cost $4,141,142,683) $4,590,100,347

Total Investments (Lifestyle Moderate Portfolio) (Cost $4,141,142,683) - 100.0% $4,590,100,347

Other assets and liabilities, net - 0.0% 546,647

TOTAL NET ASSETS - 100.0% $4,590,646,994

LIFESTYLE CONSERVATIVE PORTFOLIO

As of 6-30-15

Shares or
Principal
Amount Value

AFFILIATED INVESTMENT COMPANIES (G) - 100.0%

Equity - 17.9%

Alpha Opportunities, Class NAV (Wellington) 2,273,170 $28,437,353

Blue Chip Growth, Class NAV (T. Rowe Price) 1,349,225 47,600,644

Capital Appreciation Value, Class NAV (T.Rowe Price) 8,427,310 101,211,994

Capital Appreciation, Class NAV (Jennison) 673,469 12,593,866

Emerging Markets Equity, Class NAV (John Hancock) (A)(1)(I) 315,160 3,113,782

Emerging Markets, Class NAV (DFA) 2,431,412 24,581,574

Equity Income, Class NAV (T. Rowe Price) 2,553,206 50,196,031

Fundamental Global Franchise, Class NAV (John Hancock) (A)(1) 1,730,241 22,527,735

Fundamental Large Cap Value, Class NAV (John Hancock) (A)(1) 3,256,425 45,166,617

Global Equity, Class NAV (John Hancock) (A)(1) 2,791,999 30,237,349

Global Shareholder Yield, Class NAV (Epoch) 2,757,451 30,304,391

International Core, Class NAV (GMO) 783,423 25,837,291

International Growth Stock, Class NAV (Invesco) 2,949,534 39,346,789

International Value, Class NAV (Templeton) 3,194,379 50,439,247

Mid Cap Stock, Class NAV (Wellington) 1,188,802 25,987,222

Mid Value, Class NAV (T. Rowe Price) 1,114,721 18,314,871

Small Cap Growth, Class NAV (Wellington) 803,524 8,589,675

Small Cap Value, Class NAV (Wellington) 260,171 5,312,690

Small Company Value, Class NAV (T. Rowe Price) 103,983 3,587,397

Strategic Growth, Class NAV (John Hancock) (A)(1) 774,463 12,739,920

U.S. Equity, Class NAV (GMO) 3,712,896 43,849,306

Fixed income - 71.4%

Active Bond, Class NAV (John Hancock/Declaration) (A)(1) 39,003,112 393,931,432

Asia Pacific Total Return Bond, Class NAV (John Hancock) (A)(1) 7,198,186 66,367,274

Core Bond, Class NAV (Wells Capital) 12,628,079 163,407,342

20SEE NOTES TO FINANCIAL STATEMENTS

Shares or
Principal
Amount Value

Fixed income - (continued)

Core High Yield, Class NAV (John Hancock) (A)(2) 6,299,178 $65,007,513

Emerging Markets Debt, Class NAV (John Hancock) (A)(1) 9,773,696 89,722,527

Floating Rate Income, Class NAV (WAMCO) 38,416,305 343,057,605

Global Bond, Class NAV (PIMCO) (I) 9,424,767 110,835,256

Global Income, Class NAV (Stone Harbor) 3,793,646 35,736,149

Global Short Duration Credit, Class NAV (John Hancock) (A)(1) 3,542,820 32,735,660

High Yield, Class NAV (WAMCO) 1,208,979 10,324,679

Investment Quality Bond, Class NAV (Wellington) 13,405,032 163,407,342

Real Return Bond, Class NAV (PIMCO) 9,231,639 102,471,194

Short Duration Credit Opportunities, Class NAV (Stone Harbor) 16,844,905 165,248,519

Short Term Government Income, Class NAV (John Hancock) (A)(1) 14,522,515 140,868,398

Spectrum Income, Class NAV (T. Rowe Price) 12,304,058 128,454,370

Strategic Income Opportunities, Class NAV (John Hancock) (A)(1) 18,633,283 202,357,454

Total Return, Class NAV (PIMCO) 20,042,977 272,985,347

U.S. High Yield Bond, Class NAV (Wells Capital) 1,625,224 18,592,568

Alternative and specialty - 10.7%

Absolute Return Currency, Class NAV (First Quadrant) 12,463,278 106,311,757

Enduring Equity, Class NAV (Wellington) 6,434,271 67,945,897

Global Absolute Return Strategies, Class NAV (Standard Life) 11,160,880 124,555,424

Global Real Estate, Class NAV (Deutsche) 1,886,768 17,056,381

Natural Resources, Class NAV (Jennison) 1,224,147 15,350,804

Real Estate Equity, Class NAV (T. Rowe Price) 1,492,864 17,063,432

Redwood, Class NAV (Robeco) 1,821,387 20,253,824

Seaport, Class NAV (Wellington) (I) 751,000 8,268,510

TOTAL AFFILIATED INVESTMENT COMPANIES (Cost $3,363,468,149) $3,512,292,402

Total Investments (Lifestyle Conservative Portfolio) (Cost $3,363,468,149) - 100.0% $3,512,292,402

Other assets and liabilities, net - 0.0% (741,912)

TOTAL NET ASSETS - 100.0% $3,511,550,490

(A) The subadvisor is an affiliate of the advisor.

(G) The portfolio's subadvisor is shown parenthetically.

(I) Non-income producing.

(1) Manulife Asset Management (US) LLC is doing business as John Hancock Asset Management.

(2) Manulife Asset Management (North America) Limited is doing business as John Hancock Asset Management.

SEE NOTES TO FINANCIAL STATEMENTS21

Financial statements

STATEMENTS OF ASSETS AND LIABILITIES 6-30-15 (unaudited)

Lifestyle Aggressive Portfolio Lifestyle Growth Portfolio Lifestyle Balanced Portfolio Lifestyle Moderate Portfolio Lifestyle Conservative Portfolio

Assets

Investments in affiliated underlying funds, at value $4,622,172,033 $14,427,937,159 $15,073,647,584 $4,590,100,347 $3,512,292,402

Cash 686 3,551 3,005 1,100 944

Receivable for investments sold 17,331,632 42,749,269 56,129,919 16,073,940 11,599,077

Receivable for fund shares sold 1,971,138 3,937,376 4,026,620 2,586,879 2,083,846

Dividends and interest receivable 177,379 4,922,243 10,221,213 4,056,787 3,361,590

Receivable due from advisor 216 822 954 350 601

Other assets 97,659 163,156 207,126 108,657 108,271

Total assets 4,641,750,743 14,479,713,576 15,144,236,421 4,612,928,060 3,529,446,731

Liabilities

Payable for investments purchased 1,990,000 15,169,031 24,286,405 8,923,032 9,470,691

Payable for fund shares repurchased 16,492,833 36,461,986 46,263,789 12,829,605 7,777,783

Distributions payable — — 68,587 146,837 320,400

Payable to affiliates

Accounting and legal services fees 144,071 449,276 468,925 142,841 109,436

Transfer agent fees 65,955 264,483 306,262 119,874 107,213

Trustees' fees 2,389 6,975 7,804 2,567 2,244

Distribution and service fees 15,376 44,363 46,785 17,821 16,603

Other liabilities and accrued expenses 83,540 188,596 194,546 98,489 91,871

Total liabilities 18,794,164 52,584,710 71,643,103 22,281,066 17,896,241

Net assets $4,622,956,579 $14,427,128,866 $15,072,593,318 $4,590,646,994 $3,511,550,490

Net assets consist of

Paid-in capital $3,361,398,424 $11,048,899,478 $12,462,808,688 $4,072,660,844 $3,332,283,928

Undistributed net investment income (loss) (1,429,867 ) 31,560,183 1,221,315 507,762 415,896

Accumulated undistributed net realized gain (loss) on investments 136,761,062 437,616,779 259,174,982 68,520,724 30,026,413

Net unrealized appreciation (depreciation) on investments 1,126,226,960 2,909,052,426 2,349,388,333 448,957,664 148,824,253

Net assets $4,622,956,579 $14,427,128,866 $15,072,593,318 $4,590,646,994 $3,511,550,490

Investments in affiliated underlying funds, at cost $3,495,945,073 $11,518,884,733 $12,724,259,251 $4,141,142,683 $3,363,468,149

Net asset value per share

The portfolios have an unlimited number of shares authorized with par value of $0.01 per share. Net asset value is calculated by dividing the net assets of each class of shares by the number of outstanding shares in the class.

Class A¹

Net assets $422,589,532 $1,631,979,345 $1,882,734,858 $687,239,570 $601,893,828

Shares outstanding 24,958,761 96,724,249 118,659,865 48,347,783 45,376,644

Net asset value and redemption price per share $16.93 $16.87 $15.87 $14.21 $13.26

Class B¹

Net assets $19,485,734 $90,037,191 $90,215,554 $34,634,172 $33,991,859

Shares outstanding 1,152,679 5,341,580 5,688,349 2,438,386 2,561,255

Net asset value, offering price and redemption price per share $16.90 $16.86 $15.86 $14.20 $13.27

Class C¹

Net assets $175,589,857 $768,916,606 $923,935,092 $414,914,573 $380,530,613

Shares outstanding 10,380,342 45,657,543 58,199,398 29,185,063 28,684,003

Net asset value, offering price and redemption price per share $16.92 $16.84 $15.88 $14.22 $13.27

Class I

Net assets $997,662 $7,391,909 $4,422,357 $1,837,154 $4,178,858

Shares outstanding 58,991 439,439 280,099 129,670 315,547

Net asset value, offering price and redemption price per share $16.91 $16.82 $15.79 $14.17 $13.24

Class R1

Net assets $7,735,672 $21,820,609 $18,415,269 $8,227,923 $9,999,566

Shares outstanding 456,983 1,290,849 1,165,305 579,687 754,274

Net asset value, offering price and redemption price per share $16.93 $16.90 $15.80 $14.19 $13.26

Class R2

Net assets $6,251,609 $15,101,258 $14,447,070 $6,928,174 $5,565,927

Shares outstanding 371,095 900,014 914,676 488,921 420,117

Net asset value, offering price and redemption price per share $16.85 $16.78 $15.79 $14.17 $13.25

22SEE NOTES TO FINANCIAL STATEMENTS

STATEMENTS OF ASSETS AND LIABILITIES 6-30-15 (unaudited)

Continued

Lifestyle Aggressive Portfolio Lifestyle Growth Portfolio Lifestyle Balanced Portfolio Lifestyle Moderate Portfolio Lifestyle Conservative Portfolio

Class R3

Net assets $6,407,465 $23,143,663 $28,496,861 $9,964,591 $10,230,141

Shares outstanding 379,676 1,375,106 1,800,276 702,423 773,255

Net asset value, offering price and redemption price per share $16.88 $16.83 $15.83 $14.19 $13.23

Class R4

Net assets $7,726,360 $21,591,359 $25,172,947 $12,569,684 $6,715,247

Shares outstanding 457,548 1,280,223 1,589,473 887,487 507,159

Net asset value, offering price and redemption price per share $16.89 $16.87 $15.84 $14.16 $13.24

Class R5

Net assets $11,576,604 $37,457,032 $39,730,346 $12,070,341 $10,466,848

Shares outstanding 684,053 2,216,042 2,505,724 851,461 790,101

Net asset value, offering price and redemption price per share $16.92 $16.90 $15.86 $14.18 $13.25

Class R6

Net assets $20,580,717 $46,750,555 $62,687,315 $28,236,344 $12,798,055

Shares outstanding 1,217,137 2,776,904 3,970,482 1,994,045 966,887

Net asset value, offering price and redemption price per share $16.91 $16.84 $15.79 $14.16 $13.24

Class 1

Net assets $3,944,015,367 $11,512,529,565 $11,834,917,856 $3,319,678,309 $2,435,179,548

Shares outstanding 233,450,256 683,784,295 749,908,057 234,168,525 183,934,147

Net asset value, offering price and redemption price per share $16.89 $16.84 $15.78 $14.18 $13.24

Class 5

Net assets — $250,409,774 $147,417,793 $54,346,159 —

Shares outstanding — 14,886,745 9,337,328 3,837,436 —

Net asset value, offering price and redemption price per share — $16.82 $15.79 $14.16 —

Maximum Public Offering Price Per Share:

Class A (net asset value per share ÷ 95%)² $17.82 $17.76 $16.71 $14.96 $13.96

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 STATEMENTS23

STATEMENTS OF OPERATIONS For the six months ended 6-30-15 (unaudited)

Lifestyle Aggressive Portfolio Lifestyle Growth Portfolio Lifestyle Balanced Portfolio Lifestyle Moderate Portfolio Lifestyle Conservative Portfolio

Investment income

Income distributions received from affiliated underlying funds $2,945,668 $46,974,772 $94,225,236 $41,884,982 $36,914,771

Expenses

Investment management fees 1,477,082 4,675,708 4,968,641 1,309,363 994,626

Distribution and service fees 2,671,385 9,826,572 11,074,538 4,226,483 3,718,452

Transfer agent fees 386,271 1,554,728 1,805,790 715,832 646,246

Accounting and legal services fees 273,032 853,457 894,270 274,308 211,240

State registration fees 72,789 116,251 130,571 92,672 89,852

Professional fees 44,008 89,209 93,071 43,742 39,896

Printing and postage 27,900 96,442 94,525 39,541 35,208

Custodian fees 5,255 5,255 5,255 5,255 5,255

Trustees' fees 32,326 100,752 106,584 33,079 25,953

Registration and filing fees 15,406 16,313 16,347 16,054 15,574

Other 14,653 37,862 39,937 15,102 12,688

Total expenses before reductions 5,020,107 17,372,549 19,229,529 6,771,431 5,794,990

Less expense reductions (644,572 ) (1,957,960 ) (2,077,982 ) (434,325 ) (374,433 )

Net expenses 4,375,535 15,414,589 17,151,547 6,337,106 5,420,557

Net investment income (loss) (1,429,867 ) 31,560,183 77,073,689 35,547,876 31,494,214

Realized and unrealized gain (loss)

Net realized gain (loss) on

Investments in affiliated underlying funds 5,899,850 23,148,749 50,892,933 (1,836,109 ) 1,707,510

5,899,850 23,148,749 50,892,933 (1,836,109 ) 1,707,510

Change in net unrealized appreciation (depreciation) of

Investments in affiliated underlying funds 181,579,363 424,576,902 260,596,414 38,644,853 (8,668,923 )

181,579,363 424,576,902 260,596,414 38,644,853 (8,668,923 )

Net realized and unrealized gain (loss) 187,479,213 447,725,651 311,489,347 36,808,744 (6,961,413 )

Increase (decrease) in net assets from operations $186,049,346 $479,285,834 $388,563,036 $72,356,620 $24,532,801

24SEE NOTES TO FINANCIAL STATEMENTS

STATEMENTS OF CHANGES IN NET ASSETS

Lifestyle Aggressive Portfolio Lifestyle Growth Portfolio Lifestyle Balanced Portfolio

Six months ended
6-30-15 Year ended
12-31-14 Six months ended
6-30-15 Year ended
12-31-14 Six months ended
6-30-15 Year ended
12-31-14

(unaudited) (unaudited) (unaudited)

Increase (decrease) in net assets

From operations

Net investment income (loss) ($1,429,867 ) $37,741,951 $31,560,183 $191,481,603 $77,073,689 $295,209,874

Net realized gain (loss) 5,899,850 446,189,677 23,148,749 1,208,598,509 50,892,933 1,016,616,255

Change in net unrealized appreciation (depreciation) 181,579,363 (270,830,241 ) 424,576,902 (736,837,677 ) 260,596,414 (679,174,213 )

Increase (decrease) in net assets resulting from operations 186,049,346 213,101,387 479,285,834 663,242,435 388,563,036 632,651,916

Distributions to shareholders

From net investment income

Class A — (2,118,650 ) — (16,454,555 ) (7,061,652 ) (29,129,870 )

Class B — — — (339,160 ) (16,224 ) (901,230 )

Class C — — — (2,570,439 ) (157,697 ) (8,391,473 )

Class I¹ — — — — (12,185 ) —

Class R1 — (5,068 ) — (142,144 ) (35,367 ) (251,058 )

Class R2 — (18,893 ) — (114,068 ) (45,528 ) (141,280 )

Class R3 — (6,961 ) — (167,702 ) (70,246 ) (422,560 )

Class R4 — (33,740 ) — (327,672 ) (140,622 ) (700,724 )

Class R5 — (91,439 ) — (515,684 ) (214,850 ) (815,466 )

Class R6 — (144,827 ) — (551,171 ) (327,209 ) (738,819 )

Class 1 — (35,522,058 ) — (166,874,083 ) (66,930,197 ) (250,847,955 )

Class 5 — — — (3,440,644 ) (854,396 ) (2,854,396 )

From net realized gain

Class A — (6,195,870 ) — (26,018,189 ) — (18,299,499 )

Class B — (297,396 ) — (1,714,620 ) — (1,003,173 )

Class C — (2,362,421 ) — (12,625,482 ) — (9,097,013 )

Class R1 — (123,013 ) — (365,396 ) — (199,944 )

Class R2 — (75,542 ) — (209,131 ) — (105,996 )

Class R3 — (108,790 ) — (380,162 ) — (301,461 )

Class R4 — (116,196 ) — (486,939 ) — (409,929 )

Class R5 — (191,899 ) — (644,305 ) — (417,111 )

Class R6 — (244,491 ) — (633,588 ) — (396,008 )

Class 1 — (63,217,911 ) — (198,435,263 ) — (124,295,986 )

Class 5 — — — (3,955,133 ) — (1,421,827 )

Total distributions — (110,875,165 ) — (436,965,530 ) (75,866,173 ) (451,142,778 )

From portfolio share transactions (138,542,392 ) (143,712,179 ) (396,929,965 ) (22,997,756 ) (375,948,124 ) 9,194,090

Total increase (decrease) 47,506,954 (41,485,957 ) 82,355,869 203,279,149 (63,251,261 ) 190,703,228

Net assets

Beginning of period 4,575,449,625 4,616,935,582 14,344,772,997 14,141,493,848 15,135,844,579 14,945,141,351

End of period $4,622,956,579 $4,575,449,625 $14,427,128,866 $14,344,772,997 $15,072,593,318 $15,135,844,579

Undistributed net investment income (loss) ($1,429,867 ) — $31,560,183 — $1,221,315 $13,799

SEE NOTES TO FINANCIAL STATEMENTS25

STATEMENTS OF CHANGES IN NET ASSETS

Continued

Lifestyle Moderate Portfolio Lifestyle Conservative Portfolio

Six months ended
6-30-15 Year ended
12-31-14 Six months ended
6-30-15 Year ended
12-31-14

(unaudited) (unaudited)

Increase (decrease) in net assets

From operations

Net investment income (loss) $35,547,876 $118,271,194 $31,494,214 $104,128,205

Net realized gain (loss) (1,836,109 ) 196,587,327 1,707,510 154,238,297

Change in net unrealized appreciation (depreciation) 38,644,853 (139,447,482 ) (8,668,923 ) (125,714,439 )

Increase (decrease) in net assets resulting from operations 72,356,620 175,411,039 24,532,801 132,652,063

Distributions to shareholders

From net investment income

Class A (4,490,033 ) (14,634,395 ) (4,772,482 ) (15,214,977 )

Class B (101,522 ) (619,812 ) (143,093 ) (760,189 )

Class C (1,198,147 ) (6,312,704 ) (1,593,942 ) (6,980,446 )

Class I¹ (7,855 ) — (20,984 ) —

Class R1 (37,354 ) (164,644 ) (59,669 ) (200,543 )

Class R2 (38,396 ) (80,799 ) (39,919 ) (86,316 )

Class R3 (50,042 ) (196,401 ) (66,778 ) (250,455 )

Class R4 (91,114 ) (297,984 ) (63,962 ) (233,794 )

Class R5 (95,065 ) (298,432 ) (103,294 ) (382,522 )

Class R6 (230,566 ) (489,660 ) (124,238 ) (205,322 )

Class 1 (28,244,382 ) (93,767,521 ) (24,089,957 ) (79,821,425 )

Class 5 (464,516 ) (1,399,599 ) — —

From net realized gain

Class A — (16,532,992 ) — (20,731,473 )

Class B — (974,299 ) — (1,350,991 )

Class C — (10,313,452 ) — (13,220,884 )

Class R1 — (207,153 ) — (334,521 )

Class R2 — (109,708 ) — (178,596 )

Class R3 — (253,873 ) — (381,078 )

Class R4 — (339,944 ) — (324,521 )

Class R5 — (295,766 ) — (435,897 )

Class R6 — (503,733 ) — (292,139 )

Class 1 — (87,194,751 ) — (90,670,250 )

Class 5 — (1,312,858 ) — —

Total distributions (35,048,992 ) (236,300,480 ) (31,078,318 ) (232,056,339 )

From portfolio share transactions (134,634,422 ) 116,724,948 (137,770,309 ) 14,875,041

Total increase (decrease) (97,326,794 ) 55,835,507 (144,315,826 ) (84,529,235 )

Net assets

Beginning of period 4,687,973,788 4,632,138,281 3,655,866,316 3,740,395,551

End of period $4,590,646,994 $4,687,973,788 $3,511,550,490 $3,655,866,316

Undistributed net investment income (loss) $507,762 $8,878 $415,896 —

¹The inception date for Class I shares is 5-1-15.

26SEE NOTES TO FINANCIAL STATEMENTS

Financial Highlights

Lifestyle Aggressive Portfolio

Per share operating performance for a share outstanding throughout each period Ratios and supplemental data

Income (loss) from
investment operations Less Distributions Ratios to average net assets

Period ended Net asset
value,
beginning
of period
($) Net
invest-
ment
income
(loss)
($)^1,2 Net
realized
and
unrealized
gain (loss)
on invest-
ments
($) Total
from
invest-
ment
operations
($) From net
invest-
ment
income
($) From net
realized
gain
($) From tax
return
of capital
($) Total
distribu-
tions
($) Net asset
value, end
of period
($) Total
return
(%)^3,4 Expenses
before
reductions
(%)⁵ Expenses
including
reductions
(%)⁵ Net
investment
income
(loss) (%)¹ Net
assets,
end of
period (in
millions) Portfolio
turnover
(%)

CLASS A

06-30-2015⁶ 16.29 (0.03 ) 0.67 0.64 — — — — 16.93 3.93 ⁷ 0.52 ⁸ 0.47 ⁸ (0.34 ) ⁸ 423 4

12-31-2014 15.94 0.10 0.60 0.70 (0.09 ) (0.26 ) — (0.35 ) 16.29 4.39 0.53 0.47 0.59 393 18

12-31-2013 12.95 0.09 3.24 3.33 (0.09 ) (0.25 ) — (0.34 ) 15.94 25.70 0.54 0.52 0.58 337 21

12-31-2012 11.30 0.08 1.71 1.79 (0.08 ) (0.06 ) — (0.14 ) 12.95 15.83 0.58 0.57 0.66 239 21

12-31-2011 12.34 0.05 (0.92 ) (0.87 ) (0.05 ) (0.12 ) — (0.17 ) 11.30 (7.09 ) 0.58 0.58 0.39 200 25

12-31-2010 10.82 0.04 1.64 1.68 (0.04 ) (0.12 ) — (0.16 ) 12.34 15.50 0.62 ⁹ 0.61 0.34 185 19

CLASS B

06-30-2015⁶ 16.33 (0.09 ) 0.66 0.57 — — — — 16.90 3.49 ⁷ 1.25 ⁸ 1.23 ⁸ (1.11 ) ⁸ 19 4

12-31-2014 15.98 (0.06 ) 0.63 0.57 — (0.22 ) — (0.22 ) 16.33 3.58 1.28 1.26 (0.36 ) 22 18

12-31-2013 12.98 (0.05 ) 3.26 3.21 — (0.21 ) — (0.21 ) 15.98 24.73 1.32 ⁹ 1.32 (0.33 ) 27 21

12-31-2012 11.33 (0.02 ) 1.71 1.69 — (0.04 ) — (0.04 ) 12.98 14.94 1.37 ⁹ 1.35 (0.18 ) 24 21

12-31-2011 12.37 (0.05 ) (0.92 ) (0.97 ) — (0.07 ) — (0.07 ) 11.33 (7.83 ) 1.38 ⁹ 1.35 (0.45 ) 23 25

12-31-2010 10.86 (0.05 ) 1.64 1.59 — (0.08 ) — (0.08 ) 12.37 14.61 1.40 ⁹ 1.35 (0.46 ) 24 19

CLASS C

06-30-2015⁶ 16.33 (0.09 ) 0.68 0.59 — — — — 16.92 3.61 ⁷ 1.22 ⁸ 1.20 ⁸ (1.07 ) ⁸ 176 4

12-31-2014 15.99 (0.03 ) 0.60 0.57 — (0.23 ) — (0.23 ) 16.33 3.56 1.23 1.21 (0.19 ) 169 18

12-31-2013 12.98 (0.02 ) 3.25 3.23 — (0.22 ) — (0.22 ) 15.99 24.90 1.24 1.23 (0.17 ) 159 21

12-31-2012 11.33 (0.01 ) 1.71 1.70 — (0.05 ) — (0.05 ) 12.98 15.00 1.28 1.27 (0.11 ) 121 21

12-31-2011 12.37 (0.04 ) (0.92 ) (0.96 ) — (0.08 ) — (0.08 ) 11.33 (7.76 ) 1.29 1.28 (0.36 ) 112 25

12-31-2010 10.86 (0.04 ) 1.63 1.59 — (0.08 ) — (0.08 ) 12.37 14.61 1.34 ⁹ 1.33 (0.39 ) 111 19

CLASS I

06-30-2015^6,10 17.07 0.01 (0.17 ) (0.16 ) — — — — 16.91 (0.94 ) ⁷ 0.19 ⁸ 0.17 ⁸ 0.42 ⁸ 1 4 ¹¹

CLASS R1

06-30-2015⁶ 16.32 (0.07 ) 0.68 0.61 — — — — 16.93 3.74 ⁷ 0.93 ⁸ 0.91 ⁸ (0.78 ) ⁸ 8 4

12-31-2014 15.98 (0.03 ) 0.64 0.61 (0.01 ) (0.26 ) — (0.27 ) 16.32 3.82 1.02 1.00 (0.18 ) 8 18

12-31-2013 12.98 0.01 3.26 3.27 (0.02 ) (0.25 ) — (0.27 ) 15.98 25.18 0.95 0.94 0.10 10 21

12-31-2012 11.33 0.02 1.73 1.75 (0.04 ) (0.06 ) — (0.10 ) 12.98 15.42 0.97 0.96 0.19 9 21

12-31-2011 12.38 (0.02 ) (0.91 ) (0.93 ) — (0.12 ) — (0.12 ) 11.33 (7.49 ) 0.99 0.98 (0.14 ) 8 25

12-31-2010 10.87 — ¹² 1.63 1.63 — (0.12 ) — (0.12 ) 12.38 14.99 0.96 ⁹ 0.96 (0.03 ) 8 19

CLASS R2

06-30-2015⁶ 16.22 (0.04 ) 0.67 0.63 — — — — 16.85 3.88 ⁷ 0.69 ⁸ 0.61 ⁸ (0.48 ) ⁸ 6 4

12-31-2014 15.88 0.14 0.53 0.67 (0.07 ) (0.26 ) — (0.33 ) 16.22 4.19 1.01 0.62 0.85 5 18

12-31-2013 12.89 0.13 3.18 3.31 (0.07 ) (0.25 ) — (0.32 ) 15.88 25.66 1.59 0.62 0.89 2 21

12-31-2012¹³ 12.49 0.09 0.44 0.53 (0.07 ) (0.06 ) — (0.13 ) 12.89 4.27 ⁷ 16.29 ⁸ 0.62 ⁸ 0.69 ⁷ — ¹⁴ 21 ¹⁵

CLASS R3

06-30-2015⁶ 16.27 (0.06 ) 0.67 0.61 — — — — 16.88 3.75 ⁷ 0.87 ⁸ 0.84 ⁸ (0.72 ) ⁸ 6 4

12-31-2014 15.92 (0.01 ) 0.64 0.63 (0.02 ) (0.26 ) — (0.28 ) 16.27 3.94 0.94 0.92 (0.06 ) 7 18

12-31-2013 12.93 — ¹² 3.27 3.27 (0.03 ) (0.25 ) — (0.28 ) 15.92 25.29 0.85 0.85 0.02 9 21

12-31-2012 11.28 0.03 1.72 1.75 (0.04 ) (0.06 ) — (0.10 ) 12.93 15.53 0.88 0.88 0.27 10 21

12-31-2011 12.33 (0.01 ) (0.90 ) (0.91 ) (0.02 ) (0.12 ) — (0.14 ) 11.28 (7.41 ) 0.87 0.87 (0.06 ) 10 25

12-31-2010 10.82 0.01 1.63 1.64 (0.01 ) (0.12 ) — (0.13 ) 12.33 15.21 0.85 0.84 0.06 12 19

CLASS R4

06-30-2015⁶ 16.24 (0.03 ) 0.68 0.65 — — — — 16.89 4.00 ⁷ 0.55 ⁸ 0.43 ⁸ (0.30 ) ⁸ 8 4

12-31-2014 15.90 0.09 0.59 0.68 (0.08 ) (0.26 ) — (0.34 ) 16.24 4.25 0.68 0.56 0.53 7 18

12-31-2013 12.91 0.07 3.25 3.32 (0.08 ) (0.25 ) — (0.33 ) 15.90 25.76 0.59 0.48 0.45 8 21

12-31-2012 11.27 0.06 1.73 1.79 (0.09 ) (0.06 ) — (0.15 ) 12.91 15.86 0.59 0.53 0.52 8 21

12-31-2011 12.32 0.04 (0.92 ) (0.88 ) (0.05 ) (0.12 ) — (0.17 ) 11.27 (7.13 ) 0.61 0.61 0.33 8 25

12-31-2010 10.81 0.04 1.64 1.68 (0.05 ) (0.12 ) — (0.17 ) 12.32 15.56 0.55 0.55 0.34 8 19

SEE NOTES TO FINANCIAL STATEMENTS27

Financial Highlights continued

Lifestyle Aggressive Portfolio (continued)

Per share operating performance for a share outstanding throughout each period Ratios and supplemental data

Income (loss) from
investment operations Less Distributions Ratios to average net assets

Period ended Net asset
value,
beginning
of period
($) Net
invest-
ment
income
(loss)
($)^1,2 Net
realized
and
unrealized
gain (loss)
on invest-
ments
($) Total
from
invest-
ment
operations
($) From net
invest-
ment
income
($) From net
realized
gain
($) From tax
return
of capital
($) Total
distribu-
tions
($) Net asset
value, end
of period
($) Total
return
(%)^3,4 Expenses
before
reductions
(%)⁵ Expenses
including
reductions
(%)⁵ Net
investment
income
(loss) (%)¹ Net
assets,
end of
period (in
millions) Portfolio
turnover
(%)

CLASS R5

06-30-2015⁶ 16.26 (0.01 ) 0.67 0.66 — — — — 16.92 4.06 ⁷ 0.22 ⁸ 0.19 ⁸ (0.07 ) ⁸ 12 4

12-31-2014 15.92 0.12 0.61 0.73 (0.13 ) (0.26 ) — (0.39 ) 16.26 4.56 0.28 0.26 0.75 12 18

12-31-2013 12.92 0.12 3.25 3.37 (0.12 ) (0.25 ) — (0.37 ) 15.92 26.08 0.25 0.25 0.81 11 21

12-31-2012 11.27 0.08 1.75 1.83 (0.12 ) (0.06 ) — (0.18 ) 12.92 16.22 0.27 0.26 0.62 9 21

12-31-2011 12.31 0.08 (0.91 ) (0.83 ) (0.09 ) (0.12 ) — (0.21 ) 11.27 (6.76 ) 0.26 0.25 0.67 12 25

12-31-2010 10.80 0.08 1.63 1.71 (0.08 ) (0.12 ) — (0.20 ) 12.31 15.84 0.26 0.25 0.68 11 19

CLASS R6

06-30-2015⁶ 16.23 0.01 0.67 0.68 — — — — 16.91 4.19 ⁷ 0.15 ⁸ 0.06 ⁸ 0.08 ⁸ 21 4

12-31-2014 15.89 0.20 0.56 0.76 (0.16 ) (0.26 ) — (0.42 ) 16.23 4.76 0.26 0.06 1.24 15 18

12-31-2013 12.89 0.18 3.21 3.39 (0.14 ) (0.25 ) — (0.39 ) 15.89 26.30 0.38 0.11 1.26 5 21

12-31-2012 11.24 0.36 1.49 1.85 (0.14 ) (0.06 ) — (0.20 ) 12.89 16.43 2.57 0.11 2.88 2 21

12-31-2011¹⁶ 11.68 0.11 (0.33 ) (0.22 ) (0.10 ) (0.12 ) — (0.22 ) 11.24 (1.87 ) ⁷ 16.56 ⁸ 0.11 ⁸ 0.95 ⁷ — ¹⁴ 25 ¹⁷

CLASS 1

06-30-2015⁶ 16.22 — ¹² 0.67 0.67 — — — — 16.89 4.13 ⁷ 0.13 ⁸ 0.11 ⁸ 0.02 ⁸ 3,944 4

12-31-2014 15.88 0.14 0.61 0.75 (0.15 ) (0.26 ) — (0.41 ) 16.22 4.71 0.13 0.11 0.88 3,937 18

12-31-2013 12.89 0.13 3.25 3.38 (0.14 ) (0.25 ) — (0.39 ) 15.88 26.23 0.11 0.11 0.91 4,048 21

12-31-2012 11.24 0.13 1.72 1.85 (0.14 ) (0.06 ) — (0.20 ) 12.89 16.43 0.12 0.11 1.05 3,375 21

12-31-2011 12.28 0.10 (0.92 ) (0.82 ) (0.10 ) (0.12 ) — (0.22 ) 11.24 (6.66 ) 0.11 0.11 0.78 3,164 25

12-31-2010 10.77 0.09 1.63 1.72 (0.09 ) (0.12 ) — (0.21 ) 12.28 16.01 0.12 0.11 0.79 3,499 19

1 Recognition of net investment income by the portfolio is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the portfolio invests.

2 Based on average daily shares outstanding.

3 Does not reflect the effect of sales charges, if any.

4 Total returns would have been lower had certain expenses not been reduced during the applicable periods.

5 Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the portfolio. The range of expense ratios of the underlying funds held by the portfolio was as follows: 0.65% - 3.11%, 0.67% - 2.85%, 0.69% - 3.11%, 0.73% - 1.48%, 0.48% - 1.40% and 0.48% - 1.39%, for the periods ended 6-30-15, 12-31-14, 12-31-13, 12-31-12, 12-31-11 and 12-31-10, respectively.

6 Six months ended 6-30-15. Unaudited.

7 Not annualized.

8 Annualized.

9 Includes the impact of expense recapture for the following periods ended: 12-31-13: 0.04% of average net assets for Cass B shares. 12-31-12: 0.04% of average net assets for Class B shares. 12-31-11: 0.05% of average net assets for Class B shares. 12-31-10: 0.03%, 0.03%, 0.05%, and 0.05% of average net assets for Class A, Class B, Class C and Class R1 shares, respectively.

10 The inception date for Class I shares is 5-1-15.

11 The portfolio turnover is shown for the period from 1-1-15 to 6-30-15.

12 Less than $0.005 per share.

13 The inception date for Class R2 shares is 3-1-12.

14 Less than $500,000.

15 The portfolio turnover is shown for the period from 1-1-12 to 12-31-12.

16 The inception date for Class R6 shares is 9-1-11.

17 The portfolio turnover is shown for the period from 1-1-11 to 12-31-11.

28SEE NOTES TO FINANCIAL STATEMENTS

Lifestyle Growth Portfolio

Per share operating performance for a share outstanding throughout each period Ratios and supplemental data

Income (loss) from
investment operations Less Distributions Ratios to average net assets

Period ended Net asset
value,
beginning
of period
($) Net
invest-
ment
income
(loss)
($)^1,2 Net
realized
and
unrealized
gain (loss)
on invest-
ments
($) Total
from
invest-
ment
operations
($) From net
invest-
ment
income
($) From net
realized
gain
($) From tax
return
of capital
($) Total
distribu-
tions
($) Net asset
value, end
of period
($) Total
return
(%)^3,4 Expenses
before
reductions
(%)⁵ Expenses
including
reductions
(%)⁵ Net
investment
income
(loss) (%)¹ Net
assets,
end of
period (in
millions) Portfolio
turnover
(%)

CLASS A

06-30-2015⁶ 16.35 0.02 0.50 0.52 — — — — 16.87 3.18 ⁷ 0.51 ⁸ 0.47 ⁸ 0.18 ⁸ 1,632 5

12-31-2014 16.09 0.19 0.54 0.73 (0.18 ) (0.29 ) — (0.47 ) 16.35 4.48 0.52 0.47 1.14 1,535 16

12-31-2013 13.53 0.17 2.78 2.95 (0.17 ) (0.22 ) — (0.39 ) 16.09 21.81 0.53 0.52 1.13 1,274 20

12-31-2012 11.96 0.17 1.62 1.79 (0.16 ) (0.06 ) — (0.22 ) 13.53 15.01 0.57 0.56 1.28 890 23

12-31-2011 12.89 0.15 (0.83 ) (0.68 ) (0.14 ) (0.11 ) — (0.25 ) 11.96 (5.30 ) 0.58 0.57 1.14 699 24

12-31-2010 11.50 0.19 1.51 1.70 (0.18 ) (0.13 ) — (0.31 ) 12.89 14.77 0.56 0.55 1.58 593 19

CLASS B

06-30-2015⁶ 16.39 (0.05 ) 0.52 0.47 — — — — 16.86 2.87 ⁷ 1.22 ⁸ 1.20 ⁸ (0.56 ) ⁸ 90 5

12-31-2014 16.14 0.04 0.56 0.60 (0.06 ) (0.29 ) — (0.35 ) 16.39 3.65 1.23 1.21 0.23 100 16

12-31-2013 13.57 0.04 2.80 2.84 (0.05 ) (0.22 ) — (0.27 ) 16.14 20.93 1.24 1.24 0.29 119 20

12-31-2012 12.00 0.06 1.64 1.70 (0.07 ) (0.06 ) — (0.13 ) 13.57 14.18 1.28 1.28 0.50 108 23

12-31-2011 12.92 0.05 (0.81 ) (0.76 ) (0.05 ) (0.11 ) — (0.16 ) 12.00 (5.91 ) 1.31 ⁹ 1.30 0.37 93 24

12-31-2010 11.54 0.08 1.51 1.59 (0.08 ) (0.13 ) — (0.21 ) 12.92 13.81 1.36 ⁹ 1.35 0.69 89 19

CLASS C

06-30-2015⁶ 16.37 (0.05 ) 0.52 0.47 — — — — 16.84 2.87 ⁷ 1.22 ⁸ 1.19 ⁸ (0.54 ) ⁸ 769 5

12-31-2014 16.12 0.06 0.54 0.60 (0.06 ) (0.29 ) — (0.35 ) 16.37 3.66 1.22 1.20 0.38 739 16

12-31-2013 13.56 0.06 2.77 2.83 (0.05 ) (0.22 ) — (0.27 ) 16.12 20.88 1.23 1.23 0.39 646 20

12-31-2012 11.99 0.07 1.63 1.70 (0.07 ) (0.06 ) — (0.13 ) 13.56 14.21 1.27 1.26 0.52 485 23

12-31-2011 12.91 0.05 (0.81 ) (0.76 ) (0.05 ) (0.11 ) — (0.16 ) 11.99 (5.90 ) 1.28 1.27 0.38 422 24

12-31-2010 11.53 0.10 1.51 1.61 (0.10 ) (0.13 ) — (0.23 ) 12.91 13.93 1.25 1.25 0.84 404 19

CLASS I

06-30-2015^6,10 16.97 0.04 (0.19 ) (0.15 ) — — — — 16.82 (0.88 ) ⁷ 0.19 ⁸ 0.17 ⁸ 1.50 ⁸ 7 5 ¹¹

CLASS R1

06-30-2015⁶ 16.41 (0.02 ) 0.51 0.49 — — — — 16.90 2.99 ⁷ 0.90 ⁸ 0.87 ⁸ (0.22 ) ⁸ 22 5

12-31-2014 16.15 0.10 0.56 0.66 (0.11 ) (0.29 ) — (0.40 ) 16.41 4.04 0.89 0.87 0.62 22 16

12-31-2013 13.58 0.10 2.80 2.90 (0.11 ) (0.22 ) — (0.33 ) 16.15 21.36 0.88 0.88 0.69 23 20

12-31-2012 12.01 0.13 1.63 1.76 (0.13 ) (0.06 ) — (0.19 ) 13.58 14.67 0.87 0.86 0.97 19 23

12-31-2011 12.95 0.09 (0.81 ) (0.72 ) (0.11 ) (0.11 ) — (0.22 ) 12.01 (5.59 ) 0.92 0.92 0.70 16 24

12-31-2010 11.57 0.15 1.50 1.65 (0.14 ) (0.13 ) — (0.27 ) 12.95 14.28 0.87 0.86 1.24 15 19

CLASS R2

06-30-2015⁶ 16.27 — ¹² 0.51 0.51 — — — — 16.78 3.13 ⁷ 0.64 ⁸ 0.61 ⁸ 0.05 ⁸ 15 5

12-31-2014 16.02 0.18 0.51 0.69 (0.15 ) (0.29 ) — (0.44 ) 16.27 4.29 0.73 0.62 1.07 12 16

12-31-2013 13.47 0.26 2.66 2.92 (0.15 ) (0.22 ) — (0.37 ) 16.02 21.67 0.90 ⁹ 0.62 1.72 9 20

12-31-2012¹³ 13.05 0.16 0.48 0.64 (0.16 ) (0.06 ) — (0.22 ) 13.47 4.90 ⁷ 16.20 ⁸ 0.62 ⁸ 1.21 ⁷ — ¹⁴ 23 ¹⁵

CLASS R3

06-30-2015⁶ 16.33 (0.01 ) 0.51 0.50 — — — — 16.83 3.06 ⁷ 0.77 ⁸ 0.75 ⁸ (0.10 ) ⁸ 23 5

12-31-2014 16.08 0.11 0.55 0.66 (0.12 ) (0.29 ) — (0.41 ) 16.33 4.09 0.82 0.80 0.69 23 16

12-31-2013 13.52 0.12 2.78 2.90 (0.12 ) (0.22 ) — (0.34 ) 16.08 21.45 0.79 0.79 0.79 24 20

12-31-2012 11.95 0.11 1.65 1.76 (0.13 ) (0.06 ) — (0.19 ) 13.52 14.77 0.81 0.81 0.83 19 23

12-31-2011 12.88 0.10 (0.81 ) (0.71 ) (0.11 ) (0.11 ) — (0.22 ) 11.95 (5.50 ) 0.81 0.81 0.80 22 24

12-31-2010 11.50 0.15 1.51 1.66 (0.15 ) (0.13 ) — (0.28 ) 12.88 14.46 0.81 0.81 1.24 23 19

CLASS R4

06-30-2015⁶ 16.33 0.02 0.52 0.54 — — — — 16.87 3.31 ⁷ 0.48 ⁸ 0.36 ⁸ 0.27 ⁸ 22 5

12-31-2014 16.08 0.21 0.52 0.73 (0.19 ) (0.29 ) — (0.48 ) 16.33 4.49 0.51 0.39 1.26 29 16

12-31-2013 13.51 0.18 2.79 2.97 (0.18 ) (0.22 ) — (0.40 ) 16.08 21.99 0.50 0.40 1.20 24 20

12-31-2012 11.95 0.16 1.65 1.81 (0.19 ) (0.06 ) — (0.25 ) 13.51 15.11 0.50 0.44 1.21 19 23

12-31-2011 12.88 0.14 (0.81 ) (0.67 ) (0.15 ) (0.11 ) — (0.26 ) 11.95 (5.18 ) 0.52 0.52 1.08 17 24

12-31-2010 11.50 0.19 1.51 1.70 (0.19 ) (0.13 ) — (0.32 ) 12.88 14.80 0.48 0.48 1.57 19 19

SEE NOTES TO FINANCIAL STATEMENTS29

Financial Highlights continued

Lifestyle Growth Portfolio (continued)

Per share operating performance for a share outstanding throughout each period Ratios and supplemental data

Income (loss) from
investment operations Less Distributions Ratios to average net assets

Period ended Net asset
value,
beginning
of period
($) Net
invest-
ment
income
(loss)
($)^1,2 Net
realized
and
unrealized
gain (loss)
on invest-
ments
($) Total
from
invest-
ment
operations
($) From net
invest-
ment
income
($) From net
realized
gain
($) From tax
return
of capital
($) Total
distribu-
tions
($) Net asset
value, end
of period
($) Total
return
(%)^3,4 Expenses
before
reductions
(%)⁵ Expenses
including
reductions
(%)⁵ Net
investment
income
(loss) (%)¹ Net
assets,
end of
period (in
millions) Portfolio
turnover
(%)

CLASS R5

06-30-2015⁶ 16.35 0.04 0.51 0.55 — — — — 16.90 3.36 ⁷ 0.17 ⁸ 0.15 ⁸ 0.50 ⁸ 37 5

12-31-2014 16.10 0.22 0.55 0.77 (0.23 ) (0.29 ) — (0.52 ) 16.35 4.71 0.19 0.17 1.34 38 16

12-31-2013 13.52 0.21 2.80 3.01 (0.21 ) (0.22 ) — (0.43 ) 16.10 22.29 0.18 0.18 1.40 37 20

12-31-2012 11.95 0.21 1.63 1.84 (0.21 ) (0.06 ) — (0.27 ) 13.52 15.43 0.18 0.18 1.58 32 23

12-31-2011 12.88 0.19 (0.82 ) (0.63 ) (0.19 ) (0.11 ) — (0.30 ) 11.95 (4.92 ) 0.21 0.20 1.49 26 24

12-31-2010 11.50 0.21 1.52 1.73 (0.22 ) (0.13 ) — (0.35 ) 12.88 15.06 0.21 0.21 1.80 22 19

CLASS R6

06-30-2015⁶ 16.28 0.05 0.51 0.56 — — — — 16.84 3.44 ⁷ 0.12 ⁸ 0.06 ⁸ 0.60 ⁸ 47 5

12-31-2014 16.03 0.30 0.49 0.79 (0.25 ) (0.29 ) — (0.54 ) 16.28 4.86 0.17 0.06 1.81 37 16

12-31-2013 13.47 0.29 2.71 3.00 (0.22 ) (0.22 ) — (0.44 ) 16.03 22.31 0.19 0.11 1.95 19 20

12-31-2012 11.90 0.58 1.27 1.85 (0.22 ) (0.06 ) — (0.28 ) 13.47 15.60 2.23 0.11 4.39 3 23

12-31-2011¹⁶ 12.34 0.19 (0.32 ) (0.13 ) (0.20 ) (0.11 ) — (0.31 ) 11.90 (1.07 ) ⁷ 15.94 ⁸ 0.10 ⁸ 1.58 ⁷ — ¹⁴ 24 ¹⁷

CLASS 1

06-30-2015⁶ 16.28 0.05 0.51 0.56 — — — — 16.84 3.44 ⁷ 0.13 ⁸ 0.11 ⁸ 0.54 ⁸ 11,513 5

12-31-2014 16.03 0.23 0.55 0.78 (0.24 ) (0.29 ) — (0.53 ) 16.28 4.80 0.13 0.11 1.41 11,576 16

12-31-2013 13.47 0.22 2.78 3.00 (0.22 ) (0.22 ) — (0.44 ) 16.03 22.31 0.11 0.11 1.45 11,766 20

12-31-2012 11.91 0.21 1.63 1.84 (0.22 ) (0.06 ) — (0.28 ) 13.47 15.50 0.11 0.11 1.64 10,106 23

12-31-2011 12.84 0.19 (0.81 ) (0.62 ) (0.20 ) (0.11 ) — (0.31 ) 11.91 (4.84 ) 0.11 0.11 1.50 9,411 24

12-31-2010 11.45 0.23 1.52 1.75 (0.23 ) (0.13 ) — (0.36 ) 12.84 15.30 0.11 0.11 1.92 10,305 19

CLASS 5

06-30-2015⁶ 16.26 0.05 0.51 0.56 — — — — 16.82 3.44 ⁷ 0.08 ⁸ 0.06 ⁸ 0.59 ⁸ 250 5

12-31-2014 16.01 0.25 0.54 0.79 (0.25 ) (0.29 ) — (0.54 ) 16.26 4.86 0.08 0.06 1.53 233 16

12-31-2013 13.46 0.24 2.76 3.00 (0.23 ) (0.22 ) — (0.45 ) 16.01 22.31 0.06 0.06 1.60 201 20

12-31-2012 11.90 0.23 1.62 1.85 (0.23 ) (0.06 ) — (0.29 ) 13.46 15.57 0.06 0.06 1.78 142 23

12-31-2011 12.82 0.21 (0.81 ) (0.60 ) (0.21 ) (0.11 ) — (0.32 ) 11.90 (4.72 ) 0.06 0.06 1.63 111 24

12-31-2010 11.44 0.25 1.50 1.75 (0.24 ) (0.13 ) — (0.37 ) 12.82 15.28 0.06 0.06 2.07 98 19

1 Recognition of net investment income by the portfolio is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the portfolio invests.

2 Based on average daily shares outstanding.

3 Does not reflect the effect of sales charges, if any.

4 Total returns would have been lower had certain expenses not been reduced during the applicable periods.

5 Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of the underlying funds held by the portfolio. The range of expense ratio of the underlying funds held by the portfolio was as follows: 0.55% - 3.11%, 0.55% - 2.85%, 0.63%-3.11%, 0.63%-1.48%, 0.48%-1.40% and 0.48%-1.39% for the periods ended 6-30-15, 12-31-14, 12-31-13, 12-31-12, 12-31-11 and 12-31-10, respectively.

6 Six months ended 6-30-15. Unaudited.

7 Not annualized.

8 Annualized.

9 Includes the impact of expense recapture for the following periods ended: 12-31-13: 0.01% of average net assets for Class R2 shares. 12-31-11: 0.02% of average net assets for Class B shares. 12-31-10: 0.07% of average net assets for Class B shares.

10 The inception date for Class I shares is 5-1-15.

11 The portfolio turnover is shown for the period from 1-1-15 to 6-30-15.

12 Less than $0.005 per share.

13 The inception date for Class R2 shares is 3-1-12.

14 Less than $500,000.

15 The portfolio turnover is shown for the period from 1-1-12 to 12-31-12.

16 The inception date for Class R6 shares is 9-1-11.

17 The portfolio turnover is shown for the period from 1-1-11 to 12-31-11.

30SEE NOTES TO FINANCIAL STATEMENTS

Lifestyle Balanced Portfolio

Per share operating performance for a share outstanding throughout each period Ratios and supplemental data

Income (loss) from
investment operations Less Distributions Ratios to average net assets

Period ended Net asset
value,
beginning
of period
($) Net
invest-
ment
income
(loss)
($)^1,2 Net
realized
and
unrealized
gain (loss)
on invest-
ments
($) Total
from
invest-
ment
operations
($) From net
invest-
ment
income
($) From net
realized
gain
($) From tax
return
of capital
($) Total
distribu-
tions
($) Net asset
value, end
of period
($) Total
return
(%)^3,4 Expenses
before
reductions
(%)⁵ Expenses
including
reductions
(%)⁵ Net
investment
income
(loss) (%)¹ Net
assets,
end of
period (in
millions) Portfolio
turnover
(%)

CLASS A

06-30-2015⁶ 15.55 0.06 0.32 0.38 (0.06 ) — — (0.06 ) 15.87 2.44 ⁷ 0.52 ⁸ 0.47 ⁸ 0.78 ⁸ 1,883 4

12-31-2014 15.36 0.28 0.34 0.62 (0.27 ) (0.16 ) — (0.43 ) 15.55 4.00 0.52 0.47 1.77 1,786 15

12-31-2013 13.61 0.25 1.89 2.14 (0.24 ) (0.15 ) — (0.39 ) 15.36 15.76 0.53 0.51 1.69 1,461 19

12-31-2012 12.26 0.26 1.40 1.66 (0.24 ) (0.07 ) — (0.31 ) 13.61 13.59 0.56 0.56 1.96 1,043 20

12-31-2011 12.96 0.28 (0.62 ) (0.34 ) (0.26 ) (0.10 ) — (0.36 ) 12.26 (2.62 ) 0.57 0.57 2.17 751 23

12-31-2010 11.85 0.31 1.23 1.54 (0.30 ) (0.13 ) — (0.43 ) 12.96 13.13 0.54 0.54 2.55 588 19

CLASS B

06-30-2015⁶ 15.54 — ⁹ 0.32 0.32 — ⁹ — — — ⁹ 15.86 2.08 ⁷ 1.22 ⁸ 1.20 ⁸ 0.03 ⁸ 90 4

12-31-2014 15.35 0.13 0.37 0.50 (0.15 ) (0.16 ) — (0.31 ) 15.54 3.21 1.24 1.22 0.85 98 15

12-31-2013 13.61 0.12 1.90 2.02 (0.13 ) (0.15 ) — (0.28 ) 15.35 14.84 1.28 1.28 0.81 116 19

12-31-2012 12.26 0.16 1.41 1.57 (0.15 ) (0.07 ) — (0.22 ) 13.61 12.80 1.29 1.28 1.18 107 20

12-31-2011 12.96 0.18 (0.61 ) (0.43 ) (0.17 ) (0.10 ) — (0.27 ) 12.26 (3.30 ) 1.29 1.29 1.41 85 23

12-31-2010 11.85 0.20 1.24 1.44 (0.20 ) (0.13 ) — (0.33 ) 12.96 12.23 1.31 ¹⁰ 1.31 1.67 74 19

CLASS C

06-30-2015⁶ 15.55 — ⁹ 0.33 0.33 — ⁹ — — — ⁹ 15.88 2.14 ⁷ 1.22 ⁸ 1.19 ⁸ 0.05 ⁸ 924 4

12-31-2014 15.37 0.16 0.33 0.49 (0.15 ) (0.16 ) — (0.31 ) 15.55 3.18 1.22 1.20 1.00 892 15

12-31-2013 13.62 0.14 1.89 2.03 (0.13 ) (0.15 ) — (0.28 ) 15.37 14.93 1.23 1.23 0.96 767 19

12-31-2012 12.27 0.16 1.41 1.57 (0.15 ) (0.07 ) — (0.22 ) 13.62 12.81 1.26 1.26 1.19 579 20

12-31-2011 12.97 0.18 (0.61 ) (0.43 ) (0.17 ) (0.10 ) — (0.27 ) 12.27 (3.29 ) 1.27 1.27 1.37 484 23

12-31-2010 11.86 0.22 1.23 1.45 (0.21 ) (0.13 ) — (0.34 ) 12.97 12.34 1.24 1.24 1.82 448 19

CLASS I

06-30-2015^6,11 16.00 0.07 (0.24 ) (0.17 ) (0.04 ) — — (0.04 ) 15.79 (1.04 ) 0.19 0.17 2.67 4 4 ¹²

CLASS R1

06-30-2015⁶ 15.48 0.03 0.32 0.35 (0.03 ) — — (0.03 ) 15.80 2.26 ⁷ 0.89 ⁸ 0.87 ⁸ 0.37 ⁸ 18 4

12-31-2014 15.30 0.19 0.35 0.54 (0.20 ) (0.16 ) — (0.36 ) 15.48 3.52 0.92 0.91 1.22 20 15

12-31-2013 13.57 0.18 1.88 2.06 (0.18 ) (0.15 ) — (0.33 ) 15.30 15.23 0.90 0.90 1.21 19 19

12-31-2012 12.22 0.20 1.42 1.62 (0.20 ) (0.07 ) — (0.27 ) 13.57 13.29 0.86 0.86 1.52 17 20

12-31-2011 12.92 0.22 (0.60 ) (0.38 ) (0.22 ) (0.10 ) — (0.32 ) 12.22 (2.94 ) 0.94 0.94 1.68 16 23

12-31-2010 11.82 0.26 1.23 1.49 (0.26 ) (0.13 ) — (0.39 ) 12.92 12.75 0.88 0.88 2.17 15 19

CLASS R2

06-30-2015⁶ 15.48 0.05 0.31 0.36 (0.05 ) — — (0.05 ) 15.79 2.33 ⁷ 0.65 ⁸ 0.61 ⁸ 0.66 ⁸ 14 4

12-31-2014 15.29 0.29 0.30 0.59 (0.24 ) (0.16 ) — (0.40 ) 15.48 3.87 0.79 0.62 1.86 10 15

12-31-2013 13.56 0.34 1.76 2.10 (0.22 ) (0.15 ) — (0.37 ) 15.29 15.59 1.09 ¹⁰ 0.62 2.30 5 19

12-31-2012¹³ 13.15 0.24 0.48 0.72 (0.24 ) (0.07 ) — (0.31 ) 13.56 5.48 ⁷ 16.33 ⁸ 0.61 ⁸ 1.78 ⁷ — ¹⁴ 20 ¹⁵

CLASS R3

06-30-2015⁶ 15.51 0.04 0.32 0.36 (0.04 ) — — (0.04 ) 15.83 2.31 ⁷ 0.77 ⁸ 0.75 ⁸ 0.49 ⁸ 28 4

12-31-2014 15.33 0.20 0.36 0.56 (0.22 ) (0.16 ) — (0.38 ) 15.51 3.64 0.80 0.78 1.27 30 15

12-31-2013 13.59 0.19 1.90 2.09 (0.20 ) (0.15 ) — (0.35 ) 15.33 15.43 0.77 0.77 1.31 35 19

12-31-2012 12.24 0.21 1.42 1.63 (0.21 ) (0.07 ) — (0.28 ) 13.59 13.38 0.78 0.77 1.62 33 20

12-31-2011 12.94 0.23 (0.59 ) (0.36 ) (0.24 ) (0.10 ) — (0.34 ) 12.24 (2.82 ) 0.79 0.78 1.79 36 23

12-31-2010 11.83 0.28 1.23 1.51 (0.27 ) (0.13 ) — (0.40 ) 12.94 12.89 0.79 0.79 2.28 39 19

CLASS R4

06-30-2015⁶ 15.52 0.07 0.32 0.39 (0.07 ) — — (0.07 ) 15.84 2.50 ⁷ 0.47 ⁸ 0.35 ⁸ 0.83 ⁸ 25 4

12-31-2014 15.33 0.28 0.35 0.63 (0.28 ) (0.16 ) — (0.44 ) 15.52 4.12 0.49 0.37 1.78 40 15

12-31-2013 13.59 0.26 1.89 2.15 (0.26 ) (0.15 ) — (0.41 ) 15.33 15.90 0.46 0.35 1.76 77 19

12-31-2012 12.24 0.28 1.40 1.68 (0.26 ) (0.07 ) — (0.33 ) 13.59 13.77 0.46 0.39 2.10 70 20

12-31-2011 12.94 0.28 (0.60 ) (0.32 ) (0.28 ) (0.10 ) — (0.38 ) 12.24 (2.52 ) 0.50 0.50 2.13 26 23

12-31-2010 11.84 0.31 1.23 1.54 (0.31 ) (0.13 ) — (0.44 ) 12.94 13.19 0.45 0.45 2.53 29 19

SEE NOTES TO FINANCIAL STATEMENTS31

Financial Highlights continued

Lifestyle Balanced Portfolio (continued)

Per share operating performance for a share outstanding throughout each period Ratios and supplemental data

Income (loss) from
investment operations Less Distributions Ratios to average net assets

Period ended Net asset
value,
beginning
of period
($) Net
invest-
ment
income
(loss)
($)^1,2 Net
realized
and
unrealized
gain (loss)
on invest-
ments
($) Total
from
invest-
ment
operations
($) From net
invest-
ment
income
($) From net
realized
gain
($) From tax
return
of capital
($) Total
distribu-
tions
($) Net asset
value, end
of period
($) Total
return
(%)^3,4 Expenses
before
reductions
(%)⁵ Expenses
including
reductions
(%)⁵ Net
investment
income
(loss) (%)¹ Net
assets,
end of
period (in
millions) Portfolio
turnover
(%)

CLASS R5

06-30-2015⁶ 15.53 0.09 0.32 0.41 (0.08 ) — — (0.08 ) 15.86 2.66 ⁷ 0.17 ⁸ 0.14 ⁸ 1.09 ⁸ 40 4

12-31-2014 15.35 0.31 0.34 0.65 (0.31 ) (0.16 ) — (0.47 ) 15.53 4.25 0.19 0.17 1.96 41 15

12-31-2013 13.60 0.28 1.91 2.19 (0.29 ) (0.15 ) — (0.44 ) 15.35 16.20 0.17 0.17 1.93 41 19

12-31-2012 12.26 0.28 1.42 1.70 (0.29 ) (0.07 ) — (0.36 ) 13.60 13.96 0.17 0.17 2.13 39 20

12-31-2011 12.96 0.31 (0.60 ) (0.29 ) (0.31 ) (0.10 ) — (0.41 ) 12.26 (2.23 ) 0.18 0.18 2.42 42 23

12-31-2010 11.85 0.35 1.23 1.58 (0.34 ) (0.13 ) — (0.47 ) 12.96 13.52 0.18 0.18 2.89 38 19

CLASS R6

06-30-2015⁶ 15.47 0.10 0.31 0.41 (0.09 ) — — (0.09 ) 15.79 2.67 ⁷ 0.12 ⁸ 0.06 ⁸ 1.24 ⁸ 63 4

12-31-2014 15.29 0.36 0.31 0.67 (0.33 ) (0.16 ) — (0.49 ) 15.47 4.38 0.16 0.06 2.29 39 15

12-31-2013 13.55 0.36 1.83 2.19 (0.30 ) (0.15 ) — (0.45 ) 15.29 16.26 0.17 0.11 2.49 21 19

12-31-2012 12.21 0.46 1.25 1.71 (0.30 ) (0.07 ) — (0.37 ) 13.55 14.09 1.15 0.11 3.50 5 20

12-31-2011¹⁶ 12.56 0.21 (0.24 ) (0.03 ) (0.22 ) (0.10 ) — (0.32 ) 12.21 (0.22 ) ⁷ 16.36 ⁸ 0.10 ⁸ 1.69 ⁷ — ¹⁴ 23 ¹⁷

CLASS 1

06-30-2015⁶ 15.46 0.09 0.32 0.41 (0.09 ) — — (0.09 ) 15.78 2.64 ⁷ 0.13 ⁸ 0.11 ⁸ 1.13 ⁸ 11,835 4

12-31-2014 15.28 0.32 0.34 0.66 (0.32 ) (0.16 ) — (0.48 ) 15.46 4.33 0.13 0.11 2.02 12,041 15

12-31-2013 13.55 0.29 1.89 2.18 (0.30 ) (0.15 ) — (0.45 ) 15.28 16.18 0.11 0.11 2.00 12,284 19

12-31-2012 12.21 0.30 1.41 1.71 (0.30 ) (0.07 ) — (0.37 ) 13.55 14.09 0.11 0.11 2.31 10,974 20

12-31-2011 12.90 0.32 (0.59 ) (0.27 ) (0.32 ) (0.10 ) — (0.42 ) 12.21 (2.10 ) 0.11 0.11 2.49 9,822 23

12-31-2010 11.80 0.35 1.23 1.58 (0.35 ) (0.13 ) — (0.48 ) 12.90 13.57 0.11 0.11 2.88 10,003 19

CLASS 5

06-30-2015⁶ 15.47 0.09 0.32 0.41 (0.09 ) — — (0.09 ) 15.79 2.67 ⁷ 0.08 ⁸ 0.06 ⁸ 1.19 ⁸ 147 4

12-31-2014 15.29 0.34 0.33 0.67 (0.33 ) (0.16 ) — (0.49 ) 15.47 4.38 0.08 0.06 2.14 139 15

12-31-2013 13.55 0.31 1.89 2.20 (0.31 ) (0.15 ) — (0.46 ) 15.29 16.31 0.06 0.06 2.15 118 19

12-31-2012 12.21 0.33 1.39 1.72 (0.31 ) (0.07 ) — (0.38 ) 13.55 14.14 0.06 0.06 2.49 85 20

12-31-2011 12.91 0.34 (0.61 ) (0.27 ) (0.33 ) (0.10 ) — (0.43 ) 12.21 (2.13 ) 0.06 0.06 2.65 60 23

12-31-2010 11.80 0.37 1.23 1.60 (0.36 ) (0.13 ) — (0.49 ) 12.91 13.71 0.06 0.06 3.07 49 19

1 Recognition of net investment income by the portfolio is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the portfolio invests.

2 Based on average daily shares outstanding.

3 Does not reflect the effect of sales charges, if any.

4 Total returns would have been lower had certain expenses not been reduced during the applicable periods.

5 Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the portfolio. The range of expense ratios of the underlying funds held by the portfolio was as follows: 0.55% - 3.11%, 0.55% - 2.85%, 0.62% - 3.11%, 0.63% - 1.48%, 0.48% - 1.40% and 0.48% - 1.39%, for the periods ended 6-30-14, 12-31-14, 12-31-13, 12-31-12, 12-31-11 and 12-31-10, respectively.

6 Six months ended 6-30-15. Unaudited.

7 Not annualized.

8 Annualized.

9 Less than $0.005 per share.

10 Includes the impact of expense recapture for the following periods ended: 12-31-13: 0.005% of average net assets for R2. 12-31-10: 0.03% of average net assets for Class B shares.

11 The inception date for Class I shares is 5-1-15.

12 The portfolio turnover is shown for the period from 1-1-15 to 6-30-15.

13 The inception date for Class R2 shares is 3-1-12.

14 Less than $500,000.

15 The portfolio turnover is shown for the period from 1-1-12 to 12-31-12.

16 The inception date for Class R6 shares is 9-1-11.

17 The portfolio turnover is shown for the period from 1-1-11 to 12-31-11.

32SEE NOTES TO FINANCIAL STATEMENTS

Lifestyle Moderate Portfolio

Per share operating performance for a share outstanding throughout each period Ratios and supplemental data

Income (loss) from
investment operations Less Distributions Ratios to average net assets

Period ended Net asset
value,
beginning
of period
($) Net
invest-
ment
income
(loss)
($)^1,2 Net
realized
and
unrealized
gain (loss)
on invest-
ments
($) Total
from
invest-
ment
operations
($) From net
invest-
ment
income
($) From net
realized
gain
($) From tax
return
of capital
($) Total
distribu-
tions
($) Net asset
value, end
of period
($) Total
return
(%)^3,4 Expenses
before
reductions
(%)⁵ Expenses
including
reductions
(%)⁵ Net
investment
income
(loss) (%)¹ Net
assets,
end of
period (in
millions) Portfolio
turnover
(%)

CLASS A

06-30-2015⁶ 14.11 0.10 0.09 0.19 (0.09 ) — — (0.09 ) 14.21 1.37 ⁷ 0.51 ⁸ 0.47 ⁸ 1.33 ⁸ 687 4

12-31-2014 14.29 0.35 0.17 0.52 (0.33 ) (0.37 ) — (0.70 ) 14.11 3.63 0.52 0.47 2.36 662 14

12-31-2013 13.35 0.31 1.02 1.33 (0.30 ) (0.09 ) — (0.39 ) 14.29 10.05 0.53 0.52 2.22 551 17

12-31-2012 12.28 0.33 1.13 1.46 (0.31 ) (0.08 ) — (0.39 ) 13.35 11.94 0.57 0.57 2.50 399 18

12-31-2011 12.63 0.38 (0.29 ) 0.09 (0.35 ) (0.09 ) — (0.44 ) 12.28 0.73 0.58 0.58 2.96 299 19

12-31-2010 11.77 0.41 0.97 1.38 (0.39 ) (0.13 ) — (0.52 ) 12.63 11.85 0.55 0.55 3.37 220 20

CLASS B

06-30-2015⁶ 14.10 0.04 0.10 0.14 (0.04 ) — — (0.04 ) 14.20 1.00 ⁷ 1.23 ⁸ 1.22 ⁸ 0.56 ⁸ 35 4

12-31-2014 14.28 0.21 0.20 0.41 (0.22 ) (0.37 ) — (0.59 ) 14.10 2.84 1.25 1.24 1.43 39 14

12-31-2013 13.34 0.19 1.04 1.23 (0.20 ) (0.09 ) — (0.29 ) 14.28 9.23 1.26 1.25 1.36 45 17

12-31-2012 12.27 0.23 1.14 1.37 (0.22 ) (0.08 ) — (0.30 ) 13.34 11.14 1.30 1.30 1.74 45 18

12-31-2011 12.63 0.28 (0.29 ) (0.01 ) (0.26 ) (0.09 ) — (0.35 ) 12.27 (0.08 ) 1.32 1.32 2.22 35 19

12-31-2010 11.76 0.30 0.99 1.29 (0.29 ) (0.13 ) — (0.42 ) 12.63 11.05 1.34 ⁹ 1.34 2.50 26 20

CLASS C

06-30-2015⁶ 14.11 0.04 0.11 0.15 (0.04 ) — — (0.04 ) 14.22 1.07 ⁷ 1.21 ⁸ 1.20 ⁸ 0.61 ⁸ 415 4

12-31-2014 14.30 0.23 0.17 0.40 (0.22 ) (0.37 ) — (0.59 ) 14.11 2.79 1.22 1.21 1.59 411 14

12-31-2013 13.35 0.20 1.04 1.24 (0.20 ) (0.09 ) — (0.29 ) 14.30 9.34 1.23 1.23 1.47 366 17

12-31-2012 12.28 0.23 1.14 1.37 (0.22 ) (0.08 ) — (0.30 ) 13.35 11.17 1.27 1.27 1.77 288 18

12-31-2011 12.64 0.28 (0.29 ) (0.01 ) (0.26 ) (0.09 ) — (0.35 ) 12.28 (0.05 ) 1.28 1.28 2.21 227 19

12-31-2010 11.77 0.32 0.98 1.30 (0.30 ) (0.13 ) — (0.43 ) 12.64 11.15 1.25 1.25 2.67 183 20

CLASS I

06-30-2015^6,10 14.42 0.11 (0.30 ) (0.19 ) (0.06 ) — — (0.06 ) 14.17 (1.31 ) 0.19 0.17 4.89 2 4 ¹¹

CLASS R1

06-30-2015⁶ 14.09 0.06 0.10 0.16 (0.06 ) — — (0.06 ) 14.19 1.16 ⁷ 0.91 ⁸ 0.90 ⁸ 0.90 ⁸ 8 4

12-31-2014 14.28 0.24 0.20 0.44 (0.26 ) (0.37 ) — (0.63 ) 14.09 3.07 1.01 1.00 1.65 8 14

12-31-2013 13.35 0.23 1.04 1.27 (0.25 ) (0.09 ) — (0.34 ) 14.28 9.55 0.94 0.94 1.68 10 17

12-31-2012 12.27 0.27 1.15 1.42 (0.26 ) (0.08 ) — (0.34 ) 13.35 11.58 0.96 0.96 2.10 10 18

12-31-2011 12.63 0.30 (0.27 ) 0.03 (0.30 ) (0.09 ) — (0.39 ) 12.27 0.21 1.03 1.03 2.32 7 19

12-31-2010 11.76 0.33 1.00 1.33 (0.33 ) (0.13 ) — (0.46 ) 12.63 11.45 0.98 ⁹ 0.98 2.72 7 20

CLASS R2

06-30-2015⁶ 14.06 0.09 0.11 0.20 (0.09 ) — — (0.09 ) 14.17 1.39 ⁷ 0.69 ⁸ 0.62 ⁸ 1.26 ⁸ 7 4

12-31-2014 14.25 0.36 0.13 0.49 (0.31 ) (0.37 ) — (0.68 ) 14.06 3.41 1.02 0.62 2.50 4 14

12-31-2013 13.32 0.39 0.92 1.31 (0.29 ) (0.09 ) — (0.38 ) 14.25 9.92 1.68 ⁹ 0.62 2.82 2 17

12-31-2012¹² 12.96 0.30 0.45 0.75 (0.31 ) (0.08 ) — (0.39 ) 13.32 5.80 ⁷ 16.03 ⁸ 0.62 ⁸ 2.29 ⁷ — ¹³ 18 ¹⁴

CLASS R3

06-30-2015⁶ 14.08 0.07 0.11 0.18 (0.07 ) — — (0.07 ) 14.19 1.29 ⁷ 0.80 ⁸ 0.79 ⁸ 1.00 ⁸ 10 4

12-31-2014 14.27 0.27 0.19 0.46 (0.28 ) (0.37 ) — (0.65 ) 14.08 3.16 0.89 0.87 1.82 10 14

12-31-2013 13.33 0.25 1.04 1.29 (0.26 ) (0.09 ) — (0.35 ) 14.27 9.70 0.84 0.84 1.82 11 17

12-31-2012 12.26 0.27 1.16 1.43 (0.28 ) (0.08 ) — (0.36 ) 13.33 11.64 0.88 0.88 2.08 10 18

12-31-2011 12.62 0.32 (0.27 ) 0.05 (0.32 ) (0.09 ) — (0.41 ) 12.26 0.38 0.88 0.88 2.54 10 19

12-31-2010 11.76 0.35 0.99 1.34 (0.35 ) (0.13 ) — (0.48 ) 12.62 11.56 0.87 0.87 2.87 10 20

CLASS R4

06-30-2015⁶ 14.06 0.10 0.10 0.20 (0.10 ) — — (0.10 ) 14.16 1.42 ⁷ 0.50 ⁸ 0.39 ⁸ 1.39 ⁸ 13 4

12-31-2014 14.25 0.34 0.18 0.52 (0.34 ) (0.37 ) — (0.71 ) 14.06 3.60 0.57 0.45 2.36 14 14

12-31-2013 13.31 0.31 1.03 1.34 (0.31 ) (0.09 ) — (0.40 ) 14.25 10.17 0.55 0.44 2.19 13 17

12-31-2012 12.24 0.33 1.14 1.47 (0.32 ) (0.08 ) — (0.40 ) 13.31 12.02 0.57 0.51 2.51 11 18

12-31-2011 12.60 0.36 (0.28 ) 0.08 (0.35 ) (0.09 ) — (0.44 ) 12.24 0.65 0.63 0.63 2.81 8 19

12-31-2010 11.74 0.40 0.97 1.37 (0.38 ) (0.13 ) — (0.51 ) 12.60 11.84 0.60 ⁹ 0.60 3.30 7 20

SEE NOTES TO FINANCIAL STATEMENTS33

Financial Highlights continued

Lifestyle Moderate Portfolio (continued)

Per share operating performance for a share outstanding throughout each period Ratios and supplemental data

Income (loss) from
investment operations Less Distributions Ratios to average net assets

Period ended Net asset
value,
beginning
of period
($) Net
invest-
ment
income
(loss)
($)^1,2 Net
realized
and
unrealized
gain (loss)
on invest-
ments
($) Total
from
invest-
ment
operations
($) From net
invest-
ment
income
($) From net
realized
gain
($) From tax
return
of capital
($) Total
distribu-
tions
($) Net asset
value, end
of period
($) Total
return
(%)^3,4 Expenses
before
reductions
(%)⁵ Expenses
including
reductions
(%)⁵ Net
investment
income
(loss) (%)¹ Net
assets,
end of
period (in
millions) Portfolio
turnover
(%)

CLASS R5

06-30-2015⁶ 14.07 0.11 0.11 0.22 (0.11 ) — — (0.11 ) 14.18 1.59 ⁷ 0.21 ⁸ 0.19 ⁸ 1.61 ⁸ 12 4

12-31-2014 14.26 0.36 0.18 0.54 (0.36 ) (0.37 ) — (0.73 ) 14.07 3.78 0.27 0.26 2.45 12 14

12-31-2013 13.32 0.35 1.02 1.37 (0.34 ) (0.09 ) — (0.43 ) 14.26 10.39 0.25 0.25 2.53 13 17

12-31-2012 12.26 0.31 1.19 1.50 (0.36 ) (0.08 ) — (0.44 ) 13.32 12.26 0.27 0.27 2.41 9 18

12-31-2011 12.62 0.41 (0.28 ) 0.13 (0.40 ) (0.09 ) — (0.49 ) 12.26 1.00 0.24 0.24 3.21 15 19

12-31-2010 11.75 0.46 0.97 1.43 (0.43 ) (0.13 ) — (0.56 ) 12.62 12.35 0.24 0.24 3.75 11 20

CLASS R6

06-30-2015⁶ 14.05 0.13 0.10 0.23 (0.12 ) — — (0.12 ) 14.16 1.66 ⁷ 0.13 ⁸ 0.06 ⁸ 1.80 ⁸ 28 4

12-31-2014 14.24 0.42 0.15 0.57 (0.39 ) (0.37 ) — (0.76 ) 14.05 3.99 0.21 0.06 2.90 20 14

12-31-2013 13.31 0.45 0.93 1.38 (0.36 ) (0.09 ) — (0.45 ) 14.24 10.49 0.32 0.11 3.22 11 17

12-31-2012 12.24 0.62 0.90 1.52 (0.37 ) (0.08 ) — (0.45 ) 13.31 12.50 4.79 0.11 4.66 2 18

12-31-2011¹⁵ 12.51 0.24 (0.17 ) 0.07 (0.25 ) (0.09 ) — (0.34 ) 12.24 0.60 ⁷ 16.24 ⁸ 0.11 ⁸ 1.94 ⁷ — ¹³ 19 ¹⁶

CLASS 1

06-30-2015⁶ 14.07 0.12 0.11 0.23 (0.12 ) — — (0.12 ) 14.18 1.63 ⁷ 0.12 ⁸ 0.11 ⁸ 1.68 ⁸ 3,320 4

12-31-2014 14.26 0.38 0.18 0.56 (0.38 ) (0.37 ) — (0.75 ) 14.07 3.93 0.12 0.11 2.62 3,455 14

12-31-2013 13.32 0.35 1.04 1.39 (0.36 ) (0.09 ) — (0.45 ) 14.26 10.55 0.11 0.11 2.51 3,562 17

12-31-2012 12.25 0.37 1.15 1.52 (0.37 ) (0.08 ) — (0.45 ) 13.32 12.49 0.11 0.11 2.87 3,414 18

12-31-2011 12.61 0.41 (0.27 ) 0.14 (0.41 ) (0.09 ) — (0.50 ) 12.25 1.12 0.11 0.11 3.26 3,057 19

12-31-2010 11.74 0.44 1.00 1.44 (0.44 ) (0.13 ) — (0.57 ) 12.61 12.43 0.11 0.11 3.66 3,026 20

CLASS 5

06-30-2015⁶ 14.06 0.12 0.10 0.22 (0.12 ) — — (0.12 ) 14.16 1.58 ⁷ 0.08 ⁸ 0.06 ⁸ 1.75 ⁸ 54 4

12-31-2014 14.24 0.40 0.18 0.58 (0.39 ) (0.37 ) — (0.76 ) 14.06 4.06 0.07 0.06 2.72 52 14

12-31-2013 13.31 0.36 1.03 1.39 (0.37 ) (0.09 ) — (0.46 ) 14.24 10.54 0.06 0.06 2.62 48 17

12-31-2012 12.24 0.39 1.14 1.53 (0.38 ) (0.08 ) — (0.46 ) 13.31 12.56 0.06 0.06 3.03 39 18

12-31-2011 12.60 0.44 (0.29 ) 0.15 (0.42 ) (0.09 ) — (0.51 ) 12.24 1.17 0.06 0.06 3.43 27 19

12-31-2010 11.73 0.47 0.97 1.44 (0.44 ) (0.13 ) — (0.57 ) 12.60 12.50 0.06 0.06 3.87 22 20

1 Recognition of net investment income by the portfolio is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the portfolio invests.

2 Based on average daily shares outstanding.

3 Does not reflect the effect of sales charges, if any.

4 Total returns would have been lower had certain expenses not been reduced during the applicable periods.

5 Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of the underlying funds held by the portfolio. The range of expense ratio of the underlying funds held by the portfolio was as follows: 0.55% - 3.11%, 0.55% - 2.85%, 0.62%-3.11%, 0.63%-1.48%, 0.48%-1.40% and 0.48%-1.14% for the periods ended 6-30-15, 12-31-14, 12-31-13, 12-31-12, 12-31-11 and 12-31-10, respectively.

6 Six months ended 6-30-15. Unaudited.

7 Not annualized.

8 Annualized.

9 Includes the impact of expense recapture for the following periods ended: 12-31-13: 0.01% of average net assets for Class R2 shares. 12-31-10: 0.04%, 0.05% and 0.02%, for Class B, Class R1, and Class R4 shares, respectively, of average net assets.

10 The inception date for Class I shares is 5-1-15.

11 The portfolio turnover is shown for the period from 1-1-15 to 6-30-15.

12 The inception date for Class R2 shares is 3-1-12.

13 Less than $500,000.

14 The portfolio turnover is shown for the period from 1-1-12 to 12-31-12.

15 The inception date for Class R6 shares is 9-1-11.

16 The portfolio turnover is shown for the period from 1-1-11 to 12-31-11.

34SEE NOTES TO FINANCIAL STATEMENTS

Lifestyle Conservative Portfolio

Per share operating performance for a share outstanding throughout each period Ratios and supplemental data

Income (loss) from
investment operations Less Distributions Ratios to average net assets

Period ended Net asset
value,
beginning
of period
($) Net
invest-
ment
income
(loss)
($)^1,2 Net
realized
and
unrealized
gain (loss)
on invest-
ments
($) Total
from
invest-
ment
operations
($) From net
invest-
ment
income
($) From net
realized
gain
($) From tax
return
of capital
($) Total
distribu-
tions
($) Net asset
value, end
of period
($) Total
return
(%)^3,4 Expenses
before
reductions
(%)⁵ Expenses
including
reductions
(%)⁵ Net
investment
income
(loss) (%)¹ Net
assets,
end of
period (in
millions) Portfolio
turnover
(%)

CLASS A

06-30-2015⁶ 13.30 0.11 (0.04 ) 0.07 (0.11 ) — — (0.11 ) 13.26 0.49 ⁷ 0.51 ⁸ 0.47 ⁸ 1.59 ⁸ 602 4

12-31-2014 13.68 0.37 0.10 0.47 (0.37 ) (0.48 ) — (0.85 ) 13.30 3.44 0.53 0.47 2.67 600 22

12-31-2013 13.44 0.33 0.29 0.62 (0.33 ) (0.05 ) — (0.38 ) 13.68 4.66 0.54 0.52 2.44 530 17

12-31-2012 12.63 0.38 0.88 1.26 (0.37 ) (0.08 ) — (0.45 ) 13.44 10.03 0.56 0.56 2.89 472 14

12-31-2011 12.77 0.46 (0.11 ) 0.35 (0.43 ) (0.06 ) — (0.49 ) 12.63 2.75 0.58 0.58 3.61 340 15

12-31-2010 12.15 0.48 0.71 1.19 (0.45 ) (0.12 ) — (0.57 ) 12.77 9.96 0.55 0.55 3.78 218 24

CLASS B

06-30-2015⁶ 13.30 0.06 (0.04 ) 0.02 (0.05 ) — — (0.05 ) 13.27 0.18 ⁷ 1.23 ⁸ 1.21 ⁸ 0.82 ⁸ 34 4

12-31-2014 13.68 0.24 0.12 0.36 (0.26 ) (0.48 ) — (0.74 ) 13.30 2.65 1.25 1.24 1.75 39 22

12-31-2013 13.44 0.22 0.30 0.52 (0.23 ) (0.05 ) — (0.28 ) 13.68 3.87 1.26 1.26 1.65 47 17

12-31-2012 12.63 0.28 0.88 1.16 (0.27 ) (0.08 ) — (0.35 ) 13.44 9.24 1.30 1.30 2.13 48 14

12-31-2011 12.77 0.35 (0.10 ) 0.25 (0.33 ) (0.06 ) — (0.39 ) 12.63 2.01 1.31 1.31 2.75 37 15

12-31-2010 12.15 0.37 0.73 1.10 (0.36 ) (0.12 ) — (0.48 ) 12.77 9.16 1.29 ⁹ 1.29 2.96 28 24

CLASS C

06-30-2015⁶ 13.30 0.06 (0.03 ) 0.03 (0.06 ) — — (0.06 ) 13.27 0.19 ⁷ 1.21 ⁸ 1.20 ⁸ 0.87 ⁸ 381 4

12-31-2014 13.68 0.27 0.09 0.36 (0.26 ) (0.48 ) — (0.74 ) 13.30 2.66 1.23 1.21 1.91 378 22

12-31-2013 13.43 0.23 0.30 0.53 (0.23 ) (0.05 ) — (0.28 ) 13.68 3.98 1.24 1.24 1.71 355 17

12-31-2012 12.62 0.29 0.88 1.17 (0.28 ) (0.08 ) — (0.36 ) 13.43 9.28 1.26 1.26 2.17 335 14

12-31-2011 12.77 0.36 (0.11 ) 0.25 (0.34 ) (0.06 ) — (0.40 ) 12.62 1.95 1.28 1.28 2.81 254 15

12-31-2010 12.14 0.39 0.72 1.11 (0.36 ) (0.12 ) — (0.48 ) 12.77 9.28 1.24 1.24 3.10 189 24

CLASS I

06-30-2015^6,10 13.49 0.14 (0.32 ) (0.18 ) (0.07 ) — — (0.07 ) 13.24 (1.36 ) 0.19 0.17 6.43 4 4 ¹¹

CLASS R1

06-30-2015⁶ 13.29 0.08 (0.03 ) 0.05 (0.08 ) — — (0.08 ) 13.26 0.37 ⁷ 0.90 ⁸ 0.88 ⁸ 1.20 ⁸ 10 4

12-31-2014 13.68 0.30 0.09 0.39 (0.30 ) (0.48 ) — (0.78 ) 13.29 2.86 1.00 0.99 2.14 10 22

12-31-2013 13.43 0.27 0.30 0.57 (0.27 ) (0.05 ) — (0.32 ) 13.68 4.31 0.91 0.91 1.97 9 17

12-31-2012 12.62 0.31 0.88 1.19 (0.30 ) (0.08 ) — (0.38 ) 13.43 9.52 1.07 1.07 2.36 9 14

12-31-2011 12.78 0.33 (0.05 ) 0.28 (0.38 ) (0.06 ) — (0.44 ) 12.62 2.19 1.06 1.06 2.57 7 15

12-31-2010 12.15 0.41 0.74 1.15 (0.40 ) (0.12 ) — (0.52 ) 12.78 9.56 0.93 ⁹ 0.93 3.24 8 24

CLASS R2

06-30-2015⁶ 13.28 0.10 (0.03 ) 0.07 (0.10 ) — — (0.10 ) 13.25 0.51 ⁷ 0.70 ⁸ 0.62 ⁸ 1.45 ⁸ 6 4

12-31-2014 13.67 0.46 (0.02 ) 0.44 (0.35 ) (0.48 ) — (0.83 ) 13.28 3.21 1.13 0.62 3.30 5 22

12-31-2013 13.42 0.39 0.23 0.62 (0.32 ) (0.05 ) — (0.37 ) 13.67 4.67 2.55 0.62 2.86 2 17

12-31-2012¹² 13.12 0.35 0.39 0.74 (0.36 ) (0.08 ) — (0.44 ) 13.42 5.73 ⁷ 10.39 ⁸ 0.62 ⁸ 2.64 ⁷ — ¹³ 14 ¹⁴

CLASS R3

06-30-2015⁶ 13.26 0.08 (0.02 ) 0.06 (0.09 ) — — (0.09 ) 13.23 0.42 ⁷ 0.80 ⁸ 0.78 ⁸ 1.26 ⁸ 10 4

12-31-2014 13.65 0.31 0.10 0.41 (0.32 ) (0.48 ) — (0.80 ) 13.26 3.01 0.88 0.86 2.21 11 22

12-31-2013 13.41 0.30 0.28 0.58 (0.29 ) (0.05 ) — (0.34 ) 13.65 4.39 0.75 0.75 2.18 11 17

12-31-2012 12.60 0.31 0.91 1.22 (0.33 ) (0.08 ) — (0.41 ) 13.41 9.71 0.97 0.97 2.38 11 14

12-31-2011 12.76 0.40 (0.11 ) 0.29 (0.39 ) (0.06 ) — (0.45 ) 12.60 2.30 0.88 0.88 3.08 10 15

12-31-2010 12.14 0.42 0.74 1.16 (0.42 ) (0.12 ) — (0.54 ) 12.76 9.68 0.86 0.86 3.36 11 24

CLASS R4

06-30-2015⁶ 13.27 0.11 (0.03 ) 0.08 (0.11 ) — — (0.11 ) 13.24 0.60 ⁷ 0.53 ⁸ 0.41 ⁸ 1.59 ⁸ 7 4

12-31-2014 13.66 0.36 0.10 0.46 (0.37 ) (0.48 ) — (0.85 ) 13.27 3.36 0.63 0.51 2.62 9 22

12-31-2013 13.42 0.34 0.29 0.63 (0.34 ) (0.05 ) — (0.39 ) 13.66 4.72 0.58 0.48 2.51 9 17

12-31-2012 12.61 0.36 0.90 1.26 (0.37 ) (0.08 ) — (0.45 ) 13.42 10.06 0.60 0.54 2.72 8 14

12-31-2011 12.76 0.45 (0.11 ) 0.34 (0.43 ) (0.06 ) — (0.49 ) 12.61 2.65 0.63 0.63 3.50 9 15

12-31-2010 12.13 0.47 0.72 1.19 (0.44 ) (0.12 ) — (0.56 ) 12.76 9.90 0.67 ⁹ 0.67 3.77 7 24

SEE NOTES TO FINANCIAL STATEMENTS35

Financial Highlights continued

Lifestyle Conservative Portfolio (continued)

Per share operating performance for a share outstanding throughout each period Ratios and supplemental data

Income (loss) from
investment operations Less Distributions Ratios to average net assets

Period ended Net asset
value,
beginning
of period
($) Net
invest-
ment
income
(loss)
($)^1,2 Net
realized
and
unrealized
gain (loss)
on invest-
ments
($) Total
from
invest-
ment
operations
($) From net
invest-
ment
income
($) From net
realized
gain
($) From tax
return
of capital
($) Total
distribu-
tions
($) Net asset
value, end
of period
($) Total
return
(%)^3,4 Expenses
before
reductions
(%)⁵ Expenses
including
reductions
(%)⁵ Net
investment
income
(loss) (%)¹ Net
assets,
end of
period (in
millions) Portfolio
turnover
(%)

CLASS R5

06-30-2015⁶ 13.28 0.12 (0.02 ) 0.10 (0.13 ) — — (0.13 ) 13.25 0.73 ⁷ 0.21 ⁸ 0.19 ⁸ 1.84 ⁸ 10 4

12-31-2014 13.67 0.38 0.12 0.50 (0.41 ) (0.48 ) — (0.89 ) 13.28 3.64 0.26 0.24 2.75 13 22

12-31-2013 13.43 0.37 0.30 0.67 (0.38 ) (0.05 ) — (0.43 ) 13.67 5.03 0.17 0.17 2.70 15 17

12-31-2012 12.62 0.41 0.89 1.30 (0.41 ) (0.08 ) — (0.49 ) 13.43 10.37 0.31 0.31 3.11 15 14

12-31-2011 12.77 0.50 (0.12 ) 0.38 (0.47 ) (0.06 ) — (0.53 ) 12.62 3.00 0.24 0.24 3.91 16 15

12-31-2010 12.15 0.50 0.74 1.24 (0.50 ) (0.12 ) — (0.62 ) 12.77 10.34 0.23 0.23 3.96 9 24

CLASS R6

06-30-2015⁶ 13.27 0.14 (0.04 ) 0.10 (0.13 ) — — (0.13 ) 13.24 0.77 ⁷ 0.17 ⁸ 0.06 ⁸ 2.05 ⁸ 13 4

12-31-2014 13.65 0.47 0.06 0.53 (0.43 ) (0.48 ) — (0.91 ) 13.27 3.87 0.42 0.06 3.41 8 22

12-31-2013 13.42 0.43 0.24 0.67 (0.39 ) (0.05 ) — (0.44 ) 13.65 5.05 0.43 0.11 3.19 5 17

12-31-2012 12.61 0.51 0.81 1.32 (0.43 ) (0.08 ) — (0.51 ) 13.42 10.56 2.50 0.11 3.83 2 14

12-31-2011¹⁵ 12.81 0.27 (0.12 ) 0.15 (0.29 ) (0.06 ) — (0.35 ) 12.61 1.16 ⁷ 16.16 ⁸ 0.11 ⁸ 2.13 ⁷ — ¹³ 15 ¹⁶

CLASS 1

06-30-2015⁶ 13.27 0.13 (0.03 ) 0.10 (0.13 ) — — (0.13 ) 13.24 0.75 ⁷ 0.13 ⁸ 0.11 ⁸ 1.94 ⁸ 2,435 4

12-31-2014 13.66 0.41 0.10 0.51 (0.42 ) (0.48 ) — (0.90 ) 13.27 3.74 0.13 0.11 2.94 2,584 22

12-31-2013 13.42 0.38 0.30 0.68 (0.39 ) (0.05 ) — (0.44 ) 13.66 5.12 0.11 0.11 2.77 2,758 17

12-31-2012 12.61 0.43 0.89 1.32 (0.43 ) (0.08 ) — (0.51 ) 13.42 10.56 0.11 0.11 3.28 3,090 14

12-31-2011 12.76 0.50 (0.10 ) 0.40 (0.49 ) (0.06 ) — (0.55 ) 12.61 3.16 0.11 0.11 3.85 2,626 15

12-31-2010 12.13 0.51 0.75 1.26 (0.51 ) (0.12 ) — (0.63 ) 12.76 10.51 0.11 0.11 4.08 2,391 24

1 Recognition of net investment income by the portfolio is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the portfolio invests.

2 Based on average daily shares outstanding.

3 Does not reflect the effect of sales charges, if any.

4 Total returns would have been lower had certain expenses not been reduced during the applicable periods.

5 Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of the underlying funds held by the portfolio. The range of expense ratio of the underlying funds held by the portfolio was as follows: 0.61% - 3.11%, 0.62% - 2.85%, 0.62%-3.11%, 0.63%-1.48%, 0.48%-1.40% and 0.48%-1.13% for the periods ended 6-30-15, 12-31-14, 12-31-13, 12-31-12, 12-31-11 and 12-31-10, respectively.

6 Six months ended 6-30-15. Unaudited.

7 Not annualized.

8 Annualized.

9 Includes the impact of expense recapture, which amounted to less than 0.005%, 0.05% and 0.06% of average net assets for Class B, Class R1 and Class R4 shares, respectively.

10 The inception date for Class I shares is 5-1-15.

11 The portfolio turnover is shown for the period from 1-1-15 to 6-30-15.

12 The inception date for Class R2 shares is 3-1-12.

13 Less than $500,000.

14 The portfolio turnover is shown for the period from 1-1-12 to 12-31-12.

15 The inception date for Class R6 shares is 9-1-11.

16 The portfolio turnover is shown for the period from 1-1-11 to 12-31-11.

36SEE NOTES TO FINANCIAL STATEMENTS

Notes to financial statements (unaudited)

Note 1 — Organization

John Hancock Funds II (the Trust) is an open-end management investment company organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (the 1940 Act). It is a series company with multiple investment series (the funds), five of which (collectively, Lifestyle Portfolios, or the portfolios, and individually the portfolio) are presented in this report. The Lifestyle Portfolios operate as "funds of funds" that invest in other series of the Trust and other John Hancock group of funds.

The portfolios may offer multiple classes of shares. The shares currently offered by the Trust are detailed in the Statements of assets and liabilities. Class A and Class C are open to all investors. Class B shares are closed to new investors. Class I shares are offered to institutions and certain investors. Class R1, Class R2, Class R3, Class R4 and Class R5 shares are available only to certain retirement plans. Class R6 shares are only available to certain retirement plans, institutions and other investors. Class 1 shares are offered only to certain affiliates of Manulife Financial Corporation (MFC). Class 5 shares are available only to the John Hancock Freedom 529 plan. Shareholders of each class have exclusive voting rights to matters that affect that class. The distribution and service fees, if any, transfer agent fees, state registration fees and printing and postage for each class may differ. Class B shares convert to Class A shares eight years after purchase.

The accounting policies of the John Hancock underlying funds in which the portfolios invest are outlined in the underlying funds' shareholder reports, which include the underlying funds' financial statements, available without charge by calling 800-344-1029 or visiting jhinvestments.com, on the Securities and Exchange Commission (SEC) website at sec.gov or at the SEC's public reference room in Washington, D.C. The underlying funds are not covered by this report.

Note 2 — Significant accounting policies

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (US GAAP), which require management to make certain estimates and assumptions as of the date of the financial statements. Actual results could differ from those estimates and those differences could be significant. The portfolios qualify as investment companies under Topic 946 of Accounting Standards Codification of US GAAP.

Events or transactions occurring after the end of the fiscal period through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the portfolios:

Security valuation. Investments are stated at value as of the close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 p.m., Eastern Time. In order to value the securities, the fund uses the following valuation techniques: Investments by the portfolios in underlying affiliated funds and/or other open-end management investment companies are valued at their respective net asset values each business day.

The portfolios use a three-tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities, including registered investment companies. Level 2 includes securities valued using other significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the portfolios' own assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events or trends, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Changes in valuation techniques and related inputs may result in transfers into or out of an assigned level within the disclosure hierarchy.

As of June 30, 2015, all investments are categorized as Level 1 under the hierarchy described above.

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. Income and capital gain distributions from underlying funds are recorded on ex-date. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.

Line of credit. The portfolios may borrow from banks for temporary or emergency purposes, including meeting redemption requests that otherwise might require the untimely sale of securities. Pursuant to the portfolios' custodian agreement, the custodian may loan money to the portfolios to make properly authorized payments. The portfolios are obligated to repay the custodian for any overdraft, including any related costs or expenses. The custodian may have a lien, security interest or security entitlement in any portfolio property that is not otherwise segregated or pledged, to the extent of any overdraft, to the maximum extent permitted by law.

In addition, during the six months ended June 30, 2015, the portfolios and other affiliated funds had an agreement with Citibank N.A. that enabled them to participate in a $300 million unsecured committed line of credit. Effective June 30, 2015, the portfolios and other affiliated funds entered into a syndicated line of credit agreement, with Citibank as administrative agent, that enables them to participate in a $750 million unsecured committed line of credit. A commitment fee, payable at the end of each calendar quarter, based on the average daily unused portion of the effective line of credit, is charged to each participating fund on a pro rata basis and is reflected in other expenses on the Statements of operations.

Commitment fees for the six months ended June 30, 2015 were as follows:

Portfolio Commitment fee Portfolio Commitment fee

Lifestyle Aggressive Portfolio $1,046 Lifestyle Moderate Portfolio $1,053

Lifestyle Growth Portfolio 2,748 Lifestyle Conservative Portfolio 876

Lifestyle Balanced Portfolio 2,889

For the six months ended June 30, 2015, the portfolios had no borrowings under the line of credit.

Expenses. Within the John Hancock group of funds complex, expenses that are directly attributable to an individual fund are allocated to such fund. Expenses that are not readily attributable to a specific fund are allocated among all funds in an equitable manner, taking into consideration, among other things, the nature and type of expense and the fund's relative net assets. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Class allocations. Income, common expenses and realized and unrealized gains (losses) are determined at the portfolio level and allocated daily to each class of shares based on the net assets of the class. Class-specific expenses, such as distribution and service fees, if any, and transfer agent fees, for all classes, are calculated daily at the class level based on the net assets of each class and the specific expense rates applicable to each class. Through April 30, 2015, class-specific expenses, such as state registration fees and printing and postage, for all classes were calculated daily at the class level based on the net assets of each class and the specific expense rates applicable to each class.

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

As of December 31, 2014, the portfolios had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure. The portfolios' federal tax returns are subject to examination by the Internal Revenue Service for a period of three years.

The costs of investments owned on June 30, 2015, including short-term investments, for federal income tax purposes, were as follows:

Portfolio Aggregate cost Unrealized
appreciation Unrealized
(depreciation) Net unrealized
appreciation/
(depreciation)

Lifestyle Aggressive Portfolio $3,585,891,566 $1,056,476,723 ($20,196,256 ) $1,036,280,467

Lifestyle Growth Portfolio 11,790,506,508 2,736,000,937 (98,570,286 ) 2,637,430,651

Lifestyle Balanced Portfolio 13,028,415,811 2,203,168,332 (157,936,559 ) 2,045,231,773

Lifestyle Moderate Portfolio 4,191,784,996 471,434,457 (73,119,106 ) 398,315,351

Lifestyle Conservative Portfolio 3,407,683,473 169,874,868 (65,265,939 ) 104,608,929

Distribution of income and gains. Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-date. The Lifestyle Aggressive and Lifestyle Growth portfolios generally declare and pay income dividends and capital gain distributions, if any, at least annually. The Lifestyle Balanced, Lifestyle Moderate and Lifestyle Conservative portfolios generally declare and pay income dividends quarterly and capital gain distributions, if any, at least annually.

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

Such distributions, on a tax basis, are determined in conformity with income tax regulations, which may differ from US GAAP. Short-term gains from underlying funds are treated as ordinary income for tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period. Book-tax differences are primarily attributable to wash sale loss deferrals.

Note 3 — Guarantees and indemnifications

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

Note 4 — Fees and transactions with affiliates

John Hancock Advisers, LLC (the Advisor) serves as investment advisor for the portfolios. John Hancock Funds, LLC (the Distributor), an affiliate of the Advisor, serves as principal underwriter of the portfolios. The Advisor and the Distributor are indirect, wholly owned subsidiaries of MFC.

Management fee. The portfolios have an investment management agreement with the Advisor under which the portfolios pay a daily management fee to the Advisor equivalent, on an annual basis, as detailed below. Aggregate net assets include the net assets of the portfolios and the net assets of similar funds of John Hancock Variable Insurance Trust (JHVIT) and net assets of similar funds of the Trust. The Advisor has subadvisory agreements with John Hancock Asset Management, a division of Manulife Asset management (North America) Limited and John Hancock Asset Management, a division of Manulife Asset Management (US) LLC, which are indirect owned subsidiaries of MFC and affiliates of the Advisor.

Under the advisory agreement, the portfolios pay a daily management fee to the Advisor as outlined below:

First $7.5 billion of aggregate net assets Excess over $7.5 billion of aggregate net assets

Affiliated fund assets 0.050% 0.040%

Other assets 0.500% 0.490%

The advisory fee has two components: (a) a fee on assets invested in affiliated funds (Affiliated fund assets) and (b) a fee on assets not invested in affiliated funds (Other assets). Affiliated funds are any funds of the Trust, JHVIT and John Hancock Funds III excluding John Hancock Money Market Trust B, John Hancock 500 Index Trust B, John Hancock Total Bond Market Trust B and John Hancock International Equity Index Trust B.

Expense reimbursements. The Advisor has contractually agreed to waive and/or reimburse all class-specific expenses for Class A, Class I, Class R2 and Class R6 shares of the fund to the extent they exceed 0.41%, 0.11%, 0.56% and 0.00%, respectively, of average net assets (on an annualized basis) attributable to the classes (the class expense waiver). The class expense waiver expires on April 30, 2016, unless renewed by mutual agreement of the portfolio and the Advisor based upon a determination that this is appropriate under the circumstances at that time.

The Advisor has contractually agreed to reduce its management fee and/ or make payment to each portfolio in an amount equal to the amount by which "Other expenses" of a portfolio exceed 0.05% of the average annual net assets (on an annualized basis) of the portfolio. "Other expenses" means all of the expenses of a portfolio, excluding certain expenses such as advisory fees, taxes, brokerage commissions, interest expense, litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the portfolio's business, distribution and service (Rule 12b-1) fees, transfer agency and service fees, underlying fund expenses (acquired fund fees), and short dividend expense. The current expense limitation agreement expires on April 30, 2016, unless renewed by mutual agreement of a portfolio and the Advisor based upon a determination that this is appropriate under the circumstances at that time.

Effective February 18, 2015, the Advisor has contractually agreed to waive its advisory fees and/or reduce expenses by 0.002% of each portfolio's average net assets. This expense limitation agreement expires on April 30, 2016, unless renewed by mutual agreement of the portfolio and the Advisor based upon a determination that this is appropriate under the circumstances at that time.

The Advisor voluntarily agreed to waive its advisory fee or reimburse each portfolio so that the aggregate advisory fee retained by the Advisor with respect to both the portfolio and the underlying investments (after payment of any subadvisory fees) does not exceed 0.50% of the portfolio's first $7.5 billion of average daily net assets and 0.49% of the portfolio's average daily net assets in excess of $7.5 billion. This voluntary waiver may be terminated at any time by the Advisor upon notice to the Trust.

For the six months ended June 30, 2015, the expense reductions related to these agreements amounted to the following and are reflected as a reduction of total expenses in the Statements of operations:

Portfolio Class A Class B Class C Class I Class R1 Class R2 Class R3 Class R4 Class R5 Class R6 Class 1 Class 5 Total

Lifestyle Aggressive Portfolio $105,211 $2,604 $21,860 $17 $991 $2,295 $818 $931 $1,465 $8,680 $495,972 — $640,844

Lifestyle Growth Portfolio 382,885 11,466 91,299 90 2,622 2,732 2,803 3,127 4,554 14,190 1,399,787 $29,356 1,944,911

Lifestyle Balanced Portfolio 438,358 11,390 109,872 61 2,338 2,846 3,547 4,598 4,978 15,291 1,448,121 17,434 2,058,834

Lifestyle Moderate Portfolio 134,642 2,612 29,563 14 598 2,217 728 969 858 8,542 242,992 3,808 427,543

Lifestyle Conservative Portfolio 124,208 2,895 30,357 32 783 2,305 850 704 905 6,552 200,407 — 369,998

The investment management fees, including the impact of the waivers and reimbursements as described above, incurred for the six months ended June 30, 2015 were equivalent to a net annual effective rate of the portfolios' average daily net assets as follows:

Portfolio Annual effective rate

Lifestyle Aggressive Portfolio 0.04%

Lifestyle Growth Portfolio 0.04%

Lifestyle Balanced Portfolio 0.04%

Lifestyle Moderate Portfolio 0.04%

Lifestyle Conservative Portfolio 0.03%

Accounting and legal services. Pursuant to a service agreement, the portfolios reimburse the Advisor for all expenses associated with providing the administrative, financial, legal, accounting and recordkeeping services to the portfolios, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These expenses are allocated to each share class based on its relative net assets at the time the expense was incurred. These accounting and legal services fees incurred for the six months ended June 30, 2015 amounted to an annual rate of 0.01% of the portfolios' average daily net assets.

Distribution and service plans. The portfolios have a distribution agreement with the Distributor. The portfolios have adopted distribution and service plans with respect to Class A, Class B, Class C, Class R1, Class R2, Class R3, Class R4 and Class 1 shares pursuant to Rule 12b-1 under the 1940 Act, to pay the Distributor for services provided as the distributor of shares of the portfolios. In addition, under a service plan for Class R1, Class R2, Class R3, Class R4 and Class R5 shares, the portfolios pay for certain other services. The portfolios may pay up to the following contractual rates of distribution and service fees under these arrangements, expressed as an annual percentage of average daily net assets for each class of the portfolios' shares:

Class Rule 12b-1 fee Service fee Class Rule 12b-1 fee Service fee

Class A 0.30% — Class R3 0.50% 0.15%

Class B 1.00% — Class R4 0.25% 0.10%

Class C 1.00% — Class R5 — 0.05%

Class R1 0.50% 0.25% Class 1 0.05% —

Class R2 0.25% 0.25%

The portfolios' Distributor has contractually agreed to waive 0.10% of Rule 12b-1 fees for Class R4 shares. The current waiver agreement expires on April 30, 2016, unless renewed by mutual agreement of the portfolios and the Distributor based upon a determination that this is appropriate under the circumstances at that time. Reimbursements related to this contractual waiver amounted to the following for the six months ended June 30, 2015:

Portfolio Class R4 Portfolio Class R4

Lifestyle Aggressive Portfolio $3,728 Lifestyle Moderate Portfolio $6,782

Lifestyle Growth Portfolio 13,049 Lifestyle Conservative Portfolio 4,435

Lifestyle Balanced Portfolio 19,148

Sales charges. Class A shares are assessed up-front sales charges of up to 5.00% of the net asset value of such shares. The following summarizes the net up-front sales charges received by the Distributor during the six months ended June 30, 2015:

Lifestyle
Aggressive Lifestyle
Growth Lifestyle
Balanced Lifestyle
Moderate Lifestyle
Conservative

Net sales charges $580,659 $3,667,968 $4,055,055 $1,366,202 $916,462

Retained for printing prospectuses, advertising and sales literature 92,352 593,895 672,202 227,064 153,485

Sales commission to unrelated broker-dealers 478,793 3,035,952 3,343,018 1,124,523 750,874

Sales commission to affiliated sales personnel 9,514 38,121 39,835 14,615 12,103

Class A, Class B and Class C shares may be subject to contingent deferred sales charges (CDSCs). Certain Class A shares that are acquired through purchases of $1 million or more and are redeemed within one year of purchase are subject to a 1.00% sales charge. Class B shares that are redeemed within six years of purchase are subject to CDSCs, at declining rates, beginning at 5.00%. Class C shares that are redeemed within one year of purchase are subject to a 1.00% CDSC. CDSCs are applied to the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Proceeds from CDSCs are used to compensate the Distributor for providing distribution-related services in connection with the sale of these shares. During the six months ended June 30, 2015, CDSCs received by the Distributor were as follows:

Portfolio Class A Class B Class C

Lifestyle Aggressive Portfolio $239 $7,664 $9,618

Lifestyle Growth Portfolio 3,842 38,771 41,205

Lifestyle Balanced Portfolio 8,319 39,630 53,256

Lifestyle Moderate Portfolio 13,357 27,221 37,494

Lifestyle Conservative Portfolio 300 28,672 28,450

Transfer agent fees. The portfolios have a transfer agent agreement with John Hancock Signature Services, Inc. (Signature Services), an affiliate of the Advisor. The transfer agent fees paid to Signature Services are determined based on the cost to Signature Services (Signature Services Cost) of providing recordkeeping services. It also includes out-of-pocket expenses, including payments made to third-parties for recordkeeping services provided to their clients who invest in one or more John Hancock funds. In addition, Signature Services Cost may be reduced by certain fees that Signature Services receives in connection with retirement and small accounts. Signature Services Cost is calculated monthly and allocated, as applicable, to five categories of share classes: Retail Share and Institutional Classes of Non-Municipal Bond Funds, Class R6 Shares, Retirement Share Classes and Municipal Bond Share Classes. Within each of these categories, the applicable costs are allocated to the affected John Hancock affiliated funds and/or classes, based on the relative average daily net assets.

Class level expenses. Class level expenses for the six months ended June 30, 2015 were:

Class Distribution and
service fees Transfer
agent fees State
registration fees Printing
and postage

Lifestyle Aggressive Portfolio Class A $616,198 $258,220 $11,225 $10,376

Class B 104,574 13,138 3,775 950

Class C 875,440 110,041 5,622 5,528

Class I — 69 — —

Class R1 29,212 654 3,750 274

Class R2 14,885 480 2,362 70

Class R3 21,248 540 3,724 246

Class R4 13,065 613 3,724 164

Class R5 2,944 967 3,724 257

Class R6 — 1,549 4,144 632

Class 1 993,819 — — —

Total $2,671,385 $386,271 $42,050 $18,497

Lifestyle Growth Portfolio Class A $2,395,476 $1,003,795 $29,300 $35,924

Class B 477,757 60,020 3,986 3,829

Class C 3,794,555 476,956 11,835 21,582

Class I — 372 — —

Class Distribution and
service fees Transfer
agent fees State
registration fees Printing
and postage

Class R1 82,881 1,796 3,909 445

Class R2 34,902 1,143 3,029 124

Class R3 74,530 1,918 3,856 446

Class R4 45,966 2,146 3,744 334

Class R5 9,367 3,119 3,900 521

Class R6 — 3,463 4,933 734

Class 1 2,911,138 — — —

Total $9,826,572 $1,554,728 $68,492 $63,939

Lifestyle Balanced Portfolio Class A $2,763,602 $1,157,878 $36,399 $35,119

Class B 473,122 59,440 3,986 3,433

Class C 4,554,707 572,473 13,799 21,490

Class I — 250 — —

Class R1 72,860 1,600 3,862 335

Class R2 33,934 1,106 3,237 91

Class R3 94,523 2,421 3,857 523

Class R4 67,180 3,149 3,748 410

Class R5 10,160 3,400 3,855 509

Class R6 — 4,073 4,473 758

Class 1 3,004,450 — — —

Total $11,074,538 $1,805,790 $77,216 $62,668

Lifestyle Moderate Portfolio Class A $1,017,827 $426,461 $19,927 $12,962

Class B 183,486 23,048 3,903 1,420

Class C 2,069,890 260,125 8,639 10,045

Class I — 94 — —

Class R1 30,219 690 3,949 269

Class R2 14,370 472 2,849 52

Class R3 32,274 840 3,819 285

Class R4 23,659 1,116 3,819 223

Class R5 2,953 989 3,819 300

Class R6 — 1,997 4,139 659

Class 1 851,805 — — —

Total $4,226,483 $715,832 $54,863 $26,215

Lifestyle Conservative Portfolio Class A $905,974 $379,534 $17,420 $11,230

Class B 181,841 22,838 3,848 1,356

Class C 1,901,269 238,917 9,729 9,060

Class I — 195 — —

Class R1 35,365 805 3,807 248

Class R2 14,007 446 2,553 43

Class R3 33,471 879 3,786 306

Class R4 15,389 730 3,800 180

Class R5 2,629 934 3,777 310

Class R6 — 968 4,033 609

Class 1 628,507 — — —

Total $3,718,452 $646,246 $52,753 $23,342

Effective May 1, 2015, state registration fees and printing and postage are treated as fund level expenses and are not included in the table above. For the period May 1, 2015 to June 30, 2015, state registration fees and printing and postage were as follows:

Portfolio State registration fees Printing and postage

Lifestyle Aggressive Portfolio $30,739 $9,403

Lifestyle Growth Portfolio 47,759 32,503

Lifestyle Balanced Portfolio 53,355 31,857

Lifestyle Moderate Portfolio 37,809 13,326

Lifestyle Conservative Portfolio 37,099 11,866

Trustee expenses. The Trust compensates each Trustee who is not an employee of the Advisor or its affiliates. The costs of paying Trustee compensation and expenses are allocated to each portfolio based on its net assets relative to other funds within the John Hancock group of funds complex.

Note 5 — Portfolio share transactions

Transactions in portfolios' shares for the six months ended June 30, 2015 and for the year ended December 31, 2014 were as follows:

Lifestyle Aggressive Portfolio

Six months ended 6-30-15 Year ended 12-31-14

Shares Amount Shares Amount

Class A shares

Sold 3,547,861 $59,896,253 7,463,253 $121,828,607

Distributions reinvested — — 500,005 8,235,086

Repurchased (2,707,490 ) (45,647,752 ) (4,980,238 ) (81,267,687 )

Net increase 840,371 $14,248,501 2,983,020 $48,796,006

Class B shares

Sold 11,884 $201,064 7,691 $123,865

Distributions reinvested — — 17,476 288,355

Repurchased (200,760 ) (3,393,043 ) (365,019 ) (5,925,994 )

Net decrease (188,876 ) ($3,191,979 ) (339,852 ) ($5,513,774 )

Class C shares

Sold 1,010,463 $17,050,452 1,896,516 $30,905,605

Distributions reinvested — — 139,681 2,306,100

Repurchased (1,007,222 ) (17,055,172 ) (1,632,408 ) (26,726,517 )

Net increase (decrease) 3,241 ($4,720 ) 403,789 $6,485,188

Class I shares¹

Sold 59,223 $1,009,138 — —

Repurchased (232 ) (4,000 ) — —

Net increase 58,991 $1,005,138 — —

Class R1 shares

Sold 60,563 $1,011,219 166,901 $2,719,447

Distributions reinvested — — 6,846 112,965

Repurchased (85,150 ) (1,435,490 ) (338,187 ) (5,530,524 )

Net decrease (24,587 ) ($424,271 ) (164,440 ) ($2,698,112 )

Class R2 shares

Sold 125,871 $2,106,002 166,053 $2,711,722

Distributions reinvested — — 4,796 78,653

Repurchased (41,541 ) (701,891 ) (30,796 ) (501,437 )

Net increase 84,330 $1,404,111 140,053 $2,288,938

Class R3 shares

Sold 53,597 $900,591 115,052 $1,872,921

Distributions reinvested — — 7,041 115,751

Repurchased (95,500 ) (1,598,923 ) (249,763 ) (4,048,604 )

Net decrease (41,903 ) ($698,332 ) (127,670 ) ($2,059,932 )

Class R4 shares

Sold 45,424 $761,440 113,068 $1,827,724

Distributions reinvested — — 9,131 149,931

Repurchased (38,868 ) (644,370 ) (154,349 ) (2,483,751 )

Net increase (decrease) 6,556 $117,070 (32,150 ) ($506,096 )

Class R5 shares

Sold 54,642 $918,583 152,474 $2,478,477

Distributions reinvested — — 17,235 283,338

Repurchased (112,067 ) (1,870,818 ) (131,365 ) (2,140,939 )

Net increase (decrease) (57,425 ) ($952,235 ) 38,344 $620,876

Six months ended 6-30-15 Year ended 12-31-14

Shares Amount Shares Amount

Class R6 Shares

Sold 381,453 $6,291,598 760,103 $12,444,526

Distributions reinvested — — 23,724 389,318

Repurchased (110,768 ) (1,839,993 ) (176,926 ) (2,920,390 )

Net Increase 270,685 $4,451,605 606,901 $9,913,454

Class 1 shares

Sold 1,544,574 $26,040,475 4,804,526 $77,905,560

Distributions reinvested — — 6,020,730 98,739,969

Repurchased (10,749,362 ) (180,537,755 ) (23,081,812 ) (377,684,256 )

Net decrease (9,204,788 ) ($154,497,280 ) (12,256,556 ) ($201,038,727 )

Total net decrease (8,253,405 ) ($138,542,392 ) (8,748,561 ) ($143,712,179 )

¹ The inception date for Class I shares is 5-1-15.

Lifestyle Growth Portfolio

Six months ended 6-30-15 Year ended 12-31-14

Shares Amount Shares Amount

Class A shares

Sold 12,054,951 $203,001,069 26,969,434 $445,428,278

Distributions reinvested — — 2,534,386 41,817,306

Repurchased (9,221,121 ) (155,340,548 ) (14,753,641 ) (243,754,895 )

Net increase 2,833,830 $47,660,521 14,750,179 $243,490,689

Class B shares

Sold 40,814 $688,571 127,997 $2,098,589

Distributions reinvested — — 118,825 1,965,361

Repurchased (829,749 ) (13,959,305 ) (1,489,102 ) (24,511,639 )

Net decrease (788,935 ) ($13,270,734 ) (1,242,280 ) ($20,447,689 )

Class C shares

Sold 3,992,813 $67,139,734 9,870,021 $162,535,557

Distributions reinvested — — 890,567 14,721,052

Repurchased (3,471,839 ) (58,394,837 ) (5,696,416 ) (93,883,385 )

Net increase 520,974 $8,744,897 5,064,172 $83,373,224

Class I shares¹

Sold 442,172 $7,493,022 — —

Repurchased (2,733 ) (46,562 ) — —

Net increase 439,439 $7,446,460 — —

Class R1 shares

Sold 168,764 $2,815,383 363,983 $6,018,053

Distributions reinvested — — 25,741 426,273

Repurchased (190,912 ) (3,179,862 ) (498,325 ) (8,210,979 )

Net decrease (22,148 ) ($364,479 ) (108,601 ) ($1,766,653 )

Class R2 shares

Sold 247,506 $4,165,514 317,402 $5,210,428

Distributions reinvested — — 17,542 288,042

Repurchased (102,043 ) (1,711,720 ) (121,127 ) (2,012,311 )

Net increase 145,463 $2,453,794 213,817 $3,486,159

Class R3 shares

Sold 183,148 $3,091,287 432,785 $7,102,156

Distributions reinvested — — 33,111 545,668

Repurchased (238,513 ) (3,996,875 ) (513,309 ) (8,437,211 )

Net decrease (55,365 ) ($905,588 ) (47,413 ) ($789,387 )

Six months ended 6-30-15 Year ended 12-31-14

Shares Amount Shares Amount

Class R4 shares

Sold 163,992 $2,765,584 503,791 $8,350,258

Distributions reinvested — — 49,430 814,611

Repurchased (647,675 ) (10,932,373 ) (259,843 ) (4,292,537 )

Net increase (decrease) (483,683 ) ($8,166,789 ) 293,378 $4,872,332

Class R5 shares

Sold 219,889 $3,700,948 459,234 $7,522,575

Distributions reinvested — — 69,773 1,151,261

Repurchased (334,738 ) (5,632,115 ) (506,904 ) (8,437,771 )

Net increase (decrease) (114,849 ) ($1,931,167 ) 22,103 $236,065

Class R6 Shares

Sold 989,779 $16,463,307 1,452,555 $23,989,859

Distributions reinvested — — 72,110 1,184,760

Repurchased (502,388 ) (8,374,573 ) (424,304 ) (6,968,434 )

Net Increase 487,391 $8,088,734 1,100,361 $18,206,185

Class 1 shares

Sold 2,477,875 $41,490,684 10,974,898 $178,827,030

Distributions reinvested — — 22,234,288 365,309,346

Repurchased (29,639,933 ) (497,340,845 ) (56,200,273 ) (926,931,194 )

Net decrease (27,162,058 ) ($455,850,161 ) (22,991,087 ) ($382,794,818 )

Class 5 shares

Sold 712,424 $11,924,136 1,705,227 $27,926,409

Distributions reinvested — — 450,687 7,395,777

Repurchased (164,681 ) (2,759,589 ) (374,113 ) (6,186,049 )

Net increase 547,743 $9,164,547 1,781,801 $29,136,137

Total net decrease (23,652,198 ) ($396,929,965 ) (1,163,570 ) ($22,997,756 )

¹ The inception date for Class I shares is 5-1-15.

Lifestyle Balanced Portfolio

Six months ended 6-30-15 Year ended 12-31-14

Shares Amount Shares Amount

Class A shares

Sold 14,786,837 $235,520,658 36,613,085 $576,162,973

Distributions reinvested 439,067 6,971,993 2,983,348 46,811,077

Repurchased (11,439,242 ) (182,020,142 ) (19,818,252 ) (311,574,083 )

Net increase 3,786,662 $60,472,509 19,778,181 $311,399,967

Class B shares

Sold 89,380 $1,428,841 116,144 $1,822,128

Distributions reinvested 990 15,707 116,843 1,830,214

Repurchased (713,716 ) (11,345,111 ) (1,465,461 ) (22,978,282 )

Net decrease (623,346 ) ($9,900,563 ) (1,232,474 ) ($19,325,940 )

Class C shares

Sold 5,172,952 $82,346,962 13,541,720 $212,832,704

Distributions reinvested 9,698 154,005 1,087,203 17,042,663

Repurchased (4,334,607 ) (68,884,861 ) (7,185,558 ) (113,082,026 )

Net increase 848,043 $13,616,106 7,443,365 $116,793,341

Class I shares¹

Sold 287,050 $4,578,457 — —

Distributions reinvested 740 11,692 — —

Repurchased (7,691 ) (123,157 ) — —

Net increase 280,099 $4,466,992 — —

Six months ended 6-30-15 Year ended 12-31-14

Shares Amount Shares Amount

Class R1 shares

Sold 146,589 $2,304,709 472,628 $7,377,098

Distributions reinvested 1,599 25,279 21,804 340,609

Repurchased (249,939 ) (3,963,839 ) (480,783 ) (7,522,538 )

Net increase (decrease) (101,751 ) ($1,633,851 ) 13,649 $195,169

Class R2 shares

Sold 437,456 $6,932,754 443,996 $6,893,652

Distributions reinvested 1,892 29,906 13,733 214,355

Repurchased (199,659 ) (3,181,153 ) (130,654 ) (2,055,087 )

Net increase 239,689 $3,781,507 327,075 $5,052,920

Class R3 shares

Sold 180,035 $2,860,517 445,615 $6,973,992

Distributions reinvested 4,392 69,556 45,877 717,921

Repurchased (291,801 ) (4,633,219 ) (860,506 ) (13,551,588 )

Net decrease (107,374 ) ($1,703,146 ) (369,014 ) ($5,859,675 )

Class R4 shares

Sold 345,255 $5,471,172 782,668 $12,275,180

Distributions reinvested 8,871 140,622 70,901 1,110,652

Repurchased (1,358,238 ) (21,802,971 ) (3,310,368 ) (50,907,556 )

Net decrease (1,004,112 ) ($16,191,177 ) (2,456,799 ) ($37,521,724 )

Class R5 shares

Sold 323,342 $5,130,747 574,937 $9,018,487

Distributions reinvested 13,500 214,173 78,299 1,228,481

Repurchased (466,275 ) (7,423,016 ) (700,755 ) (11,036,488 )

Net decrease (129,433 ) ($2,078,096 ) (47,519 ) ($789,520 )

Class R6 Shares

Sold 1,963,238 $31,109,112 1,568,373 $24,497,056

Distributions reinvested 20,712 327,209 72,635 1,134,486

Repurchased (517,301 ) (8,196,139 ) (521,857 ) (8,205,429 )

Net Increase 1,466,649 $23,240,182 1,119,151 $17,426,113

Class 1 shares

Sold 1,780,411 $28,107,467 12,044,635 $187,483,354

Distributions reinvested 4,238,906 66,930,197 24,015,291 375,143,941

Repurchased (34,773,836 ) (550,226,546 ) (61,351,952 ) (960,824,470 )

Net decrease (28,754,519 ) ($455,188,882 ) (25,292,026 ) ($398,197,175 )

Class 5 shares

Sold 420,849 $6,655,251 1,398,983 $21,829,809

Distributions reinvested 54,078 854,396 273,730 4,276,280

Repurchased (147,545 ) (2,339,352 ) (386,836 ) (6,085,475 )

Net increase 327,382 $5,170,295 1,285,877 $20,020,614

Total net increase (decrease) (23,772,011 ) ($375,948,124 ) 569,466 $9,194,090

¹ The inception date for Class I shares is 5-1-15.

Lifestyle Moderate Portfolio

Six months ended 6-30-15 Year ended 12-31-14

Shares Amount Shares Amount

Class A shares

Sold 5,850,920 $83,968,736 15,428,520 $225,463,766

Distributions reinvested 302,677 4,317,472 2,091,161 29,853,016

Repurchased (4,753,449 ) (68,199,863 ) (9,095,114 ) (132,955,077 )

Net increase 1,400,148 $20,086,345 8,424,567 $122,361,705

Six months ended 6-30-15 Year ended 12-31-14

Shares Amount Shares Amount

Class B shares

Sold 11,386 $163,378 104,659 $1,518,559

Distributions reinvested 6,460 92,041 101,385 1,443,123

Repurchased (330,560 ) (4,724,943 ) (637,026 ) (9,286,379 )

Net decrease (312,714 ) ($4,469,524 ) (430,982 ) ($6,324,697 )

Class C shares

Sold 2,575,915 $36,935,401 6,992,026 $101,950,163

Distributions reinvested 79,792 1,138,266 1,104,514 15,733,881

Repurchased (2,602,464 ) (37,318,628 ) (4,539,466 ) (66,185,498 )

Net increase 53,243 $755,039 3,557,074 $51,498,546

Class I shares¹

Sold 129,211 $1,852,438 — —

Distributions reinvested 502 7,116 — —

Repurchased (43 ) (604 ) — —

Net increase 129,670 $1,858,950 — —

Class R1 shares

Sold 86,035 $1,229,260 165,773 $2,416,809

Distributions reinvested 1,904 27,111 20,342 290,229

Repurchased (99,536 ) (1,425,856 ) (315,224 ) (4,576,112 )

Net decrease (11,597 ) ($169,485 ) (129,109 ) ($1,869,074 )

Class R2 shares

Sold 214,874 $3,075,021 153,930 $2,250,160

Distributions reinvested 2,072 29,462 11,095 157,594

Repurchased (39,491 ) (563,780 ) (27,003 ) (395,445 )

Net increase 177,455 $2,540,703 138,022 $2,012,309

Class R3 shares

Sold 82,343 $1,178,320 222,416 $3,231,705

Distributions reinvested 3,515 50,042 31,615 450,274

Repurchased (121,168 ) (1,734,600 ) (317,478 ) (4,633,623 )

Net decrease (35,310 ) ($506,238 ) (63,447 ) ($951,644 )

Class R4 shares

Sold 151,422 $2,162,586 324,884 $4,755,541

Distributions reinvested 6,410 91,114 44,851 637,928

Repurchased (236,393 ) (3,394,389 ) (296,673 ) (4,290,347 )

Net increase (decrease) (78,561 ) ($1,140,689 ) 73,062 $1,103,122

Class R5 shares

Sold 113,828 $1,631,972 221,030 $3,204,591

Distributions reinvested 6,681 95,065 41,667 594,198

Repurchased (111,461 ) (1,590,903 ) (324,597 ) (4,720,679 )

Net increase (decrease) 9,048 $136,134 (61,900 ) ($921,890 )

Class R6 Shares

Sold 750,970 $10,724,298 924,036 $13,515,136

Distributions reinvested 16,223 230,566 69,757 992,919

Repurchased (171,063 ) (2,430,558 ) (351,631 ) (5,071,403 )

Net Increase 596,130 $8,524,306 642,162 $9,436,652

Class 1 shares

Sold 845,300 $12,084,117 6,381,592 $92,901,420

Distributions reinvested 1,984,598 28,244,382 12,682,043 180,962,272

Repurchased (14,264,678 ) (204,211,030 ) (23,301,415 ) (338,830,310 )

Net decrease (11,434,780 ) ($163,882,531 ) (4,237,780 ) ($64,966,618 )

Six months ended 6-30-15 Year ended 12-31-14

Shares Amount Shares Amount

Class 5 shares

Sold 228,923 $3,279,036 453,113 $6,585,441

Distributions reinvested 32,678 464,516 190,368 2,712,457

Repurchased (147,632 ) (2,110,984 ) (271,398 ) (3,951,361 )

Net increase 113,969 $1,632,568 372,083 $5,346,537

Total net increase (decrease) (9,393,299 ) ($134,634,422 ) 8,283,752 $116,724,948

¹ The inception date for Class I shares is 5-1-15.

Lifestyle Conservative Portfolio

Six months ended 6-30-15 Year ended 12-31-14

Shares Amount Shares Amount

Class A shares

Sold 5,830,103 $78,332,090 14,073,672 $196,470,771

Distributions reinvested 340,637 4,544,501 2,531,579 34,109,844

Repurchased (5,912,060 ) (79,406,658 ) (10,245,865 ) (142,944,646 )

Net increase 258,680 $3,469,933 6,359,386 $87,635,969

Class B shares

Sold 28,558 $382,407 90,416 $1,249,764

Distributions reinvested 9,061 120,900 132,762 1,785,109

Repurchased (374,476 ) (5,024,618 ) (758,552 ) (10,569,522 )

Net decrease (336,857 ) ($4,521,311 ) (535,374 ) ($7,534,649 )

Class C shares

Sold 3,214,883 $43,178,027 7,670,977 $107,037,077

Distributions reinvested 98,705 1,316,748 1,247,312 16,756,180

Repurchased (3,049,739 ) (40,954,615 ) (6,440,036 ) (89,613,856 )

Net increase 263,849 $3,540,160 2,478,253 $34,179,401

Class I shares¹

Sold 315,064 $4,213,144 — —

Distributions reinvested 1,323 17,515 — —

Repurchased (840 ) (11,215 ) — —

Net increase 315,547 $4,219,444 — —

Class R1 shares

Sold 102,026 $1,370,174 336,344 $4,719,602

Distributions reinvested 3,131 41,743 28,050 377,362

Repurchased (74,636 ) (1,000,625 ) (278,271 ) (3,884,067 )

Net increase 30,521 $411,292 86,123 $1,212,897

Class R2 shares

Sold 96,754 $1,298,601 271,371 $3,793,396

Distributions reinvested 2,663 35,482 18,423 246,374

Repurchased (66,719 ) (896,092 ) (21,721 ) (302,332 )

Net increase 32,698 $437,991 268,073 $3,737,438

Class R3 shares

Sold 99,816 $1,336,133 202,620 $2,823,298

Distributions reinvested 5,020 66,778 47,041 631,533

Repurchased (157,269 ) (2,104,364 ) (247,155 ) (3,448,231 )

Net increase (decrease) (52,433 ) ($701,453 ) 2,506 $6,600

Class R4 shares

Sold 55,275 $740,965 363,265 $5,085,431

Distributions reinvested 4,800 63,962 41,508 558,317

Repurchased (266,523 ) (3,575,819 ) (349,113 ) (4,839,679 )

Net increase (decrease) (206,448 ) ($2,770,892 ) 55,660 $804,069

Six months ended 6-30-15 Year ended 12-31-14

Shares Amount Shares Amount

Class R5 shares

Sold 144,273 $1,933,853 183,085 $2,546,530

Distributions reinvested 7,676 102,315 60,132 811,123

Repurchased (303,252 ) (4,074,838 ) (380,326 ) (5,307,729 )

Net decrease (151,303 ) ($2,038,670 ) (137,109 ) ($1,950,076 )

Class R6 Shares

Sold 421,239 $5,626,871 385,731 $5,368,235

Distributions reinvested 9,331 124,238 37,016 496,946

Repurchased (98,372 ) (1,316,713 ) (139,909 ) (1,953,353 )

Net Increase 332,198 $4,434,396 282,838 $3,911,828

Class 1 shares

Sold 1,221,869 $16,399,937 5,620,316 $78,117,518

Distributions reinvested 1,808,670 24,089,957 12,652,433 170,491,675

Repurchased (13,776,774 ) (184,741,093 ) (25,590,379 ) (355,737,629 )

Net decrease (10,746,235 ) ($144,251,199 ) (7,317,630 ) ($107,128,436 )

Total net increase (decrease) (10,259,783 ) ($137,770,309 ) 1,542,726 $14,875,041

¹ The inception date for Class I shares is 5-1-15.

Affiliates of the Trust owned shares of beneficial interest of the following portfolios on June 30, 2015:

Portfolio Class % by Class

Lifestyle Moderate Portfolio R2 2%

Lifestyle Conservative Portfolio R2 2%

Affiliates of the Trust owned 100% of shares of beneficial interest of Class 1 shares in each portfolio and 100% of Class 5 shares of Lifestyle Growth, Lifestyle Balanced and Lifestyle Moderate on June 30, 2015.

Note 6 — Purchase and sale of securities

The following summarizes the purchases and sales of the underlying funds for the six months ended June 30, 2015:

Portfolio Purchases Sales

Lifestyle Aggressive Portfolio $200,905,424 $340,767,663

Lifestyle Growth Portfolio 716,899,287 1,078,881,208

Lifestyle Balanced Portfolio 664,861,336 1,036,375,693

Lifestyle Moderate Portfolio 168,514,678 302,714,689

Lifestyle Conservative Portfolio 151,650,356 287,765,852

Note 7 — Investment in affiliated underlying funds

The portfolios invest primarily in affiliated underlying funds that are managed by the Advisor and its affiliates. The portfolios do not invest in the affiliated underlying funds for the purpose of exercising management or control; however, the portfolios' investment may represent a significant portion of each underlying fund's net assets. At June 30, 2015, the following portfolios held 5% or more of the net assets of the underlying funds shown below:

Portolio Affiliate Class NAV Percentage of
Underlying Funds'
Net Assets

Lifestyle Aggressive Portfolio

Small Cap Core 21.2%

All Cap Core 19.2%

Greater China Opportunities 17.7%

Small Company Growth 16.8%

Emerging Markets Equity 16.3%

Value 15.9%

Small Cap Growth 15.7%

Technical Opportunities 15.6%

Alpha Opportunities 15.2%

International Small Company 15.0%

International Growth Stock 14.9%

International Value Equity 14.8%

Mid Value 14.6%

Science & Technology 14.1%

Small Cap Value 13.4%

Health Sciences 13.1%

Value Equity 13.1%

Small Cap Opportunities 13.0%

Portolio Affiliate Class NAV Percentage of
Underlying Funds'
Net Assets

Lifestyle Aggressive Portfolio (continued)

International Small Cap 12.9%

Emerging Markets 12.7%

International Value 12.4%

International Growth Opportunities 11.9%

Equity Income 11.6%

Mid Cap Stock 11.6%

Fundamental Large Cap Value 11.1%

Natural Resources 10.6%

Small Company Value 10.6%

Strategic Growth 10.5%

Fundamental Global Franchise 9.8%

Real Estate Equity 9.6%

Capital Appreciation 9.4%

Global Equity 9.1%

Capital Appreciation Value 9.1%

Financial Industries 9.0%

International Core 8.7%

Blue Chip Growth 8.6%

Seaport 7.7%

Global Real Estate 7.5%

U.S. Equity 7.4%

Redwood 6.1%

Lifestyle Growth Portfolio

All Cap Core 49.5%

Value Equity 45.4%

Small Cap Core 44.0%

Value 40.8%

Technical Opportunities 40.3%

Alpha Opportunities 37.4%

International Value Equity 37.3%

International Growth Stock 37.2%

Mid Value 36.4%

Science & Technology 36.3%

Health Sciences 36.0%

Emerging Markets Equity 35.7%

International Small Company 34.7%

Small Company Growth 34.4%

Small Cap Growth 32.4%

Fundamental Global Franchise 31.5%

Capital Appreciation Value 31.3%

Equity Income 31.2%

International Value 30.5%

International Small Cap 30.1%

Global Equity 29.9%

International Growth Opportunities 29.9%

Mid Cap Stock 29.1%

Emerging Markets 28.7%

Real Estate Equity 28.6%

Small Cap Value 28.5%

Strategic Growth 28.4%

Fundamental Large Cap Value 28.0%

Small Cap Opportunities 27.1%

U.S. Equity 26.7%

Natural Resources 25.8%

Capital Appreciation 25.2%

Emerging Markets Debt 24.4%

Financial Industries 24.1%

Blue Chip Growth 23.6%

Global Real Estate 22.6%

Small Company Value 22.5%

International Core 21.9%

Redwood 20.8%

Asia Pacific Total Return Bond 20.0%

Global Income 19.4%

Global Short Duration Credit 18.4%

Real Return Bond 16.9%

Absolute Return Currency 16.5%

Seaport 16.4%

Spectrum Income 16.1%

Short Duration Credit Opportunities 15.6%

U.S. High Yield Bond 15.2%

Floating Rate Income 13.5%

Focused High Yield 10.9%

Active Bond 8.2%

Global Shareholder Yield 7.9%

Global Bond 7.5%

High Yield 7.1%

Total Return 5.1%

Lifestyle Balanced Portfolio

Global Short Duration Credit 43.7%

Spectrum Income 41.9%

Short Duration Credit Opportunities 37.1%

Asia Pacific Total Return Bond 35.8%

Global Real Estate 34.8%

Investment Quality Bond 34.7%

Small Cap Core 34.5%

Emerging Markets Debt 34.0%

Global Income 33.9%

Global Bond 32.8%

Health Sciences 32.4%

All Cap Core 31.2%

Value 31.1%

Portolio Affiliate Class NAV Percentage of
Underlying Funds'
Net Assets

Lifestyle Balanced Portfolio (continued)

Capital Appreciation Value 31.0%

Value Equity 30.8%

International Growth Stock 30.8%

International Value Equity 30.6%

Science & Technology 30.4%

U.S. High Yield Bond 30.3%

Fundamental Global Franchise 29.7%

Active Bond 29.4%

Global Equity 29.2%

Real Estate Equity 28.8%

Floating Rate Income 28.1%

Mid Value 27.0%

Small Company Growth 26.8%

Alpha Opportunities 26.5%

International Small Company 26.5%

Real Return Bond 25.8%

Natural Resources 25.6%

Small Cap Growth 25.4%

U.S. Equity 25.4%

Emerging Markets Equity 25.1%

International Value 25.0%

Technical Opportunities 24.8%

International Growth Opportunities 24.8%

Equity Income 23.3%

International Small Cap 23.0%

Small Cap Value 23.0%

Small Cap Opportunities 21.2%

Financial Industries 21.2%

Mid Cap Stock 21.1%

Redwood 20.9%

Fundamental Large Cap Value 20.3%

Focused High Yield 20.1%

Strategic Growth 19.9%

Emerging Markets 19.4%

Absolute Return Currency 18.9%

International Core 18.3%

Small Company Value 18.2%

Blue Chip Growth 17.8%

Capital Appreciation 17.7%

Total Return 17.2%

Core Bond 16.6%

Seaport 16.2%

High Yield 13.7%

Strategic Income Opportunities 12.0%

Global Shareholder Yield 7.8%

Lifestyle Moderate Portfolio

Investment Quality Bond 25.1%

Active Bond 19.9%

Global Bond 19.4%

Asia Pacific Total Return Bond 17.9%

Spectrum Income 16.1%

Enduring Equity 14.8%

Emerging Markets Debt 14.8%

Global Income 13.5%

U.S. High Yield Bond 13.4%

Short Duration Credit Opportunities 13.2%

Global Short Duration Credit 12.9%

Floating Rate Income 12.7%

Core Bond 12.1%

Real Return Bond 11.8%

Total Return 11.6%

Real Estate Equity 9.0%

Capital Appreciation Value 8.9%

Fundamental Global Franchise 8.8%

Focused High Yield 8.4%

Global Equity 8.3%

Fundamental Large Cap Value 8.2%

Mid Value 7.5%

U.S. Equity 7.5%

Global Real Estate 7.2%

Equity Income 7.2%

Small Company Growth 6.8%

High Yield 6.6%

Small Cap Growth 6.6%

Absolute Return Currency 6.4%

Redwood 6.2%

Small Cap Value 6.0%

International Growth Stock 5.8%

International Small Company 5.7%

Natural Resources 5.6%

International Value Equity 5.5%

Alpha Opportunities 5.5%

Lifestyle Conservative Portfolio

Short Term Government Income 61.2%

Enduring Equity 45.6%

Investment Quality Bond 28.0%

Active Bond 21.4%

Global Bond 20.4%

Real Return Bond 17.9%

Emerging Markets Debt 15.4%

Asia Pacific Total Return Bond 15.2%

Spectrum Income 13.8%

Portolio Affiliate Class NAV Percentage of
Underlying Funds'
Net Assets

Lifestyle Conservative Portfolio (continued)

Core Bond 13.4%

Total Return 12.6%

Short Duration Credit Opportunities 11.2%

Floating Rate Income 11.1%

Global Short Duration Credit 8.7%

Core High Yield 8.0%

Absolute Return Currency 7.3%

Real Estate Equity 7.2%

Global Income 7.1%

Global Equity 6.1%

Global Real Estate 5.7%

U.S. High Yield Bond 5.1%

Information regarding the portfolios' fiscal year to date purchases and sales of the affiliated underlying funds as well as income and capital gains earned by the portfolios' from their investments in affiliated underlying funds is as follows:

Dividends and distributions

Portfolio Beginning
share
amount Shares
purchased Shares
sold Ending
share
amount Income
distributions
received Capital gains
distributions
received Realized
gain (loss) Ending
value

Lifestyle Aggressive Portfolio

Absolute Return Currency 5,308,985 375,447 (729,794 ) 4,954,638 — — ($661,070 ) $42,263,059

All Cap Core 11,221,366 — (725,316 ) 10,496,050 — — 457,052 147,154,617

Alpha Opportunities 22,776,609 — (1,975,020 ) 20,801,589 — — 446,640 260,227,881

Blue Chip Growth 7,146,588 — (781,319 ) 6,365,269 — — 3,725,109 224,566,693

Capital Appreciation 12,805,081 — (1,619,493 ) 11,185,588 — — 2,165,011 209,170,505

Capital Appreciation Value 15,628,953 1,021,031 (450,730 ) 16,199,254 — — (112,499 ) 194,553,035

Disciplined Value 5,551,366 — (363,244 ) 5,188,122 — — 84,395 98,522,437

Emerging Markets 38,100,491 — (8,231,651 ) 29,868,840 — — (6,893,824 ) 301,973,973

Emerging Markets Equity — 3,285,395 — 3,285,395 — — — 32,459,704

Equity Income 12,308,384 106,968 (680,493 ) 11,734,859 $2,134,785 — (829,285 ) 230,707,326

Financial Industries 6,091,971 — — 6,091,971 — — — 110,630,186

Fundamental Global Franchise 3,619,481 — (127,121 ) 3,492,360 — — (10,197 ) 45,470,522

Fundamental Large Cap Value 14,611,663 — (1,034,915 ) 13,576,748 — — 37,988 188,309,492

Global Absolute Return Strategies 4,088,162 438,558 — 4,526,720 — — — 50,518,197

Global Equity 4,381,680 — (206,385 ) 4,175,295 — — 57,203 45,218,440

Global Real Estate 2,471,014 193,395 (170,712 ) 2,493,697 — — 348,675 22,543,017

Global Shareholder Yield 4,032,452 155,233 (116,486 ) 4,071,199 810,883 — 31,653 44,742,479

Greater China Opportunities 589,864 — — 589,864 — — — 13,696,652

Health Sciences 3,517,552 — (563,391 ) 2,954,161 — — 1,982,644 57,901,561

International Core 3,554,419 966,939 — 4,521,358 — — — 149,114,393

International Growth Opportunities 6,991,857 1,301,868 — 8,293,725 — — — 111,135,914

International Growth Stock 7,665,484 1,380,646 — 9,046,130 — — — 120,675,372

International Small Cap 4,610,376 756,935 (27,593 ) 5,339,718 — — (13,011 ) 103,376,934

International Small Company 8,489,395 1,438,704 — 9,928,099 — — — 103,152,950

International Value 14,122,049 695,446 — 14,817,495 — — — 233,968,246

International Value Equity 7,912,226 1,729,691 — 9,641,917 — — — 80,992,103

Mid Cap Stock 9,473,811 — (766,649 ) 8,707,162 — — (260,573 ) 190,338,554

Mid Value 9,329,141 — (330,284 ) 8,998,857 — — 80,703 147,851,223

Natural Resources 5,404,149 358,907 — 5,763,056 — — — 72,268,717

Real Estate Equity 1,913,905 211,919 (150,576 ) 1,975,248 — — 449,734 22,577,081

Redwood 3,105,624 20,192 (25,723 ) 3,100,093 — — (13,571 ) 34,473,033

Science & Technology 10,842,957 — (631,568 ) 10,211,389 — — 289,607 136,015,706

Seaport 2,020,708 95,450 — 2,116,158 — — — 23,298,899

Select Growth 552,742 — (20,141 ) 532,601 — — 99,522 11,504,172

Small Cap Core 3,482,110 31,488 (221,576 ) 3,292,022 — — 87,292 34,664,994

Small Cap Growth 3,565,456 31,043 (217,114 ) 3,379,385 — — 56,113 36,125,624

Small Cap Opportunities 1,311,508 — (46,268 ) 1,265,240 — — (155,609 ) 34,515,757

Dividends and distributions

Portfolio Beginning
share
amount Shares
purchased Shares
sold Ending
share
amount Income
distributions
received Capital gains
distributions
received Realized
gain (loss) Ending
value

Small Cap Value 2,009,699 345,329 (75,380 ) 2,279,648 — — 50,488 46,550,413

Small Company Growth 1,685,315 — (133,215 ) 1,552,100 — — 153,586 32,982,133

Small Company Value 1,134,518 7,266 (216,493 ) 925,291 — — 2,072,487 31,922,539

Strategic Growth 13,899,338 — (1,265,246 ) 12,634,092 — — 1,587,599 207,830,821

Technical Opportunities 10,514,061 — (1,372,679 ) 9,141,382 — — 273,571 131,727,320

U.S. Equity 7,290,764 — (12,368 ) 7,278,396 — — (19,102 ) 85,957,858

Value 5,291,183 — (268,273 ) 5,022,910 — — 92,844 63,539,805

Value Equity 5,571,558 — (399,244 ) 5,172,314 — — 238,675 54,981,696

2,945,668 — $5,899,850 $4,622,172,033

Lifestyle Growth Portfolio

Absolute Return Currency 36,120,341 2,269,260 (10,188,787 ) 28,200,814 — — ($12,730,726 ) $240,552,945

Active Bond 15,085,292 436,663 (629,492 ) 14,892,463 $2,300,658 — (85,817 ) 150,413,880

All Cap Core 28,858,658 — (1,833,082 ) 27,025,576 — — 484,443 378,898,582

Alpha Opportunities 57,261,066 — (5,986,897 ) 51,274,169 — — 1,168,047 641,439,850

Asia Pacific Total Return Bond 9,463,763 — — 9,463,763 — — — 87,255,899

Blue Chip Growth 20,522,391 — (3,026,935 ) 17,495,456 — — 13,941,350 617,239,676

Capital Appreciation 35,257,206 — (5,190,114 ) 30,067,092 — — 7,697,597 562,254,626

Capital Appreciation Value 56,547,253 522,830 (1,303,886 ) 55,766,197 — — (184,121 ) 669,752,028

Core Bond 2,939,663 75,602 (43,102 ) 2,972,163 231,686 — 7,650 38,459,793

Disciplined Value 15,161,743 — (795,238 ) 14,366,505 — — 388,140 272,819,937

Emerging Markets 80,550,870 — (13,078,107 ) 67,472,763 — — (6,369,696 ) 682,149,629

Emerging Markets Debt 14,930,715 538,694 — 15,469,409 2,974,122 — — 142,009,177

Emerging Markets Equity — 7,195,681 — 7,195,681 — — — 71,093,326

Equity Income 33,040,921 286,947 (1,630,174 ) 31,697,694 5,739,560 — (1,887,231 ) 623,176,661

Financial Industries 16,196,463 — — 16,196,463 — — — 294,127,772

Floating Rate Income 46,732,522 1,158,424 (1,092,896 ) 46,798,050 10,415,352 — (532,941 ) 417,906,586

Focused High Yield 24,461,030 1,212,675 (1,779,401 ) 23,894,304 3,092,969 — (402,364 ) 84,824,779

Fundamental Global Franchise 11,723,181 219,752 (780,558 ) 11,162,375 — — (124,735 ) 145,334,125

Fundamental Large Cap Value 36,820,324 — (2,430,673 ) 34,389,651 — — 156,965 476,984,458

Global Absolute Return Strategies 15,785,926 8,915,006 — 24,700,932 — — — 275,662,402

Global Bond 4,469,993 314,366 (1,338,448 ) 3,445,911 — — 359,890 40,523,918

Global Equity 13,762,980 578,050 (687,370 ) 13,653,660 — — (567,097 ) 147,869,136

Global Income 10,685,892 329,208 (733,016 ) 10,282,084 2,975,584 — (662,226 ) 96,857,228

Global Real Estate 7,798,535 223,679 (544,100 ) 7,478,114 — — 1,258,527 67,602,147

Global Shareholder Yield 18,436,659 584,626 (520,395 ) 18,500,890 3,731,475 — (432,542 ) 203,324,780

Global Short Duration Credit 7,775,251 225,354 (511,545 ) 7,489,060 2,098,972 — (402,983 ) 69,198,918

Health Sciences 9,943,780 — (1,849,198 ) 8,094,582 — — 6,279,558 158,653,813

High Yield 5,920,552 234,971 (818,242 ) 5,337,281 1,557,631 — 1,205,244 45,580,377

International Core 8,558,206 2,824,372 — 11,382,578 — — — 375,397,427

International Growth Opportunities 17,265,301 3,578,279 — 20,843,580 — — — 279,303,973

International Growth Stock 18,803,446 3,795,677 — 22,599,123 — — — 301,472,298

International Small Cap 10,732,390 1,680,423 — 12,412,813 — — — 240,312,059

International Small Company 19,756,195 3,265,341 — 23,021,536 — — — 239,193,760

International Value 34,325,714 2,244,154 — 36,569,868 — — — 577,438,221

International Value Equity 19,312,324 5,067,642 — 24,379,966 — — — 204,791,714

Mid Cap Stock 24,342,443 — (2,450,106 ) 21,892,337 — — (606,813 ) 478,566,494

Mid Value 23,780,887 — (1,303,997 ) 22,476,890 — — 427,481 369,295,296

Natural Resources 12,273,998 1,677,562 — 13,951,560 — — — 174,952,564

Real Estate Equity 6,047,596 349,907 (493,055 ) 5,904,448 — — 1,210,851 67,487,845

Real Return Bond 6,151,888 2,565,070 — 8,716,958 — — — 96,758,237

Redwood 10,971,653 — (347,660 ) 10,623,993 — — (156,448 ) 118,138,804

Science & Technology 28,665,217 — (2,290,480 ) 26,374,737 — — 1,251,751 351,311,494

Seaport 4,475,646 — — 4,475,646 — — — 49,276,859

Dividends and distributions

Portfolio Beginning
share
amount Shares
purchased Shares
sold Ending
share
amount Income
distributions
received Capital gains
distributions
received Realized
gain (loss) Ending
value

Short Duration Credit Opportunities 22,293,162 1,154,496 (141,272 ) 23,306,386 4,101,254 — (68,291 ) 228,635,649

Small Cap Core 7,398,678 — (554,041 ) 6,844,637 — — 227,954 72,074,032

Small Cap Growth 7,533,925 — (562,061 ) 6,971,864 — — 169,310 74,529,227

Small Cap Opportunities 2,797,779 — (166,380 ) 2,631,399 — — (553,614 ) 71,784,577

Small Cap Value 4,337,375 745,067 (225,392 ) 4,857,050 — — 178,066 99,180,953

Small Company Growth 3,537,444 — (354,644 ) 3,182,800 — — 490,016 67,634,501

Small Company Value 2,478,926 — (506,474 ) 1,972,452 — — 5,177,205 68,049,580

Spectrum Income 13,179,629 1,200,383 — 14,380,012 1,863,232 — — 150,127,322

Strategic Growth 38,223,128 — (4,149,563 ) 34,073,565 — — 4,737,583 560,510,151

Strategic Income Opportunities 20,772,203 1,371,593 (253,617 ) 21,890,179 3,715,412 — 7,960 237,727,349

Technical Opportunities 27,863,282 — (4,248,617 ) 23,614,665 — — 1,403,724 340,287,322

Total Return 8,299,431 264,346 (365,497 ) 8,198,280 581,085 — (56,981 ) 111,660,571

U.S. Equity 27,070,909 — (738,913 ) 26,331,996 — — (400,821 ) 310,980,871

U.S. High Yield Bond 5,050,026 138,541 (341,816 ) 4,846,751 1,595,780 — 97,010 55,446,826

Value 13,853,078 — (984,666 ) 12,868,412 — — 427,576 162,785,409

Value Equity 18,993,069 — (1,038,288 ) 17,954,781 — — 620,298 190,859,326

46,974,772 — $23,148,749 $14,427,937,159

Lifestyle Balanced Portfolio

Absolute Return Currency 38,174,313 2,518,350 (8,431,815 ) 32,260,848 — — ($10,240,906 ) $275,185,033

Active Bond 52,703,716 1,047,066 (197,125 ) 53,553,657 $8,182,707 — 7,885 540,891,940

All Cap Core 18,314,663 — (1,258,004 ) 17,056,659 — — 217,872 239,134,362

Alpha Opportunities 41,403,053 — (5,067,841 ) 36,335,212 — — (1,701,199 ) 454,553,495

Asia Pacific Total Return Bond 16,906,695 — — 16,906,695 — — — 155,879,731

Blue Chip Growth 15,783,054 — (2,574,951 ) 13,208,103 — — 18,985,432 465,981,880

Capital Appreciation 25,370,046 — (4,295,974 ) 21,074,072 — — 22,456,729 394,085,146

Capital Appreciation Value 56,661,302 535,527 (1,805,546 ) 55,391,283 — — (892,539 ) 665,249,305

Core Bond 15,079,228 582,200 — 15,661,428 1,214,898 — — 202,658,884

Disciplined Value 12,273,904 — (1,127,432 ) 11,146,472 — — 550,989 211,671,508

Emerging Markets 55,752,323 — (10,066,029 ) 45,686,294 — — 4,065,499 461,888,429

Emerging Markets Debt 21,087,058 538,970 — 21,626,028 4,182,096 — — 198,526,939

Emerging Markets Equity — 5,053,399 — 5,053,399 — — — 49,927,587

Equity Income 25,165,019 217,346 (1,750,048 ) 23,632,317 4,347,358 — (1,827,192 ) 464,611,345

Financial Industries 14,284,709 — — 14,284,709 — — — 259,410,320

Floating Rate Income 99,612,529 2,447,878 (4,511,116 ) 97,549,291 22,011,430 — (2,638,777 ) 871,115,171

Focused High Yield 46,513,241 1,640,680 (3,824,922 ) 44,328,999 5,847,174 — (890,251 ) 157,367,948

Fundamental Global Franchise 10,922,464 470,156 (858,868 ) 10,533,752 — — 118,219 137,149,445

Fundamental Large Cap Value 27,247,049 — (2,310,190 ) 24,936,859 — — 629,043 345,874,237

Global Absolute Return Strategies 19,535,967 8,139,801 — 27,675,768 — — — 308,861,568

Global Bond 15,162,448 63,237 (85,251 ) 15,140,434 — — (46,316 ) 178,051,498

Global Equity 13,262,545 1,005,062 (913,248 ) 13,354,359 — — (813,337 ) 144,627,707

Global Income 19,287,222 555,288 (1,836,891 ) 18,005,619 5,323,850 — (1,720,816 ) 169,612,930

Global Real Estate 12,359,581 — (843,170 ) 11,516,411 — — 2,082,645 104,108,356

Global Shareholder Yield 18,119,666 742,030 (659,193 ) 18,202,503 3,684,703 — (290,188 ) 200,045,505

Global Short Duration Credit 18,071,510 526,476 (864,050 ) 17,733,936 4,903,162 — (689,258 ) 163,861,572

Health Sciences 9,080,630 — (1,782,583 ) 7,298,047 — — 5,812,050 143,041,718

High Yield 12,246,463 356,185 (2,309,994 ) 10,292,654 3,068,492 — 4,392,813 87,899,269

International Core 7,161,571 2,356,163 — 9,517,734 — — — 313,894,864

International Growth Opportunities 14,146,749 3,112,243 — 17,258,992 — — — 231,270,494

International Growth Stock 15,365,863 3,306,138 — 18,672,001 — — — 249,084,499

International Small Cap 8,228,088 1,251,799 — 9,479,887 — — — 183,530,606

International Small Company 15,096,820 2,463,861 — 17,560,681 — — — 182,455,472

International Value 28,361,797 1,544,305 — 29,906,102 — — — 472,217,358

International Value Equity 15,871,023 4,107,404 — 19,978,427 — — — 167,818,788

Dividends and distributions

Portfolio Beginning
share
amount Shares
purchased Shares
sold Ending
share
amount Income
distributions
received Capital gains
distributions
received Realized
gain (loss) Ending
value

Investment Quality Bond 15,874,804 730,462 — 16,605,266 1,729,433 — — 202,418,196

Mid Cap Stock 17,879,075 — (1,965,854 ) 15,913,221 — — (476,473 ) 347,863,006

Mid Value 17,823,947 — (1,130,945 ) 16,693,002 — — 305,812 274,266,022

Natural Resources 12,385,561 1,474,621 — 13,860,182 — — — 173,806,686

Real Estate Equity 6,382,013 63,693 (496,636 ) 5,949,070 — — 1,820,316 67,997,867

Real Return Bond 13,349,453 90,498 (99,608 ) 13,340,343 — — (33,867 ) 148,077,812

Redwood 11,119,638 — (425,615 ) 10,694,023 — — (174,189 ) 118,917,533

Science & Technology 24,224,245 — (2,121,510 ) 22,102,735 — — 1,136,412 294,408,432

Seaport 4,439,014 — — 4,439,014 — — — 48,873,540

Short Duration Credit Opportunities 54,067,343 2,038,033 (558,786 ) 55,546,590 9,941,889 — (352,875 ) 544,912,044

Small Cap Core 5,858,570 — (502,049 ) 5,356,521 — — 219,845 56,404,164

Small Cap Growth 5,982,643 — (507,196 ) 5,475,447 — — 169,673 58,532,526

Small Cap Opportunities 2,221,554 — (158,919 ) 2,062,635 — — (525,261 ) 56,268,691

Small Cap Value 3,528,159 597,591 (206,296 ) 3,919,454 — — 172,044 80,035,249

Small Company Growth 2,790,140 — (306,779 ) 2,483,361 — — 471,131 52,771,411

Small Company Value 2,029,769 — (431,695 ) 1,598,074 — — 4,626,620 55,133,557

Spectrum Income 35,470,819 1,936,200 (98,481 ) 37,308,538 4,878,175 — (2,078 ) 389,501,141

Strategic Growth 27,529,692 — (3,605,445 ) 23,924,247 — — 5,003,761 393,553,870

Strategic Income Opportunities 55,931,757 2,545,970 (1,694,909 ) 56,782,818 9,751,647 — (383,760 ) 616,661,404

Technical Opportunities 17,621,949 — (3,076,868 ) 14,545,081 — — 210,932 209,594,619

Total Return 27,283,892 361,806 (281,691 ) 27,364,007 1,939,532 — 103,715 372,697,770

U.S. Equity 25,974,572 — (970,404 ) 25,004,168 — — (529,905 ) 295,299,229

U.S. High Yield Bond 10,532,498 279,434 (1,144,106 ) 9,667,826 3,218,690 — 346,569 110,599,930

Value 10,658,702 — (850,910 ) 9,807,792 — — 378,555 124,068,565

Value Equity 13,560,434 — (1,383,631 ) 12,176,803 — — 837,559 129,439,411

94,225,236 — $50,892,933 $15,073,647,584

Lifestyle Moderate Portfolio

Absolute Return Currency 11,747,892 780,629 (1,538,948 ) 10,989,573 — — ($1,963,200 ) $93,741,056

Active Bond 36,930,439 548,244 (1,136,079 ) 36,342,604 $5,595,942 — (179,432 ) 367,060,302

Alpha Opportunities 8,448,036 — (983,501 ) 7,464,535 — — (117,267 ) $93,381,333

Asia Pacific Total Return Bond 8,464,238 — — 8,464,238 — — — 78,040,274

Blue Chip Growth 3,865,064 — (560,076 ) 3,304,988 — — 1,291,543 116,599,976

Capital Appreciation 5,969,754 — (963,655 ) 5,006,099 — — 3,068,353 93,614,060

Capital Appreciation Value 16,641,788 141,186 (944,236 ) 15,838,738 — — (380,910 ) 190,223,241

Core Bond 10,882,488 489,743 — 11,372,231 889,232 — — 147,156,672

Emerging Markets 9,732,275 — (1,394,682 ) 8,337,593 — — (2,344,223 ) 84,293,065

Emerging Markets Debt 9,137,253 233,542 — 9,370,795 1,812,148 — — 86,023,894

Emerging Markets Equity — 953,137 — 953,137 — — — 9,416,989

Enduring Equity 2,223,322 22,396 (156,874 ) 2,088,844 243,221 — 180,187 22,058,190

Equity Income 7,785,636 66,696 (557,120 ) 7,295,212 1,334,061 — (248,997 ) 143,423,872

Floating Rate Income 45,762,612 1,117,703 (2,944,588 ) 43,935,727 10,051,184 — (2,291,157 ) 392,346,040

Focused High Yield 19,734,978 693,193 (1,937,238 ) 18,490,933 2,470,554 — (447,656 ) 65,642,814

Fundamental Global Franchise 3,212,952 193,402 (292,193 ) 3,114,161 — — (46,458 ) 40,546,373

Fundamental Large Cap Value 11,329,665 — (1,218,427 ) 10,111,238 — — 75,464 140,242,876

Global Absolute Return Strategies 7,414,353 2,086,538 — 9,500,891 — — — 106,029,946

Global Bond 8,992,596 28,991 (68,201 ) 8,953,386 — — (33,564 ) 105,291,823

Global Equity 3,663,615 419,647 (304,094 ) 3,779,168 — — (250,267 ) 40,928,395

Global Income 7,842,103 223,849 (918,419 ) 7,147,533 2,146,430 — (947,676 ) 67,329,765

Global Real Estate 2,569,596 — (173,400 ) 2,396,196 — — 654,150 21,661,616

Global Shareholder Yield 5,115,861 267,664 (256,979 ) 5,126,546 1,041,883 — (140,319 ) 56,340,738

Global Short Duration Credit 5,577,807 160,007 (515,494 ) 5,222,320 1,490,525 — (405,014 ) 48,254,234

High Yield 5,609,743 170,628 (806,171 ) 4,974,200 1,469,920 — 52,335 42,479,669

International Core 1,461,546 205,653 (60,735 ) 1,606,464 — — (4,959 ) 52,981,193

Dividends and distributions

Portfolio Beginning
share
amount Shares
purchased Shares
sold Ending
share
amount Income
distributions
received Capital gains
distributions
received Realized
gain (loss) Ending
value

International Growth Opportunities 2,850,400 397,593 — 3,247,993 — — — 43,523,103

International Growth Stock 3,094,207 436,202 — 3,530,409 — — — 47,095,656

International Small Cap 1,770,496 244,207 — 2,014,703 — — — 39,004,658

International Small Company 3,294,259 464,051 — 3,758,310 — — — 39,048,845

International Value 5,943,123 — (127,469 ) 5,815,654 — — (307,416 ) 91,829,169

International Value Equity 3,262,367 459,139 (120,048 ) 3,601,458 — — (77,088 ) 30,252,249

Investment Quality Bond 11,465,478 574,677 — 12,040,155 1,265,696 — — 146,769,492

Mid Cap Stock 3,645,628 — (461,937 ) 3,183,691 — — 175,171 69,595,476

Mid Value 5,015,859 — (406,704 ) 4,609,155 — — 125,920 75,728,422

Natural Resources 2,735,344 281,002 — 3,016,346 — — — 37,824,975

Real Estate Equity 1,990,261 31,418 (157,768 ) 1,863,911 — — 971,131 21,304,504

Real Return Bond 5,489,534 638,009 (19,522 ) 6,108,021 — — (7,809 ) 67,799,030

Redwood 3,333,133 — (181,034 ) 3,152,099 — — 76,446 35,051,346

Seaport 1,292,187 — — 1,292,187 — — — 14,226,977

Short Duration Credit Opportunities 19,727,274 763,732 (656,743 ) 19,834,263 3,603,379 — (334,216 ) 194,574,123

Small Cap Growth 1,582,268 — (161,274 ) 1,420,994 — — 63,415 15,190,424

Small Cap Value 958,885 137,898 (73,312 ) 1,023,471 — — 56,430 20,899,278

Small Company Growth 723,081 — (91,621 ) 631,460 — — 135,213 13,418,534

Small Company Value 543,228 — (123,402 ) 419,826 — — 1,171,866 14,483,999

Spectrum Income 13,995,897 765,558 (406,544 ) 14,354,911 1,912,710 — (43,830 ) 149,865,268

Strategic Growth 6,476,831 — (790,182 ) 5,686,649 — — 1,123,636 93,545,374

Strategic Income Opportunities 21,717,775 996,906 (965,898 ) 21,748,783 3,801,967 — (118,807 ) 236,191,778

Total Return 20,156,289 97,254 (1,732,966 ) 18,520,577 1,323,631 — (95,930 ) 252,250,261

U.S. Equity 7,765,351 — (421,030 ) 7,344,321 — — 42,004 86,736,435

U.S. High Yield Bond 4,689,932 124,361 (550,083 ) 4,264,210 1,432,499 — (313,178 ) 48,782,565

$41,884,982 — ($1,836,109 ) $4,590,100,347

Lifestyle Conservative Portfolio

Absolute Return Currency 14,287,229 577,233 (2,401,184 ) 12,463,278 — — ($3,653,035 ) $106,311,757

Active Bond 41,206,273 597,174 (2,800,335 ) 39,003,112 $6,096,309 — (307,118 ) 393,931,432

Alpha Opportunities 2,759,454 — (486,284 ) 2,273,170 — — (416,788 ) 28,437,353

Asia Pacific Total Return Bond 7,198,186 — — 7,198,186 — — — 66,367,274

Blue Chip Growth 1,698,804 — (349,579 ) 1,349,225 — — 4,908,052 47,600,644

Capital Appreciation 863,699 — (190,230 ) 673,469 — — 8,048 12,593,866

Capital Appreciation Value 9,272,222 138,254 (983,166 ) 8,427,310 — — (672,480 ) 101,211,994

Core Bond 12,142,221 603,440 (117,582 ) 12,628,079 988,320 — (34,412 ) 163,407,342

Core High Yield 7,288,442 223,344 (1,212,608 ) 6,299,178 2,319,208 — (777,848 ) 65,007,513

Emerging Markets 3,036,374 — (604,962 ) 2,431,412 — — 331,172 24,581,574

Emerging Markets Debt 9,530,113 243,583 — 9,773,696 1,890,062 — — 89,722,527

Emerging Markets Equity — 315,160 — 315,160 — — — 3,113,782

Enduring Equity 6,907,183 195,787 (668,699 ) 6,434,271 743,607 — 771,762 67,945,897

Equity Income 2,912,761 23,811 (383,366 ) 2,553,206 476,264 — 1,913,627 50,196,031

Floating Rate Income 41,250,877 991,066 (3,825,638 ) 38,416,305 8,914,042 — (1,901,618 ) 343,057,605

Fundamental Global Franchise 1,743,784 218,479 (232,022 ) 1,730,241 — — (43,371 ) 22,527,735

Fundamental Large Cap Value 3,884,677 — (628,252 ) 3,256,425 — — (179,998 ) 45,166,617

Global Absolute Return Strategies 8,353,235 2,807,645 — 11,160,880 — — — 124,555,424

Global Bond 9,607,335 110,464 (293,032 ) 9,424,767 — — (138,755 ) 110,835,256

Global Equity 2,652,709 463,211 (323,921 ) 2,791,999 — — (264,391 ) 30,237,349

Global Income 4,680,293 126,636 (1,013,283 ) 3,793,646 1,215,168 — (357,424 ) 35,736,149

Global Real Estate 1,995,738 54,705 (163,675 ) 1,886,768 — — 673,224 17,056,381

Global Shareholder Yield 2,725,983 254,102 (222,634 ) 2,757,451 558,200 — (128,949 ) 30,304,391

Global Short Duration Credit 3,986,943 112,004 (556,127 ) 3,542,820 1,043,689 — (427,633 ) 32,735,660

High Yield 1,941,075 46,157 (778,253 ) 1,208,979 397,656 — 1,887,112 10,324,679

International Core 601,305 213,845 (31,727 ) 783,423 — — (60,786 ) 25,837,291

Dividends and distributions

Portfolio Beginning
share
amount Shares
purchased Shares
sold Ending
share
amount Income
distributions
received Capital gains
distributions
received Realized
gain (loss) Ending
value

International Growth Stock 2,162,179 787,355 — 2,949,534 — — — 39,346,789

International Value 3,337,783 — (143,404 ) 3,194,379 — — (155,461 ) 50,439,247

Investment Quality Bond 12,790,592 711,598 (97,158 ) 13,405,032 1,407,215 — (29,919 ) 163,407,342

Mid Cap Stock 1,406,479 2,144 (219,821 ) 1,188,802 — — (7,892 ) 25,987,222

Mid Value 1,252,918 1,746 (139,943 ) 1,114,721 — — 69,329 18,314,871

Natural Resources 1,047,873 176,274 — 1,224,147 — — — 15,350,804

Real Estate Equity 1,545,784 92,269 (145,189 ) 1,492,864 — — 909,267 17,063,432

Real Return Bond 8,666,245 805,536 (240,142 ) 9,231,639 — — (354,845 ) 102,471,194

Redwood 1,984,264 — (162,877 ) 1,821,387 — — 80,107 20,253,824

Seaport 751,000 — — 751,000 — — — 8,268,510

Short Duration Credit Opportunities 16,978,600 609,313 (743,008 ) 16,844,905 3,088,265 — (190,064 ) 165,248,519

Short Term Government Income 15,382,657 85,558 (945,700 ) 14,522,515 829,648 — (309,739 ) 140,868,398

Small Cap Growth 917,094 22,287 (135,857 ) 803,524 — — 68,763 8,589,675

Small Cap Value 248,247 37,161 (25,237 ) 260,171 — — 16,886 5,312,690

Small Company Value 139,555 — (35,572 ) 103,983 — — 357,907 3,587,397

Spectrum Income 12,318,101 620,413 (634,456 ) 12,304,058 1,653,993 — (16,394 ) 128,454,370

Strategic Growth 947,632 — (173,169 ) 774,463 — — 97,301 12,739,920

Strategic Income Opportunities 19,130,248 780,825 (1,277,790 ) 18,633,283 3,303,029 — (54,518 ) 202,357,454

Total Return 21,351,049 104,973 (1,413,045 ) 20,042,977 1,428,673 — (132,308 ) 272,985,347

U.S. Equity 4,036,469 5,205 (328,778 ) 3,712,896 — — 36,318 43,849,306

U.S. High Yield Bond 2,003,370 48,736 (426,882 ) 1,625,224 561,423 — 194,381 18,592,568

$36,914,771 — $1,707,510 $3,512,292,402

EVALUATION OF ADVISORY AND SUBADVISORY AGREEMENTS BY THE BOARD OF TRUSTEES

This section describes the evaluation by the Board of Trustees (the Board) of John Hancock Funds II (the Trust) of the Advisory Agreement (the Advisory Agreement) and each Subadvisory Agreement (collectively, the Subadvisory Agreements) with respect to each of the portfolios of the Trust included in this report (the Funds). The Advisory and Subadvisory Agreements are collectively referred to as the Agreements. Prior to the June 23-25, 2015 in-person meeting at which the Agreements were approved, the Board also discussed and considered information regarding the proposed continuation of the Agreements at an in-person meeting held on May 21-22, 2015.

Approval of Advisory and Subadvisory Agreements

At in-person meetings held on June 23-25, 2015, the Board, including the Trustees who are not considered to be interested persons of the Trust under the Investment Company Act of 1940, as amended (the 1940 Act) (the Independent Trustees), reapproved for an annual period, the continuation of the Advisory Agreement between the Trust and the Advisor and the applicable Subadvisory Agreements between the Advisor and the sub-advisers (each, a "Subadvisor" and collectively, the "Subadvisors") with respect to each of the Funds identified below.

In considering the Advisory Agreement and the Subadvisory Agreements with respect to each Fund, the Board received in advance of the meetings a variety of materials relating to each Fund, the Advisor and each Subadvisor, including comparative performance, fee and expense information for peer groups of similar mutual funds prepared by an independent third-party provider of mutual fund data; performance information for the Funds' benchmark indices; and, with respect to each Subadvisor, comparative performance information for comparably managed accounts, as applicable; and other information provided by the Advisor and the Subadvisors regarding the nature, extent and quality of services provided by the Advisor and the Subadvisors under their respective Agreements, as well as information regarding the Advisor's revenues and costs of providing services to the Funds and any compensation paid to affiliates of the Advisor. At the meetings at which the renewal of the Advisory Agreement and Subadvisory Agreements are considered, particular focus is given to information concerning Fund performance, comparability of fees and total expenses, and profitability. However, the Board notes that the evaluation process with respect to the Advisor and the Subadvisors is an ongoing one. In this regard, the Board also took into account discussions with management and information provided to the Board at prior meetings with respect to the services provided by the Advisor and the Subadvisors to the Funds, including quarterly performance reports prepared by management containing reviews of investment results, and periodic presentations from the Subadvisors with respect to the Funds they manage. The Board noted the affiliation of the Subadvisors with the Advisor, noting any potential conflicts of interest. The Board also considered the nature, quality, and extent of the non-advisory services, if any, to be provided to the Funds by the Advisor's affiliates, including distribution services.

Throughout the process, the Board asked questions of and requested additional information from management. The Board is assisted by counsel for the Trust and the Independent Trustees are also separately assisted by independent legal counsel throughout the process. The Independent Trustees also received a memorandum from their independent counsel discussing the legal standards for their consideration of the proposed continuation of the Agreements and discussed the proposed continuation of the Agreements in private sessions with their independent legal counsel at which no representatives of management were present.

Approval of Advisory Agreement

In approving the Advisory Agreement with respect to each Fund, the Board, including the Independent Trustees, considered a variety of factors, including those discussed below. The Board also considered other factors (including conditions and trends prevailing generally in the economy, the securities markets and the industry) and does not treat any single factor as determinative, and each Trustee may attribute different weights to different factors. The Board's conclusions may be based in part on its consideration of the advisory and subadvisory arrangements in prior years and on the Board's ongoing regular review of Fund performance and operations throughout the year.

Nature, Extent and Quality of Services. Among the information received by the Board from the Advisor relating to the nature, extent and quality of services provided to the Funds, the Board reviewed information provided by the Advisor relating to its operations and personnel, descriptions of its organizational and management structure, and information regarding the Advisor's compliance and regulatory history, including its Form ADV. The Board also noted that on a regular basis it receives and reviews information from the Trust's Chief Compliance Officer (CCO) regarding the Funds' compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act. The Board also considered the Advisor's risk management processes. The Board considered that the Advisor is responsible for the management of the day-to-day operations of the Funds, including but not limited to, general supervision of and coordination of the services provided by the Subadvisors, and is also responsible for monitoring and reviewing the activities of the Subadvisors and other third-party service providers.

In considering the nature, extent and quality of the services provided by the Advisor, the Trustees also took into account their knowledge of the Advisor's management and the quality of the performance of the Advisor's duties, through Board meetings, discussions and reports during the preceding year and through each Trustee's experience as a Trustee of the Trust and of the other trusts in the complex.

In the course of their deliberations regarding the Advisory Agreement, the Board considered, among other things:

(a) the skills and competency with which the Advisor has in the past managed the Trust's affairs and its subadvisory relationships, the Advisor's oversight and monitoring of the Subadvisors' investment performance and compliance programs, such as the Subadvisors' compliance with fund policies and objectives, review of brokerage matters including with respect to trade allocation and best execution, and the Advisor's timeliness in responding to performance issues;

(b) the background, qualifications and skills of the Advisor's personnel;

(c) the Advisor's compliance policies and procedures and its responsiveness to regulatory changes and mutual fund industry developments;

(d) the Advisor's administrative capabilities, including its ability to supervise the other service providers for the Funds;

(e) the financial condition of the Advisor and whether it has the financial wherewithal to provide a high level and quality of services to the Funds; and

(f) the Advisor's reputation and experience in serving as an investment adviser to the Trust and the benefit to shareholders of investing in funds that are part of a family of funds offering a variety of investments.

The Board concluded that the Advisor may reasonably be expected to continue to provide a high quality of services under the Advisory Agreement with respect to the Funds.

Investment Performance. In considering each Fund's performance, the Board noted that it reviews at its regularly scheduled meetings information about the Funds' performance results. In connection with the consideration of the Advisory Agreement, the Board:

(a) reviewed information prepared by management regarding the Funds' performance;

(b) considered the comparative performance of each Fund's respective benchmark;

(c) considered the performance of comparable funds, if any, as included in the report prepared by an independent third-party provider of mutual fund data; and

(d) took into account the Advisor's analysis of each Fund's performance and its plans and recommendations regarding the Trust's subadvisory arrangements generally and with respect to particular Funds.

The Board concluded that the performance of each of the Funds has been in line with or outperformed the historical performance of comparable funds, with certain exceptions noted in Appendix A, and also reviewed Fund performance against each Fund's respective benchmarks. The Board concluded that such performance is being monitored and reasonably addressed.

Fees and Expenses. The Board reviewed comparative information prepared by an independent third-party provider of mutual fund data including, among other data, each Fund's contractual and net management fees (and subadvisory fees, to the extent available) and total expenses as compared to similarly situated investment companies deemed to be comparable to the Fund. The Board considered each Fund's ranking within a smaller group of peer funds chosen by the independent third-party provider, as well as the Fund's ranking within broader groups of funds. In comparing each Fund's contractual and net management fees to that of comparable funds, the Board noted that such fee includes both advisory and administrative costs.

The Board took into account management's discussion with respect to the advisory/subadvisory fee structure, including the amount of the advisory fee retained by the Advisor after payment of the subadvisory fees. The Board also noted that, in addition, the Advisor is currently waiving fees and/or reimbursing expenses with respect to the Funds. The Board also noted that the Advisor pays the subadvisory fees of the Funds. In addition, the Board noted that the Advisor effected or continued advisory fee reductions in the past year with respect to the Funds. The Board also took into account that management had agreed to implement an overall fee waiver across the complex, which is discussed further below. The Board also noted management's discussion of the Funds' expenses, as well as certain actions taken over the past several years to reduce the Funds' operating expenses. The Board reviewed information provided by the Advisor concerning investment advisory fees charged to other clients (including other funds in the complex) having similar investment mandates, if any. The Board considered any differences between the Advisor's and a Subadvisor's services to a Fund and the services they provide to other such comparable clients or funds. The Board concluded that the advisory fee paid with respect to each of the Funds is reasonable.

In addition, the Trustees reviewed the advisory fee to be paid to the Advisor for each Fund, each of which is a fund of funds, and concluded that the advisory fee to be paid to the Advisor with respect to each Fund is based on services provided that are in addition to, rather than duplicative of, the services provided pursuant to the advisory agreements for the underlying portfolios of the Fund and that the additional services are necessary because of the differences between the investment policies, strategies and techniques of a Fund and those of its underlying portfolios.

Profitability/Indirect Benefits. In considering the costs of the services to be provided and the profits to be realized by the Advisor and its affiliates (including the Subadvisors which are affiliated with the Advisor) from the Advisor's relationship with the Trust, the Board:

(a) reviewed financial information of the Advisor;

(b) reviewed and considered information presented by the Advisor regarding the net profitability to the Advisor and its affiliates, of each Fund;

(c) received and reviewed profitability information with respect to the John Hancock fund complex as a whole;

(d) received information with respect to the Advisor's allocation methodologies used in preparing the profitability data;

(e) considered that the John Hancock insurance companies that are affiliates of the Advisor, as shareholders of the Trust directly or through their separate accounts, receive certain tax credits or deductions relating to foreign taxes paid and dividends received by certain Funds of the Trust and noted that these tax benefits, which are not available to participants in qualified retirement plans under applicable income tax law, are reflected in the profitability analysis reviewed by the Board;

(f) considered that the Advisor also provides administrative services to the Funds on a cost basis pursuant to an administrative services agreement;

(g) noted that the Funds' Subadvisors are affiliates of the Advisor;

(h) noted that affiliates of the Advisor provide transfer agency services and distribution services to the Funds, and that the Trust's distributor also receives Rule 12b-1 payments to support distribution of the products;

(i) noted that the Advisor also derives reputational and other indirect benefits from providing advisory services to the Funds;

(j) noted that the subadvisory fees for the Funds are paid by the Advisor;

(k) with respect to each Fund, the Board noted that the advisory fee is in addition to the fees received by the Advisor and its affiliates with regard to the underlying portfolios in which the Funds may invest; and

(l) considered that the Advisor should be entitled to earn a reasonable level of profits in exchange for the level of services it provides to each Fund and the entrepreneurial risk that it assumes as Advisor.

Based upon its review, the Board concluded that the level of profitability, if any, of the Advisor and its affiliates (including Subadvisors that are affiliated with the Advisor), from their relationship with each Fund was reasonable and not excessive.

Economies of Scale. In considering the extent to which economies of scale would be realized as a Fund grows and whether fee levels reflect these economies of scale for the benefit of Fund shareholders, the Board:

(a) considered that with respect to the John Hancock underlying portfolios in which the Funds invest, the Advisor has agreed to waive a portion of its management fee for such funds and for each of the other John Hancock funds in the complex (except as discussed below) (the Participating Portfolios) or otherwise reimburse the expenses of the Participating Portfolios (the Reimbursement), and that this waiver is based upon the aggregate net assets of all the Participating Portfolios. The Funds that are not Participating Portfolios are the Funds and each of the funds of funds of John Hancock Funds II and John Hancock Variable Insurance Trust. The Funds also benefit from such overall management fee waiver through their investment in underlying portfolios that include certain of the Participating Portfolios, which are subject to the Reimbursement.

(b) reviewed the Trust's advisory fee structure and concluded that (i) the Funds' fee structures contain breakpoints at the advisory fee level and (ii) although economies of scale cannot be measured with precision, these arrangements permit shareholders of the Funds to benefit from economies of scale if those Funds grow. The Board also took into account management's discussion of the Funds' advisory fee structure; and

(c) the Board also considered the effect of the Funds' growth in size on their performance and fees. The Board also noted that if the Funds' assets increase over time, the Funds may realize other economies of scale.

Approval of Subadvisory Agreements

In making its determination with respect to approval of the Subadvisory Agreements, the Board reviewed:

(1) information relating to each Subadvisor's business, including current subadvisory services to the Trust (and other funds in the John Hancock family of funds);

(2) the historical and current performance of each Fund and comparative performance information relating to the Fund's benchmark and comparable funds; and

(3) the subadvisory fee for each Fund, including any breakpoints, and comparative fee information, where available, prepared by an independent third party provider of mutual fund data.

Nature, Extent and Quality of Services. With respect to the services provided by each of the Subadvisors with respect to each Fund, the Board received information provided to the Board by each Subadvisor, including each Subadvisor's Form ADV, as well as took into account information presented throughout the past year. The Board considered each Subadvisor's current level of staffing and its overall resources, as well as received information relating to a Subadvisor's compensation program. The Board reviewed each Subadvisor's history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Subadvisor's investment and compliance personnel who provide services to the Funds. The Board also considered, among other things, the Subadvisor's compliance program and any disciplinary history. The Board also considered the Subadvisor's risk assessment and monitoring process. The Board reviewed each Subadvisor's regulatory history, including whether it was currently involved in any regulatory actions or investigations as well as material litigation, and any settlements and amelioratory actions undertaken, as appropriate. The Board noted that the Advisor conducts regular, periodic reviews of each Subadvisor and its operations, including regarding investment processes and organizational and staffing matters. The Board also noted that the CCO and his staff conduct regular, periodic compliance reviews with each of the Subadvisors and present reports to the Independent Trustees regarding the same, which includes evaluating the regulatory compliance systems of the Subadvisors and procedures reasonably designed by them to assure compliance with the federal securities laws. The Board also took into account the financial condition of each Subadvisor.

The Board considered each Subadvisor's investment process and philosophy. The Board took into account that each Subadvisor's responsibilities include the development and maintenance of an investment program for the applicable Fund which is consistent with the Fund's investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. The Board also received information with respect to each Subadvisor's brokerage policies and practices, including with respect to best execution and soft dollars.

Subadvisor Compensation. In considering the cost of services to be provided by each Subadvisor and the profitability to that Subadvisor of its relationship with the Fund, the Board noted that the fees under the Subadvisory Agreements are paid by the Advisor and not the Funds. The Board also noted that the Subadvisors are affiliated with the Advisor and took into account potential conflicts of interests the Advisor might have in connection with the Subadvisory Agreements.

In addition, the Board considered other potential indirect benefits that the Subadvisors and their affiliates may receive from the Subadvisor's relationship with the Fund, such as the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits.

Subadvisory Fees. The Board considered that the Fund pays an advisory fee to the Advisor and that, in turn, the Advisor pays a subadvisory fee to each Subadvisor. As noted above, the Board also considered, if available, each Fund's sub-advisory fees as compared to similarly situated investment companies deemed to be comparable to the Fund as included in the report prepared by the independent third party provider of mutual fund data. The Board also took into account the sub-advisory fees paid by the Advisor to fees charged by each Fund's Subadvisor to manage other sub-advised portfolios and portfolios not subject to regulation under the 1940 Act, as applicable.

Subadvisor Performance. As noted above, the Board considered each Fund's performance as compared to the Fund's respective peer group and benchmark and noted that the Board reviews information about the Fund's performance results at its regularly scheduled meetings. The Board noted the Advisor's expertise and resources in monitoring the performance, investment style, and risk-adjusted performance of each Subadvisor. The Board was mindful of the Advisor's focus on each Subadvisor's performance. The Board also noted each Subadvisor's long-term performance record for similar accounts, as applicable.

The Board's decision to approve the Subadvisory Agreement with respect to each Fund was based on a number of determinations, including the following:

(1) Each Subadvisor has extensive experience and demonstrated skills as a manager;

(2) Although not without variation, the performance of each Fund managed by a Subadvisor generally has been in line with or outperformed the historical performance of comparable funds, with the exceptions noted in Appendix A, with respect to such exceptions, the Board concluded that performance is being monitored and reasonably addressed;

(3) The subadvisory fees are reasonable in relation to the level and quality of services being provided; and

(4) The subadvisory fees are paid by the Advisor and not the Funds and the advisory fee for each of the Funds contains breakpoints that permit shareholders to benefit from economies of scale.

In addition, in the case of each Fund, the Trustees reviewed the subadvisory fee to be paid to the Subadvisors for the Fund and concluded that the subadvisory fee to be paid to the Subadvisor with respect to each Fund is based on services provided that are in addition to, rather than duplicative of, the services provided pursuant to the subadvisory agreements for the underlying portfolios of the Fund and that the additional services are necessary because of the differences between the investment policies, strategies and techniques of a Fund and those of its underlying portfolios.

Additional information relating to each Fund's fees and expenses and performance that the Board considered in approving the Advisory Agreement and Subadvisory Agreement for a particular Fund is set forth in Appendix A.

* * *

Based on their evaluation of all factors that they deemed to be material, including those factors described above, the Board, including the Independent Trustees, concluded that renewal of the Advisory Agreement and each of the Subadvisory Agreements with respect to each Fund would be in the best interest of each of the respective Funds and its shareholders. Accordingly, the Board, and the Independent Trustees voting separately, approved the Advisory Agreement and Subadvisory Agreement with respect to each Fund for an additional one-year period.

APPENDIX A

Portfolio (subadviser) Performance of trust,
as of 12.31.2014 Fees and expenses Comments

JHF II Lifestyle Aggressive

(Manulife Asset Management (US))

(Manulife Asset Management (North America))

Benchmark Index - The Fund underperformed for the one-, three- and five-year periods.

Lipper Category - The Fund underperformed the average for the one-year period and outperformed the average for the three- and five-year periods.

Subadviser fee comparative data not provided due to limited size of Lipper peer group for this purpose.

Net management fees for this Fund are lower than the peer group median.

Total expenses for this Fund are lower than the peer group median.

The Board took into account management's discussion of the Fund's performance, including the favorable performance relative to the peer group for the three- and five-year periods.

JHF II Lifestyle Balanced Fund

(Manulife Asset Management (US))

(Manulife Asset Management (North America))

Benchmark Index - The Fund underperformed for the one-, three- and five-year periods.

Lipper Category - The Fund underperformed the average for the one-year period and outperformed the average for the three- and five-year periods.

Subadviser fee comparative data not provided due to limited size of Lipper peer group for this purpose.

Net management fees for this Fund are lower than the peer group median.

Total expenses for this Fund are lower than the peer group median.

The Board took into account management's discussion of the Fund's performance, including the favorable performance relative to the peer group for the three- and five-year periods.

JHF II Lifestyle Conservative Fund

(Manulife Asset Management (US))

(Manulife Asset Management (North America))

Benchmark Index - The Fund underperformed for the one- and five-year periods and outperformed for the three-year period.

Lipper Category - The Fund underperformed the average for the one- and three-year periods and outperformed the average for the five-year period.

Subadviser fee comparative data not provided due to limited size of Lipper peer group for this purpose.

Net management fees for this Fund are lower than the peer group median.

Total expenses for this Fund are lower than the peer group median.

The Board took into account management's discussion of the Fund's performance, including the favorable performance relative to the benchmark index for the three-year period and to the peer group for the five-year period.

JHF II Lifestyle Growth Fund

(Manulife Asset Management (US))

(Manulife Asset Management (North America))

Benchmark Index - The Fund underperformed for the one-, three- and five-year periods.

Lipper Category - The Fund underperformed the average for the one-year period and outperformed the average for the three- and five-year periods.

Subadviser fee comparative data not provided due to limited size of Lipper peer group for this purpose.

Net management fees for this Fund are lower than the peer group median.

Total expenses for this Fund are lower than the peer group median.

The Board took into account management's discussion of the Fund's performance, including the favorable performance relative to the peer group index for the three- and five-year periods.

JHF II Lifestyle Moderate Fund

(Manulife Asset Management (US))

(Manulife Asset Management (North America))

Benchmark Index - The Fund underperformed for the one-, three- and five-year periods.

Lipper Category - The Fund underperformed the average for the one-, three- and five-year periods.

Subadviser fee comparative data not provided due to limited size of Lipper peer group for this purpose.

Net management fees for this Fund are lower than the peer group median.

Total expenses for this Fund are lower than the peer group median.

The Board took into account management's discussion of the Fund's performance, including differences in the Fund's investment strategies relative to the Lipper peer group.

More information

Trustees

James M. Oates, Chairperson
Steven R. Pruchansky, Vice Chairperson
Charles L. Bardelis*
James R. Boyle†#
Craig Bromley†
Peter S. Burgess*
William H. Cunningham
Grace K. Fey
Theron S. Hoffman*
Deborah C. Jackson
Hassell H. McClellan
Gregory A. Russo
Warren A. Thomson†

Officers

Andrew G. Arnott
President

John J. Danello
Senior Vice President, Secretary,
and Chief Legal Officer

Francis V. Knox, Jr.
Chief Compliance Officer

Charles A. Rizzo
Chief Financial Officer

Salvatore Schiavone
Treasurer

Investment advisor

John Hancock Advisers, LLC

Subadvisors

John Hancock Asset Management a division of Manulife Asset Management (US) LLC
John Hancock Asset Management a division of Manulife Asset Management (North America) 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
†Non-Independent Trustee
#Effective 3-10-15

The fund's proxy voting policies and procedures, as well as the fund proxy voting record for the most recent twelve-month period ended June 30, are available free of charge on the Securities and Exchange Commission (SEC) website at sec.gov or on our website.

The fund's complete list of portfolio holdings, for the first and third fiscal quarters, is filed with the SEC on Form N-Q. The fund's Form N-Q is available on our website and the SEC's website, sec.gov, and can be reviewed and copied (for a fee) at the SEC's Public Reference Room in Washington, DC. Call 800-SEC-0330 to receive information on the operation of the SEC's Public Reference Room.

We make this information on your fund, as well as monthly portfolio holdings, and other fund details available on our website at jhinvestments.com or by calling 800-225-5291.

You can also contact us:

800-225-5291
jhinvestments.com
Regular mail:

John Hancock Signature Services, Inc.
P.O. Box 55913
Boston, MA 02205-5913

Express mail:

John Hancock Signature Services, Inc.
Suite 55913
30 Dan Road
Canton, MA 02021

Family of funds

DOMESTIC EQUITY FUNDS

Balanced

Blue Chip Growth

Classic Value

Disciplined Value

Disciplined Value Mid Cap

Equity Income

Fundamental All Cap Core

Fundamental Large Cap Core

Fundamental Large Cap Value

Large Cap Equity

New Opportunities

Select Growth

Small Cap Equity

Small Cap Value

Small Company

Strategic Growth

U.S. Equity

U.S. Global Leaders Growth

Value Equity

GLOBAL AND INTERNATIONAL EQUITY FUNDS

Disciplined Value International

Emerging Markets

Emerging Markets Equity

Global Equity

Global Shareholder Yield

Greater China Opportunities

International Core

International Growth

International Small Company

International Value Equity

INCOME FUNDS

Bond

California Tax-Free Income

Core High Yield

Emerging Markets Debt

Floating Rate Income

Focused High Yield

Global Income

Government Income

High Yield Municipal Bond

Income

INCOME FUNDS (continued)

Investment Grade Bond

Money Market

Short Duration Credit Opportunities

Spectrum Income

Strategic Income Opportunities

Tax-Free Bond

ALTERNATIVE AND SPECIALTY FUNDS

Absolute Return Currency

Alternative Asset Allocation

Enduring Equity

Financial Industries

Global Absolute Return Strategies

Global Conservative Absolute Return

Natural Resources

Redwood

Regional Bank

Seaport

Technical Opportunities

ASSET ALLOCATION

Income Allocation Fund

Lifestyle Aggressive Portfolio

Lifestyle Balanced Portfolio

Lifestyle Conservative Portfolio

Lifestyle Growth Portfolio

Lifestyle Moderate Portfolio

Retirement Choices Portfolios (2010-2055)

Retirement Living Portfolios (2010-2055)

Retirement Living II Portfolios (2010-2055)

CLOSED-END FUNDS

Financial Opportunities

Hedged Equity & Income

Income Securities Trust

Investors Trust

Preferred Income

Preferred Income II

Preferred Income III

Premium Dividend

Tax-Advantaged Dividend Income

Tax-Advantaged Global Shareholder Yield

The fund's investment objectives, risks, charges, and expenses are included in the prospectus and should be considered carefully before investing. For a prospectus, contact your financial professional, call John Hancock Investments at 800-225-5291, or visit the fund's website at jhinvestments.com. Please read the prospectus carefully before investing or sending money.


2		Lifestyle Portfolios at a glance
5		Discussion of portfolio performance
8		John Hancock Lifestyle Aggressive Portfolio
9		John Hancock Lifestyle Growth Portfolio
10		John Hancock Lifestyle Balanced Portfolio
11		John Hancock Lifestyle Moderate Portfolio
12		John Hancock Lifestyle Conservative Portfolio
13		Your expenses
17		Portfolios' investments
22		Financial statements
27		Financial highlights
37		Notes to financial statements
57		Evaluation of advisory and subadvisory agreements
62		More information


	Robert M. Boyda On the portfolio since 2010 Investing since 1979
	Marcelle Daher, CFA On the portfolio since 2013 Investing since 1999
	Steven E. Medina, CFA On the portfolio since 2010 Investing since 1994
	Nathan W. Thooft, CFA On the portfolio since 2013 Investing since 2000


Equity		84.8
	U.S. Large Cap	36.7
	International Large Cap	13.7
	U.S. Mid Cap	8.7
	Large Blend	8.0
	Emerging Markets	7.5
	U.S. Small Cap	4.7
	International Small Cap	4.5
	Global Large Cap	1.0
Alternative and specialty		15.2
	Science & Technology	2.9
	Technical Opportunities	2.8
	Financial Industries	2.4
	Natural Resources	1.6
	Health Sciences	1.3
	Global Absolute Return Strategies	1.1
	Real Estate	1.0
	Currency	0.9
	Redwood	0.7
	Seaport	0.5


	Class A	Class B	Class C	Class I^1,2	Class R1¹	Class R2^1,2	Class R3¹	Class R4¹	Class R5¹	Class R6^1,2	Class 1¹	Index 1³	Index 2³	Index 3³
Inception	10-18-05	10-18-05	10-18-05	10-15-05	9-18-06	10-18-05	10-18-05	10-18-05	10-18-05	10-15-05	10-15-05	10-18-05	10-18-05	10-18-05
Average annual total returns
1 year	-2.24	-2.91	1.18	2.37	2.44	2.80	2.49	2.92	3.16	3.36	3.25	7.42	-3.82	3.59
5 year	11.84	11.84	12.18	12.34	12.51	12.48	12.61	12.97	13.30	12.94	13.46	17.34	10.03	14.74
Since inception	5.41	5.32	5.23	5.38	4.88	5.13	5.69	6.01	6.31	5.12	6.45	8.10	5.06	7.55
Cumulative returns
6 months	-1.28	-1.51	2.61	3.78	3.74	3.88	3.75	4.00	4.06	4.19	4.13	1.23	5.88	2.70
5 year	74.99	75.00	77.64	78.92	80.30	80.08	81.06	84.00	86.69	83.76	87.99	122.47	61.26	98.90
Since inception	66.79	65.39	63.97	66.37	52.07	62.46	71.06	76.13	81.06	62.38	83.46	112.90	61.41	102.69


Equity		71.0
	U.S. Large Cap	33.7
	International Large Cap	11.2
	U.S. Mid Cap	7.0
	Large Blend	6.4
	Emerging Markets	5.3
	International Small Cap	3.3
	U.S. Small Cap	3.1
	Global Large Cap	1.0
Fixed income		14.2
	Multi-Sector Bond	4.3
	Bank Loan	2.8
	Intermediate Bond	2.6
	High Yield Bond	2.0
	Global Bond	1.8
	Treasury Inflation-Protected Securities	0.7
Alternative and specialty		14.8
	Science & Technology	2.4
	Technical Opportunities	2.4
	Financial Industries	2.0
	Global Absolute Return Strategies	1.9
	Currency	1.7
	Natural Resources	1.2
	Health Sciences	1.1
	Real Estate	0.9
	Redwood	0.9
	Seaport	0.3


Equity		52.8
	U.S. Large Cap	25.2
	International Large Cap	8.9
	U.S. Mid Cap	5.0
	Large Blend	4.6
	Emerging Markets	3.4
	International Small Cap	2.4
	U.S. Small Cap	2.4
	Global Large Cap	0.9
Fixed income		33.9
	Multi-Sector Bond	10.3
	Intermediate Bond	9.8
	Bank Loan	5.8
	Global Bond	3.5
	High Yield Bond	3.5
	Treasury Inflation-Protected Securities	1.0
Alternative and specialty		13.3
	Global Absolute Return Strategies	2.0
	Science & Technology	2.0
	Currency	1.9
	Financial Industries	1.7
	Technical Opportunities	1.4
	Natural Resources	1.2
	Real Estate	1.1
	Health Sciences	0.9
	Redwood	0.8
	Seaport	0.3


Equity		37.9
	U.S. Large Cap	20.0
	International Large Cap	5.7
	U.S. Mid Cap	3.2
	Large Blend	3.0
	Emerging Markets	2.0
	International Small Cap	1.7
	U.S. Small Cap	1.4
	Global Large Cap	0.9
Fixed income		54.4
	Intermediate Bond	20.9
	Multi-Sector Bond	12.7
	Bank Loan	8.5
	Global Bond	5.9
	High Yield Bond	4.9
	Treasury Inflation-Protected Securities	1.5
Alternative and specialty		7.7
	Global Absolute Return Strategies	2.3
	Currency	2.1
	Real Estate	0.9
	Natural Resources	0.8
	Redwood	0.8
	Enduring Equity	0.5
	Seaport	0.3


Equity		17.9
	U.S. Large Cap	9.7
	International Large Cap	4.2
	U.S. Mid Cap	1.3
	Emerging Markets	0.8
	Large Blend	0.8
	Global Large Cap	0.6
	U.S. Small Cap	0.5
Fixed income		71.4
	Intermediate Bond	29.2
	Multi-Sector Bond	14.2
	Bank Loan	9.8
	Global Bond	7.6
	Short-Term Bond	4.0
	High Yield Bond	3.7
	Treasury Inflation-Protected Securities	2.9
Alternative and specialty		10.7
	Global Absolute Return Strategies	3.5
	Currency	3.0
	Enduring Equity	2.0
	Real Estate	1.0
	Redwood	0.6
	Natural Resources	0.4
	Seaport	0.2


		Beginning account value 1-1-2015	Ending account value 6-30-2015	Expenses paid during period¹ 1-1-2015–6-30-2015	Annualized expense ratio²
Lifestyle Aggressive Portfolio
Class A	Actual	$1,000.00	$1,039.30	$2.38	0.47%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,022.50	2.36	0.47%
Class B	Actual	1,000.00	1,034.90	6.21	1.23%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,018.70	6.16	1.23%
Class C	Actual	1,000.00	1,036.10	6.06	1.20%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,018.80	6.01	1.20%
Class I	Actual³	1,000.00	990.60	0.28	0.17%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,024.00	0.85	0.17%
Class R1	Actual	1,000.00	1,037.40	4.60	0.91%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,020.30	4.56	0.91%
Class R2	Actual	1,000.00	1,038.80	3.08	0.61%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,021.80	3.06	0.61%
Class R3	Actual	1,000.00	1,037.50	4.24	0.84%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,020.60	4.21	0.84%
Class R4	Actual	1,000.00	1,040.00	2.17	0.43%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,022.70	2.16	0.43%
Class R5	Actual	1,000.00	1,040.60	0.96	0.19%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,023.90	0.95	0.19%
Class R6	Actual	1,000.00	1,041.90	0.30	0.06%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,024.50	0.30	0.06%
Class 1	Actual	1,000.00	1,041.30	0.56	0.11%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,024.20	0.55	0.11%
Lifestyle Growth Portfolio
Class A	Actual	$1,000.00	$1,031.80	$2.37	0.47%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,022.50	2.36	0.47%
Class B	Actual	1,000.00	1,028.70	6.04	1.20%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,018.80	6.01	1.20%
Class C	Actual	1,000.00	1,028.70	5.99	1.19%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,018.90	5.96	1.19%
Class I	Actual³	1,000.00	991.20	0.28	0.17%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,024.00	0.85	0.17%
Class R1	Actual	1,000.00	1,029.90	4.38	0.87%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,020.50	4.36	0.87%
Class R2	Actual	1,000.00	1,031.30	3.07	0.61%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,021.80	3.06	0.61%
Class R3	Actual	1,000.00	1,030.60	3.78	0.75%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,021.10	3.76	0.75%
Class R4	Actual	1,000.00	1,033.10	1.81	0.36%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,023.00	1.81	0.36%
Class R5	Actual	1,000.00	1,033.60	0.76	0.15%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,024.10	0.75	0.15%
Class R6	Actual	1,000.00	1,034.40	0.30	0.06%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,024.50	0.30	0.06%
Class 1	Actual	1,000.00	1,034.40	0.55	0.11%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,024.20	0.55	0.11%
Class 5	Actual	1,000.00	1,034.40	0.30	0.06%
	Hypothetical (5% annualized return before expenses)	1,000.00	1,024.50	0.30	0.06%


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 365 (to reflect the one-half year period).
²	The portfolios' expense ratios do not include fees and expenses indirectly incurred by the underlying funds and can vary based on the mix of underlying funds held by the portfolios. The range of expense ratios of the underlying funds held by the portfolios was as follows:


Period ended	Lifestyle Aggressive	Lifestyle Growth	Lifestyle Balanced	Lifestyle Moderate	Lifestyle Conservative
6-30-15	0.65%-3.11%	0.55%-3.11%	0.55%-3.11%	0.55%-3.11%	0.61%-3.11%


	Underlying Funds' Investment Managers
	Allianz Life Insurance Company of New York						(Allianz)
	Baillie Gifford Overseas Ltd.						(Baillie Gifford)
	Barrow, Hanley, Mewhinney & Strauss, LLC						(Barrow Hanley)
	Brandywine Asset Management, Inc.						(Brandywine)
	Declaration Management & Research, LLC						(Declaration)
	Deutsche Investment Management Americas, Inc.						(Deutsche)
	Dimensional Fund Advisors LP						(DFA)
	Epoch Investment Partners, Inc.						(Epoch)
	First Quadrant, L.P.						(First Quadrant)
	Franklin Templeton Investments Corp.						(Franklin Templeton)
	Grantham, Mayo, Van Otterloo & Co. LLC						(GMO)
	Invesco Advisers, Inc.						(Invesco)
	Jennison Associates LLC						(Jennison)
	John Hancock Asset Management						(John Hancock)
	Pacific Investment Management Company LLC						(PIMCO)
	QS Investors, Inc.						(QS Investors)
	Robeco Investment Management, Inc.						(Robeco)
	Standard Life Investments (Corporate Funds) Limited						(Standard Life)
	Stone Harbor Investment Partners LP						(Stone Harbor)
	T. Rowe Price Associates, Inc						(T.Rowe Price)
	Templeton Investment Counsel, LLC						(Templeton)
	Wellington Management Company, LLP						(Wellington)
	Wells Capital Management, Incorporated						(Wells Capital)
	Western Asset Management Company						(WAMCO)


As of 6-30-15
	Shares or Principal Amount	Value
AFFILIATED INVESTMENT COMPANIES (G) - 100.0%
Equity - 84.8%
All Cap Core, Class NAV (QS Investors)	10,496,050	$147,154,617
Alpha Opportunities, Class NAV (Wellington)	20,801,589	260,227,881
Blue Chip Growth, Class NAV (T. Rowe Price)	6,365,269	224,566,693
Capital Appreciation Value, Class NAV (T.Rowe Price)	16,199,254	194,553,035
Capital Appreciation, Class NAV (Jennison)	11,185,588	209,170,505
Disciplined Value, Class NAV (Robeco)	5,188,122	98,522,437
Emerging Markets Equity, Class NAV (John Hancock) (A)(1)(I)	3,285,395	32,459,704
Emerging Markets, Class NAV (DFA)	29,868,840	301,973,973
Equity Income, Class NAV (T. Rowe Price)	11,734,859	230,707,326
Fundamental Global Franchise, Class NAV (John Hancock) (A)(1)	3,492,360	45,470,522
Fundamental Large Cap Value, Class NAV (John Hancock) (A)(1)	13,576,748	188,309,492
Global Equity, Class NAV (John Hancock) (A)(1)	4,175,295	45,218,440
Global Shareholder Yield, Class NAV (Epoch)	4,071,199	44,742,479
Greater China Opportunities, Class NAV (John Hancock) (A)(1)	589,864	13,696,652
International Core, Class NAV (GMO)	4,521,358	149,114,393
International Growth Opportunities, Class NAV (Baillie Gifford)	8,293,725	111,135,914
International Growth Stock, Class NAV (Invesco)	9,046,130	120,675,372
International Small Cap, Class NAV (Franklin Templeton)	5,339,718	103,376,934
International Small Company, Class NAV (DFA)	9,928,099	103,152,950
International Value Equity, Class NAV (John Hancock) (A)(1)	9,641,917	80,992,103
International Value, Class NAV (Templeton)	14,817,495	233,968,246
Mid Cap Stock, Class NAV (Wellington)	8,707,162	190,338,554
Mid Value, Class NAV (T. Rowe Price)	8,998,857	147,851,223
Select Growth, Class NAV (Baillie Gifford)	532,601	11,504,172
Small Cap Core, Class NAV (Wellington)	3,292,022	34,664,994
Small Cap Growth, Class NAV (Wellington)	3,379,385	36,125,624
Small Cap Opportunities, Class NAV (Brandywine/Invesco/DFA)	1,265,240	34,515,757
Small Cap Value, Class NAV (Wellington)	2,279,648	46,550,413
Small Company Growth, Class NAV (Invesco)	1,552,100	32,982,133
Small Company Value, Class NAV (T. Rowe Price)	925,291	31,922,539
Strategic Growth, Class NAV (John Hancock) (A)(1)	12,634,092	207,830,821
U.S. Equity, Class NAV (GMO)	7,278,396	85,957,858
Value Equity, Class NAV (Barrow Hanley)	5,172,314	54,981,696
Value, Class NAV (Invesco)	5,022,910	63,539,805
Alternative and specialty - 15.2%
Absolute Return Currency, Class NAV (First Quadrant)	4,954,638	42,263,059
Financial Industries, Class NAV (John Hancock) (A)(1)	6,091,971	110,630,186
Global Absolute Return Strategies, Class NAV (Standard Life)	4,526,720	50,518,197
Global Real Estate, Class NAV (Deutsche)	2,493,697	22,543,017
Health Sciences, Class NAV (T. Rowe Price)	2,954,161	57,901,561


	Shares or Principal Amount		Value
Alternative and specialty - (continued)
Natural Resources, Class NAV (Jennison)	5,763,056		$72,268,717
Real Estate Equity, Class NAV (T. Rowe Price)	1,975,248		22,577,081
Redwood, Class NAV (Robeco)	3,100,093		34,473,033
Science & Technology, Class NAV (T. Rowe Price/Allianz)	10,211,389		136,015,706
Seaport, Class NAV (Wellington) (I)	2,116,158		23,298,899
Technical Opportunities, Class NAV (Wellington)	9,141,382		131,727,320
		4,622,172,033
TOTAL AFFILIATED INVESTMENT COMPANIES (Cost $3,495,945,073)		$4,622,172,033
Total Investments (Lifestyle Aggressive Portfolio) (Cost $3,495,945,073) - 100.0%		$4,622,172,033
Other assets and liabilities, net - 0.0%		784,546
TOTAL NET ASSETS - 100.0%		$4,622,956,579


	Shares or Principal Amount		Value
Equity - (continued)
Global Equity, Class NAV (John Hancock) (A)(1)	3,779,168		$40,928,395
Global Shareholder Yield, Class NAV (Epoch)	5,126,546		56,340,738
International Core, Class NAV (GMO)	1,606,464		52,981,193
International Growth Opportunities, Class NAV (Baillie Gifford)	3,247,993		43,523,103
International Growth Stock, Class NAV (Invesco)	3,530,409		47,095,656
International Small Cap, Class NAV (Franklin Templeton)	2,014,703		39,004,658
International Small Company, Class NAV (DFA)	3,758,310		39,048,845
International Value Equity, Class NAV (John Hancock) (A)(1)	3,601,458		30,252,249
International Value, Class NAV (Templeton)	5,815,654		91,829,169
Mid Cap Stock, Class NAV (Wellington)	3,183,691		69,595,476
Mid Value, Class NAV (T. Rowe Price)	4,609,155		75,728,422
Small Cap Growth, Class NAV (Wellington)	1,420,994		15,190,424
Small Cap Value, Class NAV (Wellington)	1,023,471		20,899,278
Small Company Growth, Class NAV (Invesco)	631,460		13,418,534
Small Company Value, Class NAV (T. Rowe Price)	419,826		14,483,999
Strategic Growth, Class NAV (John Hancock) (A)(1)	5,686,649		93,545,374
U.S. Equity, Class NAV (GMO)	7,344,321		86,736,435
Fixed income - 54.4%
Active Bond, Class NAV (John Hancock/Declaration) (A)(1)	36,342,604		367,060,302
Asia Pacific Total Return Bond, Class NAV (John Hancock) (A)(1)	8,464,238		78,040,274
Core Bond, Class NAV (Wells Capital)	11,372,231		147,156,672
Emerging Markets Debt, Class NAV (John Hancock) (A)(1)	9,370,795		86,023,894
Floating Rate Income, Class NAV (WAMCO)	43,935,727		392,346,040
Focused High Yield, Class NAV (John Hancock) (A)(1)	18,490,933		65,642,814
Global Bond, Class NAV (PIMCO) (I)	8,953,386		105,291,823
Global Income, Class NAV (Stone Harbor)	7,147,533		67,329,765
Global Short Duration Credit, Class NAV (John Hancock) (A)(1)	5,222,320		48,254,234
High Yield, Class NAV (WAMCO)	4,974,200		42,479,669
Investment Quality Bond, Class NAV (Wellington)	12,040,155		146,769,492
Real Return Bond, Class NAV (PIMCO)	6,108,021		67,799,030
Short Duration Credit Opportunities Fund, Class NAV (Stone Harbor)	19,834,263		194,574,123
Spectrum Income, Class NAV (T. Rowe Price)	14,354,911		149,865,268
Strategic Income Opportunities, Class NAV (John Hancock) (A)(1)	21,748,783		236,191,778
Total Return, Class NAV (PIMCO)	18,520,577		252,250,261
U.S. High Yield Bond, Class NAV (Wells Capital)	4,264,210		48,782,565
Alternative and specialty - 7.7%
Absolute Return Currency, Class NAV (First Quadrant)	10,989,573		93,741,056
Enduring Equity, Class NAV (Wellington)	2,088,844		22,058,190
Global Absolute Return Strategies, Class NAV (Standard Life)	9,500,891		106,029,946
Global Real Estate, Class NAV (Deutsche)	2,396,196		21,661,616
Natural Resources, Class NAV (Jennison)	3,016,346		37,824,975
Real Estate Equity, Class NAV (T. Rowe Price)	1,863,911		$21,304,504
Redwood, Class NAV (Robeco)	3,152,099		35,051,346
Seaport, Class NAV (Wellington) (I)	1,292,187		14,226,977
TOTAL AFFILIATED INVESTMENT COMPANIES (Cost $4,141,142,683)		$4,590,100,347
Total Investments (Lifestyle Moderate Portfolio) (Cost $4,141,142,683) - 100.0%		$4,590,100,347
Other assets and liabilities, net - 0.0%		546,647
TOTAL NET ASSETS - 100.0%		$4,590,646,994


	Shares or Principal Amount		Value
Fixed income - (continued)
Core High Yield, Class NAV (John Hancock) (A)(2)	6,299,178		$65,007,513
Emerging Markets Debt, Class NAV (John Hancock) (A)(1)	9,773,696		89,722,527
Floating Rate Income, Class NAV (WAMCO)	38,416,305		343,057,605
Global Bond, Class NAV (PIMCO) (I)	9,424,767		110,835,256
Global Income, Class NAV (Stone Harbor)	3,793,646		35,736,149
Global Short Duration Credit, Class NAV (John Hancock) (A)(1)	3,542,820		32,735,660
High Yield, Class NAV (WAMCO)	1,208,979		10,324,679
Investment Quality Bond, Class NAV (Wellington)	13,405,032		163,407,342
Real Return Bond, Class NAV (PIMCO)	9,231,639		102,471,194
Short Duration Credit Opportunities, Class NAV (Stone Harbor)	16,844,905		165,248,519
Short Term Government Income, Class NAV (John Hancock) (A)(1)	14,522,515		140,868,398
Spectrum Income, Class NAV (T. Rowe Price)	12,304,058		128,454,370
Strategic Income Opportunities, Class NAV (John Hancock) (A)(1)	18,633,283		202,357,454
Total Return, Class NAV (PIMCO)	20,042,977		272,985,347
U.S. High Yield Bond, Class NAV (Wells Capital)	1,625,224		18,592,568
Alternative and specialty - 10.7%
Absolute Return Currency, Class NAV (First Quadrant)	12,463,278		106,311,757
Enduring Equity, Class NAV (Wellington)	6,434,271		67,945,897
Global Absolute Return Strategies, Class NAV (Standard Life)	11,160,880		124,555,424
Global Real Estate, Class NAV (Deutsche)	1,886,768		17,056,381
Natural Resources, Class NAV (Jennison)	1,224,147		15,350,804
Real Estate Equity, Class NAV (T. Rowe Price)	1,492,864		17,063,432
Redwood, Class NAV (Robeco)	1,821,387		20,253,824
Seaport, Class NAV (Wellington) (I)	751,000		8,268,510
TOTAL AFFILIATED INVESTMENT COMPANIES (Cost $3,363,468,149)		$3,512,292,402
Total Investments (Lifestyle Conservative Portfolio) (Cost $3,363,468,149) - 100.0%		$3,512,292,402
Other assets and liabilities, net - 0.0%		(741,912)
TOTAL NET ASSETS - 100.0%		$3,511,550,490


(A)	The subadvisor is an affiliate of the advisor.
(G)	The portfolio's subadvisor is shown parenthetically.
(I)	Non-income producing.
(1)	Manulife Asset Management (US) LLC is doing business as John Hancock Asset Management.
(2)	Manulife Asset Management (North America) Limited is doing business as John Hancock Asset Management.


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.


	Lifestyle Moderate Portfolio				Lifestyle Conservative Portfolio
	Six months ended 6-30-15		Year ended 12-31-14		Six months ended 6-30-15		Year ended 12-31-14
	(unaudited)				(unaudited)
Increase (decrease) in net assets
From operations
Net investment income (loss)	$35,547,876		$118,271,194		$31,494,214		$104,128,205
Net realized gain (loss)	(1,836,109	)	196,587,327		1,707,510		154,238,297
Change in net unrealized appreciation (depreciation)	38,644,853		(139,447,482	)	(8,668,923	)	(125,714,439	)
Increase (decrease) in net assets resulting from operations	72,356,620		175,411,039		24,532,801		132,652,063
Distributions to shareholders
From net investment income
Class A	(4,490,033	)	(14,634,395	)	(4,772,482	)	(15,214,977	)
Class B	(101,522	)	(619,812	)	(143,093	)	(760,189	)
Class C	(1,198,147	)	(6,312,704	)	(1,593,942	)	(6,980,446	)
Class I¹	(7,855	)	—		(20,984	)	—
Class R1	(37,354	)	(164,644	)	(59,669	)	(200,543	)
Class R2	(38,396	)	(80,799	)	(39,919	)	(86,316	)
Class R3	(50,042	)	(196,401	)	(66,778	)	(250,455	)
Class R4	(91,114	)	(297,984	)	(63,962	)	(233,794	)
Class R5	(95,065	)	(298,432	)	(103,294	)	(382,522	)
Class R6	(230,566	)	(489,660	)	(124,238	)	(205,322	)
Class 1	(28,244,382	)	(93,767,521	)	(24,089,957	)	(79,821,425	)
Class 5	(464,516	)	(1,399,599	)	—		—
From net realized gain
Class A	—		(16,532,992	)	—		(20,731,473	)
Class B	—		(974,299	)	—		(1,350,991	)
Class C	—		(10,313,452	)	—		(13,220,884	)
Class R1	—		(207,153	)	—		(334,521	)
Class R2	—		(109,708	)	—		(178,596	)
Class R3	—		(253,873	)	—		(381,078	)
Class R4	—		(339,944	)	—		(324,521	)
Class R5	—		(295,766	)	—		(435,897	)
Class R6	—		(503,733	)	—		(292,139	)
Class 1	—		(87,194,751	)	—		(90,670,250	)
Class 5	—		(1,312,858	)	—		—
Total distributions	(35,048,992	)	(236,300,480	)	(31,078,318	)	(232,056,339	)
From portfolio share transactions	(134,634,422	)	116,724,948		(137,770,309	)	14,875,041
Total increase (decrease)	(97,326,794	)	55,835,507		(144,315,826	)	(84,529,235	)
Net assets
Beginning of period	4,687,973,788		4,632,138,281		3,655,866,316		3,740,395,551
End of period	$4,590,646,994		$4,687,973,788		$3,511,550,490		$3,655,866,316
Undistributed net investment income (loss)	$507,762		$8,878		$415,896		—


Lifestyle Aggressive Portfolio
Per share operating performance for a share outstanding throughout each period																												Ratios and supplemental data
			Income (loss) from investment operations									Less Distributions																Ratios to average net assets
Period ended	Net asset value, beginning of period ($)		Net invest- ment income (loss) ($)^1,2			Net realized and unrealized gain (loss) on invest- ments ($)			Total from invest- ment operations ($)			From net invest- ment income ($)			From net realized gain ($)			From tax return of capital ($)		Total distribu- tions ($)			Net asset value, end of period ($)		Total return (%)^3,4			Expenses before reductions (%)⁵			Expenses including reductions (%)⁵			Net investment income (loss) (%)¹			Net assets, end of period (in millions)			Portfolio turnover (%)
CLASS A
06-30-2015⁶		16.29		(0.03	)		0.67			0.64			—			—			—		—			16.93		3.93	⁷		0.52	⁸		0.47	⁸		(0.34	) ⁸		423			4
12-31-2014		15.94		0.10			0.60			0.70			(0.09	)		(0.26	)		—		(0.35	)		16.29		4.39			0.53			0.47			0.59			393			18
12-31-2013		12.95		0.09			3.24			3.33			(0.09	)		(0.25	)		—		(0.34	)		15.94		25.70			0.54			0.52			0.58			337			21
12-31-2012		11.30		0.08			1.71			1.79			(0.08	)		(0.06	)		—		(0.14	)		12.95		15.83			0.58			0.57			0.66			239			21
12-31-2011		12.34		0.05			(0.92	)		(0.87	)		(0.05	)		(0.12	)		—		(0.17	)		11.30		(7.09	)		0.58			0.58			0.39			200			25
12-31-2010		10.82		0.04			1.64			1.68			(0.04	)		(0.12	)		—		(0.16	)		12.34		15.50			0.62	⁹		0.61			0.34			185			19
CLASS B
06-30-2015⁶		16.33		(0.09	)		0.66			0.57			—			—			—		—			16.90		3.49	⁷		1.25	⁸		1.23	⁸		(1.11	) ⁸		19			4
12-31-2014		15.98		(0.06	)		0.63			0.57			—			(0.22	)		—		(0.22	)		16.33		3.58			1.28			1.26			(0.36	)		22			18
12-31-2013		12.98		(0.05	)		3.26			3.21			—			(0.21	)		—		(0.21	)		15.98		24.73			1.32	⁹		1.32			(0.33	)		27			21
12-31-2012		11.33		(0.02	)		1.71			1.69			—			(0.04	)		—		(0.04	)		12.98		14.94			1.37	⁹		1.35			(0.18	)		24			21
12-31-2011		12.37		(0.05	)		(0.92	)		(0.97	)		—			(0.07	)		—		(0.07	)		11.33		(7.83	)		1.38	⁹		1.35			(0.45	)		23			25
12-31-2010		10.86		(0.05	)		1.64			1.59			—			(0.08	)		—		(0.08	)		12.37		14.61			1.40	⁹		1.35			(0.46	)		24			19
CLASS C
06-30-2015⁶		16.33		(0.09	)		0.68			0.59			—			—			—		—			16.92		3.61	⁷		1.22	⁸		1.20	⁸		(1.07	) ⁸		176			4
12-31-2014		15.99		(0.03	)		0.60			0.57			—			(0.23	)		—		(0.23	)		16.33		3.56			1.23			1.21			(0.19	)		169			18
12-31-2013		12.98		(0.02	)		3.25			3.23			—			(0.22	)		—		(0.22	)		15.99		24.90			1.24			1.23			(0.17	)		159			21
12-31-2012		11.33		(0.01	)		1.71			1.70			—			(0.05	)		—		(0.05	)		12.98		15.00			1.28			1.27			(0.11	)		121			21
12-31-2011		12.37		(0.04	)		(0.92	)		(0.96	)		—			(0.08	)		—		(0.08	)		11.33		(7.76	)		1.29			1.28			(0.36	)		112			25
12-31-2010		10.86		(0.04	)		1.63			1.59			—			(0.08	)		—		(0.08	)		12.37		14.61			1.34	⁹		1.33			(0.39	)		111			19
CLASS I
06-30-2015^6,10		17.07		0.01			(0.17	)		(0.16	)		—			—			—		—			16.91		(0.94	) ⁷		0.19	⁸		0.17	⁸		0.42	⁸		1			4	¹¹
CLASS R1
06-30-2015⁶		16.32		(0.07	)		0.68			0.61			—			—			—		—			16.93		3.74	⁷		0.93	⁸		0.91	⁸		(0.78	) ⁸		8			4
12-31-2014		15.98		(0.03	)		0.64			0.61			(0.01	)		(0.26	)		—		(0.27	)		16.32		3.82			1.02			1.00			(0.18	)		8			18
12-31-2013		12.98		0.01			3.26			3.27			(0.02	)		(0.25	)		—		(0.27	)		15.98		25.18			0.95			0.94			0.10			10			21
12-31-2012		11.33		0.02			1.73			1.75			(0.04	)		(0.06	)		—		(0.10	)		12.98		15.42			0.97			0.96			0.19			9			21
12-31-2011		12.38		(0.02	)		(0.91	)		(0.93	)		—			(0.12	)		—		(0.12	)		11.33		(7.49	)		0.99			0.98			(0.14	)		8			25
12-31-2010		10.87		—	¹²		1.63			1.63			—			(0.12	)		—		(0.12	)		12.38		14.99			0.96	⁹		0.96			(0.03	)		8			19
CLASS R2
06-30-2015⁶		16.22		(0.04	)		0.67			0.63			—			—			—		—			16.85		3.88	⁷		0.69	⁸		0.61	⁸		(0.48	) ⁸		6			4
12-31-2014		15.88		0.14			0.53			0.67			(0.07	)		(0.26	)		—		(0.33	)		16.22		4.19			1.01			0.62			0.85			5			18
12-31-2013		12.89		0.13			3.18			3.31			(0.07	)		(0.25	)		—		(0.32	)		15.88		25.66			1.59			0.62			0.89			2			21
12-31-2012¹³		12.49		0.09			0.44			0.53			(0.07	)		(0.06	)		—		(0.13	)		12.89		4.27	⁷		16.29	⁸		0.62	⁸		0.69	⁷		—	¹⁴		21	¹⁵
CLASS R3
06-30-2015⁶		16.27		(0.06	)		0.67			0.61			—			—			—		—			16.88		3.75	⁷		0.87	⁸		0.84	⁸		(0.72	) ⁸		6			4
12-31-2014		15.92		(0.01	)		0.64			0.63			(0.02	)		(0.26	)		—		(0.28	)		16.27		3.94			0.94			0.92			(0.06	)		7			18
12-31-2013		12.93		—	¹²		3.27			3.27			(0.03	)		(0.25	)		—		(0.28	)		15.92		25.29			0.85			0.85			0.02			9			21
12-31-2012		11.28		0.03			1.72			1.75			(0.04	)		(0.06	)		—		(0.10	)		12.93		15.53			0.88			0.88			0.27			10			21
12-31-2011		12.33		(0.01	)		(0.90	)		(0.91	)		(0.02	)		(0.12	)		—		(0.14	)		11.28		(7.41	)		0.87			0.87			(0.06	)		10			25
12-31-2010		10.82		0.01			1.63			1.64			(0.01	)		(0.12	)		—		(0.13	)		12.33		15.21			0.85			0.84			0.06			12			19
CLASS R4
06-30-2015⁶		16.24		(0.03	)		0.68			0.65			—			—			—		—			16.89		4.00	⁷		0.55	⁸		0.43	⁸		(0.30	) ⁸		8			4
12-31-2014		15.90		0.09			0.59			0.68			(0.08	)		(0.26	)		—		(0.34	)		16.24		4.25			0.68			0.56			0.53			7			18
12-31-2013		12.91		0.07			3.25			3.32			(0.08	)		(0.25	)		—		(0.33	)		15.90		25.76			0.59			0.48			0.45			8			21
12-31-2012		11.27		0.06			1.73			1.79			(0.09	)		(0.06	)		—		(0.15	)		12.91		15.86			0.59			0.53			0.52			8			21
12-31-2011		12.32		0.04			(0.92	)		(0.88	)		(0.05	)		(0.12	)		—		(0.17	)		11.27		(7.13	)		0.61			0.61			0.33			8			25
12-31-2010		10.81		0.04			1.64			1.68			(0.05	)		(0.12	)		—		(0.17	)		12.32		15.56			0.55			0.55			0.34			8			19


1	Recognition of net investment income by the portfolio is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the portfolio invests.
2	Based on average daily shares outstanding.
3	Does not reflect the effect of sales charges, if any.
4	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
5	Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the portfolio. The range of expense ratios of the underlying funds held by the portfolio was as follows: 0.65% - 3.11%, 0.67% - 2.85%, 0.69% - 3.11%, 0.73% - 1.48%, 0.48% - 1.40% and 0.48% - 1.39%, for the periods ended 6-30-15, 12-31-14, 12-31-13, 12-31-12, 12-31-11 and 12-31-10, respectively.
6	Six months ended 6-30-15. Unaudited.
7	Not annualized.
8	Annualized.
9	Includes the impact of expense recapture for the following periods ended: 12-31-13: 0.04% of average net assets for Cass B shares. 12-31-12: 0.04% of average net assets for Class B shares. 12-31-11: 0.05% of average net assets for Class B shares. 12-31-10: 0.03%, 0.03%, 0.05%, and 0.05% of average net assets for Class A, Class B, Class C and Class R1 shares, respectively.
10	The inception date for Class I shares is 5-1-15.
11	The portfolio turnover is shown for the period from 1-1-15 to 6-30-15.
12	Less than $0.005 per share.
13	The inception date for Class R2 shares is 3-1-12.
14	Less than $500,000.
15	The portfolio turnover is shown for the period from 1-1-12 to 12-31-12.
16	The inception date for Class R6 shares is 9-1-11.
17	The portfolio turnover is shown for the period from 1-1-11 to 12-31-11.


Lifestyle Growth Portfolio
Per share operating performance for a share outstanding throughout each period																												Ratios and supplemental data
			Income (loss) from investment operations									Less Distributions																Ratios to average net assets
Period ended	Net asset value, beginning of period ($)		Net invest- ment income (loss) ($)^1,2			Net realized and unrealized gain (loss) on invest- ments ($)			Total from invest- ment operations ($)			From net invest- ment income ($)			From net realized gain ($)			From tax return of capital ($)		Total distribu- tions ($)			Net asset value, end of period ($)		Total return (%)^3,4			Expenses before reductions (%)⁵			Expenses including reductions (%)⁵			Net investment income (loss) (%)¹			Net assets, end of period (in millions)			Portfolio turnover (%)
CLASS A
06-30-2015⁶		16.35		0.02			0.50			0.52			—			—			—		—			16.87		3.18	⁷		0.51	⁸		0.47	⁸		0.18	⁸		1,632			5
12-31-2014		16.09		0.19			0.54			0.73			(0.18	)		(0.29	)		—		(0.47	)		16.35		4.48			0.52			0.47			1.14			1,535			16
12-31-2013		13.53		0.17			2.78			2.95			(0.17	)		(0.22	)		—		(0.39	)		16.09		21.81			0.53			0.52			1.13			1,274			20
12-31-2012		11.96		0.17			1.62			1.79			(0.16	)		(0.06	)		—		(0.22	)		13.53		15.01			0.57			0.56			1.28			890			23
12-31-2011		12.89		0.15			(0.83	)		(0.68	)		(0.14	)		(0.11	)		—		(0.25	)		11.96		(5.30	)		0.58			0.57			1.14			699			24
12-31-2010		11.50		0.19			1.51			1.70			(0.18	)		(0.13	)		—		(0.31	)		12.89		14.77			0.56			0.55			1.58			593			19
CLASS B
06-30-2015⁶		16.39		(0.05	)		0.52			0.47			—			—			—		—			16.86		2.87	⁷		1.22	⁸		1.20	⁸		(0.56	) ⁸		90			5
12-31-2014		16.14		0.04			0.56			0.60			(0.06	)		(0.29	)		—		(0.35	)		16.39		3.65			1.23			1.21			0.23			100			16
12-31-2013		13.57		0.04			2.80			2.84			(0.05	)		(0.22	)		—		(0.27	)		16.14		20.93			1.24			1.24			0.29			119			20
12-31-2012		12.00		0.06			1.64			1.70			(0.07	)		(0.06	)		—		(0.13	)		13.57		14.18			1.28			1.28			0.50			108			23
12-31-2011		12.92		0.05			(0.81	)		(0.76	)		(0.05	)		(0.11	)		—		(0.16	)		12.00		(5.91	)		1.31	⁹		1.30			0.37			93			24
12-31-2010		11.54		0.08			1.51			1.59			(0.08	)		(0.13	)		—		(0.21	)		12.92		13.81			1.36	⁹		1.35			0.69			89			19
CLASS C
06-30-2015⁶		16.37		(0.05	)		0.52			0.47			—			—			—		—			16.84		2.87	⁷		1.22	⁸		1.19	⁸		(0.54	) ⁸		769			5
12-31-2014		16.12		0.06			0.54			0.60			(0.06	)		(0.29	)		—		(0.35	)		16.37		3.66			1.22			1.20			0.38			739			16
12-31-2013		13.56		0.06			2.77			2.83			(0.05	)		(0.22	)		—		(0.27	)		16.12		20.88			1.23			1.23			0.39			646			20
12-31-2012		11.99		0.07			1.63			1.70			(0.07	)		(0.06	)		—		(0.13	)		13.56		14.21			1.27			1.26			0.52			485			23
12-31-2011		12.91		0.05			(0.81	)		(0.76	)		(0.05	)		(0.11	)		—		(0.16	)		11.99		(5.90	)		1.28			1.27			0.38			422			24
12-31-2010		11.53		0.10			1.51			1.61			(0.10	)		(0.13	)		—		(0.23	)		12.91		13.93			1.25			1.25			0.84			404			19
CLASS I
06-30-2015^6,10		16.97		0.04			(0.19	)		(0.15	)		—			—			—		—			16.82		(0.88	) ⁷		0.19	⁸		0.17	⁸		1.50	⁸		7			5	¹¹
CLASS R1
06-30-2015⁶		16.41		(0.02	)		0.51			0.49			—			—			—		—			16.90		2.99	⁷		0.90	⁸		0.87	⁸		(0.22	) ⁸		22			5
12-31-2014		16.15		0.10			0.56			0.66			(0.11	)		(0.29	)		—		(0.40	)		16.41		4.04			0.89			0.87			0.62			22			16
12-31-2013		13.58		0.10			2.80			2.90			(0.11	)		(0.22	)		—		(0.33	)		16.15		21.36			0.88			0.88			0.69			23			20
12-31-2012		12.01		0.13			1.63			1.76			(0.13	)		(0.06	)		—		(0.19	)		13.58		14.67			0.87			0.86			0.97			19			23
12-31-2011		12.95		0.09			(0.81	)		(0.72	)		(0.11	)		(0.11	)		—		(0.22	)		12.01		(5.59	)		0.92			0.92			0.70			16			24
12-31-2010		11.57		0.15			1.50			1.65			(0.14	)		(0.13	)		—		(0.27	)		12.95		14.28			0.87			0.86			1.24			15			19
CLASS R2
06-30-2015⁶		16.27		—	¹²		0.51			0.51			—			—			—		—			16.78		3.13	⁷		0.64	⁸		0.61	⁸		0.05	⁸		15			5
12-31-2014		16.02		0.18			0.51			0.69			(0.15	)		(0.29	)		—		(0.44	)		16.27		4.29			0.73			0.62			1.07			12			16
12-31-2013		13.47		0.26			2.66			2.92			(0.15	)		(0.22	)		—		(0.37	)		16.02		21.67			0.90	⁹		0.62			1.72			9			20
12-31-2012¹³		13.05		0.16			0.48			0.64			(0.16	)		(0.06	)		—		(0.22	)		13.47		4.90	⁷		16.20	⁸		0.62	⁸		1.21	⁷		—	¹⁴		23	¹⁵
CLASS R3
06-30-2015⁶		16.33		(0.01	)		0.51			0.50			—			—			—		—			16.83		3.06	⁷		0.77	⁸		0.75	⁸		(0.10	) ⁸		23			5
12-31-2014		16.08		0.11			0.55			0.66			(0.12	)		(0.29	)		—		(0.41	)		16.33		4.09			0.82			0.80			0.69			23			16
12-31-2013		13.52		0.12			2.78			2.90			(0.12	)		(0.22	)		—		(0.34	)		16.08		21.45			0.79			0.79			0.79			24			20
12-31-2012		11.95		0.11			1.65			1.76			(0.13	)		(0.06	)		—		(0.19	)		13.52		14.77			0.81			0.81			0.83			19			23
12-31-2011		12.88		0.10			(0.81	)		(0.71	)		(0.11	)		(0.11	)		—		(0.22	)		11.95		(5.50	)		0.81			0.81			0.80			22			24
12-31-2010		11.50		0.15			1.51			1.66			(0.15	)		(0.13	)		—		(0.28	)		12.88		14.46			0.81			0.81			1.24			23			19
CLASS R4
06-30-2015⁶		16.33		0.02			0.52			0.54			—			—			—		—			16.87		3.31	⁷		0.48	⁸		0.36	⁸		0.27	⁸		22			5
12-31-2014		16.08		0.21			0.52			0.73			(0.19	)		(0.29	)		—		(0.48	)		16.33		4.49			0.51			0.39			1.26			29			16
12-31-2013		13.51		0.18			2.79			2.97			(0.18	)		(0.22	)		—		(0.40	)		16.08		21.99			0.50			0.40			1.20			24			20
12-31-2012		11.95		0.16			1.65			1.81			(0.19	)		(0.06	)		—		(0.25	)		13.51		15.11			0.50			0.44			1.21			19			23
12-31-2011		12.88		0.14			(0.81	)		(0.67	)		(0.15	)		(0.11	)		—		(0.26	)		11.95		(5.18	)		0.52			0.52			1.08			17			24
12-31-2010		11.50		0.19			1.51			1.70			(0.19	)		(0.13	)		—		(0.32	)		12.88		14.80			0.48			0.48			1.57			19			19


Lifestyle Growth Portfolio (continued)
Per share operating performance for a share outstanding throughout each period																											Ratios and supplemental data
			Income (loss) from investment operations								Less Distributions																Ratios to average net assets
Period ended	Net asset value, beginning of period ($)		Net invest- ment income (loss) ($)^1,2		Net realized and unrealized gain (loss) on invest- ments ($)			Total from invest- ment operations ($)			From net invest- ment income ($)			From net realized gain ($)			From tax return of capital ($)		Total distribu- tions ($)			Net asset value, end of period ($)		Total return (%)^3,4			Expenses before reductions (%)⁵			Expenses including reductions (%)⁵			Net investment income (loss) (%)¹			Net assets, end of period (in millions)			Portfolio turnover (%)
CLASS R5
06-30-2015⁶		16.35		0.04		0.51			0.55			—			—			—		—			16.90		3.36	⁷		0.17	⁸		0.15	⁸		0.50	⁸		37			5
12-31-2014		16.10		0.22		0.55			0.77			(0.23	)		(0.29	)		—		(0.52	)		16.35		4.71			0.19			0.17			1.34			38			16
12-31-2013		13.52		0.21		2.80			3.01			(0.21	)		(0.22	)		—		(0.43	)		16.10		22.29			0.18			0.18			1.40			37			20
12-31-2012		11.95		0.21		1.63			1.84			(0.21	)		(0.06	)		—		(0.27	)		13.52		15.43			0.18			0.18			1.58			32			23
12-31-2011		12.88		0.19		(0.82	)		(0.63	)		(0.19	)		(0.11	)		—		(0.30	)		11.95		(4.92	)		0.21			0.20			1.49			26			24
12-31-2010		11.50		0.21		1.52			1.73			(0.22	)		(0.13	)		—		(0.35	)		12.88		15.06			0.21			0.21			1.80			22			19
CLASS R6
06-30-2015⁶		16.28		0.05		0.51			0.56			—			—			—		—			16.84		3.44	⁷		0.12	⁸		0.06	⁸		0.60	⁸		47			5
12-31-2014		16.03		0.30		0.49			0.79			(0.25	)		(0.29	)		—		(0.54	)		16.28		4.86			0.17			0.06			1.81			37			16
12-31-2013		13.47		0.29		2.71			3.00			(0.22	)		(0.22	)		—		(0.44	)		16.03		22.31			0.19			0.11			1.95			19			20
12-31-2012		11.90		0.58		1.27			1.85			(0.22	)		(0.06	)		—		(0.28	)		13.47		15.60			2.23			0.11			4.39			3			23
12-31-2011¹⁶		12.34		0.19		(0.32	)		(0.13	)		(0.20	)		(0.11	)		—		(0.31	)		11.90		(1.07	) ⁷		15.94	⁸		0.10	⁸		1.58	⁷		—	¹⁴		24	¹⁷
CLASS 1
06-30-2015⁶		16.28		0.05		0.51			0.56			—			—			—		—			16.84		3.44	⁷		0.13	⁸		0.11	⁸		0.54	⁸		11,513			5
12-31-2014		16.03		0.23		0.55			0.78			(0.24	)		(0.29	)		—		(0.53	)		16.28		4.80			0.13			0.11			1.41			11,576			16
12-31-2013		13.47		0.22		2.78			3.00			(0.22	)		(0.22	)		—		(0.44	)		16.03		22.31			0.11			0.11			1.45			11,766			20
12-31-2012		11.91		0.21		1.63			1.84			(0.22	)		(0.06	)		—		(0.28	)		13.47		15.50			0.11			0.11			1.64			10,106			23
12-31-2011		12.84		0.19		(0.81	)		(0.62	)		(0.20	)		(0.11	)		—		(0.31	)		11.91		(4.84	)		0.11			0.11			1.50			9,411			24
12-31-2010		11.45		0.23		1.52			1.75			(0.23	)		(0.13	)		—		(0.36	)		12.84		15.30			0.11			0.11			1.92			10,305			19
CLASS 5
06-30-2015⁶		16.26		0.05		0.51			0.56			—			—			—		—			16.82		3.44	⁷		0.08	⁸		0.06	⁸		0.59	⁸		250			5
12-31-2014		16.01		0.25		0.54			0.79			(0.25	)		(0.29	)		—		(0.54	)		16.26		4.86			0.08			0.06			1.53			233			16
12-31-2013		13.46		0.24		2.76			3.00			(0.23	)		(0.22	)		—		(0.45	)		16.01		22.31			0.06			0.06			1.60			201			20
12-31-2012		11.90		0.23		1.62			1.85			(0.23	)		(0.06	)		—		(0.29	)		13.46		15.57			0.06			0.06			1.78			142			23
12-31-2011		12.82		0.21		(0.81	)		(0.60	)		(0.21	)		(0.11	)		—		(0.32	)		11.90		(4.72	)		0.06			0.06			1.63			111			24
12-31-2010		11.44		0.25		1.50			1.75			(0.24	)		(0.13	)		—		(0.37	)		12.82		15.28			0.06			0.06			2.07			98			19


Lifestyle Balanced Portfolio
Per share operating performance for a share outstanding throughout each period																												Ratios and supplemental data
			Income (loss) from investment operations									Less Distributions																Ratios to average net assets
Period ended	Net asset value, beginning of period ($)		Net invest- ment income (loss) ($)^1,2			Net realized and unrealized gain (loss) on invest- ments ($)			Total from invest- ment operations ($)			From net invest- ment income ($)			From net realized gain ($)			From tax return of capital ($)		Total distribu- tions ($)			Net asset value, end of period ($)		Total return (%)^3,4			Expenses before reductions (%)⁵			Expenses including reductions (%)⁵			Net investment income (loss) (%)¹			Net assets, end of period (in millions)			Portfolio turnover (%)
CLASS A
06-30-2015⁶		15.55		0.06			0.32			0.38			(0.06	)		—			—		(0.06	)		15.87		2.44	⁷		0.52	⁸		0.47	⁸		0.78	⁸		1,883			4
12-31-2014		15.36		0.28			0.34			0.62			(0.27	)		(0.16	)		—		(0.43	)		15.55		4.00			0.52			0.47			1.77			1,786			15
12-31-2013		13.61		0.25			1.89			2.14			(0.24	)		(0.15	)		—		(0.39	)		15.36		15.76			0.53			0.51			1.69			1,461			19
12-31-2012		12.26		0.26			1.40			1.66			(0.24	)		(0.07	)		—		(0.31	)		13.61		13.59			0.56			0.56			1.96			1,043			20
12-31-2011		12.96		0.28			(0.62	)		(0.34	)		(0.26	)		(0.10	)		—		(0.36	)		12.26		(2.62	)		0.57			0.57			2.17			751			23
12-31-2010		11.85		0.31			1.23			1.54			(0.30	)		(0.13	)		—		(0.43	)		12.96		13.13			0.54			0.54			2.55			588			19
CLASS B
06-30-2015⁶		15.54		—	⁹		0.32			0.32			—	⁹		—			—		—	⁹		15.86		2.08	⁷		1.22	⁸		1.20	⁸		0.03	⁸		90			4
12-31-2014		15.35		0.13			0.37			0.50			(0.15	)		(0.16	)		—		(0.31	)		15.54		3.21			1.24			1.22			0.85			98			15
12-31-2013		13.61		0.12			1.90			2.02			(0.13	)		(0.15	)		—		(0.28	)		15.35		14.84			1.28			1.28			0.81			116			19
12-31-2012		12.26		0.16			1.41			1.57			(0.15	)		(0.07	)		—		(0.22	)		13.61		12.80			1.29			1.28			1.18			107			20
12-31-2011		12.96		0.18			(0.61	)		(0.43	)		(0.17	)		(0.10	)		—		(0.27	)		12.26		(3.30	)		1.29			1.29			1.41			85			23
12-31-2010		11.85		0.20			1.24			1.44			(0.20	)		(0.13	)		—		(0.33	)		12.96		12.23			1.31	¹⁰		1.31			1.67			74			19
CLASS C
06-30-2015⁶		15.55		—	⁹		0.33			0.33			—	⁹		—			—		—	⁹		15.88		2.14	⁷		1.22	⁸		1.19	⁸		0.05	⁸		924			4
12-31-2014		15.37		0.16			0.33			0.49			(0.15	)		(0.16	)		—		(0.31	)		15.55		3.18			1.22			1.20			1.00			892			15
12-31-2013		13.62		0.14			1.89			2.03			(0.13	)		(0.15	)		—		(0.28	)		15.37		14.93			1.23			1.23			0.96			767			19
12-31-2012		12.27		0.16			1.41			1.57			(0.15	)		(0.07	)		—		(0.22	)		13.62		12.81			1.26			1.26			1.19			579			20
12-31-2011		12.97		0.18			(0.61	)		(0.43	)		(0.17	)		(0.10	)		—		(0.27	)		12.27		(3.29	)		1.27			1.27			1.37			484			23
12-31-2010		11.86		0.22			1.23			1.45			(0.21	)		(0.13	)		—		(0.34	)		12.97		12.34			1.24			1.24			1.82			448			19
CLASS I
06-30-2015^6,11		16.00		0.07			(0.24	)		(0.17	)		(0.04	)		—			—		(0.04	)		15.79		(1.04	)		0.19			0.17			2.67			4			4	¹²
CLASS R1
06-30-2015⁶		15.48		0.03			0.32			0.35			(0.03	)		—			—		(0.03	)		15.80		2.26	⁷		0.89	⁸		0.87	⁸		0.37	⁸		18			4
12-31-2014		15.30		0.19			0.35			0.54			(0.20	)		(0.16	)		—		(0.36	)		15.48		3.52			0.92			0.91			1.22			20			15
12-31-2013		13.57		0.18			1.88			2.06			(0.18	)		(0.15	)		—		(0.33	)		15.30		15.23			0.90			0.90			1.21			19			19
12-31-2012		12.22		0.20			1.42			1.62			(0.20	)		(0.07	)		—		(0.27	)		13.57		13.29			0.86			0.86			1.52			17			20
12-31-2011		12.92		0.22			(0.60	)		(0.38	)		(0.22	)		(0.10	)		—		(0.32	)		12.22		(2.94	)		0.94			0.94			1.68			16			23
12-31-2010		11.82		0.26			1.23			1.49			(0.26	)		(0.13	)		—		(0.39	)		12.92		12.75			0.88			0.88			2.17			15			19
CLASS R2
06-30-2015⁶		15.48		0.05			0.31			0.36			(0.05	)		—			—		(0.05	)		15.79		2.33	⁷		0.65	⁸		0.61	⁸		0.66	⁸		14			4
12-31-2014		15.29		0.29			0.30			0.59			(0.24	)		(0.16	)		—		(0.40	)		15.48		3.87			0.79			0.62			1.86			10			15
12-31-2013		13.56		0.34			1.76			2.10			(0.22	)		(0.15	)		—		(0.37	)		15.29		15.59			1.09	¹⁰		0.62			2.30			5			19
12-31-2012¹³		13.15		0.24			0.48			0.72			(0.24	)		(0.07	)		—		(0.31	)		13.56		5.48	⁷		16.33	⁸		0.61	⁸		1.78	⁷		—	¹⁴		20	¹⁵
CLASS R3
06-30-2015⁶		15.51		0.04			0.32			0.36			(0.04	)		—			—		(0.04	)		15.83		2.31	⁷		0.77	⁸		0.75	⁸		0.49	⁸		28			4
12-31-2014		15.33		0.20			0.36			0.56			(0.22	)		(0.16	)		—		(0.38	)		15.51		3.64			0.80			0.78			1.27			30			15
12-31-2013		13.59		0.19			1.90			2.09			(0.20	)		(0.15	)		—		(0.35	)		15.33		15.43			0.77			0.77			1.31			35			19
12-31-2012		12.24		0.21			1.42			1.63			(0.21	)		(0.07	)		—		(0.28	)		13.59		13.38			0.78			0.77			1.62			33			20
12-31-2011		12.94		0.23			(0.59	)		(0.36	)		(0.24	)		(0.10	)		—		(0.34	)		12.24		(2.82	)		0.79			0.78			1.79			36			23
12-31-2010		11.83		0.28			1.23			1.51			(0.27	)		(0.13	)		—		(0.40	)		12.94		12.89			0.79			0.79			2.28			39			19
CLASS R4
06-30-2015⁶		15.52		0.07			0.32			0.39			(0.07	)		—			—		(0.07	)		15.84		2.50	⁷		0.47	⁸		0.35	⁸		0.83	⁸		25			4
12-31-2014		15.33		0.28			0.35			0.63			(0.28	)		(0.16	)		—		(0.44	)		15.52		4.12			0.49			0.37			1.78			40			15
12-31-2013		13.59		0.26			1.89			2.15			(0.26	)		(0.15	)		—		(0.41	)		15.33		15.90			0.46			0.35			1.76			77			19
12-31-2012		12.24		0.28			1.40			1.68			(0.26	)		(0.07	)		—		(0.33	)		13.59		13.77			0.46			0.39			2.10			70			20
12-31-2011		12.94		0.28			(0.60	)		(0.32	)		(0.28	)		(0.10	)		—		(0.38	)		12.24		(2.52	)		0.50			0.50			2.13			26			23
12-31-2010		11.84		0.31			1.23			1.54			(0.31	)		(0.13	)		—		(0.44	)		12.94		13.19			0.45			0.45			2.53			29			19


Lifestyle Moderate Portfolio
Per share operating performance for a share outstanding throughout each period																											Ratios and supplemental data
			Income (loss) from investment operations								Less Distributions																Ratios to average net assets
Period ended	Net asset value, beginning of period ($)		Net invest- ment income (loss) ($)^1,2		Net realized and unrealized gain (loss) on invest- ments ($)			Total from invest- ment operations ($)			From net invest- ment income ($)			From net realized gain ($)			From tax return of capital ($)		Total distribu- tions ($)			Net asset value, end of period ($)		Total return (%)^3,4			Expenses before reductions (%)⁵			Expenses including reductions (%)⁵			Net investment income (loss) (%)¹			Net assets, end of period (in millions)			Portfolio turnover (%)
CLASS A
06-30-2015⁶		14.11		0.10		0.09			0.19			(0.09	)		—			—		(0.09	)		14.21		1.37	⁷		0.51	⁸		0.47	⁸		1.33	⁸		687			4
12-31-2014		14.29		0.35		0.17			0.52			(0.33	)		(0.37	)		—		(0.70	)		14.11		3.63			0.52			0.47			2.36			662			14
12-31-2013		13.35		0.31		1.02			1.33			(0.30	)		(0.09	)		—		(0.39	)		14.29		10.05			0.53			0.52			2.22			551			17
12-31-2012		12.28		0.33		1.13			1.46			(0.31	)		(0.08	)		—		(0.39	)		13.35		11.94			0.57			0.57			2.50			399			18
12-31-2011		12.63		0.38		(0.29	)		0.09			(0.35	)		(0.09	)		—		(0.44	)		12.28		0.73			0.58			0.58			2.96			299			19
12-31-2010		11.77		0.41		0.97			1.38			(0.39	)		(0.13	)		—		(0.52	)		12.63		11.85			0.55			0.55			3.37			220			20
CLASS B
06-30-2015⁶		14.10		0.04		0.10			0.14			(0.04	)		—			—		(0.04	)		14.20		1.00	⁷		1.23	⁸		1.22	⁸		0.56	⁸		35			4
12-31-2014		14.28		0.21		0.20			0.41			(0.22	)		(0.37	)		—		(0.59	)		14.10		2.84			1.25			1.24			1.43			39			14
12-31-2013		13.34		0.19		1.04			1.23			(0.20	)		(0.09	)		—		(0.29	)		14.28		9.23			1.26			1.25			1.36			45			17
12-31-2012		12.27		0.23		1.14			1.37			(0.22	)		(0.08	)		—		(0.30	)		13.34		11.14			1.30			1.30			1.74			45			18
12-31-2011		12.63		0.28		(0.29	)		(0.01	)		(0.26	)		(0.09	)		—		(0.35	)		12.27		(0.08	)		1.32			1.32			2.22			35			19
12-31-2010		11.76		0.30		0.99			1.29			(0.29	)		(0.13	)		—		(0.42	)		12.63		11.05			1.34	⁹		1.34			2.50			26			20
CLASS C
06-30-2015⁶		14.11		0.04		0.11			0.15			(0.04	)		—			—		(0.04	)		14.22		1.07	⁷		1.21	⁸		1.20	⁸		0.61	⁸		415			4
12-31-2014		14.30		0.23		0.17			0.40			(0.22	)		(0.37	)		—		(0.59	)		14.11		2.79			1.22			1.21			1.59			411			14
12-31-2013		13.35		0.20		1.04			1.24			(0.20	)		(0.09	)		—		(0.29	)		14.30		9.34			1.23			1.23			1.47			366			17
12-31-2012		12.28		0.23		1.14			1.37			(0.22	)		(0.08	)		—		(0.30	)		13.35		11.17			1.27			1.27			1.77			288			18
12-31-2011		12.64		0.28		(0.29	)		(0.01	)		(0.26	)		(0.09	)		—		(0.35	)		12.28		(0.05	)		1.28			1.28			2.21			227			19
12-31-2010		11.77		0.32		0.98			1.30			(0.30	)		(0.13	)		—		(0.43	)		12.64		11.15			1.25			1.25			2.67			183			20
CLASS I
06-30-2015^6,10		14.42		0.11		(0.30	)		(0.19	)		(0.06	)		—			—		(0.06	)		14.17		(1.31	)		0.19			0.17			4.89			2			4	¹¹
CLASS R1
06-30-2015⁶		14.09		0.06		0.10			0.16			(0.06	)		—			—		(0.06	)		14.19		1.16	⁷		0.91	⁸		0.90	⁸		0.90	⁸		8			4
12-31-2014		14.28		0.24		0.20			0.44			(0.26	)		(0.37	)		—		(0.63	)		14.09		3.07			1.01			1.00			1.65			8			14
12-31-2013		13.35		0.23		1.04			1.27			(0.25	)		(0.09	)		—		(0.34	)		14.28		9.55			0.94			0.94			1.68			10			17
12-31-2012		12.27		0.27		1.15			1.42			(0.26	)		(0.08	)		—		(0.34	)		13.35		11.58			0.96			0.96			2.10			10			18
12-31-2011		12.63		0.30		(0.27	)		0.03			(0.30	)		(0.09	)		—		(0.39	)		12.27		0.21			1.03			1.03			2.32			7			19
12-31-2010		11.76		0.33		1.00			1.33			(0.33	)		(0.13	)		—		(0.46	)		12.63		11.45			0.98	⁹		0.98			2.72			7			20
CLASS R2
06-30-2015⁶		14.06		0.09		0.11			0.20			(0.09	)		—			—		(0.09	)		14.17		1.39	⁷		0.69	⁸		0.62	⁸		1.26	⁸		7			4
12-31-2014		14.25		0.36		0.13			0.49			(0.31	)		(0.37	)		—		(0.68	)		14.06		3.41			1.02			0.62			2.50			4			14
12-31-2013		13.32		0.39		0.92			1.31			(0.29	)		(0.09	)		—		(0.38	)		14.25		9.92			1.68	⁹		0.62			2.82			2			17
12-31-2012¹²		12.96		0.30		0.45			0.75			(0.31	)		(0.08	)		—		(0.39	)		13.32		5.80	⁷		16.03	⁸		0.62	⁸		2.29	⁷		—	¹³		18	¹⁴
CLASS R3
06-30-2015⁶		14.08		0.07		0.11			0.18			(0.07	)		—			—		(0.07	)		14.19		1.29	⁷		0.80	⁸		0.79	⁸		1.00	⁸		10			4
12-31-2014		14.27		0.27		0.19			0.46			(0.28	)		(0.37	)		—		(0.65	)		14.08		3.16			0.89			0.87			1.82			10			14
12-31-2013		13.33		0.25		1.04			1.29			(0.26	)		(0.09	)		—		(0.35	)		14.27		9.70			0.84			0.84			1.82			11			17
12-31-2012		12.26		0.27		1.16			1.43			(0.28	)		(0.08	)		—		(0.36	)		13.33		11.64			0.88			0.88			2.08			10			18
12-31-2011		12.62		0.32		(0.27	)		0.05			(0.32	)		(0.09	)		—		(0.41	)		12.26		0.38			0.88			0.88			2.54			10			19
12-31-2010		11.76		0.35		0.99			1.34			(0.35	)		(0.13	)		—		(0.48	)		12.62		11.56			0.87			0.87			2.87			10			20
CLASS R4
06-30-2015⁶		14.06		0.10		0.10			0.20			(0.10	)		—			—		(0.10	)		14.16		1.42	⁷		0.50	⁸		0.39	⁸		1.39	⁸		13			4
12-31-2014		14.25		0.34		0.18			0.52			(0.34	)		(0.37	)		—		(0.71	)		14.06		3.60			0.57			0.45			2.36			14			14
12-31-2013		13.31		0.31		1.03			1.34			(0.31	)		(0.09	)		—		(0.40	)		14.25		10.17			0.55			0.44			2.19			13			17
12-31-2012		12.24		0.33		1.14			1.47			(0.32	)		(0.08	)		—		(0.40	)		13.31		12.02			0.57			0.51			2.51			11			18
12-31-2011		12.60		0.36		(0.28	)		0.08			(0.35	)		(0.09	)		—		(0.44	)		12.24		0.65			0.63			0.63			2.81			8			19
12-31-2010		11.74		0.40		0.97			1.37			(0.38	)		(0.13	)		—		(0.51	)		12.60		11.84			0.60	⁹		0.60			3.30			7			20


Lifestyle Conservative Portfolio
Per share operating performance for a share outstanding throughout each period																											Ratios and supplemental data
			Income (loss) from investment operations								Less Distributions																Ratios to average net assets
Period ended	Net asset value, beginning of period ($)		Net invest- ment income (loss) ($)^1,2		Net realized and unrealized gain (loss) on invest- ments ($)			Total from invest- ment operations ($)			From net invest- ment income ($)			From net realized gain ($)			From tax return of capital ($)		Total distribu- tions ($)			Net asset value, end of period ($)		Total return (%)^3,4			Expenses before reductions (%)⁵			Expenses including reductions (%)⁵			Net investment income (loss) (%)¹			Net assets, end of period (in millions)			Portfolio turnover (%)
CLASS A
06-30-2015⁶		13.30		0.11		(0.04	)		0.07			(0.11	)		—			—		(0.11	)		13.26		0.49	⁷		0.51	⁸		0.47	⁸		1.59	⁸		602			4
12-31-2014		13.68		0.37		0.10			0.47			(0.37	)		(0.48	)		—		(0.85	)		13.30		3.44			0.53			0.47			2.67			600			22
12-31-2013		13.44		0.33		0.29			0.62			(0.33	)		(0.05	)		—		(0.38	)		13.68		4.66			0.54			0.52			2.44			530			17
12-31-2012		12.63		0.38		0.88			1.26			(0.37	)		(0.08	)		—		(0.45	)		13.44		10.03			0.56			0.56			2.89			472			14
12-31-2011		12.77		0.46		(0.11	)		0.35			(0.43	)		(0.06	)		—		(0.49	)		12.63		2.75			0.58			0.58			3.61			340			15
12-31-2010		12.15		0.48		0.71			1.19			(0.45	)		(0.12	)		—		(0.57	)		12.77		9.96			0.55			0.55			3.78			218			24
CLASS B
06-30-2015⁶		13.30		0.06		(0.04	)		0.02			(0.05	)		—			—		(0.05	)		13.27		0.18	⁷		1.23	⁸		1.21	⁸		0.82	⁸		34			4
12-31-2014		13.68		0.24		0.12			0.36			(0.26	)		(0.48	)		—		(0.74	)		13.30		2.65			1.25			1.24			1.75			39			22
12-31-2013		13.44		0.22		0.30			0.52			(0.23	)		(0.05	)		—		(0.28	)		13.68		3.87			1.26			1.26			1.65			47			17
12-31-2012		12.63		0.28		0.88			1.16			(0.27	)		(0.08	)		—		(0.35	)		13.44		9.24			1.30			1.30			2.13			48			14
12-31-2011		12.77		0.35		(0.10	)		0.25			(0.33	)		(0.06	)		—		(0.39	)		12.63		2.01			1.31			1.31			2.75			37			15
12-31-2010		12.15		0.37		0.73			1.10			(0.36	)		(0.12	)		—		(0.48	)		12.77		9.16			1.29	⁹		1.29			2.96			28			24
CLASS C
06-30-2015⁶		13.30		0.06		(0.03	)		0.03			(0.06	)		—			—		(0.06	)		13.27		0.19	⁷		1.21	⁸		1.20	⁸		0.87	⁸		381			4
12-31-2014		13.68		0.27		0.09			0.36			(0.26	)		(0.48	)		—		(0.74	)		13.30		2.66			1.23			1.21			1.91			378			22
12-31-2013		13.43		0.23		0.30			0.53			(0.23	)		(0.05	)		—		(0.28	)		13.68		3.98			1.24			1.24			1.71			355			17
12-31-2012		12.62		0.29		0.88			1.17			(0.28	)		(0.08	)		—		(0.36	)		13.43		9.28			1.26			1.26			2.17			335			14
12-31-2011		12.77		0.36		(0.11	)		0.25			(0.34	)		(0.06	)		—		(0.40	)		12.62		1.95			1.28			1.28			2.81			254			15
12-31-2010		12.14		0.39		0.72			1.11			(0.36	)		(0.12	)		—		(0.48	)		12.77		9.28			1.24			1.24			3.10			189			24
CLASS I
06-30-2015^6,10		13.49		0.14		(0.32	)		(0.18	)		(0.07	)		—			—		(0.07	)		13.24		(1.36	)		0.19			0.17			6.43			4			4	¹¹
CLASS R1
06-30-2015⁶		13.29		0.08		(0.03	)		0.05			(0.08	)		—			—		(0.08	)		13.26		0.37	⁷		0.90	⁸		0.88	⁸		1.20	⁸		10			4
12-31-2014		13.68		0.30		0.09			0.39			(0.30	)		(0.48	)		—		(0.78	)		13.29		2.86			1.00			0.99			2.14			10			22
12-31-2013		13.43		0.27		0.30			0.57			(0.27	)		(0.05	)		—		(0.32	)		13.68		4.31			0.91			0.91			1.97			9			17
12-31-2012		12.62		0.31		0.88			1.19			(0.30	)		(0.08	)		—		(0.38	)		13.43		9.52			1.07			1.07			2.36			9			14
12-31-2011		12.78		0.33		(0.05	)		0.28			(0.38	)		(0.06	)		—		(0.44	)		12.62		2.19			1.06			1.06			2.57			7			15
12-31-2010		12.15		0.41		0.74			1.15			(0.40	)		(0.12	)		—		(0.52	)		12.78		9.56			0.93	⁹		0.93			3.24			8			24
CLASS R2
06-30-2015⁶		13.28		0.10		(0.03	)		0.07			(0.10	)		—			—		(0.10	)		13.25		0.51	⁷		0.70	⁸		0.62	⁸		1.45	⁸		6			4
12-31-2014		13.67		0.46		(0.02	)		0.44			(0.35	)		(0.48	)		—		(0.83	)		13.28		3.21			1.13			0.62			3.30			5			22
12-31-2013		13.42		0.39		0.23			0.62			(0.32	)		(0.05	)		—		(0.37	)		13.67		4.67			2.55			0.62			2.86			2			17
12-31-2012¹²		13.12		0.35		0.39			0.74			(0.36	)		(0.08	)		—		(0.44	)		13.42		5.73	⁷		10.39	⁸		0.62	⁸		2.64	⁷		—	¹³		14	¹⁴
CLASS R3
06-30-2015⁶		13.26		0.08		(0.02	)		0.06			(0.09	)		—			—		(0.09	)		13.23		0.42	⁷		0.80	⁸		0.78	⁸		1.26	⁸		10			4
12-31-2014		13.65		0.31		0.10			0.41			(0.32	)		(0.48	)		—		(0.80	)		13.26		3.01			0.88			0.86			2.21			11			22
12-31-2013		13.41		0.30		0.28			0.58			(0.29	)		(0.05	)		—		(0.34	)		13.65		4.39			0.75			0.75			2.18			11			17
12-31-2012		12.60		0.31		0.91			1.22			(0.33	)		(0.08	)		—		(0.41	)		13.41		9.71			0.97			0.97			2.38			11			14
12-31-2011		12.76		0.40		(0.11	)		0.29			(0.39	)		(0.06	)		—		(0.45	)		12.60		2.30			0.88			0.88			3.08			10			15
12-31-2010		12.14		0.42		0.74			1.16			(0.42	)		(0.12	)		—		(0.54	)		12.76		9.68			0.86			0.86			3.36			11			24
CLASS R4
06-30-2015⁶		13.27		0.11		(0.03	)		0.08			(0.11	)		—			—		(0.11	)		13.24		0.60	⁷		0.53	⁸		0.41	⁸		1.59	⁸		7			4
12-31-2014		13.66		0.36		0.10			0.46			(0.37	)		(0.48	)		—		(0.85	)		13.27		3.36			0.63			0.51			2.62			9			22
12-31-2013		13.42		0.34		0.29			0.63			(0.34	)		(0.05	)		—		(0.39	)		13.66		4.72			0.58			0.48			2.51			9			17
12-31-2012		12.61		0.36		0.90			1.26			(0.37	)		(0.08	)		—		(0.45	)		13.42		10.06			0.60			0.54			2.72			8			14
12-31-2011		12.76		0.45		(0.11	)		0.34			(0.43	)		(0.06	)		—		(0.49	)		12.61		2.65			0.63			0.63			3.50			9			15
12-31-2010		12.13		0.47		0.72			1.19			(0.44	)		(0.12	)		—		(0.56	)		12.76		9.90			0.67	⁹		0.67			3.77			7			24


Portfolio	Commitment fee	Portfolio	Commitment fee
Lifestyle Aggressive Portfolio	$1,046	Lifestyle Moderate Portfolio	$1,053
Lifestyle Growth Portfolio	2,748	Lifestyle Conservative Portfolio	876
Lifestyle Balanced Portfolio	2,889


Portfolio	Aggregate cost	Unrealized appreciation	Unrealized (depreciation)		Net unrealized appreciation/ (depreciation)
Lifestyle Aggressive Portfolio	$3,585,891,566	$1,056,476,723	($20,196,256	)	$1,036,280,467
Lifestyle Growth Portfolio	11,790,506,508	2,736,000,937	(98,570,286	)	2,637,430,651
Lifestyle Balanced Portfolio	13,028,415,811	2,203,168,332	(157,936,559	)	2,045,231,773
Lifestyle Moderate Portfolio	4,191,784,996	471,434,457	(73,119,106	)	398,315,351
Lifestyle Conservative Portfolio	3,407,683,473	169,874,868	(65,265,939	)	104,608,929


	First $7.5 billion of aggregate net assets	Excess over $7.5 billion of aggregate net assets
Affiliated fund assets	0.050%	0.040%
Other assets	0.500%	0.490%


Portfolio	Annual effective rate
Lifestyle Aggressive Portfolio	0.04%
Lifestyle Growth Portfolio	0.04%
Lifestyle Balanced Portfolio	0.04%
Lifestyle Moderate Portfolio	0.04%
Lifestyle Conservative Portfolio	0.03%